On this episode of CFO at Home, Vince talks with JD Itri, founder of Olympus Money and author of "The Olympus Money Method: How to Gain Financial Freedom in a World Designed to Make You Poor." JD shares his journey from working at Intuit on products like TurboTax and Mint, to developing his own personal finance software, Olympus Money. They discuss the advantages of integrating tax preparation with management of your personal finances, psychological barriers to saving, and ways to streamline your financial management. You can learn more about JD and Olympus Money by visiting OlympusMoney.com

Key Takeaways:

• Integrated Finance: Combining tax preparation with personal finance can provide a more comprehensive view of one's financial health and streamline the tax preparation process.

• Elevated Balance: Instead of granular budgeting, focus on broad categories like savings, investments, and discretionary spending to simplify financial planning.

• Future Self Visualization: Viewing an aged version of yourself can increase savings by making the future feel more personal and immediate.

• Rich Habits: Investing in experiences and relationships can provide more long-term satisfaction than material possessions.

• Target Audience: The book and app are particularly useful for individuals aged 25-45 with household incomes between $75,000 and $250,000 who are looking to take control of their finances without dedicating excessive time.

Key Links:

• Olympus Money

• Olympus Money Method | Instagram

• Contact JD - [email protected]

• Contact the Host - [email protected]

On this episode of CFO at Home, Vince talks with Tim Clifford, author of "Plan Assist: Make Better Financial Decisions," about the importance of having a financial plan, the difference between earning money and accumulating wealth, and the retirement crisis facing many Americans today. They explore the concept of diversification, the role of financial advisors, the significance of both formal and informal financial counsel, and more. You can learn more about Tim and PlanAssist, by going to PlanAssist.com.

Key Takeaways:

• Financial Planning: A simple, clear plan is essential for financial success. It doesn't need to be elaborate; even a one-page plan can make a significant difference.

• Diversification: Diversifying your investments is crucial. This includes a mix of stocks, bonds, and other assets, with a core portfolio and satellite investments for potential growth.

• Seeking Counsel: Both formal and informal advice are important. Understand the biases in informal advice and ensure formal advice is unbiased and in your best interest.

• Retirement Crisis: Many Americans are unprepared for retirement. It's crucial to start planning early and make informed financial decisions to avoid financial stress in later years.

• Education: Financial literacy is key. Seek out resources and educate yourself on financial planning and investment strategies to make better decisions.

Key Links

• Website - PlanAssist

• Email - [email protected]Contact the Host - [email protected]

Wills, Trusts, Powers of Attorney. Nearly all of us have some concept of what these are, but how many of us are really confident that we understand these fundamental estate planning tools and how they work? On this episode of CFO at Home, Vince talks with Adam Zuckerman, founder of Buried in Work, a comprehensive resource for estate planning and end- of-life tasks. Adam shares the origin story of Buried in Work, the importance of estate planning, common misconceptions, essential documents, and more. You can learn more about Adam and Buried in Work by going to BuriedInWork.com

Key Takeaways:

• Estate Planning: It's not just for the wealthy. Everyone has an estate, and planning is crucial for the transition of assets and end-of-life wishes.

• Essential Documents: Key documents include wills, durable powers of attorney, healthcare proxies, and various types of trusts.

• Trusts: Trusts provide privacy and can help avoid probate. They are not solely for tax avoidance and should be set up with professional guidance.

• Digital Legacy: Modern estate planning should include digital assets like social media accounts and online passwords.

• Communication: It's vital to inform family members about the location and contents of estate planning documents to avoid confusion and stress.

Key Links:

• Buried in Work

• Adam Zuckerman - Buried In Work | LinkedIn

• [email protected]

• Buried in Work |(@buriedinwork) • Instagram profile

• Buried In Work | Facebook

• Contact the Host - [email protected]

A quick word of caution; this episode contains discussion of domestic abuse and suicide.

On this episode of CFO at Home, Vince talks with Sarah Doucette, author of "Stronger Than That: A Domestic Violence Survivor Uncovers the Truth About Her Abuser." Sarah shares her story of enduring financial abuse while surviving domestic violence, and the lessons she learned along the way. We discuss Coercive Debt, the importance of each partner in a relationship being knowledgeable about their finances , and how Sarah rebuilt her life post-divorce. You can pick up a copy of Stronger Than That at Amazon.com or wherever books are sold. Also, check out Sarah's podcast What's My Age Again at Whatsmyageagainpod.com, or on your favorite podcast app.

Key Takeaways:

• Coercive Debt: Financial abuse can take many forms, including coercive debt, where abusers open credit accounts in their partner's name without their knowledge.

• Financial Literacy: Understanding and being involved in household finances is crucial for everyone, regardless of their role in the relationship.

• Communication: Open and honest communication about finances between partners can prevent misunderstandings and potential financial abuse.

• Support Systems: Reaching out for help and utilizing financial advisors can be instrumental in recovering from financial abuse and rebuilding one's financial health.

• Strength in Vulnerability: True strength lies in being vulnerable and seeking help, rather than suffering in silence.

Key Links:

• Stronger Than That: A Domestic Violence Survivor Uncovers the Truth About Her Abuser

• What's My Age Again?

• Sarah Lynn Doucette | Instagram

• Sarah Doucette, MBA | LinkedIn

• Contact the Host - [email protected]

On this episode of CFO at Home, Vince talks with Regina McCann Hess, author of "Superwoman Wealth," a book designed to empower women to confidently plan their financial futures, about how societal expectations impact women's financial well- being, the importance of nurturing money, understanding money mindsets, understanding the role of communication between partners in managing finances, and more. You can learn more about Regina and Superwoman Wealth by going to Forgewealth.com

Key Takeaways:

• Societal Expectations: Historically, men have been expected to manage household finances, leaving many women unprepared to handle their own financial matters when necessary.

• Nurturing Money: Women are natural nurturers and can apply this trait to managing their finances by aligning their money with their values and goals.

• Money Mindset: Both men and women bring unique mindsets to financial management, influenced by their upbringing and societal roles. Understanding these mindsets is crucial for effective financial planning.

• Communication: Open and regular communication about finances between partners is essential for achieving common financial goals and avoiding misunderstandings.

• Kitchen Table Conversations: Regular, non-threatening discussions about finances can help couples understand each other's financial perspectives and work together more effectively.

Key Links:

ForgeWealth.com

Facebook - Forge Wealth

Instagram - Forge Wealth Management

LinkedIn - Regina McCann Hess

Contact the Host - [email protected]

Is college really worth the investment? On this episode of CFO at Home, Vince explores this question with James Bolin, creator of Secure Single, by diving into topics covered in James' blog posts; "Exposing the College Scam" and "Shocking Truth: Is College Worth It?" James also shares his personal experiences with higher education, and how they shaped his views on the value of a college education. You can learn more about James and Secure Single by going to Secure Single.com

Key Takeaways:

• Societal Pressure: The expectation to attend college starts in high school and is deeply ingrained in the American Dream, often leading students down a predetermined path.

• Student Loans: The availability of federal student loans incentivizes universities to raise prices, contributing to the creation of degree factories offering less marketable degrees.

• College Amenities: The rising cost of college is partially driven by non-essential amenities aimed at attracting students, such as luxurious dorms and recreational facilities.

• Student Lifestyle: The college environment often encourages partying and social activities that can delay adulthood and financial independence.

• Alternative Learning: Self-learning through online courses, certifications, and trades can be viable, cost-effective alternatives to a traditional college education.

• Financial Education: Early financial education, ideally starting in high school, is crucial for making informed decisions about higher education and managing personal finances effectively.

Key Links:

• Secure Single

• YouTube - Secure Single

• LinkedIn - James Bolin

• Contact the Host - [email protected]

Have you ever considered franchising as a business opportunity or a side hustle? On this episode of CFO at Home, Vince talks with Greg Mohr, CEO and founder of Franchise Maven, about the ins and outs of franchising, how to avoid common pitfalls and missteps, and the critical due diligence process. Vince also shares his own experience with a failed franchise, and what he learned from it. You can learn more about Greg and Franchise Maven by going to FranchiseMaven.com

Key Takeaways:

• Franchise vs. Independent Business: Franchises offer a quicker path to success with a proven playbook, but come with franchise fees and royalties.

• Coachable Trait: Being coachable is essential for franchise success. If you prefer complete autonomy, franchising may not be for you.

• Due Diligence: Conduct thorough research, including talking to multiple franchisees and reviewing franchise disclosure documents to understand where the franchise makes its money.

• Red Flags: Be wary of franchises that make most of their money from franchise fees rather than royalties, and those that steer you towards talking to only certain franchisees.

• Financing Options: Service industry franchises often require lower initial investments and can be financed through SBA loans.

Key Links:

Website - Franchise Maven

Facebook - Franchise Maven

Instagram - Gregory K Mohr (@franchisemaven)

LinkedIn - Gregory K. Mohr

Contact the Host - [email protected]

Improving personal finances is consistently a top New Year's Resolution. However, a study by the University of Scranton found that only 8% of people who set goals manage to achieve them. On this episode of CFO at Home, Vince discusses setting and achieving goals with Terry Fossum, the creator of the Oxcart Technique, a powerful yet easy-to-understand 3 step process, grounded in Nobel Prize-winning science, for overcoming obstacles holding you back from achieving success in in your finances, and many other aspects of life. You can learn more about Terry and the Oxcart Technique by visiting TerryLFossum.com

Key Takeaways:

• Emotion Over Facts: We act based on emotion rather than facts. Creating strong emotional motivations is key to sticking to goals.

• Pain vs. Pleasure: Prospect theory shows we do more to avoid pain than to seek pleasure. The Ox Cart Technique uses this principle to drive action.

• Failure Scenario: Writing out a detailed failure scenario creates a strong emotional response that motivates action.

• Daily Action Plan: A clear, actionable plan is essential. This includes what you will do daily to achieve your goals.

• Success Scenario: Visualizing a positive outcome after following your action plan helps reinforce commitment and drive.

• Adaptability: Plans should be flexible. Execute now and adjust as needed rather than waiting for a perfect plan.

Key Links:

• TerryLFossum.com

• Terry Fossum TEDx Talk

• Instagram - Terry Fossum (@tlfossum)

• Facebook - Terry Fossum

• LinkedIn - Terry Fossum

• Contact the Host - [email protected]

Paying for college can be one of the most daunting financial challenges parents face, but a well thought-out plan that combines good parenting and sound financial planning can make it manageable. On this episode of CFO at Home, Vince talks with Ann Garcia, author of "How to Pay for College," about strategies to effectively save for college, prioritize financial goals, and navigate the myriad of scholarship opportunities available. Ann shares invaluable insights on the importance of early planning, the benefits of 529 college savings plans, and how to balance saving for college with other financial priorities like emergency funds and retirement. You can learn more about Ann by visiting Howtopayforcollege.com

Key Takeaways:

• Start Early: The ideal time to start saving for college is as early as possible, even before the child is born. 529 plans are a highly recommended vehicle for college savings due to their tax advantages.

• Prioritizing Savings: Emergency savings should come first, followed by retirement, and then college savings.

• Scholarship Opportunities: Every student is eligible for scholarships somewhere. Researching and applying for scholarships can significantly reduce the cost of college. Colleges offer need-based and merit-based scholarships, and there are scholarships for a wide range of skills and activities.

• ROI Analysis: It's crucial to consider the return on investment when choosing a college. This includes evaluating the cost of the college and the potential earnings from the chosen field of study.

• College Experience: Factors like mentorship, faculty engagement, and opportunities for applying classroom learning outside the classroom contribute more to future success than the type of college attended.

Key Links:

• Howtopayforcollege.com

• Facebook.com/collegefinanciallady

• twitter.com/anngarciacfp

• linkedin.com/in/ann-garcia-cfp%C2%AE-647507/

• Contact the Host - [email protected]

Did you know that fear of income taxes and the IRS is so real that there's an actual physiological name for it? It's Forosophobia. Tax debt in particular can be a daunting issue, affecting not only your finances but also your peace of mind. On this episode of CFO at Home, Vince talks with Morgan Anderson, a tax resolution expert, about the complexities and solutions surrounding tax debt, from understanding the common causes of tax debt to exploring viable options for resolution. You can learn more about Morgan and her firm, Golden Lion Tax Solutions by going to GoldenLionTaxSolutions.com

Key Takeaways:

• Common Causes: Tax debt often stems from unexpected events such as illness, death, inheritance issues, or business setbacks.

• Initial Reactions: The most common fear among clients is the possibility of going to jail, exacerbated by the intimidating image of IRS collectors.

• Resolution Options: The most common solutions include setting up monthly payment plans and seeking penalty forgiveness for justifiable reasons.

• Offer in Compromise: While enticing, this option has strict qualifications and is not suitable for everyone.

• Proactive Approach: It's crucial to be proactive in addressing tax debt rather than avoiding it, as early action can prevent further complications.

• Vetting Professionals: When seeking professional help, it's essential to verify credentials, ask about experience with similar cases, and listen to your instincts.

Key Links

• Website - GoldenLionTaxSolutions.com

• Book - Tax Debt Rule #1: There's ALWAYS A Solution

• Facebook - Golden Lion Tax Solutions

• LinkedIn - Morgan Anderson, EA, NTPI Fellow

Contact the Host - [email protected]