Financially Simple

In episode 172 of Financially Simple, Justin goes over the basics of Life Insurance. Part of risk management is taking care of business and your family in case of your death - having an insurance policy in place to provide for your business and employees, and your family once you're gone. Justin goes over the fundamentals of Life Insurance, the types of cover, which you need, and why. TRANSCRIPT/BLOG: BLOG: Life Insurance Basics - Considerations for Business Owners Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:20 - Life Insurance 101 For Business Owners 03:28 - What is Life Insurance? 04:22 - Do You Need it? 06:31 - Types of Life Insurance: Term Insurance 08:42 - Whole Life 11:10 - Variable 12:06 - Universal 13:13 - Index 14:08 - What Type of Insurance Do You Need? 16:43 - How Much Do You Need? 19:52 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe

In episode 171 of Financially Simple, Justin looks at Umbrella Insurance policies. Your typical insurance coverage only goes so far, and if the claim exceeds the coverage you can have problems - Umbrella coverage covers these instances. Justin explains the basics of Umbrella Policies, what they cover and why you might need one. TRANSCRIPT/BLOG:BLOG: Umbrella Insurance Policy - Why Business Owners Need Them Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:00 - What is an Umbrella Policy And Why Do You Need One? 02:54 - What Does it Cover? 04:14 - What Doesn't it Cover? 05:05 - When Should You Have an Umbrella Policy? 10:49 - How it Works 11:58 - How Much Do You Need? 14:10 - 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 Pro

In episode 170 of Financially Simple, Justin takes a look at the basics of Home Owners' Insurance Policies. Part of risk management for any small business owner is the protection of their home and the valuables within. Justin gives an overview of the What, Why, and How of Home Owners' Insurance, with some advice from personal experience. TRANSCRIPT/BLOG: BLOG: Homeowners Insurance - How Often Should You Review Your Policy? Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:55 - Home Owners Insurance 101 01:46 - What is a Home Owners Insurance Policy? 02:12 - Why is it Important? 03:25 - What Does it Cover? 06:48 - Scheduled Coverage 08:43 - How Much Home Owners Insurance Do I Need? 13:26 - How Do You Purchase a Policy? 15:40 - Review Often 16:30 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter NEW Book: The Ultimate S

In episode 169 of Financially Simple, Justin gives an overview of Auto Insurance. Your car is an asset, and as such, it should be protected, by law in some cases, by insurance against it and third parties. Justin goes over the basics of Auto Insurance, the ins and outs of policies, and various points to consider when taking out insurance. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT/BLOG: BLOG: Auto Insurance 101 - What You Need to Know _________________   TIME INDEX: 01:34 - Auto Insurance 101 03:12 - The Basic Elements of Auto Insurance 03:26 - Protect Your Financial Resources: Liability Protection 07:04 - Protect Your & Your Passengers: Injury and Medical 08:54 - Protect Your Vehicle: Damage Control 14:18 - Auto Policy Extras 20:20 - Final Points to Consider 22:40 - Wrap Up _________________   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter NEW Book: The Ul

In episode 168 of Financially Simple, Justin compares types of Insurance Providers. As a Business Owner it pays to have the best coverage for yourself and your business. Justin looks at Insurance, and compares Captive Agents with Brokers - which is better for your business needs. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT/BLOG: BLOG: Captive vs. Independent - Which Insurance Agent Saves You Money? _________________ TIME INDEX: 01:01 - How Business Owners Can Reduce Their Insurance Expenses 02:27 - Captive Agents vs. Independent Agents 10:31 - When to Use an Agent and When to Use a Broker 19:08 - Captive Agents 20:25 - Brokers 21:31 - 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. Goodbread, CFP®, CEPA, C

In episode 167 of Financially Simple, Justin looks at the type of Mortgage a Business Owner should have. When taking out a mortgage, it's worth considering your options as a Business Owner - weighing the prospective interest rates, payment options, and alternatives. Justin looks at all the options, including some that you may never have considered. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT/BLOG: BLOG: What Type of Mortgage Should a Business Owner Have on a House? _________________ TIME INDEX: 01:06 - What Type of Mortgage Should a Business Owner Have? 01:43 - Some Simple Education 02:32 - The House Doesn't Care if You Have a Mortgage or Not 04:29 - If the House Appreciates in Value, You are Going to Build Equity 05:38 - The Interest Rate on a Mortgage is Usually Some of the Cheapest Money You have Access to 08:44 - Mortgage Payments Get Easier Over Time 11:09 - Large Mortgages Let You Invest More Money Faster 12:31 - Example #1 15:25 - Ex

In episode 166 of Financially Simple, Justin considers how much  Small Business Owners should spend on buying a house. Everyone wants to live comfortably, and some want to live luxuriously - but at what cost? Justin looks at the thinking and motivation of millionaires who live comparatively frugally, in order to maintain a secure lifestyle and healthy financial situation. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT/BLOG: BLOG: How Much Should Business Owners Pay for a Home?   TIME INDEX: 00:47 - How Much Should a Business Owner Pay for a House? 01:10 - How Millionaires Think 03:13 - A House is Not an Asset 06:16 - Some Facts and Figures 07:51 - Be Wary of Taking on a Huge Mortgage 10:13 - Millionaires Don't Live Lavishly 15:37 - Wrap Up   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit   BIO: Justin A. Goodbread, CFP®,

In episode 165 of Financially Simple, Justin shares a personal case study of his own on buying a new car for less. Buying a new car is often the second greatest expense for most people, so is it possible to save money on this cost? Justin compares methods of paying for a new car and comes up with his own tactic to save big. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ____________ TRANSCRIPT & ADDITIONAL RESOURCES:BLOG: What's the Cheapest Way to Buy a New Car? ____________ TIME INDEX: 01:10 - What is The Cheapest Way to Buy a New Car? 04:38 - Buying New 06:16 - Are 0% APR Auto Loans Really Interest-Free? 07:17 - What's the Catch? 08:50 - 0% APR Loans vs. Rebates 10:45 - The Catch 12:16 - How to Calculate Whether a 0% APR or a Rebate is the Best Deal 15:47 - Summary ___________________ USEFUL LINKS: Financially Simple podcast: https://financiallysimple.com/podcast/ Financially Simple on Facebook: https://www.facebook.com/financiallysimple/ Financia

In episode 164 of Financially Simple, Justin compares Leasing and Buying a car as a Small Business Owner. If you're planning on getting a new vehicle some time soon, you might be wondering whether it's better to buy or lease. Justin considers the pros and cons of buying vs leasing a car when it comes to your Business and Taxes. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  TRANSCRIPT/BLOG: BLOG: Is It Better to Buy or Lease a Vehicle?   TIME INDEX: 01:01 - Should a Business Owner Lease or Buy a Car? Weighing the Pros and Cons 01:11 - Three Points to Consider 02:54 - Pros of Leasing a Car 06:42 - The Cons 09:03 - Pros of Buying a Car 12:27 - The Cons 13:03 - Purchased vs. Leased - Taxes 17:12 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter Financially Simple: The Ultimate Sale - Get the Book Here! ______________ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nation

In episode 163 of Financially Simple, Justin goes over the two methods of claiming tax breaks on your vehicles. Should you depreciate the value of your vehicle, or take a mileage deduction? Which is best? Justin looks at both options and explains how each is applied, as well as the pros and cons of each, and a few exceptions to the rule. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  TRANSCRIPT/BLOG: BLOG: Standard Mileage vs. Actual Expenses - Which is Better?   TIME INDEX: 00:58 - Should a Business Owner Depreciate Their Car or Take a Mileage Deduction? 01:21 - Standard Mileage Rate vs. Actual Expense Method 03:04 - Standard Mileage Rate 04:12 - 5 Things That You Can't Do 05:01 - Actual Expense Method 06:03 - Can You Switch Between These Methods? 06:49 - Which is Best For You 08:15 - Guidelines to Choose The Method For Writing Off Business Expenses 11:35 - One Caveat 11:58 - Sign Off   USEFUL LINKS: Financially Simple Financially Simple on YouTube Fin

In episode 162 of Financially Simple, Justin lists 49 deductions to reduce your tax bill. There are a number of ways to reduce the amount of tax payable as a Small Business Owner; some conventional, others… not so much. Justin goes over the obvious and not-so-obvious deductibles of a business. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  COMPLETE TRANSCRIPTION: BLOG: 49 Surprising Tax Deductions for Small Business Owners TIME INDEX: 01:47 - Tax Deductions for Small Business Owners 03:24 - What is a Deduction? 04:56 - Qualified Business Income Deduction 05:43 - Bonus Depreciation 07:24 - Vehicle Expenses 08:24 - Home Office 08:50 - Home Renovations & Insurance 09:14 - Professional Services 09:23 - Employee Deductibles 11:13 - Opportunity Tax Credit 11:39 - Client & Employee Entertainment 12:42 - Dues & Memberships 13:06 - Legal Fees 13:16 - Office Building Deductibles 14:02 - Moving Expenses 14:18 - Home Landscaping 14:47 - Start-Up Expens

