Financially Simple

In episode 315 of Financially Simple, Justin reflects on the pilgrim settler's attempt at Socialism and the subsequent establishment of Private Ownership. William Bradford wrote on the efforts of the first settler's establishment of a communal system of government, and the hardships and costs it effected before shifting to a more individualistic approach. In this episode, Justin recounts Bradford's journals, and on how a failed system led to private ownership and personal responsibility, setting the foundations for the modern American way. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:02 - What the First Thanksgiving can Teach Us about Socialism 02:02 - Bradford's Journal 09:29 - Private Ownership & Personal Responsibility 14:54 - Conclusion 16:39 - Wrap Up   RESOURCES: Of Plymouth Plantation - William Bradford Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple

In episode 314 of Financially Simple, Justin answers a listener's question on measuring value improvement. It can be difficult to take in the bigger picture when running your own business, and seeing the effect of small adjustments and improvements can take time. In this episode, Justin goes over the factors that can be used to measure value improvement, specifically the intangible capital factors that are often overlooked by small business owners. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:55 - How to Measure Value Improvement 01:41 - What is Value Growth? 03:21 - Determining the Current Value 04:59 - Intangible Capital 08:01 - How to Measure Improvement 09:22 - Seeing Improvement 11:34 - Summary 15:19 - Wrap Up   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guid

In episode 313 of Financially Simple, Justin continues to examine the Profitability Gap, and how to reduce it. Being Best in Class is no easy feat, it requires some tough choices and a resolute commitment to change some practices that might push Business Owners out of their comfort zone. In this episode, Justin looks at the different aspects of a business that can be adjusted to help reduce the Profitability Gap, with a real-world client as an example. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:58 - How to Bridge the Profitability Gap and Make More Profit 01:38 - What is the Profitability Gap (Recap)? 03:54 - Adjustable Factors 05:16 - Case Study 07:15 - How to Bridge the Gap 09:46 - Further Adjustments 12:39 - The Results 14:10 - Conclusion 16:09 - Wrap Up   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book:

In episode 312 of Financially Simple, Justin returns from his hunting trip with some insights into the realities of running a business. In many ways, being a business owner and running your business is a lot like hunting elk in the Rocky Mountains - or any challenging and life-defining experience for that matter. In this episode, Justin reflects on his hunting trip, and how his adventure on the mountain side demonstrates the trials and rewards of being a business owner. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:57 - Thoughts From The Rockies 11:12 - The Highest Mountains Take More Time 12:47 - Life at the Top is Lonely and Volatile 14:25 - The Downward Path is Harder than the Ascent 15:49 - Repositioning Gives Perspective, But Costs Time 16:43 - Guides Save Time, Money, Frustration, and Potentially Harm 18:30 - Nothing Ventured, Nothing Gained 20:29 - Summary   RESOURCES: Financially Simple Educational Website Fina

In episode 311 of Financially Simple, Justin gives a simplified overview of the Profitability Gap. Is your business fulfilling its potential and among the best in your industry's class? If there is room for improvement, how much more could you be earning? In this episode, Justin explains what the Profitability Gap is, and how to calculate it. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:54 - What is the Profitability Gap? 02:30 - Basic Income Statement Accounting 07:04 - Industry Specific 09:05 - Comparing Within Your Own Industry 10:00 - Best in Class 12:39 - Calculating Your Profitability Gap 14:48 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit _________________   BIO: Justin A. Goodbread, CFP®, CEPA, CVG

In episode 310 of Financially Simple, Justin and David Kent of Heritage investors go over the 10 benefits of using an Organizational Chart. As a Small Business Owner, it's important to have a smooth-running, well-oiled machine for a business, in which each component knows its place and role within the company. In this episode, Justin and David list the 10 benefits of having an Organizational Chart, explaining each in turn. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:58 - 10 Benefits of Using an Organizational Chart in a Small Business 04:43 - A Visual Representation 05:23 - Hierarchy 06:23 - Clarification 06:51 - Positioning 07:56 - Employee Management 10:05 - Avoid Overlap 10:58 - Identify Tasks 11:54 - Workload Management 12:33 - Faster Decision Making 14:20 - Promotion Optimization 15:20 - Connecting the Dots 17:06 - Wrap Up   RESOURCES: Article Transcript Work with Justin's Team NEW Book: The Ultimate Sale - A F

In episode 309 of Financially Simple, Justin and Chris Mahan of Mahan Associates discuss Tax options as the year wraps up. This year has been one for the books with the various loans and reprieves that have been implemented to help Business Owners deal with the fallout of COVID-19. In this episode, Justin and Chris go over the basic Tax options that should be considered to minimize costs that may have been incurred in the past year. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:52 - Year-End Tax Power Plays 02:55 - Why This Year is Different 04:56 - What We Can Do 09:23 - Other Ideas 13:07 - Advance Expenses 17:23 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit Mahan Associates _________________   BIO: Justin

In episode 308 of Financially Simple, Justin and John Riley of Dental Revolution discuss Marketing strategies going into the next year. The COVID-19 pandemic has left many small businesses in the lurch, and at these times it can be tempting to cut marketing costs in order to save money. In this episode, Justin and John go over a year-end Marketing strategy to get businesses back on their feet and growing as they go into the year ahead. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:53 - End of Year Marketing 03:22 - What to Do to Prepare for 2021 12:30 - Remote Workforce 19:37 - Marketing Plans 27:52 - Consistency 34:45 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit John Riley, LinkedIn Dental Revolution ____

In episode 307 of Financially Simple, Justin gives a brief explanation of how to bridge the Value Gap. In the last episode, we talked about your Value gap. Now we talk about Bridging the Value Gap. It might seem like an unachievable task, requiring a lot of blood, sweat, and tears. In this episode, Justin gives a simplified overview of the process of overcoming the Value Gap, by focusing on the multiple. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:30 - How to Bridge the Value Gap 01:54 - Focus on the Multiple 07:20 - Why it Matters 08:14 - Moving the Multiple 10:31 - Unkinking the Water Hose   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit _________________   BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally

In episode 306 of Financially Simple, Justin gets mathematical defining the Value Gap. There are many definitions of the word Value, and not all may apply to your Business. And then there's what defines the gap between where your business is and where you want it to be. In this episode, Justin starts off the process of determining a business's Value Gap by defining the term and explaining how the Value Gap relates to your business. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:11 - What is the Value Gap? 01:24 - What is Value? 03:01 - Determining the Value Range 04:25 - Finding Where Your Business Lies on the Performance Bell Curve 10:40 - What Does All This Have to do with Value? 12:22 - The Rule of 5 15:21 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Gu

In episode 305 of Financially Simple, Justin introduces the topic of the Value Gap by taking a look at the five stages of Value Maturity of a business. As a Small Business owner, your business is like the goose that lays the golden egg - the golden egg being the eventual pay-off of all the hard work you put into the business - but as Justin says, you need to keep that goose fed. In this episode, Justin goes over the five stages of Value Maturity before addressing the Value Gap, to help business owners assess where they are in terms of their goose laying that golden egg, or being cooked. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:09 - The 5 Stages of Value Maturity 04:04 - Identify 08:09 - Protect 09:46 - Build 12:08 - Harvest 16:14 - Manage 18:19 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: T

In episode 304 of Financially Simple, Justin and Dane McFarland discuss the issue of Identity Theft which has seen a rise during the COVID-19 pandemic. Over the last few months this year, there has been an increase in attempts of Identity Theft as scammers take advantage of those going through this difficult time. In this episode, Justin and Dane go over the most common types of scams used, and how to avoid falling victim to the scammers. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:17 - Identity Theft 02:26 - Seven Types of ID Theft 12:08 - The Most Popular Form of ID Theft 15:09 - Business ID Theft 16:26 - 5 Precautionary Steps to Take 20:33 - Summary   RESOURCES: Work with Justin's team NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit Kim Komando, Security & Privacy Measures   BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial pl

In episode 303 of Financially Simple, Justin talks to Don Pippin of the Sunbelt Network about the Main Street Lending Program for Business Owners. The Main Street Lending Program is a loan available to small and medium-sized businesses during the COVID-19 pandemic. In this episode, Justin and Don discuss what the MSLP is, who it's for, how it works, and the best use for the loan by business owners. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:47 - The Main Street Lending Program 05:02 - MSLP Overview 06:57 - The 4 Types of MSLP: New Program 10:34 - Priority Program 13:52 - Expanded Program 14:24 - Non-Profit Program 14:34 - Factoring in EBITDA 15:10 - MSLP Requirements 16:51 - What is the Best Use of the Loan? 19:02 - What Makes a Business Not Ready to Sell? 22:18 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Ques

In episode 302 of Financially Simple, Justin recaps the Wealth Gap Formula. Over the last eight episodes, we have looked at the Wealth Gap and the factors involved in determining and reducing it as Business Owners. In this episode, Justin gives an overview of the factors that need to be addressed, summarizing the Wealth Gap Formula. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:47 - The Wealth Gap Formula 03:34 - Calculate Your Current Net Worth 05:09 - Set Clear Quantifiable Goals 07:39 - Normalize Your Personal Income 08:21 - Inflation 09:14 - ROI Calculations 12:09 - Taxes 13:37 - Summary 16:25 - Wrap Up   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit _________________   BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, i

In episode 301 of Financially Simple, Justin looks at the expected ROI when calculating your Wealth Gap. Few things are constant especially in the world of finance, and it is important to bear that in mind when considering your investment returns as the markets fluctuate up and down going through their various cycles. In this episode, Justin goes over the factors and types of cycles that can affect your investments, and how best to approach these uncertain market conditions. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:50 - What ROI Should I Assume When Calculating My Wealth Gap? 02:23 - Investment Assumptions 04:29 - Timeframes Matter 07:28 - Dividend Rates 09:41 - Economic Cycles 12:48 - Business Cycles 14:49 - Cycle-Type Investing 19:14 - The Glide Path of Your Financial Plan 23:09 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newslet

In episode 300 of Financially Simple, Justin gives a brief introduction to calculating the Return on Investment for Real Estate properties. One of the most popular types of investment is Property, buying a house or apartment, and either occupying the home or renting it out. In this episode, Justin takes a look at how you should calculate the ROI of an investment property, and goes over the potential benefits of leveraging debt by taking on a Mortgage in order to maximize your returns. For a complete transcript with additional resources, visit https://financiallysimple.com/calculate-roi-investment-property/ Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:54 - How to Calculate the ROI of Your Investment Property 02:23 - Investing in Real Estate 03:22 - Location, Location, Location 05:16 - Calculating ROI on Real Estate 09:26 - The Closing Costs 10:31 - Leveraging Mortgage Debt 14:43 - Summary   RESOURCES: Financially Simpl

In episode 299 of Financially Simple, Justin goes over the Taxes involved when it comes to selling your business and how they can affect your Wealth Gap. When it comes to selling your business, it's a balancing act between the interests of the Buyer and those of the Seller, and negotiations are necessary to ensure a good outcome for both sides. In this episode, Justin looks at the Taxes involved at the time of sale of a business, and the approaches a Seller can take to minimize the costs. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:23 - What is the True Value of My Business? 02:30 - Taxes at the Time of Sale 04:54 - Why Does This Matter? 06:40 - What is the After-Tax Value? 07:47 - Two Primary Types of Sale 09:50 - Tax Basis 11:05 - Capital Gains 14:09 - Alternative Routes 15:52 - IRS Rules 19:28 - So, What are You to Do? 22:18 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTub

In episode 298 of Financially Simple, Justin looks at the effect Taxes have on our Wealth Gap. With the COVID-19 stimulus of $3.6 Trillion, a lot of money has been created to help keep the economy going, and that means a tax increase as government needs to recoup that money. In this episode, Justin looks at Taxes, with a bit of a history lesson, and explains why and how Taxes affect the Wealth Gap. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:15 - Do Taxes Matter? 04:22 - The Internal Revenue Code is a Tool for Wealth Creation 05:42 - What Do These Numbers Mean For Us 10:31 - A Brief History of Taxes 12:59 - So What does All This Mean 14:27 - And What Does it Mean for Us 15:52 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Financially Simple podcasts are recorded on a Blue Yeti Microphone & Samsung Notebook 9. Subscribe to the Financially Simple Newsletter Ask Justin a

In episode 297 of Financially Simple, Justin goes over the basics of calculating the Return on Investment of your Business. As we continue to look at ways of narrowing the Wealth Gap, it's important to consider the Return on Investment that our Business provides and how it impacts the value of the Business. In this episode, Justin looks at ROI, why it's important to know, ways to calculate it, and the intangible aspects of a business's value. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:33 - Calculating the ROI of Your Business 02:33 - The Basics of ROI 04:52 - The Simplest Method 06:18 - Case Example 10:31 - Intangible Qualities 13:47 - Goodwill 14:50 - Valuing Goodwill 17:30 - Another Approach 19:43 - Why Do All This? 23:57 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Fi

In episode 296 of Financially Simple, Justin looks at Inflation and how it affects Retirement. Inflation is a complex market force that differs for most commodities and can swing like a pendulum depending on external factors impacting the world at large. In this episode, Justin explains what Inflation is, how COVID-19 and the CARES Act have influenced inflation over recent months, how it will affect your Retirement Plans, and what can be done about it. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:49 - Could the CARES Act Cause Inflationary Concerns to Our Retirement Wealth Gap? 02:44 - Inflation in the Light of COVID-19 04:17 - The CARES Act 06:07 - What is Inflation? 10:00 - The Power of Inflation 14:26 - How Do We Deal With Inflation And Why is it a Big Deal? 17:32 - Summary 19:30 - One Last Question   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple