Consultants and Money

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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

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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

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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

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Resources Referenced:

Grandpa’s Fortune Fables by Will Rainey

Built To Sell by John Warrillow

Rich Dad Poor Dad by Robert Kiyosaki

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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

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Link to cashflow model:

https://docs.google.com/spreadsheets/u/1/d/1Uj-mng12ul-sBolzGEJ8CELNVNFTWd7SI32vG2wIYUk/copy?gid=1267248657#gid=1267248657

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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

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 this episode, Erica and Ben answer a slew of listener questions from the mailbag

02:56 Budget Tracking

07:17 When to Consult a Financial Planner

13:40 Managing Multiple Bank Accounts

18:20 Maximizing Investments for Conservative Savers

20:43 Money Market Accounts

22:47 Balancing Conservative and Aggressive Investments

24:32 Risk Tolerance

27:29 Finding the Right Tax Professional

Resources Referenced:

Join the mail list

The Soloist Life Podcast - Financial Planning for Soloist with Sean Mullaney

The Simple Path to Wealth by JL Collins

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.

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In this episode of the 'Coaches, Consultants, and Money' podcast, hosts Erica and Ben Goode delve into key personal financial decisions surrounding early retirement.

They cover the practicalities of planning for early retirement, including tax-efficient savings strategies, the implications of withdrawing from retirement accounts at different ages, and utilizing credit card points creatively for financial benefit. The episode concludes with tips for financial planning, including consulting with financial advisors, and encouragement for listeners to consider their unique financial situations and goals.

04:22 Exploring the Concept of Early Retirement

07:08 The Realities and Strategies of Planning for Retirement

12:35 Understanding Social Security and Retirement Savings

17:34 Navigating Early Withdrawals and the Rule of 55

19:38 Navigating the Rule of 55 with a Solo 401k Plan

24:10 The Concept of Bridge Years in Retirement Planning

28:18 Understanding Expenses and Savings for Early Retirement

37:54 Seeking Professional Financial Advice

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.

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This episode from the personal finance summer series of 'Coaches, Consultants, and Money' hosted by Erica Goode and co-hosted by husband, Ben Goode, CPA, discusses the debate around whether or not it's beneficial to pay off a mortgage early.

Sharing personal experiences and professional insights, they explore the pros and cons of early mortgage payoff versus maintaining it for its term. They stress the importance of personal priorities, financial strategies, and the potential psychological benefits of being mortgage-free, all while highlighting different approaches to managing a mortgage based on individual circumstances.

The episode emphasizes there isn't a one-size-fits-all answer, encouraging listeners to consider their specific situations and priorities when deciding on their mortgage strategy.

00:05 Welcome to Our Summer Series: Coaches, Consultants, and Money

00:52 The Great Mortgage Debate: To Pay Off Early or Not?

01:32 Erica's First Mortgage Experience and Real Estate Insights

06:40 Strategies for Not Paying Off Your Mortgage Early

18:55 The Psychological Benefits of Paying Off Your Mortgage Early

26:37 Smart Ways to Approach Mortgage Payoff

29:46 Wrapping Up: Making the Best Financial Decision for You

Connect with Erica | LinkedIn | Website | Newsletter

Connect with Ben | LinkedIn

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Today Erica shares a crossover episode from the "Soloist Life Podcast" where she was interviewed by host Rochelle Mounton. 

In this conversation, Erica discusses the strategies that have enabled her to build a thriving six-figure business while working significantly fewer than 40 hours a week, from setting robust boundaries to leveraging automation.

They also talk about the life benefits of setting work boundaries, how to boost your business efficiency using automation and delegation, and a broader definition of wealth in today's "gig economy".

How important is it to you to create a business that aligns with your personal values and lifestyle?

Listen to The Soloist Life podcast here: https://rochellemoulton.com/soloist-podcast/ 

Connect with Rochelle Moulton | LinkedIn |  Website

Connect with Erica Goode, CPA | LinkedIn | Monthly Newsletter |  Website