Share Consultants and Money
Share to email
Share to Facebook
Share to X
By Erica Goode
5
5252 ratings
The podcast currently has 90 episodes available.
Get my Monthly Newsletter here
This episode, Erica covers 4 key retirement plans: Roth IRAs, Traditional IRAs, SEP IRAs, and Solo 401ks. Erica explains the eligibility criteria, 2024 contribution limits, and special considerations based on business structure (sole proprietor, LLC, or S Corp). She highlights the benefits and potential drawbacks of each plan, offering insights to help solo consultants make informed retirement savings decisions.
(00:54) Retirement Planning for Self-Employed Consultants
(02:11) Roth IRA: The Favorite Child
(03:55) Traditional IRA: A Flexible Option
(05:46) SEP IRA: Ideal for High, Fluctuating Income
(07:57) Solo 401k: High Limits and Flexibility
(09:48) Key Takeaways and Final Thoughts
(11:43) Stay Connected and Informed
____________________
Resources Referenced:
Ep69 - SEP vs Solo 401(k) with Sean Mullaney, CPA
____________________
Connect with Erica | LinkedIn | Website | Newsletter
Get my Monthly Newsletter here
This episode features health insurance broker Jessica Skoney. They delve into a broad range of topics essential for self-employed consultants navigating health insurance. They discuss private versus marketplace plans, utilizing healthcare.gov and state exchanges, and the complexities of health insurance applications. Key highlights include understanding brokers vs. agents, accurately reporting income for tax credits, how to verify correct income figures, budgeting for health insurance, and the importance of seeking second opinions on brokers. With practical advice and real-world examples, this episode empowers listeners to make informed decisions about their health insurance options.
(01:20) Understanding Self-Employed Health Insurance Options
(02:30) Private Insurance vs. Marketplace Plans
(04:13) Navigating the Marketplace
(12:45) State Marketplaces and Medicaid
(19:34) The Role of Brokers and Agents
(21:54) Initial Consultation with a Broker
(23:45) Understanding Client Needs
(23:55) Impact of Age on Health Insurance
(24:59) Cost Considerations for Self-Employed Individuals
(27:47) Importance of Accurate Income Reporting
(31:24) Household Income and Tax Credits
(36:12) Navigating Health Insurance Options
(39:47) Working with Health Insurance Brokers
(45:34) Conclusion and Contact Information
____________________
Connect with Jessica | Website | Instagram | Facebook
Connect with Erica | LinkedIn | Website | Newsletter
Get my Monthly Newsletter here
In this episode of the Consultants and Money Podcast, host Erica Goode is joined by Paulina Proper, co-founder of District Trademark. They explore the world of trademarks, intellectual property, and strategic branding for solo consultants. Learn how to protect your brand, navigate the trademark process, and ensure your business's legal foundations are solid. Whether you're concerned about copyrights, patents, or trade secrets, this discussion provides valuable insights to help secure your brand's identity. Stay informed on how trademarks can add value to your consulting business and potentially save you from costly rebranding in the future.
(00:00) Introduction to the Podcast
(00:46) Meet Paulina Proper: Trademark Expert
(02:25) Understanding Intellectual Property
(04:08) Trademarks in Action: Real-World Examples
(07:26) AI and Intellectual Property
(09:55) Trademarking for Consultants
(12:51) The Importance of Trademarking
(23:48) Navigating the Trademark Process
(29:15) Costs and Considerations
(36:06) Final Thoughts and Advice
(37:56) Stay Connected
Connect with Paulina | LinkedIn | District Trademark
Connect with Erica | LinkedIn | Website | Newsletter
Get my Monthly Newsletter here
In this episode of the Consultants and Money podcast, host Erica Goode is joined by Joel Claremont. Joel shares his experience with Laravel, his educational business, and his revelations about financial independence and early retirement.
(00:53) Meet Joel Claremont: Laravel Expert and Podcast Co-Host
(01:37) Understanding Laravel and Its Applications
(04:58) Joel's Journey to Financial Independence
(07:46) The 4% Rule and Retirement Planning
(16:59) Balancing Work and Personal Goals
(21:40) Balancing Pre-Tax and Post-Tax Investments
(26:46) Hiring Your Kids: Tax Implications and Benefits
(36:59) Final Thoughts
===================
Resources Referenced:
Ep75 - Navigating early retirement options and "bridge years"
Ep42 - BONUS: Happy Hour book review - Die With Zero
Choose FI podcast
Simple Path to Wealth by JL Collins
Die with Zero by Bill Perkins
What is the 4% rule? | Investopedia
===================
Connect with Joel | Twitter | No Compromises | Mastering Laravel
Connect with Erica | LinkedIn | Website | Newsletter
Get my Monthly Newsletter here
This episode talks about the importance of maintaining cash reserves for solo consultants. Erica discusses the reasons for having a cash reserve, such as covering unexpected expenses or taking advantage of sudden opportunities.
(00:00) Introduction to the Podcast
(00:51) Today's Topic: Cash Reserves
(01:05) Why Keep Cash Reserves?
(01:24) Examples of Cash Reserve Needs
(03:45) How Much to Keep in Reserve
(05:10) Where to Keep Your Cash Reserves
___________________
Related Episodes:
3. Business Money 101: Overview
4. Business Money 101: LLCs & EINs
5. Business Money 101: Business Insurance
6. Business Money 101: Bank accounts
7. Business Money 101: Bookkeeping
44. Business Money 201: Intro
45. Business Money 201: Paying the IRS
46. Business Money 201: Paying Yourself
47. Business Money 201: Charitable Giving
____________________________________________ Connect with Erica | LinkedIn | Website | Newsletter
Get my Monthly Newsletter here
Erica Goode interviews Will Rainey, author of 'Grandpa's Fortune Fables,' a book designed to teach children about financial literacy through engaging stories. Will shares his backstory, including his career in financial consulting, his move to Asia, and the pivotal moment that inspired him to leave the corporate world to spend more time with his family. He discusses how he began teaching his children about money by weaving financial lessons into bedtime stories, which eventually evolved into his popular book.
(00:29) Will Rainey's Background and Career
(01:15) The Inspiration Behind Grandpa's Fortune Fables
(06:37) Teaching Kids About Money Through Stories
(10:07) Personal Impact and Family Lessons
(20:52) The Move to Vietnam and Lifestyle Changes
(27:22) Returning to Corporate Life
(30:36) Final Thoughts and Advice for Parents
(33:12) Recap and Takeaways
===========================
Resources Referenced:
Grandpa’s Fortune Fables by Will Rainey
Built To Sell by John Warrillow
Rich Dad Poor Dad by Robert Kiyosaki
===========================
Connect with Will | LinkedIn | Blue Tree Savings
Connect with Erica | LinkedIn | Website | Newsletter
In the summer series finale Erica and Ben delve into a financial case study of whether it's more cost-effective to buy or rent a vacation home.
(00:00) Podcast Rebranding Announcement
(03:33) Should You Buy a Vacation Home?
(05:16) Financial Model for Vacation Home Decision
(06:48) Survey Insights and Personal Experiences
(09:49) Assumptions and Details of the Financial Model
(17:14) Understanding Home Value Growth Rate
(18:56) Rental Assumptions and Long-Term Benefits
(21:31) Investment Growth Rate in Rental Scenarios
(23:05) Analyzing the Cash Flow Model
(30:08) Qualitative Considerations in Financial Decisions
(33:17) Wrapping Up the Summer Series
==============
Link to cashflow model:
https://docs.google.com/spreadsheets/u/1/d/1Uj-mng12ul-sBolzGEJ8CELNVNFTWd7SI32vG2wIYUk/copy?gid=1267248657#gid=1267248657
==============
Connect with Erica | LinkedIn | Website | Newsletter
Connect with Ben | LinkedIn
New Ebook Announcement!
The 15-Hr Accountant: Anatomy of a $200K, 1-Employee, 15 hr/wk Accounting Firm
Connect with Erica > LinkedIn
Erica and Ben delve into different investment options, from hiring financial advisors and using robo-advisors to managing DIY investments with individual stocks, mutual funds, index funds, bonds, and money market accounts.
01:01 Discussing Summer Reads
08:27 Financial Advisors and Fees
11:17 Exploring Robo-Advisors
15:12 DIY Investing and 401k Management
24:54 Understanding Bond Funds
25:28 Investing in Index Funds
27:13 Mutual Funds vs. Index Funds
29:09 Target Date Funds Explained
31:15 Introduction to Bonds
32:22 The Bond Market and Risk
34:46 Junk Bonds and Their Appeal
38:09 Money Market Accounts and CDs
41:56 Final Thoughts and Advice
Resources Referenced:
The War Below: Lithium, Copper and the Global Battle to Power Our Lives by Ernest Scheyder
How to Suffer Outside: A Beginner’s Guide to Hiking and Backpacking by Diana Helmuth
NerWallet’s 12 Best Robo-Advisors: Top Low-Cost & Free Options
Connect with Erica | LinkedIn | Website | Newsletter
Connect with Ben | LinkedIn
LEAVE A REVIEW! If you enjoyed this episode, do us a favor and leave a rating and review right here on your podcasting app. It helps others find the show.
In today’s episode, Erica and Ben dive deep into understanding marginal and effective tax rates, how they impact your income, and why they're important. The episode also provides tips on managing tax withholdings and recommendations for helpful financial resources.
04:57 Listener Mail: Early Retirement Resources
06:57 Exploring Budgeting Apps: Monarch
11:16 Understanding Tax Rates: Marginal vs. Effective
20:15 Practical Tax Tips and Withholding Adjustments
28:50 Wrap up
Resources Referenced:
Ep75 - Navigating early retirement options and "bridge years"
ChooseFI Podcast / Newsletter
Simple Path to Wealth by JL Collins
Monarch Money (budget app) - 30 day free trial
2024 Federal Income Tax Brackets [Nerdwallet]
Connect with Erica | LinkedIn | Website | Newsletter
Connect with Ben | LinkedIn
The podcast currently has 90 episodes available.
4,225 Listeners
4,535 Listeners
16,126 Listeners
3,638 Listeners
1,928 Listeners
5,046 Listeners
253 Listeners
267 Listeners
233 Listeners
43 Listeners
330 Listeners
278 Listeners
863 Listeners
10 Listeners
15 Listeners