Consultants and Money

In this episode of the Consultants and Money podcast, host Erica Goode CPA is joined by Nicole McClintock, founder and CEO of Taximize. They discuss the complexities of state and local taxes (SALT), especially for consultants operating across multiple states. Nicole emphasizes the importance of understanding where your business has employees and clients, how state-specific rules can impact your tax obligations, and why it's crucial to have thorough conversations with your CPA. They also highlight the risks associated with not addressing multi-state tax issues upfront and provide practical advice on when and why to seek professional guidance.

(00:49) Meet Nicole McClintock: Founder and CEO of Taximize

(03:13) Nicole's Journey from Public Accounting to Taximize

(07:02) Understanding State and Local Taxes (SALT)

(07:57) Key Considerations for Solo Consultants on State Taxes

(11:04) Navigating Multi-State Tax Complexities

(20:24) The Importance of Asking Your CPA Questions

(33:23) Final Thoughts and How to Reach Nicole

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Connect with Nicole | LinkedIn (Nicole) | LinkedIn (Taximize) | Website

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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

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Resources Referenced:

Ep69 - SEP vs Solo 401(k) with Sean Mullaney, CPA

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Connect with Erica | LinkedIn | Website | Newsletter

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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

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Connect with Jessica | Website | Instagram | Facebook

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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 

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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

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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

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Connect with Joel | Twitter | No Compromises | Mastering Laravel

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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