Financially Simple

In episode 234 of Financially Simple, Justin answers a question on Retirement. A listener of the podcast asks, How Much Do I Need to Retire? Justin breaks down his answer into the Key Points that you should consider when trying to determine how much is necessary. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:49 - Ask Justin: How Much Money Do I Need to Retire? 03:16 - What is Your Current Lifestyle Like? 04:59 - What Would You Like Your Retirement Lifestyle to be Like? 06:14 - Your Current Asset Level 07:36 - Life Expectancy 09:48 - Rate of Return From Assets 11:37 - What Will Your Tax Bracket Be? 12:46 - What About Debt? 13:36 - Many Changeable Variables 17:10 - 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 f

In episode 233 of Financially Simple, Justin answers a listener's question on Saving for Retirement. As an employee of a business, you might have a Pension Plan, but it is also a good idea to have your own Savings Plan in place, just in case. Justin compares Gross Income to Net Income, and considers how much is enough to put aside each month, as well as providing some insight into Pension Plans and why it's a good idea to have your own Savings Plan. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 02:12 - Ask Justin: Is $500 per Month Enough for an Investment Saving Plan? 04:22 - Gross Income vs. Net Income 05:47 - Is 15% Enough? 08:30 - Savings And Taxes 10:51 - Pension Plans 14:43 - Are You Saving Enough? 16:03 - 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 Fina

In episode 232 of Financially Simple, Justin talks to Scott Snider of the Exit Planning Institute about working in a second generation family business. Coming into a family-owned business, whether second generation or older can be a trying experience - maintaining family ties through good communication, receiving offers, and expanding the business can test family bonds. Justin and Scott discuss what it's like to come into a family business, and how to best manage the stresses that might occur. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:04 - Ask Justin featuring Scott Snider: What is it Like to Work in a Family Business as the Second Generation? 03:31 - Selling Your First Business 05:45 - Receiving an Unsolicited Offer 07:24 - Lessons Learned 13:33 - The Value Acceleration Method 14:46 - Communication 20:00 - Once Piece of Advice 21:30 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Fi

In episode 231 of Financially Simple, Justin answers a question on handling finances when planning to save and starting a business at the same time. If you're debt-free and have a modest lifestyle, and are planning on starting a business as well as to start saving for retirement - what is the best way to utilize the excess income to best achieve those goals? Justin breaks down the question, addresses each part, and gives his advice on taking on good debt when starting a business. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:22 - Ask Justin: How Should I Prioritize Excess Income When Starting a business, and Can I Grow My Savings at the Same Time? 03:46 - A Different Perspective 05:20 - Prioritizing Goals 07:14 - Maximizing Finances 14:06 - Starting a Business 17:10 - Savings Growth 19:27 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Finan

In episode 230 of Financially Simple, Justin welcomes back Jonathan Mills Patrick to the podcast to discuss the pros and cons of being an Entrepreneur. In an earlier "Ask Justin," episode, the question of whether or not to become an Entrepreneur over an Employee was asked. Justin and Jonathan revisit the question and compare the pros and cons of following either route. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:18: Ask Justin feat. Jonathan Mills Patrick: Should I Become an Entrepreneur? 04:24 - The Pros and Cons of Being an Employee 08:13 - Employee Job Satisfaction 11:22 - The Pros and Cons of Being an Entrepreneur 14:02 - How to Choose Which Way is for You 17:01 - Do Your Research 18:20 - A Career Path is Not a Straight Line 22:35 - Conclusion 28:05 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justi

In episode 229 of Financially Simple, Justin answers a question on when to hire a Financial Planner. Cindy asks, "At what point should I consider hiring a Financial Planner - How much should I be making to necessitate having one?" Justin goes over a few factors that you might consider when thinking about hiring a Financial Planner and gives his own opinion on when it's best to do so. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:25 - Ask Justin: Do I Make Enough to Necessitate Wealth Management Services? 04:38 - When Does it NOT Make Sense to Have a Financial Planner? 05:28 - How Much Money Do You Need to Hire a Financial Expert? 05:42 - Based on Income 07:47 - Based on Age 09:04 - Based on Debt 09:44 - The Generation Gap 14:09 - Conclusion _________________   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: Th

