Erica explains the importance of financial forecasting for solo consultants and small businesses. She covers how forecasting can help in stabilizing income, planning for hires, and managing cash flow during slow periods. Erica provides practical steps to start forecasting, such as listing current revenue, fixed monthly costs, owner distributions, and upcoming expenses.

00:00 Intro

01:15 Understanding Forecasting

03:18 The Importance of Forecasting for Business Owners

06:09 Steps to Start Forecasting

07:35 Practical Exercise for Forecasting

09:07 Client Case Study on Forecasting

11:12 Final Thoughts on Forecasting

EricaGoode.com

____________________

Connect with Erica | LinkedIn | Website | Newsletter

In this episode, Erica talks through into the fundamentals of maintaining 'clean' business books. She explains what clean books should look like, the common issues that can arise, and how these issues can affect financial planning and tax reporting. Erica provides tips on identifying and rectifying issues such as inconsistent categorization, unreconciled balance sheets, uncategorized expenses, misreported owner distributions, and mixing personal and business expenses. She also offers actionable steps for consultants to take to ensure their books are accurate and useful.

00:00 Introduction to Consultants and Money

00:52 Understanding Clean Books

01:53 Signs Your Books Aren't Clean

04:38 Common Bookkeeping Mistakes

06:06 What Clean Books Look Like

07:20 Key Financial Reports

08:02 Steps to Fix Your Books

09:06 Conclusion and Final Tips

www.EricaGoode.com

____________________

Connect with Erica | LinkedIn | Website | Newsletter

In this episode of the Consultants and Money Podcast, Erica welcomes Jillian Johnsrud, author of Retire Often. At 40, Jillian has taken over a dozen mini retirements, allowing her to live abroad, travel to 27 countries, adopt four kids, invest in real estate, and more. She discusses the concept, planning, and benefits of mini retirements, outlining steps for simplifying, automating, documenting, and delegating tasks to prepare a business for a mini retirement. Jillian offers practical advice for entrepreneurs, addressing financial concerns and demystifying common fears about taking time off. Her book, 'Retire Often', further explores these ideas. The episode is filled with actionable insights and inspiration for solo consultants looking to achieve a better work-life balance.

00:00 Introduction to Consultants and Money Podcast

00:52 Meet Jillian Johnsrud: author of Retire Often

03:14 Understanding Mini Retirements

04:18 Personal Stories and Practical Advice

13:18 Planning for Mini Retirements as an Entrepreneur

21:34 Social Media Addiction and Uninstalling Apps

21:52 Preparing Clients for Your Absence

22:51 Handling Client Emergencies During Leave

25:22 Self-Selecting Better Clients Through Mini Retirements

25:57 The Benefits of Mini Retirements for Self-Employed Individuals

28:56 Financial Planning for Mini Retirements

31:52 Making Mini Retirements Affordable

39:53 Overcoming Fears and Objections to Mini Retirements

40:53 Book Release and Final Thoughts

____________________

Resources Referenced:

Get a copy of Retire Often here

RetireOften.com

EricaGoode.com

____________________

Connect with Jillian Johnsrud | Website | LinkedIn | Buy the Book

Connect with Erica | LinkedIn | Website | Newsletter

In this episode, Erica provides an important update on the recent tax bill passed by Congress in July 2025. She breaks down the key changes in tax law that affect solo consultants, including what is leaving, what is staying, and what is brand new. Key changes discussed include adjustments to the SALT limitation, the discontinuation of residential energy tax credits and electric vehicle credits, and the extension of lower tax rates and higher standard deductions. Erica also highlights new provisions for charitable deductions, car loan interest deductions, and 529 college savings accounts. The episode aims to offer practical insights without jargon, helping consultants navigate these changes for better financial planning and tax savings.

00:00 Welcome to Consultants and Money

00:51 Summer Break Recap and Big Updates

02:02 Understanding the New Tax Bill

04:04 What's Leaving: Tax Provisions Expiring

06:30 What's Staying: Tax Provisions Continuing

10:10 Brand New Tax Provisions

14:16 Final Thoughts and Personal Takeaways

15:03 Closing Remarks and Farewell

www.EricaGoode.com

____________________

Connect with Erica | LinkedIn | Website | Newsletter

Get my Monthly Newsletter here

Erica encourages solo consultants to find ways to pause, whether it's taking a week off, a quiet morning, or even a month-long break. She highlights some of the most downloaded episodes for listeners to revisit during the hiatus and wishes everyone a restful and enlightening summer.

00:00 Introduction to the Podcast

00:44 Summer Break Announcement

01:11 The Importance of Pausing

02:30 Personal Reflections on Rest

03:56 Encouragement for Listeners

04:44 Recommended Episodes

____________________

Episodes Referenced:

73. [The Soloist Life] Building a Six-Figure Advisory Business (Working 15 Hours A Week)

85. Understanding Self-Employed Health Insurance with Jessica Skoney

86. Retirement Plans for Consultants

____________________

Connect with Erica | LinkedIn | Website | Newsletter

Work With Erica

Erica explains the potential savings on self-employment taxes and the trade-offs with the Qualified Business Income Deduction (QBID). Erica advises listeners to hold off on making the S-Corp election until there's more clarity on tax laws, which are expected to change with the expiration of the Tax Cuts and Jobs Act in 2025.

00:00 Intro

00:45 The Importance of Timing for S Corp Election

01:49 Understanding S Corp and QBID

02:50 The Impact of the Tax Cuts and Jobs Act

04:11 Why Waiting is the Smart Move

05:52 Practical Steps for 2025

07:13 Concierge Bookkeeping

____________________

Connect with Erica | LinkedIn | Website | Newsletter

Erica explains the journey of an avocado from a farm in Michoacan, Mexico to a grocery store in the U.S., breaking down the costs involved and how a 25% tariff impacts the final price to consumers. She also talks through broader economic issues affecting solo consultants and small businesses.

00:00 Introduction to the Podcast

00:43 Understanding Tariffs with Avocados

03:26 Breaking Down Tariff Math

07:01 The Impact of Trade Agreements

08:57 Current Economic Trends for Consultants

10:53 Final Thoughts

11:23 Concierge Bookkeeping Service

Work With Erica

____________________

Resources Referenced:

White House Fact Sheet | https://www.whitehouse.gov/fact-sheets/2025/04/fact-sheet-president-donald-j-trump-declares-national-emergency-to-increase-our-competitive-edge-protect-our-sovereignty-and-strengthen-our-national-and-economic-security/

____________________

Connect with Erica | LinkedIn | Website | Newsletter

Work With Erica

Work With Erica

A little tax trivia on this April 15th…

00:43 Tax Day Anecdote

01:23 Weird and Wacky Tax Facts

03:55 Fun Facts About Money

04:40 IRS Whistleblower Program

____________________

Resources Referenced:

IRS Whistleblower Office | https://www.irs.gov/compliance/whistleblower-office

____________________

Connect with Erica | LinkedIn | Website | Newsletter

Work With Erica

Erica suggests four actionable tasks: checking your credit report, reviewing your social security statement, calculating your net worth, and verifying your tax withholdings. Each task is designed to take about 10-20 minutes and provides insights into your financial health.

00:43 Tax Season Reminders and Energy Credits

02:20 April Financial Checkup: Four Key Tasks

02:39 #1: Check Your Credit Report

04:12 #2: Review Your Social Security Statement

07:29 #3: Calculate Your Net Worth

09:32 #4: Review Your Tax Withholding

11:30 Recap and Final Thoughts

____________________

Resources Referenced:

Annual Credit Report | www.annualcreditreport.com

Social Security website | www.ssa.gov

Net Worth Tracker | https://docs.google.com/spreadsheets/d/1ptzTAne_AILcTUMQ-G8eu0-44QusfInzF9BicdignXg/copy?usp=sharing

____________________

Connect with Erica | LinkedIn | Website | Newsletter

Work With Erica

Erica and her husband Ben Goode, CPA discuss the benefits of travel credit cards over cash back cards, emphasizing the savings on taxes and the accumulation of travel miles for personal use. The conversation includes a case study of their upcoming family vacation to Mexico, breaking down the points earned from Delta and Marriott credit cards, resulting in significant cost savings on flights and hotel stays. 

05:11 Business Credit Cards: Travel Rewards vs. Cashback

06:52 IRS Guidelines on Frequent Flyer Miles

10:56 Case Study: Using Business Credit Cards for Personal Travel

16:16 Accumulating Hotel Points

16:36 Cost Breakdown of the Stay

17:29 Booking Strategies and Room Upgrades

18:13 Maximizing Value with Points

22:06 Accumulating Marriott Points

30:04 Final Takeaways and Travel Tips

____________________

Resources Referenced:

IRS Frequent Flyer Announcement | https://www.irs.gov/pub/irs-drop/a-02-18.pdf

Ep93 - Best Business Credit Cards: Travel Rewards vs Cash Back

____________________

Connect with Erica | LinkedIn | Website | Newsletter

Connect with Ben | LinkedIn