Financially Simple

In episode 275 of Financially Simple, Justin is joined by Jeff Jeter to cover the ins and out of Dollar-Cost Averaging. Buy low, sell high - that's essentially what Dollar-Cost Averaging is, but there's more to it than that. Justin and Jeff discuss what Dollar-Cost Averaging is, and break down the math behind it in Financially Simple terms. 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 Is Dollar-Cost Averaging? 04:48 - What is DCA? 05:57 - Frequency 11:14 - Breaking Down the Math 15:28 - Fire and Forget 18:28 - Other Advantages to DCA 19:45 - DCA Uses 23:13 - 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 Jeff Jeter _________________   BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is

In episode 274 of Financially Simple, Justin is joined by Chris Steward to consider whether the Stock Market can be beaten? Investing in the Stock Market is more than just picking a few stocks that look good, there are many, many factors that should be considered when taking the plunge. Justin and Chris discuss the idea of beating the system, and why it's more complex than "buy low, sell high". Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 02:14 - Is It Possible To Beat The Stock Market? 02:57 - What is Benchmarking? 06:29 - What is an Index? 07:34 - Price-Weighted Index 09:03 - Market-Weighting 11:27 - Comparing to the S&P 500 13:22 - Diversification 16:06 - Can You Beat The Market? 19:07 - Friction vs. Frictionless 22:43 - Conclusion 23:24 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question

In episode 273 of Financially Simple, Justin reconnects with Brandon Jordan to continue their discussion on building a Business Success Team. Carrying on with the Baseball analogy, the First Base player of your Success Team is your CPA. Justin and Brandon go over what makes for a good CPA, and how to find one. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 02:49 - Building Your Success Team: 1st Base, the CPA 03:31 - Why Do We Think of the CPA as 1st Base? 05:06 - What Makes a Good CPA? 09:38 - The Most Expensive CPA is a Cheap CPA 12:36 - What is a Forward-Thinking CPA? 17:01 - How Do You Find a Best-in-Class CPA? 22:48 - Conclusion _________________   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 Brandon Jordan _________

In episode 272 of Financially Simple, Justin talks to Sarah Alexander of Results HR about the effects of COVID-19 on employer-employee relations. The COVID-19 pandemic has caused a shift in the operations of many businesses, as employees have been forced to work from home which, in some types of business, has been challenging. Justin and Sarah discuss the role of HR pre-COVID, and how Small Business Owners can make improvements for better HR practices post-COVID. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 02:17 - HR Issues Amidst COVID-19 with Sarah Alexander 05:03 - Pre-COVID Components 09:44 - The Most Common Points of Risk During COVID 16:10 - Employee Readjustments 23:10 - Better Planning to Combat Racism 27:05 - One Pearl of Wisdom 28:05 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question

In episode 271 of Financially Simple, Justin and Chris Steward talk about the 4% Rule of investing and why it could be a dangerous rule to follow. For many Business Owners, an investment portfolio is a key to wealth creation and retirement. Justin and Chris discuss the 4% Rule of return, and why it's not an accurate rule of thumb to follow along with the importance of seeking qualified advice when contributing to an investment portfolio for retirement purposes. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 02:02 - How Should Business Owners Adjust Their Plans Given The Dangers Of The 4% Rule? 03:58 - What is the 4% Rule? 06:02 - A Rigid Timeframe 08:35 - Sequence of Return Risk 12:58 - Rule of Thumb 17:17 - What Does All This Mean? 20:33 - Conclusion 21:55 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin

In episode 270 of Financially Simple, Justin and Jeff Jeter discuss the impact of COVID-19 on retirement plans. The ongoing Coronavirus is taking a toll - financially and emotionally; with no certain end in sight, what can Business Owners do to keep control of their retirement plans? Justin and Jeff look at how the Social Security Trust Fund has been affected by COVID-19, what that means, and what can be done to cope with the changes. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:49 - How COVID-19 Affects Retirement Planning Through Social Security 04:09 - What is the Social Security Trust Fund? 08:22 - Impact of COVID-19 09:10 - Approaching Retirement: What to Do 13:03 - Considering a ROTH 14:53 - Time to Re-Evaluate Your Retirement Plan 18:15 - Summary 19:17 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask

In episode 269 of Financially Simple, Justin looks at the upcoming changes to the Payment Protection Program. With the ongoing COVID-19 pandemic, Congress is having to adapt and make some changes to legislation to accommodate developments for Business Owners. Justin looks at the new changes that have been made with the PPP Extension. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:15 - COVID-19: Paycheck Protection Program Extension 03:17 - Overview 04:05 - Old vs. New 05:49 - The Changes 11:31 - Tax Payment Delay 13:03 - The 40 Hour FTE: Unanswered Questions 18:27 - What if There is a COVID-19 Relapse? 20:09 - Summary 21:31 - 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 _________________   B

In episode 268 of Financially Simple, Justin and Jeff Jeter discuss how much risk a Small Business Owner should expose themselves to in their portfolio. As a Small Business Owner, or individual with an investment portfolio, striking up the right balance of risk against what you can afford will help you on your financial success journey. Justin and Jeff look at what Risk is, compare Risk Tolerance and Risk Capacity, and consider what makes for a good balance between the two. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:48 - How Much Risk Should You Take as a Business Owner in Your Portfolio? 02:57 - What is Portfolio Risk? 04:16 - Measuring Risk 05:35 - Risk Tolerance 10:32 - Knowing Your Limits 12:23 - Risk Capacity 15:40 - Younger Risk vs. Older Risk 18:50 - Marrying Risk Tolerance & Capacity 20:41 - Getting the Balance Right 23:13 - Summary 24:37 - Wrap Up _________________   RESOURCES: Financially Simple Educat

In episode 267 of Financially Simple, Justin is rejoined by Brandon Jordan to discuss the key players of a Success Team... the advisory people, often outside your business, that support you in vital areas.  If there's an analogy to life, the world, and everything including business, it's baseball! Justin and Brandon go through the key members of a Success Team business owners need on their side, likening them to the various positions of players on the diamond field. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:20 - Members of the Success Team 03:17 - A Lot Like Baseball 05:43 - The Catcher: Your CFP® Professional 09:25 - The Power Hitter: The CPA 11:38 - Second Base: The Insurance Experts 14:20 - Short: Trust & Estate Attorneys 15:21 - Third: The Business Attorney 17:53 - The Left Outfield: Your CVGA 19:21 - Center Field: The Exit Planner 20:38 - The Right Outfield: An Out-Sourced CFO 24:02 - The Cost 26:26 - The

In episode 266 of Financially Simple, Justin discusses recent movements in the stock market in response to developments during the COVID-19 pandemic with Chris Steward. The recent recovery in the stock markets has some curious as to the cause of the improvements, considering many businesses are still compromised by the Coronavirus lockdown. Justin and Chris consider the cause of the rebound, what indicators are worth following, the role of the Fed, and what Business Owners can do. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:48 - Why is the Stock Market Going Up with Such Bad News in the Media? 04:05 - Ups and Downs 06:48 - Indicators to Follow 09:48 - A Return to Normal 11:03 - Role of the Federal Reserve 12:59 - V- or U-Recovery 14:05 - Review Your Checklist 15:43 - Summary 17:05 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially

In episode 265 of Financially Simple, Justin speaks to financial podcaster David Stein about money, national debt, and more. The Coronavirus is causing governments, globally, to take measures to protect citizens and business interests. Justin and David discuss what money is, what National Debt is and how it affects Small Business Owners, and how businesses should conduct themselves accordingly. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:40 - David Stein: Money For The Rest of Us 02:45 - What is Money? 05:22 - How is Money Created? 08:52 - Quantitative Easing 13:16 - Does National Debt Matter? 19:05 - Should Business Owners Conduct Business Differently? 22:15 - Tracking Trust 24:18 - A Pearl of Wisdom 26:41 - 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 Fi

In episode 264 of Financially Simple, Justin is joined by David Kent to go over using a SWOT Analysis to assess your business. As the pandemic fades away small business owners are making time to re-evaluate their business plans and strategies. Justin and David discuss how to conduct a SWOT Analysis and use the results to make changes based on your business's strengths and weaknesses. 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 Do A SWOT Analysis 02:42 - What is a SWOT Analysis? 05:11 - Strengths 08:10 - Opportunities 11:23 - Weaknesses 13:12 - Threats 15:57 - How to Use This Information 16:57 - Summary 18:22 - Wrap Up _________________   RESOURCES: How to Do A SWOT Assessment Financially Simple on YouTube NEW Book: Your Baby's Ugly -  Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Financially Simple - SWOT Analysis Worksheet David Kent _________________   BIO: Justin A. Goodbrea

In episode 263 of Financially Simple, Justin teams up with Jeff Jeter to talk about the differences between Non-Qualified accounts, IRAs, and ROTHs. Investing your savings can be confusing with the number of different options available - which should you consider? Justin and Jeff look at each account type, evaluate their purposes, and discuss when to use one or the other. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:34 - What is The Difference Between a Non-qualified account, IRA, and ROTH, and Why Would I Choose One Over Another? 04:18 - Tools for Growth 05:48 - Differences Explained 11:37 - When to Use One Over Another 17:55 - Dollar Goals 20:19 - Levers of Control 21:50 - Positioning 23:40 - 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

In episode 262 of Financially Simple, Justin is joined by Brandon Jordan to discuss the tentative relationship Business Owners have with Financial Advisors. Who knows best what is in the interests of a Small Business Owner on how to increase their wealth? Wall Street execs? Financial Advisors? Or a guy their friend knows? Justin and Jordan take a look at the relationship between Business Owners and Financial Advisors, how it can be improved, and having success in business. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:33 - Why Do Business Owners Dislike Financial Advisors? 08:28 - Wary of Wall Street 18:32 - Big Money 22:36 - The Success Team 26:49 - Success Stories 29:47 - 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

In episode 261 of Financially Simple, David Kent joins Justin to go over Team Management practices during COVID-19. As Small Business Owners prepare themselves for when the current crisis passes, it's important to address Team Management in order to effectively carry out your strategy. Justin and David go over five key points to help Small Business Owners address Team Management. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:59 - Ask Justin feat. David Kent: 5 Things You Need to Know to Successfully Manage a Team 02:56 - Some Background 04:39 - Be Flexible 07:02 - Have High Expectations and Make Them Crystal Clear 09:40 - Ban Office Politics 12:40 - Empower People 15:31 - Be Nice to Your People 16:29 - Positivity 18:12 - Summary 20:10 - 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 260 of Financially Simple, Justin and Chris Steward take a look at what's going in with Oil at the moment. With the Coronavirus reducing demand for products and limiting travel, the knock-on effect with regards to oil futures has been interesting, to say the least. Justin and Chris take a look at the causes and discuss an appropriate stance to take against such volatility. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:50 - Ask Justin feat. Chris Steward: What's Up and Down and Up with Oil? 03:55 - What is Oil? 05:16 - Supply and Demand 06:53 - Creating a Glut 09:16 - The Rebound 10:31 - Buying Oil 12:56 - What the Pros Know 17:14 - Financially Simple's Position 19:39 - Conclusion 21:25 - 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 Sim

In episode 259 of Financially Simple, Justin and David Kent go over the strategic planning process. As small business owners start to plan their turnaround strategies, it is important to remind ourselves of the steps needed. Justin and David go over the strategic planning process, breaking it down in this review. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:36 - Ask Justin feat. David Kent: The Strategic Planning Process 02:38 - What is Strategic Planning? 05:26 - Core Values 09:03 - Vision and Mission 10:50 - SWOT Analysis 15:11 - Three Key Objectives 18:31 - Prioritise Objectives 20:36 - Implement the Strategies 22:50 - Wrap Up _________________   RESOURCES: Using the SWOT Analysis to Increase the Value of Your Business Strategic Planning Checklist Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale -

In episode 258 of Financially Simple, Justin talks to Jennifer McConnell of July Services about amendments to the Cares Act. The Cares Act is a living document, being altered and improved upon as the situation calls for changes to best help those that the Act is meant to help. Justin and Jennifer go over recent changes to the Act and discuss how business owners can best respond to the changes. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 02:56 - Ask Justin featuring Jennifer McConnell: The Cares Act and Qualified Plans 04:52 - Changes to the Cares Act 07:31 - Time and Cost 08:43 - Employee Sponsored Plans 11:54 - Other Changes 14:07 - Defined Benefits 16:42 - Safe Harbour Matches 18:08 - Standard Adjustments 21:59 - Fees 24:47 - Most Common Areas of Adjustment 26:26 - Justin's Thoughts 35:00 - One Pearl of Wisdom 37:13 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially Simple on Y

In episode 257 of Financially Simple, Justin talks to Steve Waldrop of Wyatt Insurance about reviewing policies. With the Coronavirus lockdown still in effect across much of the world, small business owners should make use of their downtime to review their insurance policies. Justin and Steve discuss the review process of your insurance policies - what to review, things to consider, and planning ahead. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! Follow along in YouTube: https://www.youtube.com/watch?v=mMHt2qFSCDk _________________   TIME INDEX: 01:37 - Ask Justin featuring Steve Waldrop: Having Trouble Sleeping? Let's Talk Insurance! 03:59 - The Insurance Review Process 04:53 - Types of Insurance to Review 07:38 - BOP vs. Commercial 09:14 - Planning Ahead 10:28 - Example: Cyber Security 13:32 - Addressing Concerns 15:26 - Business Trajectory 17:49 - Anything Else? 19:57 - One Pearl of Wisdom 21:41 - Wrap Up _________________   RESOURCES: Financially

In episode 256 of Financially Simple, Justin and David Kent discuss the 10 steps of a turnaround Strategy. On your marks, get set, GO! Justin and David list and detail the ten steps a small business owner should go through in order to be ready in the starting blocks for when the gun goes off to get ahead of their competition when business starts to return to normal. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:26 - Ask Justin featuring David Kent: 10 Moves for a ProactiveTurnaround 01:56 - Write Up Business/Sales/Marketing/Operations Plans 04:56 - Meet With Key Personnel and Advisors 06:06 - Revise Plans 06:48 - Meet With Your Team 08:02 - Meet With Your Customers 08:30 - Meet With Vendors 10:16 - Contact Tax Authorities 11:08 - Contact Your Bank 12:00 - Restructuring Your Team 14:01 - Cut Unnecessary Costs 16:34 - Recap 18:42 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially