When we think about how much cash flow we need to create or how much wealth we need to accumulate, we are looking at that number through the lens of how we spend our money. Understanding which category your spending and long term goals fall into is critical to understanding what "enough" actually looks like.

In this week's episode, Jarrod invites us to evaluate our spending patterns under what he refers to as, The Four Spend Segments: obviously bad, hopeful but bad, necessary but neutral and genuine happiness.

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DISCLOSURE: Jarrod Musick is an officer of Destiny Capital and Entrepreneur Aligned, a DBA of Destiny Capital. All opinions expressed by Jarrod are solely his own opinions and do not reflect the opinion of Destiny Capital or Entrepreneur Aligned. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. We recommend consulting with your wealth advisor, CPA/tax advisor and/or attorney, as applicable to your situation, prior to implementing a new investment strategy.

Most of us feel like we are on the same page with our spouse about money. How sure are you?

Connecting with your spouse on your finances is not about reading all the credit card statements line by line. It is about ensuring that you are on the same page and in alignment with where your wealth is being used.

Check out this week's episode for tips on how to get more connected so that you and your family can live your most remarkable life.

REACH OUT TO US

Have a question or want to learn more about ways to uplevel your financial planning? We're here to help.

SEND US A MESSAGE or call 303-715-7570

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WANT TO LEARN MORE?

Subscribe to our Entrepreneur Aligned Podcast for new episodes posted every week OR click below to check out more new content from Entrepreneur Aligned.

• Wealth Digest - weekly articles delivered to your inbox!
• Subscribe to our YouTube channel
• Connect on LinkedIn
• Follow on Twitter
• Follow on Instagram
• Check out our Linktree

DISCLOSURE: Jarrod Musick is an officer of Destiny Capital and Entrepreneur Aligned, a DBA of Destiny Capital. All opinions expressed by Jarrod are solely his own opinions and do not reflect the opinion of Destiny Capital or Entrepreneur Aligned. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. We recommend consulting with your wealth advisor, CPA/tax advisor and/or attorney, as applicable to your situation, prior to implementing a new investment strategy.

What is your vision for your life, your family, your business, and the financial structures that support that vision?

Understanding yourself, your significant other and your family values gives you direction on whether you are pursuing the right things. Spending your time in alignment with those values allows you to prioritize what matters and being connected with the people that matter most to you. Money ends up becoming the tool that allows you to execute on your vision and nothing more.

Listen to this episode about our Vision and Values exercise and check out the resources below to learn more!

VISION & VALUES EXERCISE:

For a complete list of all the steps and questions within our Vision & Values Exercise, grab a pen and your journal, and click here.

REACH OUT TO US…

Have a question about our Vision & Values Exercise or want explore financial planning needs? We're here to help.

SEND US A MESSAGE or call 303-715-7570

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WANT TO LEARN MORE?

Subscribe to our Entrepreneur Aligned Podcast for new episodes posted every week OR click below to check out more new content from Entrepreneur Aligned.

• Wealth Digest - weekly articles delivered to your inbox!
• Subscribe to our YouTube channel
• Connect on LinkedIn
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• Check out our Linktree

DISCLOSURE:

Jarrod Musick is an officer of Destiny Capital and Entrepreneur Aligned, a DBA of Destiny Capital. All opinions expressed by Jarrod are solely his own opinions and do not reflect the opinion of Destiny Capital or Entrepreneur Aligned. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. We recommend consulting with your wealth advisor, CPA/tax advisor and/or attorney, as applicable to your situation, prior to implementing a new investment strategy.

Tax compliance is necessary, like water. You must do it or else you will find yourself experiencing major consequences. However, many business owners are missing out on the major benefits that come with active tax planning!

As an entrepreneur, the tax decisions you make can be broad and long term. When you extend beyond tax compliance and begin thinking about tax planning, the focus is on the big picture over the next several years. A good, planning-focused CPA should be able to tell you about the types of clients they work with and provide various case studies that demonstrate the value that they have been able to provide to clients like you. They will walk you through their process and explain how they can make time throughout the year for the planning process beyond the tax filing season.

Listen to this episode to learn more about the benefits of tax planning and the importance of working with tax professionals that are active in both tax compliance and tax planning practices!

Have a question regarding tax planning or your financial planning?

GET IN TOUCH WITH US DIRECTLY BY USING OUR EA Quick Message

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EA's 3 Minute Success Videos

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DISCLOSURE: Jarrod Musick is an officer of Destiny Capital and Entrepreneur Aligned, a DBA of Destiny Capital. This article is for informational purposes only and should not be relied upon as a basis for your investment, business, or personal financial decisions. We recommend consulting with your wealth advisor, CPA/tax advisor and/or attorney, as applicable to your situation, prior to implementing any new tax, legal, or investment strategy.

Let's not bury the lead, yes you do need a valuation for your business, but perhaps not for the reasons you would think. Most of us think of a small business valuation as an event that typically comes right before a transaction, similar to a home appraisal at the time of sale. However, a business valuation is actually a tool to allow you to gain insight about the drivers of your equity value so that you can make better decisions and increase that value. We will get into the tactical elements that drive valuation and discuss why tracking business equity value well in advance of any sale adds significant value for owners. For the majority of us who own and operate small businesses, the equity value of that business is the largest asset on our personal balance sheet and drives the majority of our cashflow. This is why this episode is a must listen!

Have a question or simply want to talk more about valuing your business? We're here to help.

GET IN TOUCH WITH US DIRECTLY BY USING OUR EA Quick Message

WANT TO LEARN MORE, SUBSCRIBE TO…

Entrepreneur's Weekly Wealth Digest

EA's 3 Minute Success Videos

NOT READY TO COMMIT TO MORE CONTENT, THAT'S OKAY LET'S CONNECT SOCIALLY:

Connect on LinkedIn.

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DISCLOSURE: Jarrod Musick is an officer of Destiny Capital and Entrepreneur Aligned, a DBA of Destiny Capital. All opinions expressed by Jarrod are solely his own opinions and do not reflect the opinion of Destiny Capital or Entrepreneur Aligned. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. We recommend consulting with your wealth advisor, CPA/tax advisor and/or attorney, as applicable to your situation, prior to implementing a new investment strategy.

Every business will transition to new owners at some point. Creating your vision for that transition well in advance sets you up for success. Success means that the business passes to the next owner or owners on your schedule. Success means that your role is exactly what you want it to be throughout the transition. Success means that you realize full value for what you have created. Success also means that if life changes along the way you can change your plan and still get the outcomes you want.

In this episode we dive into the 5 key components of an exit strategy for small business owners which includes: the timeline, your time commitment, your primary objective, who the acquirer will be, and the structure of the deal.

Have a question or simply want to talk through your exit vision? We're here to help.

GET IN TOUCH WITH US DIRECTLY BY USING OUR EA Quick Message

WANT TO LEARN MORE, SUBSCRIBE TO…

Entrepreneur's Weekly Wealth Digest

EA's 3 Minute Success Videos

NOT READY TO COMMIT TO MORE CONTENT, THAT'S OKAY LET'S CONNECT SOCIALLY ON…

Connect on LinkedIn

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DISCLOSURE: Jarrod Musick is an officer of Destiny Capital and Entrepreneur Aligned, a DBA of Destiny Capital. All opinions expressed by Jarrod are solely his own opinions and do not reflect the opinion of Destiny Capital or Entrepreneur Aligned. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. We recommend consulting with your wealth advisor, CPA/tax advisor and/or attorney, as applicable to your situation, prior to implementing a new investment strategy.

Tiffany and Jarrod discuss Dogecoin and Ethereum in relation to Bitcoin and other cryptocurrencies.

What this episode is about: Insightful conversation with perspectives, observations and questions about Dogecoin and Ethereum

1. Successful Sip [1:08]
2. Introduction of topics: Dogecoin, Elon Musk and cryptocurrency, with Tiffany's viewpoints, comments and questions [2:20]
3. Jarrod's thoughts and queries about cryptocurrency and an observation and analogy of Dogecoin being "more Gamestop than Tesla" [5:20]
4. Analysis of Elon Musk's promotion of Dogecoin and the idea that cryptocurrency is perceived as "easy money" and "counter cultural" [7:42]
5. Perspective that buying Dogecoin is part of an identity or a way for people to express an opinion, and from an investment standpoint, one of the less-secure block chains [10:00]
6. Discussion of Ethereum transferring from a "proof of work basis to a proof of stake basis" and how its underlying economics are changed because of this [12:48]
7. Explanation of the terms "forking" (copying code to a parallel chain and naming it something else) and "gas fees" (burning of Ethereum) [16:29]
8. Description of the continuum from basic to complicated, with Bitcoin at one end and Ethereum at the other [18:58]
9. Opinion that Bitcoin feels more sustainable than Ethereum, and what-if scenarios for the future of these types of currencies [20:49]
10. Conclusion and emphasis on evaluating the full picture if you find that you have stress and emotion around this topic, which could be due to a lack of knowledge. Invitation to contact Entrepreneur Aligned with questions [26:15]

Connect with Entrepreneur Aligned: Like on Facebook: https://www.facebook.com/entrepreneuraligned

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Tiffany and Jarrod talk about President Biden's initial round of tax changes.

What this episode is about: A general discussion on President Biden's initial round of tax changes, how they may impact entrepreneurs and how entrepreneurs can plan for the potential developments ahead.

1. Successful Sip [1:08]
2. Introduction of the topic of President Biden's initial round of suggestion for tax changes [2:23]
3. Discussion of the elimination of the ability to exchange real estate without tax and how the 1031 exchange might be on the chopping block for amounts over $500,000 of gain [3:44]
4. Conversation about how capital gains will be taxed at ordinary income above one million dollars. If the proposal is adopted as passed, it could effectively double the applicable tax rate from its current status [6:57]
5. Dialogue about the top marginal rate going up from 37% to 39.6% [9:22]
6. Discussion of how these changes may likely take effect for January, 2022 and how now could be a good time to get the deal done that you may be on the fence about [10:39]
7. Thoughts from an estate planning perspective, the elimination of the step-up on cost basis at death and how currently, heirs do not pay capital gains tax. Example using Apple stock [11:55]
8. Discussion about other changes: applying 3.8% Medicare tax to income over $400,000 and additional resources to increase audits for households that are over $400,000 [13:44]
9. More emphasis on capital gains as ordinary income and what you can do about it this year and in future years. Strategies and considerations. With whom do you connect on your personal board of advisers to help with planning around the possible, proposed changes [15:55]
10. Touching upon qualified small business stock and emphasis on checking to see if you qualify as "exempt" as the law is currently written [16:48]
11. Conversation about checking with your CPA for a reorganization of your cap table, with an eye toward 2022 tax compliance [17:53]
12. Discussion of installment sales to get the capital gains treatment, examples given [19:59]
13. Thoughts on now being the time to get on CPA calendars for late May and early June to start looking at some of these issues and to reach out so that you feel informed and aware [22:23]

Connect with Entrepreneur Aligned: Like on Facebook: https://www.facebook.com/entrepreneuraligned

Connect on LinkedIn: https://www.linkedin.com/company/entrepreneuraligned

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Tiffany and Jarrod talk about how entrepreneurs can best decide how to leave a lasting and impactful legacy.

What this episode is about: How to be impactful, fulfilled and generous with your success while being allegiant to your wants instead of society's "shoulds".

1. Successful Sip and introduction of the topic of Impact and Legacy [1:08]
2. Broader discussion of topic - thinking about "what's next" and making your time, knowledge and money more impactful [2:37]
3. Dialogue about societal and social expectations and questions such as, "What does it mean for me to be impactful?" [4:47]
4. Conversation about how many people struggle with new phases in life after achieving entrepreneurial success and their fears that they've reached their peak and have given all that they can - examples using successful entrepreneurs and professional athletes [7:11]
5. Discourse on how to dig into what is going to create satisfaction and significance for you in this next phase. Discussion of the concept of "via negativa" to help eliminate options by first figuring out what you don't like doing [10:28]
6. Examples of people taking the next step in ways that are less traditional and more about fulfillment and impact. Discussion of thought organization by categories of time, energy, attention and capital [13:50]
7. Further conversation and review of a past podcast episode about Mike Hersch and how he wanted to impact the next generation and leave the world a better place than when he found it [19:16]
8. Review of a common trait of entrepreneurs wanting to "pay it forward" and dialogue about how entrepreneurs can create massive amounts of impactful opportunities for many [22:38]
9. Wealth planning emphasis on the idea of enjoying your success while you're alive, using an example of annual spending for large family vacations [25:14]
10. Discussion of what Entrepreneur Aligned can do for entrepreneurs at any age and stage of life when they're questioning, "What's next?" with their one life to live [27:56]
11. Conclusion and contact information [29:14]

Connect with Entrepreneur Aligned: Like on Facebook: https://www.facebook.com/entrepreneuraligned

Connect on LinkedIn: https://www.linkedin.com/company/entrepreneuraligned

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Tiffany and Jarrod have a conversation about CPA relationships and discuss tax forward planning and compliance case studies.

What this episode is about: Benefits of working with CPA teams on tax forward planning and compliance. Examples and case studies to illustrate these points. The power of consulting experts.

1. Welcome and Successful Sip [1:08]
2. Introduction of the topics of tax forward planning and compliance and the differences between them. Examples of questions from entrepreneurs to their CPAs and conversation about the benefits of working with a CPA group. [1:58]
3. The good news about hiring a CPA in regards to delegation of time and a CPA's expertise in understanding line items and tax law compliance. [6:21]
4. Dialogue featuring case studies and instances where tax planning has added value to entrepreneurs, i.e. the use of qualified small business stock. [7:13]
5. Conversation featuring an example of the importance of planning and making sure that you're collaborating among different professionals where tax, legal and financial matters intersect. [10:18]
6. Discussion about the importance of delegation and visiting your CPA with ideas if you find yourself in the middle of several experts communicating legal, tax and financial advice. [13:45]
   1. Equipment purchases
   2. Reorganizations and restructures
   3. Accounting for expenses (S corporations)
   4. Scaling for size of the company [14:34]
7. Emphasis that tax planning is not only for major events and examples of other things to plan for:
8. Discussion of partnerships and how to have someone buy in, for example. Dialogue about the value of "not being the expert and calling on the experts." [18:31]
9. The power of a personal board of advisors [20:45]
10. Conversation of the complexity of tax code as a tool of control and how it's unrealistic to think you have a full understanding of it as it exists now and changes in the future. Emphasis on finding a team to help you translate it and use it to your advantage and give you peace of mind. [22:05]
11. Final thoughts: If you aren't getting the answers you need from your CPA, it may be time to reevaluate that relationship and find another who is more "planning forward". There are lots of great teams out there. [24:37]
12. Conclusion and contact information [25:34]

Connect with Entrepreneur Aligned: Like on Facebook: https://www.facebook.com/entrepreneuraligned

Connect on LinkedIn: https://www.linkedin.com/company/entrepreneuraligned

Follon on Twitter: https://twitter.com/Entrepreneur_EA

Follow on Instagram: https://www.instagram.com/entrepreneuraligned/ See omnystudio.com/listener for privacy information.