Financially Simple

In episode 192 of Financially Simple, Justin continues his discussion with Jennifer McConnell of July Business Services about 401(k) funds. There are two specific provisions of the 401(k) that are worth a closer look: Safe Harbor and Profit Sharing. Justin and Jennifer look at the Safe Harbor and Profit Sharing provisions and consider the pros and cons of each for a Small Business Owner. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! FULL TRANSCRIPTION: BLOG: Small Business Retirement Plan Comparison _________________   TIME INDEX: 01:04 - Exploring the Safe Harbor and Profit Sharing Provisions of a 401(k) 01:19 - Who Can Participate in a 401(k)? 02:31 - Can Minors Participate in a 401(k)? 03:09 - Do You Need to Contribute to Part-Time Employees? 04:03 - What is Safe Harbor 401(k)? 05:25 - SIMPLE Comparison 06:02 - Why Use a Safe Harbor 401(k)? 07:43 - Limitations for Small Business Owners 08:41 - How Profit Sharing Works 10:57 - How Much do Business Ow

In episode 191 of Financially Simple, Justin talks to Jennifer McConnell of July Business Services about the basics of a 401(k) fund. 401(k) funds are the most common type of retirement fund used by Business Owners to set aside money for their employees. Justin asks Jennifer to go over the basics of a 401(k), how they work and what's involved in setting one up. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! FULL TRANSCRIPTION: BLOG: Small Business Retirement Plan Comparison _________________   TIME INDEX: 01:15 - The Basics of the 401(k) 03:22 - Who is Involved When Dealing With a 401(k)? 05:39 - All-In-One Or Separate Companies for Each Role 06:46 - TPAs: Third-Party Administrators 07:30 - Setting Up a 401(k): What are the Basic Options? 11:32 - What Can an Employee Contribute to a 401(k)? 12:46 - The Vesting Schedule 15:06 - What Can Employees Invest In? 17:32 - How Much Does it Cost? 19:26 - Wrap Up _________________   RESOURCES: Financially Simple E

In episode 190 of Financially Simple, Justin goes over Solo 401k Funds. If you are a Solopreneur, independent contractor, or individual business owner, then a Solo 401k might well be the investment fund for you. Justin explains the ins and outs of the Solo 401k, and shares some insightful tips on why it's a great option for individual business owners. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! FULL TRANSCRIPTION: BLOG: Small Business Retirement Plan Comparison _________________   TIME INDEX: 01:19 - The Small Business Owner's Guide to the Solo 401k 03:48 - What is a Solo 401k? 04:15 - What are the Details? 07:43 - An Important Note 10:49 - Benefits for Those With a Side-Gig 12:14 - IRS Form 5500-SF 12:52 - Staggered Contributions 14:17 - Loan Provisions 16:07 - ROTH Eligibility 17:22 - How to Open a Solo 401k 18:38 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financial

In episode 189 of Financially Simple, Justin takes a looks at SIMPLE 401ks. 401ks, SIMPLE IRAs, and now SIMPLE 401ks - the options for a Small Business owner to choose from for their employees' retirement funds can be overwhelming. Justin gives a breakdown of SIMPLE 401k funds, detailing the why, who, and when of having one. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! FULL TRANSCRIPTION: BLOG: Small Business Retirement Plan Comparison _________________   TIME INDEX: 01:13 - Why Would One Choose a SIMPLE 401k Instead of a SIMPLE IRA, or a Regular 401k Plan? 02:47 - SIMPLE 401ks 02:58 - Who is Eligible for the SIMPLE 401k? 04:46 - Shared Features of the 401k and SIMPLE 401k 07:19 - Advantages of a SIMPLE 401k 09:47 - Disadvantages of a SIMPLE 401k 12:45 - When to Use One 14:36 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter NEW Book: The Ultimat

In episode 188 of Financially Simple, Justin looks at Simplified Employee Pension IRAs. A SEP IRA allows Business Owners and the Self-Employed to contribute to their IRAs, using a few nifty tricks. Justin explains why SEP IRAs are useful, their pros and cons, and when you might use one to maximize your IRA benefits. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! FULL TRANSCRIPTION: BLOG: Small Business Retirement Plan Comparison _________________   TIME INDEX: 01:03 - SEP IRAs in All Their Coolness! 01:56 - Why Not Use a Regular IRA? 02:32 - What is a SEP IRA? 03:31 - What if You're Self-Employed? 05:13 - Who Can Use a SEP? 07:20 - Starting a SEP 08:09 - The Pros 12:27 - The Cons 15:13 - Practical Planning Advice for SEPs 18:27 - 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

In episode 187 of Financially Simple, Justin goes over SIMPLE IRAs. A SIMPLE IRA is a Savings Incentive Match Plan for Employee IRA, which is a tax-deferred retirement plan allowing for investment. Justin explains the pros and cons of a SIMPLE IRA, and why a Business Owner might choose one over another employee retirement strategy. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! FULL TRANSCRIPTION: BLOG: Small Business Retirement Plan Comparison _________________   TIME INDEX: 01:10 - What is a SIMPLE IRA and When Should I Use It? 02:49 - IRA vs. SIMPLE IRA 08:21 - Requirements 11:26 - Pros of a SIMPLE IRA: Easy to Establish 12:25 - Tax Credits 13:08 - Contributions 15:38 - Cons of a SIMPLE IRA: Can't Save as Much for Retirement 16:18 - It Cannot Be Rolled Over into a Traditional IRA Easily 17:29 - No ROTH Option 17:51 - Conclusion _________________   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financi

In episode 186 of Financially Simple, Justin compares IRAs and ROTHs from a Business Owner's perspective. IRAs and ROTHs may appear to be similar on the surface of things, but when it comes to investing as a Business Owner, there are differences that you will need to consider depending on your goals. Justin goes over the differences between IRAs and ROTHs and explains why one might suit your requirements more than the other. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! FULL TRANSCRIPTION: BLOG: Small Business Retirement Plan Comparison _________________   TIME INDEX: 00:51 - A Business Owner's View of IRAs and ROTHs 01:02 - What is an IRA/ROTH? 02:57 - Rules to Follow 04:19 - From a Business Owner's Perspective 04:49 - The Tax Triangle 07:33 - Why ROTH is Recommended 08:29 - IRAs and 401Ks 10:04 - The Back-Door ROTH 13:30 - Which is Better? 20:51 - Conclusion _________________   RESOURCES: Financially Simple Educational Website Financially Simple on Y

In episode 185 of Financially Simple, Justin begins to look into investing as part of his Personal Finance for Business Owners series. There are a lot of choices when it comes to investing with regard to personal finance. Justin gives an overview of the four types of investments, which will be covered in depth in the following episodes of Financially Simple. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! COMPLETE TRANSCRIPTION: BLOG: Basic Investments for Business Owners _________________   TIME INDEX: 01:17 - Investment Overview for Business Owners 04:50 - The Four Types of Investments 06:00 - Qualified Accounts 12:05 - Non-Qualified Accounts 13:42 - Businesses and Real Estate 15:11 - 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 _________________

In episode 184 of Financially Simple, Justin lists the 39 types of Trusts that are useful for planning. There are a lot of different Trusts available, and knowing the ins and outs of each of them can be overwhelming when trying to figure out which will meet your needs. Justin gives the Financially Simple treatment to Trusts, giving breakdowns and descriptions of the 39 types most used for planning. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:51 - The Exhaustive List of Trusts Used for Planning 03:45 - The Most Common Types 07:51 - More Complex Estate Planning Trusts 19:09 - Asset Protection Trusts & Other Miscellaneous Types of Trust 22:05 - Special Needs & Elder Care Planning Trusts 25:03 - 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 Sellin

In episode 183 of Financially Simple, Justin gives an introductory overview of the types of Legal Trusts available. A Trust can be used for various reasons to safeguard your wealth, and to protect your dependents. Justin goes over the nine types of Trust, what they are and how they can work for your benefit. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:53 - The 9 Basic Types of Trusts 01:51 - What is a Trust? 03:08 - The 9 Types 03:41 - Revocable Trusts 05:00 - Irrevocable Trusts 06:08 - Asset Protection Trusts 08:45 - Charitable Trusts 09:50 - Constructive Trusts 11:34 - Special Needs Trusts 12:25 - Spendthrift Trusts 14:15 - Tax By-Pass Trusts 14:47 - Totten Trusts 16:02 - Summary 17:30 - 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 Bus

In episode 182 of Financially Simple, Justin looks at the other documents necessary alongside a Last Will and Testament. Besides the Will, there are a few other documents that you should consider sorting out in case of any eventualities. Justin goes over the other key Estate Planning documents that you should have to cover all the bases. TRANSCRIPT/BLOG:BLOG: Necessary Estate Planning Documents Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:11 - Other Key Estate Planning Documents 01:48 - A Living Trust 04:39 - Power of Attorney 08:29 - A Living Will or Advance Directive 10:02 - Further Information and A Statement of Desires 13:56 - 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 _________________   BIO: Justin A. G

In episode 181 of Financially Simple, Justin continues his discussion on Last Will and Testaments. Having a Last Will and Testament will ensure that your assets are dispersed according to your wishes if you get the details right. Justin goes over the fundamental basics that need to be accurate and clear in the document to ensure that there will be no problems or conflicts of interest when it's needed. Complete Transcription: BLOG: The Key Points of A Last Will and Testament Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:53 - Key Points You May Want to Consider in Your Last Will and Testament 01:36 - Accurate Names 02:29 - Don't Use "And" 04:25 - Per Stirpes vs. Per Capita 06:04 - Don't Forget Any Assets 06:45 - Minors 11:24 - Execute The Will Properly 11:58 - Update The Will Regularly 12:48 - Store The Will Carefully 16:24 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially Simple

In episode 180 of Financially Simple, Justin gives Last Will and Testaments the Financially Simple treatment. What will happen to your estate and possessions when you die? Who will be responsible for administering your wishes of who gets what? Justin gives an overview of Wills, why you should have one drawn up and what the risks are of not having one in place. TRANSCRIPT/BLOG: https://financiallysimple.com/key-points-consider-last-will-testament/ Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:17 - The Key Point of a Last Will and Testament 03:14 - What is a Will? 04:08 - What Assets Do Not Pass Under a Will? 09:50 - What Happens if You Die Without a Will in Place? 12:57 - The Key Factors of a Will 20:34 - 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

In episode 179 of Financially Simple, Justin talks to Michael Crane of The Crane Group about Group Health Insurance. Group Health Insurance can be used to provide coverage to employees, at a reduced cost for the Business Owner. Justin and Michael discuss in this second episode of two, the ins and outs of Group Health Insurance and how it may apply to your business. TRANSCRIPT/BLOG: BLOG: Group Health Insurance for Businesses Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:08 - Group Health Insurance for Businesses, with Michael Crane 01:45 - What is Group Health Insurance? 02:49 - Types of Plans 06:40 - Different Plans for Different Groups? 08:56 - What Else: Agents vs. Direct 12:50 - Full Coverage vs. Partial 14:28 - HRAs and Business Owners 16:55 - Large Businesses 18:20 - Crossing State Lines 19:46 - Making Changes 23:03 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially Simple

In episode 178 of Financially Simple, Justin talks to Michael Crane of The Crane Group about Health Insurance. Getting the right Health Insurance coverage can be a frustrating exercise. Not understanding the terminology or which package will meet your needs is enough to keep you up at night. Justin and Michael sit down in this first of two episodes to go over the basics before diving in deep. TRANSCRIPT/BLOG: BLOG: Individual Health Insurance 101 Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:08 - Health Insurance, with Michael Crane 02:49 - What is Health Insurance? 03:41 - In Network & Out of Network 04:34 - Co-Pay 05:18 - Out of Pocket Deductibles 09:07 - Types of Plans 10:56 - Grandfathered Plans 14:03 - Health Savings Accounts 15:59 - Scenario for Business Owners 18:51 - MediShare Plans 20:01 - What if You Can't Get Insurance? 21:11 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website

In episode 177 of Financially Simple, Justin discusses Long-Term Care policies and coverage with expert Jim Detar. Long-Term Care policies have changed over time as insurers adjust to the trend of increasing the amount of care. Justin and Jim Detar go over these trends, what to look for in a policy, and alternative options to Long-Term Care policies. TRANSCRIPT/BLOG: BLOG: Long-Term Care Part II - Insurance Options for 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: 01:14 - How to Pay For Long-Term Care 01:43 - Speaking with Expert Jim Detar 02:59 - What is Long-Term Care? 04:14 - Pooled Risk 06:06 - Recent Trends 10:12 - What to Look For in a Long-Term Care Policy 10:59 - The Benefit Dollar Amount 12:22 - The Deductible Period 13:01 - The Benefit Period 15:29 - Home-Care Insurance Policies 17:49 - Is Long-Term Care a Medically Underwritten Policy? 19:52 - Can a Life Insurance Policy Cover Long-Term C

In episode 176 of Financially Simple, Justin continues his analysis of Risk Management by looking at Long Term Care and how it can affect you as a business owner. Long-Term Care is an increasing problem - as people live longer, the risk of becoming susceptible to an illness that affects their day-to-day concerns increases. In this first episode of two about Long-Term Care, Justin explains the basics and gives the facts and figures of this growing concern. TRANSCRIPT/BLOG:BLOG: Long-Term Care Part I - The Numbers Behind the Need Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:18 - Long-Term Care - the Overview 01:28 - A Personal Experience 03:18 - Long-Term Care for Business Owners 05:00 - What is Long-Term Care? 07:45 - How Big of a Problem is it? 11:48 - Stats on the Cost of Long-Term Care 15:10 - What if Your Employees are Affected? 16:02 - Stats on Claims Paid for Long-Term Care 18:28 - Wrap Up _________________   RES

In episode 175 of Financially Simple, Justin gives a quick overview of Business Overhead Disability Insurance. While Disability Insurance will cover you and your family if you are injured and unable to work, Business Overhead Disability Insurance will take care of your business while you are recovering. Justin gives a brief summary of the what and how of this particular insurance. TRANSCRIPT/BLOG:BLOG: Business Overhead Disability Insurance - What to Know Before You Buy Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:12 - Business Overhead Disability Insurance 01:48 - What Is It? 03:40 - How Does It Work? 04:47 - What Does It Cover? 05:40 - What Doesn't It Cover? 06:52 - How Do You Get It? 07:29 - How Much? 07:46 - 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 Gui

In episode 174 of Financially Simple, Justin takes a look at Disability Insurance and considers whether or not it is necessary. Life happens - unexpected events occur that can take you out of the game and can leave you without a means to earn an income. Disability Insurance policies are meant to cover such instances. Justin gives an overview of what Disability Insurance is, as well as why and when it is needed. TRANSCRIPT/BLOG:BLOG: Personal Disability Insurance - Policy Types Needed 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: 01:15 - What is Disability Insurance And Why Does it Matter? 03:57 - What is a Disability? 04:51 - Stats About Disability 10:24 - Types of Insurance 10:44 - Short Term 13:03 - Long Term 17:21 - So What Kind of Policy Do You Need? 20:32 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple

In episode 173 of Financially Simple, Justin asks if, as a Business Owner, you should get a Life Insurance policy to fund your retirement. There can be many pitfalls and some confusion when getting a Life Insurance policy - but what if you were to invest the money instead? Justin answers this question and gives advice and examples of what the alternatives are. TRANSCRIPT/BLOG:BLOG: Should I buy a Life Insurance Policy to Fund My Retirement? Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:37 - Should I Purchase a Life Insurance Policy to Fund My Retirement? 03:07 - Life Insurance Retirement Plans 05:22 - Are LIRPs Bad? 05:39 - Case Example 13:12 - Alternatives to Life Insurance: As an Investment 16:34 - Listen to the Talking-heads 18:12 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter NEW Book: The Ultimate Sale - A