Like any successful business owner, you are bound to make mistakes. But to the extent you can learn from others and minimize those mistakes, the more likely you are to stick with it and see the fruits of your labor. Here are 5 financial mistakes to avoid when starting your business.

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Disclaimer
This podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

Providing your employees (and yourself) an opportunity for saving early is a huge financial benefit.  Larger companies have the time and resources to set up a 401(k) plan, but what about small businesses? What if you're a small team (or a team of one) with limited dollars and time? How can you provide an avenue for financial wellness? 

Find the blog version of this podcast at LuminaryWealth.com
Or check out the video version of this podcast on our YouTube channel
Follow us on Instagram @luminary.wealth
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Disclaimer
This podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

Have you ever had one of those weeks where the diet or budget just go out the window? You have a few "cheat" meals, or you spend a little more than you had planned, so you just decide to start over again next week? Rinse and repeat. Here I share a few ways to break this cycle.

Find the blog version of this podcast at LuminaryWealth.com
Or check out the video version of this podcast on our YouTube channel
Follow us on Instagram @luminary.wealth
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Disclaimer
This podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

The passing of the latest stimulus (a.k.a the  American Rescue Plan Act of 2021) introduces a LOT of changes for 2021. Regardless of your income, age, or profession, this law will most likely impact your taxes in some way.  Here I walk through a very high-level overview of some of those big changes. 

Resources
The American Rescue Plan Act Of 2021: Tax Credits, Stimulus Checks, And More

Find the blog version of this podcast at LuminaryWealth.com
Or check out the video version of this podcast on our YouTube channel
Follow us on Instagram @luminary.wealth
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Disclaimer
This podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

President Biden recently signed the American Rescue Plan Act of 2021 into law, making this the third "stimulus" since the pandemic began back in March 2020, nearly one year ago. While this stimulus includes a  wide variety of provisions, here is a quick overview of how it may impact small business owners.

Resources
Journal of Accountancy: PPP New Eligible Organizations
PPP Local Lender Match
Restaurant Revitalization Fund Eligible Expenses
Shuttered Venue Operator Grant (SVOG) Program
Cross Program Eligibility on SBA Coronavirus Relief Options

Find the blog version of this podcast at LuminaryWealth.com
Or check out the video version of this podcast on our YouTube channel
Follow us on Instagram @luminary.wealth
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Disclaimer
This podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

It's not uncommon for people to get caught up in the onboarding of a new job and gloss over the details of the 401k.  For that reason, most people just set their contributions at the minimum amount required to get the employer-match.  After that, it rarely gets revisited. It's also a common assumption that the minimum 401k contribution to get the employer-match will be adequate savings for retirement.  But is this actually true? 

401k Calculators
SmartAsset 401(k) Calculator
NerdWallet 401(k) Calculator
Bankrate 401(k) Calculator
Calculator.net 401(k) Calculator

Find the blog version of this podcast at LuminaryWealth.com
Or check out the video version of this podcast on our YouTube channel
Follow us on Instagram @luminary.wealth
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Disclaimer
This podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

There are two things going on right now regarding Federal student loans: 1) Payments on Federal student loans and interest accrual on those loans have been put on pause until September 2021; and 2) There is talk about forgiving $10,000 of Federal Student Loans. So what does this mean for you? 

Find the blog version of this podcast at LuminaryWealth.com
Or check out the video version of this podcast on our YouTube channel
Follow us on Instagram @luminary.wealth
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Disclaimer
This podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

Like diets, budgets don't work for the vast majority of the population. But time after time, we're told to follow a budget. We know we should change, we want to change, but we struggle to actually change! Why is this? And is there a better solution? 

Find the blog version of this podcast at LuminaryWealth.com
Or check out the video version of this podcast on our YouTube channel
Follow us on Instagram @luminary.wealth
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Disclaimer
This podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

Like with anything, starting a  business (or side hustle) costs money. Depending on the type of business, it may cost a lot of money. In many cases, people often forgo savings for a period of time to fund their new venture, with the hope that it will eventually pay for itself. 

So what kind of income will your business need to produce to make up for the savings that you forfeited to start that business?

Link to spreadsheet --> Side Hustle Break Even Analysis

Find the blog version of this podcast at LuminaryWealth.com
Or check out the video version of this podcast on our YouTube channel
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Disclaimer
This podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation. 

With the recent events around GameStop, apps like RobinHood have grown in popularity with individual investors hoping to land that one big stock that will provide overnight wealth. Today I look at what happens with these get-rich-quick strategies.  

Find the blog version of this podcast at LuminaryWealth.com
Or check out the video version of this podcast on our YouTube channel
Follow us on Instagram @luminary.wealth
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Disclaimer
This podcast is not intended to provide financial or tax advice. The information, services and other content provided on and through this podcast, including information that may be provided in the show notes (directly or via linking to third-party sites), are provided for informational purposes only. Please consult with your tax, investment or other financial professional regarding your personal financial situation.