DecaMillionaire Decoded

In episode 284 of Financially Simple, Justin is joined by David Kent to talk about the return of business to the relative normality of a post-COVID world.

With the Coronavirus pandemic seeming to turn the corner and businesses having made adjustments to their business strategies, it's important to take stock and assess the changes of what is now the norm. Justin and David look at what has changed, how aspects of running a business have had to adapt to the current environment, and how to best manage the situation for the foreseeable future.

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

_________________

TIME INDEX:

00:58 - Will We Ever Get To Business As Normal?

06:03 - Operations: What Has Changed?

07:37 - Operations Excellence

09:29 - How to Identify Areas of Excellence

11:58 - People: Who Has Changed?

13:14 - The Employer-Employee Relationship

15:08 - Making Changes

18:23 - How-To

20:04 - Financial: Do We Have the Necessary Resources to Face the Future?

22:43 - Conserving Cash

25:33 - The Big Take-Away Point

26:52 - Summary

29:11 - 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

David Kent

_________________

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.

With the Coronavirus pandemic seeming to turn the corner and businesses re-open having made adjustments to their business strategies, it’s important to take stock and assess the changes of what is now the norm.  Justin and David look at what has changed, how aspects of running a business have had to adapt to the current environment, and how to best manage the situation for the foreseeable future.

In episode 283 of Financially Simple, Justin is joined by Jeff Jeter to discuss whether or not, as a Small Business Owner, you should buy or lease a vehicle.

With the current COVID-19 pandemic affecting our finances and remote work, it might be time to consider either buying a vehicle or leasing one to make the most of the situation. Justin and Jeff go over the pros and cons, and practical realities, of buying or leasing a vehicle.

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

_________________

TIME INDEX:

00:57 - As A Business Owner Should I Buy Or Lease A Vehicle?

02:13 - Things to Consider

02:46 - How Far Do You Drive?

04:32 - Recurring Payments & New Cars

08:59 - Short On Cash, Strong On Credit

10:07 - Do You Use Your Car for Business?

11:42 - Cleanliness & Customization

13:42 - Summary

15:51 - Final Thoughts

16:35 - Wrap Up

RESOURCES:

Jeff Jeter

Standard Mileage vs. Actual Expenses: Which Is Best?

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 - Ep. 163

_________________

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.

With the current COVID-19 pandemic affecting our finances and remote work, it might be time to consider either buying a vehicle or leasing one to make the most of the situation.  Justin and Jeff go over the pros and cons, and practical realities, of buying or leasing a vehicle.

In episode 282 of Financially Simple, Justin, Brandon Jordan, and special guest Tom Barrick of Waldron H. Rand & Co. discuss the benefits of a forwarding thinking CPA on your Team.

As a Business Owner building your Success Team, it is important to have the right players on your side. Justin, Brandon, and Tom continue the baseball analogy and talk about the importance of having a capable CPA that knows the ins and outs of taxes and the law to make the best possible decisions when it comes to growing your business.

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

_________________

TIME INDEX:

01:57 - Having a Forward-Thinking CPA on Your Success Team

04:24 - Client Persona

06:01 - What's the Pitch?

08:21 - Professional Costs

11:27 - Tax Planning

13:30 - Teamwork

16:07 - CPAs and CFPs

19:48 - Other Team Members

21:48 - Communication

23:44 - Words of Wisdom

26:29 - Wrap Up

RESOURCES:

Financially Simple Educational Website

Financially Simple on YouTube

Financially Simple podcasts are recorded on a Blue Yeti Microphone & Samsung Notebook 9.

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

Tom Barrick CFP, Waldron H. Rand & Co.

Brandon Jordan

_________________

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.

As a Business Owner building your Success Team, it is important to have the right players on your side.  Justin, Brandon and Tom continue the baseball analogy, and talk about the importance of having a capable CPA that knows the ins and outs of taxes and the law to make the best possible decisions when it comes to growing your business.

In episode 281 of Financially Simple, Justin and Jeff Jeter go over the different types of debt and how to use debt to your advantage.

Most people fear the word Debt, but is it all bad? Justin and Jeff talk about their own personal experiences of having to deal with debt, and discuss the differences between Consumptive Debt and Productive Debt, as well as considering when and how to best leverage debt to your advantage.

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

_________________

TIME INDEX:

02:13 - How to Leverage Business Debt

03:48 - Two Camps of Thought

04:54 - What is Debt?

05:32 - Personal Experiences

08:15 - Good Debt vs. Bad Debt

09:56 - Consumptive Debt

13:29 - Productive Debt

14:30 - When Do We Use Debt As Leverage?

18:58 - When Not to Leverage Debt

21:12 - How and Where?

24:30 - Summary

28:26 - 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

Jeff Jeter

_________________

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.

Most people fear the word Debt, but is it all bad? Justin and Jeff talk about their own personal experiences of having to deal with debt, and discuss the differences between Consumptive Debt and Productive Debt, as well as considering when and how to best leverage debt to your advantage.

In episode 280 of Financially Simple, Justin goes over the Payment Protection Program Loan Forgiveness Application Form 3508EZ.

The PPP Loan Forgiveness form is intended to provide financial relief for business owners during the COVID-19 pandemic. Justin looks through the different sections of the application form to provide guidance and explains each part for you to follow along.

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

_________________

TIME INDEX:

00:46 - PPP Forgiveness Application 3508EZ

03:22 - Business Details

04:06 - Loan Details

05:21 - Time Period

06:26 - The Calculations

10:52 - EIDL Advance Loan

11:50 - Terms, Conditions, and Signing Off

15:21 - Additional Information

15:39 - 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 PPP Expense Tracking Calculator

_________________

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.

The PPP Loan Forgiveness form is intended to provide financial relief for business owners during the COVID-19 pandemic. Justin looks through the different sections of the application form to provide guidance and explains each part for you to follow along.