DecaMillionaire Decoded

In episode 339 of Financially Simple, Justin considers why Business Owners' personal finances can be such a mess.

Running your own business is like spinning plates, there's a lot going on and if we don't pay attention something gets overlooked and crashes, and, oftentimes, this is our own financials. In this episode, Justin looks at reasons why the business owner's personal finances are usually overlooked, and gives some ways to address the problem.

There are many different ways that business owners can allow owning a business to harm their personal finances. For the sake of time, I'm only going to outline a few of the primary offenses that get business owners into personal financial trouble. If you read through this list and find that you can personally relate to any of them, don't worry. I'm going to follow up with ways to help you protect yourself, so you don't end up looking at your personal finances in your 30s or your personal wealth in your 40s, 50s, or 60s and think, "I'm going to have to work well into my 80s!"

1. Operating your business as a sole proprietorship. Leaving your business unincorporated means that you and any partners you might have in the business are personally responsible for any business debts. This may seem like something you can control, but what happens when you find yourself on the wrong end of litigation?
2. Use personal lines of credit to finance your business. Full disclosure, I've done this before. The problem is that it can lead to massive amounts of personal debt and limit your ability to secure financing in the future.
3. Providing a personal guarantee to a lender. Like the previous two offenses, personally guaranteeing a loan places your personal finances directly in the cross-hairs of your creditors. Even if the business is dissolved, you will be held liable for any outstanding debts that you've guaranteed.
4. Being unprepared for an unbalanced cash flow. Some businesses have an unbalanced cash flow. These are typically seasonal in nature, like water parks, landscaping companies, and outdoor sports shops. But cash flow is vital to your business. In fact, 82% of failed businesses cite a lack of cash flow as the primary reason they failed. Business owners can often cause serious harm to their personal finances by not preparing for the lean times that come in the "down" months of a business with an unbalanced cash flow with an emergency fund.

Now that we have an idea of some of the typical ways business owners harm their personal finances through their businesses, let's shift gears. As business owners, what are the simplest ways to protect our personal finances from our businesses? How do we protect ourselves? Finances don't have to be difficult. So, whatever season of life you find yourself in, protect your personal finances. Pay yourself first and move on from there.

1. Create an entity. I know operating as a sole proprietorship is easy. However, there's a tradeoff for that. In my opinion, the risk outweighs the reward. Whether it be a partnership or an LLC., you're protecting yourself from personal liability by creating an entity. Filing within your local jurisdiction is simple, and it provides you with the protection of a corporate veil.
2. Build an emergency fund. This is finance 101. Like I said before, pay yourself first. You might think you don't need to keep very much liquidity, but that's what many of us thought before COVID-19. If you have 3 - 6 months' worth of expenses stashed in an emergency fund, you can typically handle the curveballs that life throws at you.
3. Be sure to have enough insurance coverage. Having the correct insurance coverages is extremely important, but so is having enough coverage. All it takes is one lawsuit, one catastrophe to wipe out your personal finances. If you're unsure whether you have the right coverage or enough of it, speak with a licensed insurance agent.
4. Don't sacrifice your retirement savings. I realize that many of you view your business as your retirement savings, but I want to unpack a couple of things here. I work with 50 to 60-year-old business owners all the time and their retirement savings compared to their non-business-owning counterparts are abysmal. But if you diversify your income, placing some of the money into retirement accounts, those accounts are often off-limits to creditors. Furthermore, retirement isn't a "get rich quick" scheme. Use the "slow money" of Wall Street to protect your future from the possibility that your business doesn't sell. By investing in retirement accounts, you can take advantage of the eighth wonder of the world... compounding interest.
5. Keep debt to a minimum. I hate debt. To me, debt is a four-letter word. However, I am aware that there are times when taking on debt makes sense. Regardless of your personal view of debt, whether you're 100% against it or see it as an opportunity to leverage, keep it to a bare minimum.

As we wrap this up, I hope you've taken a good hard look at a very personal subject. You might be one of the fortunate ones that can look at this subject and say, "I'm doing great!" If you are, then I applaud you. But, maybe you've seen some things that you don't like. If that's you, what are you going to do about it? What are you going to do today to change the trajectory of your life? What you do today can affect your personal finances in your 30s or your personal wealth in your 40s. It will likely impact your retirement when you've reached your 60s.

Believe it or not, these aren't uncommon issues for business owners. I see it day in and day out. We help business owners put their personal and business finances on track to work in unison to reach their goals every day. We aim to teach business owners how they could double their net worth every 3 - 5 years. If you would like to learn more about how we can help you, reach out to us!

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

_________________

TIME INDEX:

00:46 - Life as a Business Owner Has Wrecked My Personal Finances

02:42 - How Did We Get Here

03:41 - The Primary Offenses

07:57 - How Do We Protect Ourselves

08:29 - Make an Entity

08:54 - Build an Emergency Fund

09:53 - Have the Correct Insurance Coverage

10:18 - Don't Sacrifice Your Retirement Savings

14:22 - Keep Debt to a Minimum

16:06 - Summary

RESOURCES:

Work with Our Team

Subscribe to the Financially Simple Newsletter

NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit

_________________

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 338 of Financially Simple, Justin looks at the main reasons that a small business will likely fail within the first few years.

