It's Not About The Money

How much money does your business need to make for your life? Would you rather have an extra $50k this year or get back 10 hours a week? What time bucket of your life are you currently in? 

Erica Goode, CPA, is a fractional CFO serving coaches and consultants, but she offers so much more than just financial guidance to her clients. 

Her own journey to business ownership is unique and refreshing, and it embodies her mindful and intentional philosophy. The kids will never be young again, the teenagers are only this way right now, and maybe your travel preferences will evolve over time. So recognize what phase of life you're in now and strike the balance that best aligns with your values. 

This conversation started with what a fractional CFO can do for you, but it evolved into something much more personal and meaningful. Come along for the ride! 

Erica Goode, CPA 

• https://www.linkedin.com/in/erica-goode-cpa-00205616/ 
• https://www.ericagoode.com/ 
• https://podcasts.apple.com/us/podcast/coaches-consultants-and-money/id1645179181 

• (00:00) - What is a fractional CFO?

Links: 

• "Die With Zero: Getting All You Can from Your Money and Your Life" by Bill Perkins 
• Erica's podcast episode about "Die With Zero" (Episode 42 of "Coaches, Consultants, and Money") 
• "How We Decide" by Jonah Lehrer 

--- 
Steve Nay: 

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/ 

If you're a tech professional at a big company or a small startup, chances are good that you get at least some of your compensation in equity: stock options, restricted stock units, ESPPs, etc. 

All these forms of equity have their own nuances and tax implications, and figuring out how they fit into your larger financial picture can be confusing. 

Today our guest is Alex Crouch, CFP, the founder of Tech Financial Planning. His firm specializes in helping tech professionals answer these complicated questions in the way that best suits their financial goals. 

We discuss the major forms of equity compensation, what's unique about each, and what factors to consider if they're part of your compensation package. 

Alex Crouch, CFP 

• https://www.linkedin.com/in/alex-crouch-techfp/ 
• https://techfp.com/ 

• (00:00) - Steve still hasn't heard back from the IRS

Links:

• Episode 34, "Steve gets a letter from the IRS" 

--- 
Steve Nay: 

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/ 

What do a meteor strike, a laptop in a canoe, and a cyberattack have in common? 

They all require you to have a business continuity plan, both so you don't lose your data and so you can continue operating the business even in a disaster. 

Today we welcome Don Sesler of Sageplan Technology Consulting to talk about the nuts and bolts of cybersecurity and IT for solopreneurs. Whether you want to DIY or you're ready to hire it out, Don shares a wealth of information that will point you in the right direction. 

Small businesses like ours usually aren't the target of cybercriminals, but we can be collateral damage. And the way you recover from a cyberattack is the same way you recover from any other catastrophe, so having good systems and plans in place will protect you no matter what comes your way. 

Don Sesler, owner of Sageplan Technology Consulting

• https://www.linkedin.com/in/donsesler/ 
• https://www.linkedin.com/company/sageplan/ 
• https://sageplan.com/ 

• (00:00) - Interview: Don Sesler (IT, cybersecurity)

Links:

• Do It Yourself IT? Here's Some Tips (sageplan.com) 
• How To DIY A Secure IT Network (sageplan.com) 
• Why Backups Matter, And How To Do It Correctly (sageplan.com) 

--- 
Steve Nay: 

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/ 

We're back with a new series of interviews, and this episode introduces the theme: the many hats of an entrepreneur. 

Our framework is the "five parts of every business" proposed by Josh Kaufman in "The Personal MBA": value creation, marketing, sales, value delivery, and finance. 

What are each of these things? What does it look like to perform all of them as the solo entrepreneur? What does it look like to hire out certain functions to fractional specialists? What do each of those things look like in Steve and Tyler's businesses right now? 

In the next episode, we'll start the first of the interviews in the series. 

• (00:00) - The Many Hats of an Entrepreneur

Links: 

• What Are The '5 Parts of Every Business'? 
• The Personal MBA: Master the Art of Business by Josh Kaufman 
• Episode 10, “Book Club: The Prosperous Coach” 
• Episode 16, “Should you outsource your chores?”  

--- 
Steve Nay: 

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/ 

Coming up in a few weeks: a new series of interviews with experts in areas of business where you might want help: marketing, finance, IT, management, operations, insurance, and so forth. 

You, as a solopreneur, have to wear all the hats of a functioning business, even if you're not an expert at all of them. Sometimes you'll want to outsource a particular function and hire a professional to do just that piece. Sometimes you'll want to keep doing it yourself, but you want to get better at it. Sometimes you don't even know that it's important for the business and you need someone to give you an introduction. 

Wherever you are in your business journey, this series will give you ideas, milestones, guideposts, and practical tips to continue growing and getting better at what you do. 

We're taking off a few weeks to prepare, but we'll be back soon to share this exciting series with you! 

--- 
Steve Nay: 

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/ 

What if you could put all your bills on autopay, treat your credit card like cash, and step back from the stress of worrying about when your transactions happen? 

That's the peace of mind available when you get to YNAB Rule 4: Age your money. 

When the money you're spending today was earned long ago, you can suddenly let go of a whole category of money stress that you might not even realize you have. 

Tyler and Steve demystify the "credit card float" and illustrate with cafeteria-style cereal dispensers. 

If after all this you'd like one-on-one guidance through your money journey, Tyler is the coach for you. 

• (00:00) - Girl Scout cookies

--- 
Steve Nay: 

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/ 

Best-laid plans rarely survive contact with reality, but getting your budget to reflect reality is where the clarity comes from. 

Tyler and Steve have both had aspirationally-too-small budgets for groceries and eating out. What to do? 

Rule 3 empowers you to get your budget to show what's actually happening and align the way you spend your money with the things you actually, truly value. 

• (00:00) - Dogs and their exercise

--- 
Steve Nay: 

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/ 

In part two of our series, we discuss YNAB Rule 2: Embrace your true expenses. 

Not every expense happens regularly or predictably. Budgeting for the infrequent or high-impact purchases that happen throughout the year increases your resilience. It can even take circumstances that used to be emergencies and convert them into mere inconveniences. 

• (00:00) - Auditioning in a quartet

--- 
Steve Nay: 

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/ 

The first episode in four-part series on the YNAB Four Rules. 

Today: Giving every dollar a job, and why embracing the reality of your financial picture empowers you with clarity about your priorities. 

• (00:00) - Cute, little dogs

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/ 

Tyler and Steve have a McDonald’s…problem? And Steve dives into the numbers to figure it out. 

Along the way, they discover the value of McDonald’s rewards points, what lessons Tyler learned from how McDonald’s prices different sizes of fries, and how to run what-if scenarios. 

• (00:00) - Another weird spreadsheet

• Episode 18, "Optionality" 

--- 
Steve Nay: 

• https://daybreaktax.com/ 
• https://www.linkedin.com/in/nsteven/ 

Tyler Smith: 

• https://www.tylersmith.io/ 
• https://www.linkedin.com/in/tylersmith-io/