In episode 161 of Financially Simple, Justin looks at ways to reduce or even avoid paying Capital Gains Tax. Capital Gains Tax is an Income Tax that is applied to any money you make from the sale of an Asset. Justin looks at several methods of minimizing or even eliminating the amount you could be liable for. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  TRANSCRIPT/BLOG: BLOG: Minimize Capital Gains Taxes to Get a 0% Rate   TIME INDEX: 01:06 - How to Pay 0 Taxes on Capital Gains Tax 01:21 - What is a Capital Gain? 01:44 - Short-Term Gains & Long-Term Gain 03:05 - The Magic Number 04:50 - Hold On 06:13 - Exclude Home Sales 07:45 - Rebalance With Dividends 09:19 - Use Tax-Advantaged Accounts 10:04 - Tax Loss Harvesting 11:59 - Carry Losses Over 14:30 - Wrap Up   USEFUL LINKS: Financially Simple Financially Simple on Facebook Financially Simple on Twitter Financially Simple: The Ultimate Sale - Get the Book Here! Selling Home CGT Taxes on Your Retir

In episode 160 of Financially Simple, Justin gives 19 ways to reduce a Business Owner's taxable income. As a Small Business Owner, cutting costs and saving money is of immense benefit - especially when it comes to paying taxes. Justin lists possible 19 ways to reduce your taxable income. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  Transcription: BLOG: 20 Ways to Reduce Taxable Income: A Business Owner's Guide TIME INDEX: 01:25 - How to Lower a Business Owner's Taxable Income 02:36 - Contribute as Much as You Can to Your Retirement Accounts 04:39 - Tax Loss Harvesting 07:02 - Purchase or Keep Your Health Insurance 08:09 - Have an HSA Account 09:34 - Track Your Medical Expenses 11:26 - 529 Plans 13:05 - Flexible Savings Account 14:28 - Bunching 16:40 - Deduct Everything That You Can 18:02 - Invest in Yourself 19:06 - Give to Charity 20:15 - Buy Your House 21:28 - Move to a Different State 22:47 - Check Your Property Taxes 23:44 - Make Your House More

In episode 159 of Financially Simple, Justin looks at several ways to withdraw money from your retirement funds before you're 59.5 years old. If you're needing to dip into your retirement funds before your actual retirement, or even before the 59.5 years old limit, you could incur a 10% penalty on the amount you withdraw. But, there are ways to get around paying that 10%. Justin goes over 10 ways that you can get the money you need from your retirement accounts without paying penalties. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  TRANSCRIPTION:  BLOG: Can You Avoid the 10% Early Retirement Penalty? 10 Possible Ways   TIME INDEX: 01:07 - How Do I Take Income From My Retirement Accounts if I retire Before Age 59.5 Without Paying The 10% Penalty? 04:06 - The 59.5 Rule 04:48 - IRA Withdrawal for Medical Expenses 06:31 - IRA Withdrawal to Pay for Health Insurance 07:50 - IRA Withdrawal for a 1st Time Home Purchase 08:35 - If You Are Disabled 09:06 - The

In episode 158 of Financially Simple, Justin takes a look at when you should start claiming on your Social Security. As retirement approaches, you might feel like claiming on your Social Security early or even take early retirement; or you might decide to keep working at your business and make the most of your Social Security once you do reach retirement age. Justin goes over some considerations you should have before deciding one way or the other. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT: BLOG: Minimizing Negative Tax Implications When Selling a Business   TIME INDEX: 01:08 - When Should a Business Owner Start Social Security? 02:23 - The Three Ages of Social Security 02:33 - Full Retirement Age 03:48 - Early vs. Delayed Benefit 06:09 - Taxation of Early Benefit 08:09 - Claiming on Your Spouse's Early 10:03 - The Key Thing to Consider 12:09 - What is the Latest You Can Take it? 13:01 - Why is it Such a Big Deal? 14:23 - A Case

In episode 157 of Financially Simple, Justin looks at the possible gains and pitfalls that can be had when a spouse receives a bonus from their employer. Receiving a money bonus for your work is great! But, what if it's your significant other that receives it? How will that extra income affect your business and personal finances? Justin goes over this particular scenario and gives advice on how to best handle it. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  RELATED ARTICLE: BLOG: Tax Issues (and Solutions) When Your Spouse Receives a Bonus   TIME INDEX: 01:48 - A Business Owner's Employed Spouse Receives a Bonus: How Should We Deal With It? 03:29 - Possible Problems 04:31 - What You Could Do 04:58 - Consult Your T-Chart 05:17 - Reduce Your Own Income to Increase Your Business's Profits 07:00 - Tax Considerations 07:42 - 6 Considerations 08:23 - Solidify Your Emergency Fund 09:34 - Defer the Bonus into Your Spouse's Retirement Account 11:15 - Pay Off U

In episode 156 of Financially Simple, Justin talks to Jonathan Peyton of Horizon Ridge Wealth Management about creating financial security for a Special Needs child. Making sure that your children and loved ones are taken care of is a priority, especially in the case of children with special needs. Justin and Jonathan discuss the various ways that you as a business owner can ensure their financial wellbeing. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT: BLOG: Hiring Your Special Needs Child - A Unique Employee with Unique Benefits   TIME INDEX: 01:56 - Should I Pay My Special Needs Child From My Business? 06:39 - How Could Paying Your Special Needs Child Help or Harm Them in The Future? 16:12 - Why Does it Matter For The Child? 19:37 - What Are The Potential Pros and Cons of Giving The Child an income? 23:58 - What is The Threshold for Maximised Benefit - 3 Things to Consider 31:05 - In Summary 34:39 - Wrap Up ________________ USEF

In episode 155 of Financially Simple, Justin takes a look at Pensions. RELATED BLOG: BLOG: Income for Life Retirement Series #10 Manage Pension Fund Payments If you've been working for any length of time for a large company or government department, chances are you'll have a pension fund that's been put aside ready for retirement. But when it comes to receiving that money, what should you do with it? Justin goes over some of the options of receiving a Pension payout, and lists some Do's and Don'ts. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  TIME INDEX: 01:14 - I Have an Old Pension, What Should I Do With It? 01:47 - What is a Pension? 02:50 - Who Offers Them? 03:21 - How Do They Work? 03:50 - Single-Life Option 04:13 - Joint & Survivor Option 05:03 - Period Certain Option 05:55 - Lump Sum Payment 07:14 - Fixed Annuity: Pros and Cons 10:02 - Lump Sum: Pros and Cons 12:06 - Do's and Don'ts 14:54 - Wrap Up   USEFUL LINKS: Financially Simple Financ

In episode 154 of Financially Simple, Justin looks at the various types of Inheritances and how best to handle each. Receiving an Inheritance from a loved one can be a blessing, or a curse if not dealt with properly. Justin goes over the basics of the types of inheritance one might receive, and gives his own five-point method of how to go about using it. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! RELATED ARTICLES: BLOG: Why Personal Cash Flow Matters to the Business Owner __________________ TIME INDEX: 00:56 - What Should I Do With an Inheritance? 01:32 - Some Trends With Regard to Inheritances 04:56 - Justin's 5 Point Method 07:27 - A Case Study 08:25 - The Inheritance Mind Map 09:06 - Types of Inheritance 11:39 - Mind Mapping Decisions Based on Your Personal Situation 13:04 - IRA 14:18 - 401k 15:06 - ROTH 16:17 - HSA 16:56 - Life Insurance 18:00 - Real Estate 20:20 - Businesses 21:52 - Non-Qualified Investments 23:10 - Vehicles 23:57 - Wrap Up __

In episode 153 of Financially Simple, Justin looks at a few ways to earn a little side income to your business. RELATED READING: BLOG: How to Make Extra Income on the Side While You Grow Your Business At times cash flow can be tight, and you might be needing that extra bit of money to see you through a rough patch. Justin considers four ways that you could generate some quick income to see you and your family through tough business times. 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 Help Your Family Make Quick Income 03:31 - Use Your Current Assets 05:37 - Manufacture a Product 07:58 - Use Your Skills in Your Spare Time 09:36 - Create a Resale Environment 11:05 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter _______________ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth