Happy Holidays! Erica shares her annual list of favorite business books of the year in her final episode of 2025.

00:00 Welcome

00:50 Holiday Greetings and Year-End Reflections

01:19 Favorite Business Books of 2025

03:34 Book 1: Quit by Annie Duke

05:54 Book 2: Big Magic by Elizabeth Gilbert

08:14 Book 3: Marketing Made Simple by Donald Miller

09:38 Book 4: The Five Types of Wealth by Sahil Bloom

12:10 Book 5: Tax Planning To and Through Early Retirement by Cody Garrett and Sean Mullaney

15:55 Honorable Mentions: Non-Business Reads

20:42 Holiday Wishes and Conclusion

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Books & Resources Referenced:

Quit by Annie Duke | https://a.co/d/hoP7fHF

Big Magic | https://a.co/d/0k4QNgJ

Marketing Made Simple by Donald Miller | https://a.co/d/1UZyRh2

The 5 Types of Wealth | https://a.co/d/4ZLwpLH

Tax Planning To and Through Early Retirement by Cody Garrett and Sean Mullaney | https://a.co/d/cjPPMcm

The Comfort Crisis by Michael Easter | https://a.co/d/cQ2KL08

The Wedding People by Alison Espach | https://a.co/d/j2Ce3mk

Long Way Down by Jason Reynolds | https://a.co/d/4PtWU8T

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

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Erica talks through the often-ignored issue of why business profits don't always translate into personal take-home pay. She introduces the 50/25/25 Rule to help consultants achieve financial stability, explaining how to divide profits into owner distributions, tax liabilities, and business reserves. Erica also discusses the nuances of tax planning based on location and household income.

00:00 Intro

00:51 The Profit and Paycheck Disconnect

01:27 Introducing the 50-25-25 Rule

02:53 Breaking Down the 50-25-25 Rule

05:28 Implementing the Rule with Rolling Averages

06:36 Adjusting for Taxes

08:03 Creating Financial Stability and Confidence

08:48 Final Thoughts

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Resources Referenced:

103. Forecasting for Real Life | https://www.ericagoode.com/podcast/ep103

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In this episode, Erica discusses the common issue of unexpected tax bills and provides strategies on how to avoid them. She explains why tax surprises happen to solo consultants, the concept of Safe Harbor in tax payments, and the importance of setting aside an appropriate percentage of profits for taxes.

00:51 Dealing with Surprise Tax Bills

02:36 Understanding Safe Harbor

04:21 Setting Aside Money for Taxes

05:52 Managing Tax Payments

06:56 Proactive Tax Planning

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In this episode, Erica welcomes Julie Maison, a Chief Communications Officer for nonprofits and churches. This episode is an open Q&A session where Erica answers questions many new business owners have, including accounting concepts like cash and accrual basis accounting, the differences between an LLC and S-Corp, and the importance of accurate bookkeeping.

00:00 Introduction

00:54 Meet Julie Maison: Communications Expert

02:08 Julie's Journey to Entrepreneurship

04:20 Navigating the Challenges of a New Business

09:55 Understanding Accounting Basics

10:58 Cash vs. Accrual Accounting Explained

17:32 Planning for Financial Success

19:35 Example of Setting Aside Money for Taxes

20:11 Owner's Distribution vs. Salary

23:51 Owner's Distribution Framework

25:43 Sole Proprietorship vs. S Corp

30:05 Strategic Cash Flow Planning

32:43 Common Financial Mistakes

37:28 Retirement Savings for Entrepreneurs

EricaGoode.com

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Resources Referenced:

Ep4 - Ep7 Consultants & Money: Business Money 101 series

Ep86 - Retirement Plans for Consultants

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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

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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

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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

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Resources Referenced:

Get a copy of Retire Often here

RetireOften.com

EricaGoode.com

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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

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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

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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

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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

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