Financially Simple

In episode 152 of Financially Simple, Justin considers how often small business owners should go over their budget. Life happens, and when it does it can require you to reprioritize certain things - and inevitably, that is going to mean checking your finances. Justin looks at why and when you as a small business owner should evaluate your budget. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  BLOG/TRANSCRIPTION: BLOG: Is It Time to Revisit Your Budget? 12 Events That Make it A Requirement TIME INDEX: 01:11 - How Often Should I Evaluate My Budget? 02:03 - 12 Times You Should Consider It 02:13 - When You Get a Raise 02:55 - When You Take a Pay Cut 03:15 - Loss of a Job 03:50 - If Your Emergency Fund Drops 04:22 - Having a Baby 04:53 - If You Get Married or Move In Together 05:25 - If You Get Divorced or Move Out 05:50 - When You Buy a Property 05:58 - If You Relocate 06:46 - Once You've Paid Off Your Debt 07:18 - After a Major Tragedy 08:04 - When You Rec

In episode 151 of Financially Simple, Justin goes over the process of renting your Home for your Business. Can you legally rent your own home, or other property, to your business and get a tax break in the process? Justin looks at what the IRS tax code says, and explains how to do it correctly. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT: BLOG: IRC 280A(g) - How You Could Use Your Home to Create Tax-Free Income ______________ TIME INDEX: 01:42 - Can I Really Rent My House to My Business? 02:42 - It's Bristol, Baby! 03:52 - Business Rental 06:42 - The Business Nexus 08:05 - A Few Misunderstandings 08:07 - Deductions for Renting 09:35 - Deductions for Entertainment Facilities 10:15 - Can't deduct Rental for a Related-Party 10:41 - Can't Deduct Personal, Family, or Living Expenses 11:16 - Prove it's an Ordinary and Necessary Business Expense 12:17 - The Substance Over Form Doctrine 12:57 - How to Do This Properly 14:52 - Wrap Up ____

In episode 150 of Financially Simple, Justin looks at how and why you might employ your children in the family business. If you're paying your kids pocket money for doing a few household chores, maybe consider hiring them and paying them a salary instead! Justin takes a look at the IRS tax code and explains how you can employ your children giving them and your business significant benefits. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT: BLOG: Ideas for Hiring Your Children in Your Business - Tax Advantages TIME INDEX: 00:53 - Should I Pay My Children From The Business? 01:28 - Why You Might Want To Hire Your Children 03:12 - The Strategy 04:22 - What The Internal Revenue Code Says 08:17 - Keeping It All Legitimate 10:42 - Is It Worth It? 14:02 - The Corporation "Problem", and its Simple Solution 14:52 - The Payroll Tax Workaround For Your Children 16:44 - The Bottom Line 17:29 - Wrap Up _________________ USEFUL LINKS: Financially Sim

In episode 149 of Financially Simple, Justin looks at how to approach putting your spouse on your business's payroll. There can be a number of benefits to having your significant other working for you at your business. Justin goes over some of the reasons and legal ways to improve both your benefits, deductibles and taxes. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT: BLOG: Hiring A Spouse as An Employee - A Smart Option with Many Benefits ________ TIME INDEX: 01:02 - Should I Put My Spouse on the Business Payroll? 03:00 - To Maximise Your 401k 06:49 - Health Insurance Benefits 10:34 - Social Security Benefits 16:20 - Legally deduct Travel Expenses 16:54 - Group Disability Insurance 17:32 - Buying a Third Vehicle 17:54 - Reduce Your Company's Taxable Income 18:03 - Spouse's Education Expenses 18:57 - Wrap Up: The Employee Spouse   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financial

In episode 148 of Financially Simple, Justin considers what you can do with your excess income. If you've got your monthly budget covered, and have a little spending money left over, what should you do with that extra cash? Justin provides 6 suggestions on how to best spend any extra money in your budget. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TIME INDEX: 00:53 - What Can You Do With The Extra Money Each Month In Your Budget? 03:24 - 1 - Pay Off Debt 05:05 - 2 - Stabilize The Monthly Budget 08:21 - 3 - Invest In Assets 10:07 - 4 - Invest In Yourself 11:52 - 5 - Increase Charitable Contributions 13:09 - 6 - Increase Spending 13:36 - Wrap Up   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 manager, author, speaker, and entrepreneur. He has 20+ years o

In episode 147 of Financially Simple, Justin goes over how you can create a budget that you can stick to. Keeping your personal finances in check can be difficult as wants and needs change. Justin sets out a 7-point plan to help you create a budget that you can keep. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  TIME INDEX: 01:22 - How Can I Build a Budget That I Can Actually Keep? 03:34 - 1 - Start With Your Goals 08:16 - 2 - Set Your Income 08:31 - 3 - Total Your Current Monthly Expenses 09:16 - 4 - Create a Budget 10:25 - 5 - Revisit Your Goals 11:56 - 6 - Monitor & Review 14:42 - 7 - Adjust to Perfection 16:18 - Wrap Up   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 manager, author, speaker, and entrepreneur. He has 20+ years of experience teach

In episode 146 of Financially Simple, Justin looks at how much you should pay yourself. Wants, needs, savings for retirement - all of these are what your paycheck goes towards. Justin breaks these down and recommends allocations to each, based on your personal income, so that you can afford the lifestyle you'd like to have. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT: BLOG: How Much Should I Pay Myself? The Business Owner's Guide   TIME INDEX: 01:10 - How Do I Determine How Much to Pay Myself? 02:03 - Personal Budget 04:37 - What is a Dream Budget? 07:34 - Needs 13:42 - Fine Tuning 15:16 - A Tricky Balancing Act 16:43 - 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 manager, author, speaker, and entrepreneur. He has 20+ yea

In episode 145 of Financially Simple, Justin considers how often business owners should pay themselves, and how often. No matter if you are just getting started or a seasoned business pro, how you pay yourself and how often must be considered to help maintain healthy Personal and Business Finances. Justin compares guarantees & distributions, W-2 and K-1s, and how to avoid living from paycheck to paycheck. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  BLOG TRANSCRIPTION: BLOG: Determining How to Pay Yourself as a Small Business Owner TIME INDEX: 01:27 - How Should I Pay Myself & How Frequently Should I Pay Myself from the Business? 02:34 - The Basics 04:37 - Other Compensation Methods 04:48 - Guaranteed Payments vs. Distributions 06:08 - Why Does This Matter? 07:07 - W-2 vs. K-1 10:01 - How Often Should You Pay Yourself? 12:22 - How to Move Away from Paycheck to Paycheck Living 15:20 - Wrap Up   USEFUL LINKS: Financially Simple Financially Simp

In episode 144 of Financially Simple, Justin looks at the relationship between Personal Cashflow and Your Business. Money matters, at home and in business - one affects the other. Justin explains why Personal Cashflow should come before Business, in order to benefit personally and to improve your business. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  BLOG/TRANSCRIPTION:  BLOG: Why Personal Cash Flow Matters to the Business Owner   TIME INDEX: 00:50 - Personal Cashflow 02:05 - What is Cashflow? 02:57 - Family Budget vs. Work Budget 04:36 - Excess Cashflow 07:41 - What to do with the extra Cashflow 08:28 - Why does it matter? 09:47 - Wrap Up   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 manager, author, speaker, and entrepreneur. He has 20+ years of e

In episode 143 of Financially Simple, Justin looks at the various types of bias that people can have with regard to Personal Finance. Hardly anyone is truly rational when it comes to money and investments, their emotions and the opinions of others can have an effect on how a person chooses to spend or save. Justin lists 19 different types of Bias that can influence us in our financial decisions. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  TRANSCRIPT/BLOG: How Money Biases Affect the Way You Spend, Save, & Invest Money TIME INDEX: 00:45 - Behavioral Finance 04:12 - Money Biases 05:04 - Affinity Bias 06:02 - Anchor Bias 07:14 - Bandwagon Bias 08:04 - Confirmation Bias 09:01 - Endowment Bias 09:46 - Familiarity Bias 10:15 - Framing Bias 10:43 - Hindsight Bias 11:10 - Illusion of Control Bias 11:50 - Loss Aversion Bias 12:29 - Mental Accounting Bias 13:06 - Outcome Bias 13:24 - Overconfidence Bias 14:21 - Recency Bias 15:22 - Representative Bias 16:

In episode 142 of Financially Simple, Justin kicks off Season Two of the podcast with a run down of what to expect in the upcoming episodes. In Season Two of the Financially Simple Podcast, Justin turns his attention to Personal Finance for Business Owners - covering topics that can affect your finances 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!  ARTICLE TRANSCRIPT: BLOG: An Introduction to Personal Finance for Small Business Owners Series TIME INDEX: 00:42 - Financially Simple: Season 2 02:41 - What to Expect 04:49 - Personal Finance 07:26 - The Four Areas that a Wealth Manager looks at 09:31 - Cashflow 10:11 - Risk Management 11:34 - Investments 15:14 - Distribution 16:31 - Other Financial Things out of Your Control 17:12 - Taxes 18:23 - Inflation 18:44 - ROI 19:23 - Time 19:48 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter _________

In episode 141 of Financially Simple, Justin talks to Clay McGee, finance director of Rusty Wallace Kia, about purchasing a car. Buying a new car can be a confusing experience, not knowing what all the terminology around financing vehicles means. Justin and Clay go over the process of buying a car and explain how to get the best possible financing for your circumstances. COMPLETE TRANSCRIPT: BLOG: What's the Cheapest Way to Buy a New Car? Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TIME INDEX: 00:28 - Buying Cars with Clay McGee 02:33 - The Car Buying Process 04:22 - How to get what You want 06:49 - How to get the best deal 09:33 - Negotiations 10:45 - Cash, Finance, or Lease? 14:56 - Is 0% really 0%? 20:32 - Loans 25:02 - Warranties and Add-ons 28:46 - Leasing 31:22 - What is the One Question customers should ask? 34:47 - Wrap Up   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twit

In episode 140 of Financially Simple, Justin looks at additional insurances that might be required by your business. Along with the main types of Business Insurance, there are some selective insurances that may be necessary for you to have for your business. Justin goes over a few of the most common additional insurances that a business owner might need. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  BLOG/TRANSCRIPT: Insurance Policies Small Business Owners Don't Know They Need   TIME INDEX: 00:55 - Additional Insurances the Your Business may need 01:45 - Professional Liability 03:57 - Cyber Security or Data Breach 05:10 - Business Interruption Insurance 06:10 - Renters Insurance 06:53 - Flood Insurance 07:59 - Life Insurance 08:39 - Disability Insurance 09:33 - Health Insurance 12:32 - Wrap Up   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter _________ BIO: Justin A. Goodbread

In episode 139 of Financially Simple, Justin goes over the various types of Business Insurance. Accidents happen, along with natural disasters and acts with unintended consequences. In such instances, you'll be glad you had the right insurance policy in place to protect your and your business. Justin looks at the different types of Business Insurance policies, for small businesses and home offices, and explains which you need for your circumstances. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT: BLOG: Insurance Policies Small Business Owners Don't Know They Need   TIME INDEX: 00:29 - Insurance to Protect from Lawsuits 02:27 - General Liability Insurance 03:55 - Product Liability Insurance 04:49 - Automobile Liability Insurance 06:03 - Worker's Compensation Insurance 06:51 - Directors and Officers Insurance 07:54 - Home-Based Businesses 08:24 - Business Owner's Policy 09:29 - Home Office Policy 10:10 - Business Pursuits Endorsement 11

In episode 138 of Financially Simple, Justin discusses the L word - Litigation. No business owner wants to experience it - the possibility of being sued. Justin goes over the What, Why, and How of litigation, and explains how to best avoid it and keep your business's value intact. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT: BLOG: How to Avoid Lawsuits and What to Do if Your Business is Sued   TIME INDEX: 00:42 - Litigation and the effect on a Company's value 01:30 - What is Litigation? 02:07 - Why are Businesses sued? 02:45 - How long can a Lawsuit last? 03:17 - What does the average Lawsuit cost? 04:52 - The Effect of Litigation Risk on Management Earnings Forecast 07:10 - What you can do to avoid Litigation 09:42 - What do you do if you are sued? 12:03 - Wrap Up   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter Lawsuits in Small Business Difference bet

In episode 137 of Financially Simple, Justin discusses Intellectual Property law with Roby Robinson. If you business has any patents, copyrights, trademarks, or trade secrets, you'll need to consult with an Intellectual Property lawyer to protect those interests. Justin talks to Robby Robinson of Robinson IP Law, about the types of Intellectual Property and what you can do to protect yourself. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT: BLOG: How to Protect Your Business's Intellectual Property   TIME INDEX: 00:46 - Intellectual Property 04:00 - What is IP? 04:18 - Different Types 08:51 - Who needs to protect their IP? 09:38 - When do you need to hire an IP Lawyer? 10:45 - Using a Lawyer vs. Online Service 13:05 - What does it cost? 18:23 - How to protect yourself when selling 22:01 - What's the one question people should ask an IP Lawyer? 22:48 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially

In episode 136 of Financially Simple, Justin gives a brief overview of Contracts. If it's not in writing, it didn't happen - all the more reason to make sure when you're running a business you plan to sell, that the I's are dotted and the T's are all crossed. Justin lists the various types of Contracts used in Business, the basic elements of any contract, and why having everything down in writing matters. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: Business Contracts 101 - What Makes Them Valid & Enforceable   TIME INDEX: 00:27 - Contracts: The Basics 01:08 - Do You really need to know about Contracts? 02:35 - The 19 Contracts in Business 07:46 - The 6 Required Elements of an Enforceable Contract 11:05 - Why it Matters 12:29 - Wrap Up   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 nationa

In episode 135 of Financially Simple, Justin goes over the financials a Business Owner must consider when preparing to sell. Most Businesses will use some form of financing to assist with the growth and development of the business, whether it be a debt or a loan. Justin looks at these financial considerations, and explains why it's important to have them sorted before selling, or how to settle the finances at the time of selling. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  TIME INDEX: 00:31 - Financing Considerations for Value Growth 03:15 - Things to Consider 04:22 - When Will the Debt be Paid Off? 07:02 - Debt Affects the Value of Your Business 08:21 - Debt Limits Selling Options 10:18 - Debt Can Delay the Sale 11:10 - How Debt is Handled at Closing 12:04 - Wrap Up   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 na

In episode 134 of Financially Simple, Justin looks at the Employee Handbook and additional documents. The Employee Handbook is the foundational document upon which a business is based, from its core values to the business's overall culture. Justin goes over the what and why of the handbook, and other documents that define a company for its employees, clients, and potential buyers. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TIME INDEX: 00:20 - The Employee Handbook & Additional Documents 01:15 - What is an Employee Handbook? 01:45 - Why have one? 02:58 - What is actually in the Employee Handbook? 08:00 - Other Documents 10:12 - Foundations 11:14 - Wrap Up   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter How to Write an Employee Handbook ________ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, au

In episode 133 of Financially Simple, Justin goes over the fundamentals of an Employment Agreement. An Employment Agreement is a legally binding document that should work in your interests, as well as those of the employee. Justin looks at the pros and cons of having an agreement, and why you definitely should have one in place. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT: BLOG: Employee Contracts - Everything Needed in This Essential Agreement   TIME INDEX: 00:27 - The Employment Agreement 01:05 - What is an Employment Agreement 01:41 - Advantages 02:18 - Disadvantages 03:02 - Get Legal Assistance 03:28 - Why you need Employee Agreements 05:16 - What is in and Employment Agreement 12:31 - Protection 14:18 - Wrap Up   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 plan