In episode 228 of Financially Simple, Justin answers a listener's question on inheriting a Family Business. Jack has taken over his late father's business, and asks for guidance on whether he should continue with the business and grow it further or sell it. Justin gives advice based on his own experiences as a business owner and a financial advisor to other business owners. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:13 - Ask Justin: I've Inherited a Family Business, Should I Sell It or Grow It? 03:47 - A Few Things To Consider 07:09 - Owning A Business In The Real World 10:25 - The Responsibility 14:54 - Personal Choices 17:35 - 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 227 of Financially Simple, Justin gazes into his crystal ball to answer a listener's question on predicting the stock market during an election year. Tiffany asked, "How does the Stock Market react during a Presidential Election Year?" Justin looks at different studies that have tried to analyze the market's movements, in order to predict outcomes. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:45 - How Does the Stock Market React During a Presidential Election Year? 03:06 - Not The First To Ask This, And Won't Be The Last 04:13 - A Way to Beat the Market 06:49 - Past Performance is Not Indicative of Future Results 08:49 - Can the Presidential Election Actually Influence the Stock Market? 11:23 - The Pepperdine Study 1942-2002 14:32 - Bear Markets 15:34 - Conclusion 18:34 - Wrap Up _________________   RESOURCES: Ask Justin a Question Financially Simple Educational Website Financially Simple on YouTube Subscri

In episode 226 of Financially Simple, Justin answers two questions from different listeners, relating to his own business practices. Cindy asks Justin, "How do you, as a Business Owner, handle the stresses of running your business?" And Himan asks, "How do you handle decisions and doubt?" Justin has a candid "fireside chat" about these issues, and how he personally deals with them. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:41 - Ask Justin: How Do You, Justin, Handle The Stresses Of Being a Business Owner? 03:24 - Guard Your Heart And Mind 05:56 - Have a Positive Mindset 07:41 - Keep Good Counsel 08:32 - There's Always a Way 11:39 - Doubt In Your Vision 16:22 - How To Make Decisions 20:14 - Wrap Up _________________   RESOURCES: Ask Justin a Question Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter NEW Book: The Ultimate Sale - A Financially Simple G

In episode 225 of Financially Simple, Justin answers a listener's question on what steps to take if you receive an offer for your business. Charlie asks Justin, "What steps should I take to decide if I should accept an offer for my business?" Justin explains what factors to assess in your personal life, and within the business itself, to determine whether or not the business should be sold. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:40 - Ask Justin: What Steps Should I Take To Decide If I Should Accept An Offer To Buy  My business? 03:19 - Review Your Current Financial Position 03:42 - What Total Income Do You Need 05:02 - Life Expectancy 06:33 - Is Your Business Sellable? 07:46 - What If Your Business Isn't Sellable Yet? 08:58 - Will The Sale Cover Retirement? 10:42 - Plan Ahead 12:06 - Wrap Up _________________   RESOURCES: Ask Justin a Question Financially Simple Educational Website Financially Simple on YouTube

In episode 224 of Financially Simple, Justin and guest co-host Jeff Jeter look at the personal finance needs of Retirement. Podcast listener Sarah asks, "How Do I Determine How Much I Need to Retire?" Justin and Jeff look at the personal and business criteria, as well as other considerations to take into account when determining How Much. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 03:09 - Ask Justin & Jeff: How Do I Determine How Much I Need To Retire? 03:45 - What Does Your Retirement Look Like? 06:21 - Domestic & Business Expenses 08:36 - How Much Will You Spend In Retirement? 10:11 - How Long Will Retirement Last? 12:57 - Other Considerations 13:36 - Financial Calculators 16:20 - How To Work It Out For Yourself? 18:39 - Summary _________________   RESOURCES: Ask Justin a Question Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter NEW Book: The

In episode 222 of Financially Simple, Justin answers the second part of a question regarding plans for the new year. Tim asks, "What is the number one thing I should be doing right now in my Personal Finances, and Business?" Justin addresses the second part of the question, regarding Business Plans, and briefly goes over the need for Strategic Planning. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:27 - Ask Justin: What Should I Be Doing Right Now in my Business Finances? 03:18 - Get a Handle on Your Business by Planning 06:48 - What is Strategic Planning? 11:04 - Why Does it Matter? 13:48 - In Summary 15:07 - Wrap Up _________________   RESOURCES: Financially Simple's Strategic Planning Course Ask Justin a Question Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maxi

In episode 221 of Financially Simple, Justin answers a question regarding plans for the new year. Tim asks, "What is the numbering thing I should be doing right now in my Personal Finances, and Business?" Justin gives his opinion for having a fresh start to the year 2020, and addresses the issue of Personal Finances in this first part of of the answer. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:58 - Ask Justin: What Should I Be Doing Right Now in my Personal Finances? 02:52 - 2020, a Fresh Start 04:16 - Have a Clear Vision 08:55 - What do YOU Want to Accomplish? 13:16 - Wrap Up _________________   RESOURCES: Ask Justin a Question 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 NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business

In episode 220 of Financially Simple, Justin answers a question about having a Health Reimbursement Arrangement. A listener of the podcast asks, "I am a CPA about to get clients involved in a Spouse-Only HRA - What did you mean in your article 'You must have a health plan to participate,'?" Justin responds, explaining what HRAs are, how they work, and the rules that apply. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:08 - Ask Justin: The HRA 01:55 - The Question 02:25 - Hiring a Spouse as an Employee 03:58 - What is an HRA? 05:18 - 1: The Business Sets a Monthly Allowance Amount 10:33 - 2: Employees Buy What Fits Their Personal Needs 11:15 - 3: Employees Submit Proof of Purchase 12:26 - 4: The Business Reimburses Employees 12:50 - Answering The Question 17:09 - Special Rules 19:19 - Summary _________________   RESOURCES: Ask Justin a Question Financially Simple Educational Website Financially Simple on YouTube Subscri

In episode 219 of Financially Simple, Justin answers a question posed to him by a listener of the podcast. Podcast listener, Allan - recently divorced and coming up to retirement - poses the question, "How should I go about starting an investment fund with my specific situation, and what are the costs?" Justin goes over the question and gives his suggestions for a plan of action. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:45 - Listener Questions: Starting an Investment 02:38 - Allan's Question 04:23 - Breaking it Down 07:13 - Taxes, Income, and Benefits 09:00 - Home Improvement vs. Saving 12:27 - Retirement Ready? 16:31 - A Plan of Action 18:10 - Investment Fees 22:07 - Wrap Up _________________   RESOURCES: Ask Justin a Question Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your

In episode 218 of Financially Simple, Justin answers a question posed to him by a listener of the podcast. Podcast listener, Adam from Grand Rapids MI, poses the question, "Should I pay off my house early and invest until retirement, or sell and buy my retirement home with the plan to have it paid up by retirement?" Justin breaks down the question, bit-by-bit, and gives his take on the matter. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:21 - Ask Justin: Q&A Session 02:09 - Getting in Touch to Ask a Question 03:45 - Adam's Question: Should I Stay or Should I Sell? 05:52 - Breaking it Down 17:26 - The Big Question 24:47 - Justin's Take 27:08 - Wrap Up _________________   RESOURCES: Ask Justin a Question Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profi

In episode 216 of Financially Simple, Justin wraps up Season 2, looking back on what has been covered and achieved, and looking forward to what's still to come in Season 3 of the Financially Simple podcast.   Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:46 - A Wrap Up to Season 2 03:09 - Season 1 Recap 06:23 - Season 2 Recap 09:45 - What's Happening Behind the Scenes 11:10 - Coming Up in Season 3 15:08 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit Opportunity Zone Map _________________   BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how

In episode 215 of Financially Simple, Justin continues his examination of reducing tax costs when selling Real Estate. When selling property, the 1031 Exchange route might not be the best option with so many disadvantages. So, what other options are there? Justin explains the Opportunity Zone, what it is, how it works, and provides a case study example of Comprehensive Tax Planning. 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 Minimize Taxes When Selling Real Estate: Part 2 01:54 - The O-Zone 03:49 - Tax Advantages of Investing in O-Zones 05:11 - The Process 06:43 - Case Study Example 08:35 - The Fourth Strategy: Comprehensive Tax Planning 13:20 - Conclusion 14:12 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Max

In episode 214 of Financially Simple, Justin begins to look at how to go about selling a Real Estate investment. As you grow your Real Estate investment portfolio, you will want to sell off property to be able to invest in other real estate opportunities and minimize the taxes incurred in the process. Justin goes over the types of exchanges that are possible when selling real estate to buy new property, as well as the rules and disadvantages of the processes. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:59 - How to Minimise Taxes When Selling Real Estate 02:25 - Your Primary Residence 04:09 - 1031 Exchange 06:02 - Four Types of Exchanges 06:06 - Simultaneous Exchange 06:43 - Delayed Exchange 08:00 - Reverse Exchange 08:39 - Construction or Improvement Exchange 09:29 - The Seven Rules of a 1031 Exchange 15:44 - The Disadvantages 18:01 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Finan

In episode 213 of Financially Simple, Justin lists the ways in which you can pay for Real Estate investment. As you consider getting into Real Estate investing, you might need to take out a loan to buy the property. Justin looks at the different types of loans available, as well as other possible lines of credit, that you can use to purchase an investment property. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:31 - How Can You Pay For Investment Real Estate? 02:42 - Conventional Loans 04:28 - Federal Housing Authority Loans 05:40 - 203k Loan 08:20 - Veteran Affairs Loan 11:44 - Adjustable-Rate Mortgage 12:47 - Private Money 13:37 - Hard Money 15:06 - Home Equity Line of Credit 16:08 - Retirement Money 16:21 - Conclusion _________________   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter NEW Book: The Ultimate Sale - A Financially Simple Guid