Financially Simple

In episode 295 of Financially Simple, Justin looks at Normalizing your Personal Income as a Small Business Owner. Normalizing your personal income by adjusting it, based on certain expenses, will help you to plan for retirement by giving a reliable benchmark of what your actual income and expenses are. In this episode, Justin goes over the areas that may require attention as a Small Business Owner, and the types of expenses that qualify. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:49 - Should I Normalize My Income? 01:49 - What is Normalization? 02:59 - Which Areas Do You Normalize? 05:38 - Normalizing Personal Income 10:38 - Getting to the Point 12:53 - 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 _______

In episode 294 of Financially Simple, Justin explains the concept of the Wealth Gap. All Small Business Owners plan to retire one day, sell their business, and enjoy their hard-earned wealth - but will you have enough to cover the expenses of the lifestyle you want for your retirement. In this episode, Justin defines the Wealth Gap, outlines the basics of its calculation, and how to reduce it. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:48 - The Wealth Gap 03:12 - Where to Begin: Valuing Your Assets 06:28 - Know Where You Are Going 09:19 - Taxes 11:06 - Calculating the Wealth Gap 13:12 - Closing the Wealth Gap 16:24 - Your Number One Asset 18:25 - 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 ______________

In episode 293 of Financially Simple, Justin kicks off Season 4 of the Financially Simple Podcast. Being a Business Owner isn't easy. Aside from the day-to-day challenges of owning and operating a business, there are the fears, anxieties, and stresses that come along with it. In this introductory episode, Justin lays out the fears and concerns of all Business Owners and reminds us that we're not alone in this as he sets out to help dispel these fears in the coming Season. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:12 - The Fears and Anxieties Business Owners Face 02:22 - Harvard Review: How Fears Helps and Hurts Entrepreneurs 06:57 - Forbes' Study: Fear and Entrepreneurship 15:12 - Collective Fears 18:12 - So, What Do We Do About It? 20:32 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ulti

In episode 292 of Financially Simple, Justin gives his thoughts on buying an expensive new toy to treat yourself as a Small Business Owner. Perhaps you've had a phenomenal few months, with your business thriving through the pandemic, or perhaps it's been tough and you want to let off some steam. Either way, Justin provides some perspective and some considerations you should have before making the purchase of that new yacht - how will it affect your retirement plan? What other unforeseen costs will splurging have? Is it really worth it? Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:37 - Treating Yourself to a New Toy 03:56 - A Case Study Example 05:52 - The Retirement Calculator Math 08:56 - Looking to the Future 11:55 - What About Above Market Returns? 14:05 - The Missing Pieces: Taxes 15:28 - "But I've Got The Cashflow" 16:51 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube S

In episode 291 of Financially Simple, Justin and family are on vacation but still take some time out to discuss the importance of taking a break. Small Business Owners are some of the hardest working individuals in any given industry, working 70+ hours a week, which can be exhausting. Justin, Miss Emily, brother-in-law Brian and Lori get around the mic on a rainy day in Florida, to discuss the importance of taking vacations and unwinding as business owners, as well as the inevitable wind-up to get back into work, and the significance of having good systems in place so that the business can run while you put your feet up. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:32 - Business Owners on Vacation 02:48 - Business Owners are not Employees 04:14 - Harvard Business Review 05:27 - Pre-Vacation Prep 10:19 - The Three Phases of Unwinding 12:36 - The Wind-Up 17:13 - The Post-Vacation Period 20:16 - Preparation Advice 22:00

In episode 290 of Financially Simple, Justin is joined by David Kent to give a short pep talk to all the Business Owners out there. The global Coronavirus pandemic is still a factor for many businesses trying to operate at the moment. Justin and David provide words of encouragement, not to give up during this hard time, to stay the course, and adapt. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:29 - Caution: Don't Stop! 02:54 - Don't Stop Working on Your Business 07:36 - Revisiting Your Plan 09:55 - Making Adjustments 10:58 - Do You Need to Start From Scratch? 12:01 - Coaching 14:15 - 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 David Kent _________________   BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a

In episode 289 of Financially Simple, Justin talks to Dan Rawls of Trustegrity about the importance and value of connecting to other professionals. There's more to networking than having a high number of contacts, it's about how deep the connections that you have are. Justin and Dan discuss how to go about building a solid network of trusted professionals, something that is needed now more than ever. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:40 - Dan Rawls: The Connector 02:18 - The First Step to Building a Network 06:15 - What is a "Connector?" 07:33 - Width and Depth 12:17 - Connecting in a Time of COVID-19 15:40 - The Most Important Aspect of Roundtable Discussions 24:05 - How to Attract the Right People to Your Network 30:36 - One Piece of Advice 32:15 - Wrap Up   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question

In episode 288 of Financially Simple, Justin talks to Ryan Stanley and Kaleb Buckner of Always Abounding video production services about using video social media to boost business growth. The internet and social media platforms offer an opportunity to leverage affordable media marketing campaigns to grow businesses. Justin discusses the ins and outs of online video production with Ryan and Kaleb, from the How-To of production to the Where and When of publishing. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:51 - How to Properly Shoot a Video for Major Business Growth? 02:53 - Tips to Drive Growth 04:59 - Where to Publish? 07:19 - Quality Control 10:24 - Image and Aesthetics 13:18 - Timing 17:37 - Educating Your Audience 19:24 - DIY vs. Calling in the Pros 22:09 - A Hybrid Approach 26:28 - The 5 Videos a Business Needs 28:40 - Summary 30:21 - Wrap Up   RESOURCES: Always Abounding The 5 Videos Your Company Needs Financia

In episode 287 of Financially Simple, Justin talks to Todd Sklar of GBS Insurance about the types of insurance Business Owners need. As a small business owner, having the right insurance is key - what if something happens to you, or one of your key team players? Justin and Todd discuss the types of insurance, and why they are needed. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:18 - What Insurance Policies Do Business Owners Need And Why? 04:02 - The Role of Insurance in the Life of a Business Owner 05:47 - Most Common Types of Insurance 07:05 - Personal vs. Business 08:02 - Overhead Coverage 09:24 - Disability Insurance and Buy-Sell Agreements 11:55 - Long-Term Disability Insurance 12:38 - Life Insurance 14:20 - Cross-Purchase Agreements 15:50 - Key Person Life Insurance 17:36 - Long-Term Care Insurance 19:39 - Summary 21:40 - Wrap Up   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube S

In episode 286 of Financially Simple, Justin is joined by Brandon Jordan to talk with Joseph Strazzeri of Strazzeri Mancini Attorneys about building a Success Team. The Short-Stop between second and third base is one of the most important positions in Baseball, so having the right person there is imperative. Justin, Joe, and Brandon discuss the importance of having the best possible legal expertise on your Business Success Team. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 02:43 - The Shortstop Legal Advisor, with Joe Strazzeri 03:56 - Why Should a Business Owner Hire Legal Counsel? 05:33 - Prepping for Taxes 08:15 - The We-Driven Mindset 11:26 - Care To Know 17:09 - How and Where 22:34 - The Planning Table 28:04 - One Piece of Advice 29:39 - 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

In episode 285 of Financially Simple, Justin is joined by Brandon Jordan to continue their baseball analogy and discuss the role of the Legal Team in the Left Infield. In baseball, the left infield covers much of the offensive and defensive roles needed to run a winning game; likewise, a solid legal team is necessary for any business owner to ensure that they have their bases covered. Justin and Brandon discuss the role of the legal team, the qualities that make for a good team, and how to find a best-in-class team member. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:50 - Building a Success Team: The Short-Stop Legal Team 02:54 - The Left Side of the Infield 04:25 - What Makes for a Good Legal Team? 06:03 - Specialization is Key 09:25 - Technical vs. Big Picture 10:53 - Working Within a Team 13:08 - How to Find the Best-In-Class 18:10 - Wrap Up   RESOURCES: Financially Simple Educational Website Financially Simple on

In episode 284 of Financially Simple, Justin is joined by David Kent to talk about the return of business to the relative normality of a post-COVID world. With the Coronavirus pandemic seeming to turn the corner and businesses having made adjustments to their business strategies, it's important to take stock and assess the changes of what is now the norm. Justin and David look at what has changed, how aspects of running a business have had to adapt to the current environment, and how to best manage the situation for the foreseeable future. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:58 - Will We Ever Get To Business As Normal? 06:03 - Operations: What Has Changed? 07:37 - Operations Excellence 09:29 - How to Identify Areas of Excellence 11:58 - People: Who Has Changed? 13:14 - The Employer-Employee Relationship 15:08 - Making Changes 18:23 - How-To 20:04 - Financial: Do We Have the Necessary Resources to Face the Fut

In episode 283 of Financially Simple, Justin is joined by Jeff Jeter to discuss whether or not, as a Small Business Owner, you should buy or lease a vehicle. With the current COVID-19 pandemic affecting our finances and remote work, it might be time to consider either buying a vehicle or leasing one to make the most of the situation. Justin and Jeff go over the pros and cons, and practical realities, of buying or leasing a vehicle. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:57 - As A Business Owner Should I Buy Or Lease A Vehicle? 02:13 - Things to Consider 02:46 - How Far Do You Drive? 04:32 - Recurring Payments & New Cars 08:59 - Short On Cash, Strong On Credit 10:07 - Do You Use Your Car for Business? 11:42 - Cleanliness & Customization 13:42 - Summary 15:51 - Final Thoughts 16:35 - Wrap Up   RESOURCES: Jeff Jeter Standard Mileage vs. Actual Expenses: Which Is Best? Financially Simple Educational Website

In episode 282 of Financially Simple, Justin, Brandon Jordan, and special guest Tom Barrick of Waldron H. Rand & Co. discuss the benefits of a forwarding thinking CPA on your Team. As a Business Owner building your Success Team, it is important to have the right players on your side. Justin, Brandon, and Tom continue the baseball analogy and talk about the importance of having a capable CPA that knows the ins and outs of taxes and the law to make the best possible decisions when it comes to growing your business. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:57 - Having a Forward-Thinking CPA on Your Success Team 04:24 - Client Persona 06:01 - What's the Pitch? 08:21 - Professional Costs 11:27 - Tax Planning 13:30 - Teamwork 16:07 - CPAs and CFPs 19:48 - Other Team Members 21:48 - Communication 23:44 - Words of Wisdom 26:29 - Wrap Up   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube

In episode 281 of Financially Simple, Justin and Jeff Jeter go over the different types of debt and how to use debt to your advantage. Most people fear the word Debt, but is it all bad? Justin and Jeff talk about their own personal experiences of having to deal with debt, and discuss the differences between Consumptive Debt and Productive Debt, as well as considering when and how to best leverage debt to your advantage. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 02:13 - How to Leverage Business Debt 03:48 - Two Camps of Thought 04:54 - What is Debt? 05:32 - Personal Experiences 08:15 - Good Debt vs. Bad Debt 09:56 - Consumptive Debt 13:29 - Productive Debt 14:30 - When Do We Use Debt As Leverage? 18:58 - When Not to Leverage Debt 21:12 - How and Where? 24:30 - Summary 28:26 - Wrap Up   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Just

In episode 280 of Financially Simple, Justin goes over the Payment Protection Program Loan Forgiveness Application Form 3508EZ. The PPP Loan Forgiveness form is intended to provide financial relief for business owners during the COVID-19 pandemic. Justin looks through the different sections of the application form to provide guidance and explains each part for you to follow along. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:46 - PPP Forgiveness Application 3508EZ 03:22 - Business Details 04:06 - Loan Details 05:21 - Time Period 06:26 - The Calculations 10:52 - EIDL Advance Loan 11:50 - Terms, Conditions, and Signing Off 15:21 - Additional Information 15:39 - 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 Fin

In episode 279 of Financially Simple, Justin talks to Chris Steward about Factor Investing. Is there a good way to invest, or is it down to luck and the markets? Justin and Chris discuss Factor Investing, what it is, and how best to approach it as a small business owner. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:29 - What is Factor Investing and why do so many use this Strategy? 02:44 - What is a Factor? 04:10 - What is Market Cap? 05:15 - The Capital Asset Pricing Model 09:15 - Small Caps 13:05 - Value Investing 14:51 - Is Three-factor Modeling Still Relevant? 17:16 - The Five-Factor Model: Profitability 19:42 - What is Good Investing? 23:04 - Wrap Up   RESOURCES: Chris Steward, CFA, CFP® Certificant 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 Busine

In episode 278 of Financially Simple, Justin talks to athlete, author, and mentor Derrick Furlow about making a transition in business during hard times. With the current COVID-19 pandemic affecting businesses, many Small Business Owners are having to think out of the box, and come up with alternative solutions to stay afloat. Justin and Derrick talk about what it takes to make a pivotal change during tough times. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 02:38 - How to Pivot During a Sudden Change 03:38 - A Pivotal Moment 17:50 - Three Points 18:14 - Controlling the Controlable 21:57 - Minimise the Variables 24:09 - Massive Action 28:49 - What Actions to Take 32:21 - One Piece of Wisdom 34:59 - 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

In episode 277 of Financially Simple, Justin and David Kent take a look at the Emergency Injury Disaster Loan (EIDL). In light of the COVID-19 pandemic, the government has set terms for the EIDL that are favorable for business owners to help them get through the crisis. Justin and David go over the terms and conditions of the loan and give their thoughts on how best to use it. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:39 - The Emergency Injury Disaster Loan (EIDL) 02:45 - Repayment of the Loan 04:13 - Interest 04:32 - Collateral 05:24 - Use of Loan Proceeds 05:51 - Requirements 06:41 - Limitations 07:46 - What to Do With the Loan 14:12 - Summary 16:40 - 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 David

In episode 276 of Financially Simple, Justin looks at the Paycheck Protection Program Loan Forgiveness Application. With the ongoing COVID-19 pandemic, new legislation is in the works to help Small Business Owners keep their business running. Justin goes over the PPP Loan Forgiveness Application, step-by-step, to help Business Owners understand how it works and how to fill it out. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 02:05 - The PPP Loan Forgiveness Application 03:39 - Modifications to the Cares Act 07:34 - Exceptions 09:28 - Cover Period 11:05 - How the Calculation Works 13:08 - Compensation 16:51 - Other Types of Obligations 17:52 - The Calculation 20:43 - Documentation 24:26 - Unable to Operate 25:10 - 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 G