Embark with me, Wyatt Yates, on a transformative journey through the evolving landscape of business ownership in our first episode under the new banner of the Biz Academy Podcast. After three years of financial coaching and a significant rebrand from Rugged Financial to Biz AccountPros, we've become a beacon for business owners in need of outsourced accounting expertise. As your guide, I'll share the personal saga that led to expanding our horizons and how my solo venture blossomed into a team driven by a mission to streamline your business operations with the latest technology and expert accounting professionals. Prepare to uncover the secrets of business growth, from startup struggles to scaling success, and learn how to harness the power of informed decision-making for your enterprise.

This episode is not just an introduction; it's a pledge to arm you with a wealth of knowledge gleaned from nearly two decades immersed in the small business world. Whether you're nurturing the seeds of a new venture or cultivating an established commercial garden, our discussions will be packed with enlightening insights and strategies, tailored to both the budding entrepreneur and the seasoned business owner. I invite you to join us in tackling the exhilarating challenges of small business management, where we'll share stories, impart lessons, and offer actionable tips that promise to fuel tangible growth and success for your business journey.

Inflation in the U.S. is at a 40 year high of 7.5% in January 2022. However, most people's bank accounts are experiencing a much higher number. The reason is, there are some major misses in how the BLS calculates the CPI number that is the gold standard in inflation. In this episode, we discuss the 6 biggest issues with how we calculate inflation that ends up giving us a lower number than what most people are experiencing. 

This is part 1 of our 3 part series on inflation. Inflation measured by the Consumer Price Index (CPI) hit a 30 year high in October 2021 at 6.2%. However, depending on your situation you may be experiencing higher or lower price increases with your spending. How is that possible? Why are you experiencing a different number than what the news channels are telling you?

In this episode, I dive into the reasons behind how what you are experiencing is most likely different than what you are hearing. How is inflation calculated? Who calculates it? What is missing from the calculation? Do your spending patterns match the average spending patterns used in the calculation of inflation? What areas of consumer spending are experiencing the highest increases in prices? Listen to find out.

In this episode, I discuss life insurance. What is the purpose of life insurance? Do you need it? What type of life insurance do you need? How much life insurance should you have? Listen to find out.

Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-community
Visit our website www.RuggedFinancial.com

In this episode, I discuss the value of a Financial Advisor. Do you need a Financial Advisor? Are they really worth the extra expense? When does it make sense to hire a financial professional to help you? How do they get paid? What are some things you need to watch out for to make sure you are protected and served properly? What types of Financial Advisors are there? Do wealthy people use Financial Advisors? Listen to find out.

Action Steps:
10 Questions to Ask Your Financial Advisor-
1) What does your typical client look like and do you have experience working with clients like me?
2) How do you get paid? Are you fee-only or do you receive commissions from the investments and products you recommend?
3) How much do you charge and do you have an investment minimum?
4) What services do you offer?
5) How often do you meet with your clients to review their plans and investments?
6) How do you communicate with your clients? Is there a preferred method? Is there a limit to how much I can contact you?
7) What are your qualifications?
8) Who is your custodian?
9) What is your investment philosophy?
10) Do you have any current clients that I could talk to?

Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-community
Visit our website www.RuggedFinancial.com

In this episode, I discuss what it means to be a millionaire. How many millionaires are there in the US? How do you determine who is a millionaire? What does the typical millionaire look like? What is their occupation? Where did they go to school? How long did it take them? Can you become a millionaire? Listen to find out.

Action Steps:
Calculate your Net Worth. Total up all your assets, everything you own, and then subtract all your liabilities, everything you owe. The number you get is your Net Worth. Then make it a habit of calculating your Net Worth every year to see how you are progressing. 

Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-community
Visit our website www.RuggedFinancial.com

In this episode, I discuss how much you need to save and invest for retirement. How do you calculate how much you need in retirement funds? What factors impact how much you need to save and invest for retirement? What one thing should you watch out for that can drastically reduce how much you have in your retirement accounts? Listen to find out.

Action Steps:
1) Determine Your Retirement Goal Number. Take the annual income you need in retirement and multiply it by 25 to get your goal number.
2) Figure Out How Much You Need to Contribute to Reach Your Goal. Go to this retirement calculator and enter in your current information and then change the monthly contribution amount and rate of return to see how much you need to contribute to reach your retirement goal number from Step 1.

Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-community
Visit our website www.RuggedFinancial.com

In this episode, I discuss why waiting to save and invest for retirement is a bad financial habit. How much does delaying paying yourself cost you? What are the 3 reasons you cannot follow this mindset of investing later? Listen to find out.

Action Steps:
Go to this retirement calculator and enter in your current financial data and age to see what you will have in retirement savings at age 67. Then change the age number to 10 years from now to see what you would have if you waited 10 years. What is the number? How much more will you have to contribute if you wait 10 years? That is the power of starting now.

Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-community
Visit our website www.RuggedFinancial.com

In this episode, I discuss why every parent has at least thought this at one time or another. What are your responsibilities as a parent? Should your kids be your financial priority? Does having kids change your financial priorities? Listen to find out.

Action Steps:
Look at line items in your budget that you are spending money on that you use your kids as a reason to justify the expense. Are these expenses a need or a want? Are these expenses necessary or discretionary? 

Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-community
Visit our website www.RuggedFinancial.com

In this episode, I discuss the benefits of starting early with saving for your children's education. What type of tax-advantaged plans are available for education savings? When should you start saving for your kids' education? What changes were made to these plans with the 2017 Tax Cuts and Job Act?  Listen to find out.

Action Steps:
Set up an Education Savings Account or 529 Plan to start saving and investing for your kids' education.

Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-community
Visit our website www.RuggedFinancial.com