Failure to plan is planning to fail, and never is this more true than with new businesses that start out without proper planning. In this episode, Justin lists the seven main reasons that small businesses don't last more than a few years and offers solutions to overcome each of the issues.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

_________________

TIME INDEX:

00:45 - 7 Reasons Small Businesses Fail

02:58 - Failure to Create a Business Plan

05:13 - Failure to Investigate the Market

07:21 - Financing Obstacles

08:33 - Poor Marketing Decisions

09:57 - Failure to Innovate

12:06 - Expanding too Quickly

13:11 - Poor Management

14:47 - Summary

RESOURCES:

Work with the Financially Simple Team

Financially Simple on YouTube

Subscribe to the Financially Simple Newsletter

Ask Justin a Question

NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit

_________________

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 338 of Financially Simple, Justin looks at the main reasons that a small business will likely fail within the first few years.

Failure to plan is planning to fail, and never is this more true than with new businesses that start out without proper planning. In this episode, Justin lists the seven main reasons that small businesses don’t last more than a few years and offers solutions to overcome each of the issues.

Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

_________________

TIME INDEX:

00:45 - 7 Reasons Small Businesses Fail

02:58 - Failure to Create a Business Plan

05:13 - Failure to Investigate the Market

07:21 - Financing Obstacles

08:33 - Poor Marketing Decisions

09:57 - Failure to Innovate

12:06 - Expanding too Quickly

13:11 - Poor Management

14:47 - Summary

RESOURCES:

Work with the Financially Simple Team

Financially Simple on YouTube

Subscribe to the Financially Simple Newsletter

Ask Justin a Question

NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit

_________________

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 337 of Financially Simple, Justin goes over having a vision for your Business.

The majority of Small Business Owners begin with an idea of their business, and this vision of what could be inspires and motivates them to start and to keep going. In this episode, Justin talks about having a vision for your business and how it can drive your team forward to be a success, as well as some advice on keeping the vision alive.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

_________________

TIME INDEX:

00:44 - Can You Cast Vision as a Business Owner

02:02 - Personal Example

05:55 - Define Your Vision

08:38 - Be Inspiring

10:23 - Follow Up Consistently

12:01 - Summary

RESOURCES:

Financially Simple Educational Website

Financially Simple on YouTube

Subscribe to the Financially Simple Newsletter

Ask Justin a Question

NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit

Financially Simple Business Planning Course

_________________

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 336 of Financially Simple, Justin talks to David Kent of Heritage Investors about the Power of Two to Influence One.

Two heads are better than one, so the saying goes, and as a business owner running your own business it can be helpful to have a second in command to free up your own time and resources and to make the business more efficient. In this episode, Justin and David introduce and explain the concept of The Power of Two to Influence One, and how it can improve your business.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

_________________

TIME INDEX:

00:58 - The Power of Two to Influence One

02:22 - Numbers Matter

05:19 - The Concept

11:45 - How it Works

17:43 - Reducing Owner Dependence

21:21 - Wrap Up

RESOURCES:

Financially Simple Educational Website

Financially Simple on YouTube

Subscribe to the Financially Simple Newsletter

Ask Justin a Question

NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit

Financially Simple Business Planning Course

_________________

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 336 of Financially Simple, Justin talks to David Kent of Heritage Investors about the Power of Two to Influence One.

Two heads are better than one, so the saying goes, and as a business owner running your own business it can be helpful to have a second in command to free up your own time and resources and to make the business more efficient. In this episode, Justin and David introduce and explain the concept of The Power of Two to Influence One, and how it can improve your business.

Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

_________________

TIME INDEX:

00:58 - The Power of Two to Influence One

02:22 - Numbers Matter

05:19 - The Concept

11:45 - How it Works

17:43 - Reducing Owner Dependence

21:21 - Wrap Up

RESOURCES:

Financially Simple Educational Website

Financially Simple on YouTube

Subscribe to the Financially Simple Newsletter

Ask Justin a Question

NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit

Financially Simple Business Planning Course

_________________

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 335 of Financially Simple, Justin continues his examination of Wall Street as an investment option for Business Owners.

Investing in your own business can only get you so far, especially when the vast majority of small businesses won't sell which can jeopardize the owner's retirement plans. In this episode, Justin looks at Wall Street as an option for Small Business Owners to invest in as part of their retirement plan.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

_________________

TIME INDEX:

00:45 - Business Owners and Wall Street: The Love-Hate Relationship

01:32 - What is Wall Street?

06:34 - What This Means for Business Owners

07:19 - The Wall Street Model

11:17 - Retirement Options

13:59 - Summary

16:38 - Wrap Up

RESOURCES:

Financially Simple Educational Website

Financially Simple on YouTube

Subscribe to the Financially Simple Newsletter

Ask Justin a Question

NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit

Financially Simple Business Planning Course

_________________

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 335 of Financially Simple, Justin continues his examination of Wall Street as an investment option for Business Owners.

Investing in your own business can only get you so far, especially when the vast majority of small businesses won’t sell which can jeopardize the owner’s retirement plans. In this episode, Justin looks at Wall Street as an option for Small Business Owners to invest in as part of their retirement plan.

Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

_________________

TIME INDEX:

00:45 - Business Owners and Wall Street: The Love-Hate Relationship

01:32 - What is Wall Street?

06:34 - What This Means for Business Owners

07:19 - The Wall Street Model

11:17 - Retirement Options

13:59 - Summary

16:38 - Wrap Up

RESOURCES:

Financially Simple Educational Website

Financially Simple on YouTube

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BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.