Simplifynance Podcast

With this 10th episode of the Simplifynance Podcast, host Rachel Stewart continues her discussion about handling finances as an entrepreneur with Megan Kelly, Founder of Baton Rouge Mompreneurs. During this second part of the series, Rachel and Megan talk how to figure out how much you should pay yourself vs putting back into the business.

Episode Highlights:

1:09 At what point should an entrepreneur begin to start paying themselves?

1:22 Different people have different goals

1:32 You have got to put yourself first.

1:40 Moms tend to put themselves last.

2:08 Build a personal financial plan to determine with your personal goals to determine your need or goal.

2:52 Find someone you trust to talk through your goals and put numbers to them.

3:23 It helps you set prices based on what you know you need to bring in.

3:50 Math explosion

3:56 Struggle with focusing time on our craft vs the business components

4:23 Stronger when you surround yourself with other strong like-minded people.

5:32 It's about the simple stuff

6:14 It's helpful to sit down with someone who can look at things from a different perspective

6:58 Megan doesn't look good in orange. :D

7:18 We're doing this not just for ourselves, but for our children.

3 Key Points:

Personal goals drive business goals.

Connect with someone who is strong in the areas that you are not.

When faced with something you don't want to do, remember who you're ultimately doing it for.

Resources Mentioned:

Simplifynance Resources

BRMomprenuers

Contact

Megan Kelly

Rachel Stewart

During this 9th episode of the Simplifynance Podcast, host Rachel Stewart welcomes Megan Kelly, Founder of Baton Rouge Mompreneurs. Megan is an entrepreneur, a wife, a mother, and a fast-growing friend of Rachel. During this first part of their discussion series, Rachel and Megan lay the foundation for the discussion on getting started with finances as an entrepreneur.

Episode Highlights:

0:24 Rachel introduces her guest Megan Kelly.

1:00 Rachel lists different business topics for future discussions.

2:00 What is Meagan looking to achieve in the next 1-3 years?

3:30 Personal goals generally include better spending decisions, saving for education and retirement.

4:11 Have you written your business goals down on paper?

4:16 Megan is a part of Marie Forleo's business school.

5:07 After you establish goals, it's time to prioritize.

5:27 Megan's most important personal goal is building her savings.

5:50 As an entrepreneur, business goals tend to blend with personal goals.

6:12 Take the first step is separating personal from business to provide clarity.

3 Key Take-Aways

1. BR Mompreneurs is an organization for women in Baton Rouge, LA who run their own businesses while also running their family.
2. Managing your personal finances is like running a business.
3. When you write your goals out on paper, you give them life.

Resources Mentioned:

Marie Forleo B-School

Simplifynance Resources

BRMomprenuers

Contact

Megan Kelly

Rachel Stewart

In this episode of Simplifynance, host Rachel Stewart, financial advisor, welcomes her guest Stephanie Prestridge, an attorney at Lineage Law in Baton Rouge, Louisiana to discuss why we all should establish a will. Stephanie shares what new clients can expect, and why you should start sooner than later.

Show Notes:

• 0:14 - Why do wills get put on the back burner by clients
• 0:44 – Stephanie's clients are between their mid-20s through their mid-40s
• 2:20 - What is the purpose of a powers of attorney
• 3:10 - What happens if someone passes away without a will
• 3:44 - How does forced heirship work
• 4:49 - Is it difficult to establish a will if you are uneducated about it
• 5:40 - How long does the process of setting up a will take
• 7:20 - What is the value clients have seen with Stephanie's fee structure
• 8:31 - Talking about a will doesn't mean that death is going to happen

3 Key Points:

1. Powers of Attorney or douments that are would take effect while you're alive and would provide for someone else to step in your shoes.
2. If you don't write a will, the state of Louisiana will write one for you.
3. Lineage Law uses flat fees instead of billable hours.

Quotes:

- "When someone turns 18, take that now-adult child...and have their powers of attorney done." –Stephanie

- "You need to account for what happens if you live, just as much as you need to account for what happens when you die." –Stephanie

- "A trust is "a cup." –Stephanie

Resources Mentioned:

• simplyfinance.com

Contact Information:

• Rachel Stewart
• com
• Stephanie Prestridge - Linkedin

In this episode of Simplifynance, host Rachel Stewart, financial advisor, talks to Ava Grace about her expereince of investing young. Ava is only 10 years-old in the fifth grade and already has clear goals for her investments.

Show Notes:

• 0:40 - Ava Grace is a 10-year old investor with a financial advisor
• 1:25 - How did Ava decide to get an investment account
• 1:49 - What does Ava think is the hardest thing about investing
• 2:34 - What are Ava's plans for her investments
• 2:56 - What has she learned about investing
• 3:58 - Why is it important for kids to understand investments

3 Key Points:

1. You're never to young to learn about investing.
2. Buy low sell high is Ava's takeaway from her expereince
3. Accept that investments can fluctuant.

Tweetable Quotes:

- "One of the things I do as a Simplifynance financial advisor is encourage clients to start soon on their plans so they can hopefully finish strong in the end." – Rachel.

- "I have two things I want to do with it (investment account). Donate to charity, specifically Charity Water, and hopefully go to Stanford." – Ava.

- "I have one advisor that I talk to every day, and that is my Dad. And the other one I see about every two months." – Ava

Resources Mentioned:

• simplyfinance.com
• Contact Information:
• Rachel Stewart

In this episode of Simplifynance, host Rachel Stewart and co-host Nathan Ollish discuss this year's tax season and what we can do to prepare.

Show Notes:

• 1:00 – Proper documentation needed before you get started
• 1:20 - The role taxes play in financial planning
• 1:43 – 2018 Tax Reform: Taxs Cuts & Jobs Act
• 2:00 - Key tax changes that are going to apply, with our generation in mind
• 2:13 – Lowered taxed brakcets, increased standard deduction and limits to a 401k
• 3:30 – Health Insurance – individual mandate eliminated in 2019
• 4:00 - Why Nathan and Rachel choose to do their own taxes
• 4:30 - The benefits of having a CPA prepare your tax return for you
• 6:20 – Some tax forms generally don't get mailed out until February
• 7:00 - Make sure you have all documentation before filing

3 Key Points:

1. Though we can do our taxes ourselves, relying on a CPA is ideal as life gets more complex.
2. Taxes play a big role in financial planning, but a financial planner is not to be confused with a tax professional, such as a CPA
3. There have been major tax changes that we need to take into consideration this year.

Tweetable Quotes:

- "Sometimes as financial advisors, we can get confused with tax professionals. While we don't specialize in tax, taxes play a huge role in planning." –Rachel.

- "The major change with tax cut - 1. Lowered tax brackets 2. Increased standard deduction 3. Increased 401k contribution limits " –Nathan

Resources Mentioned:

• simplyfinance.com

• Contact Information:
• Rachel Stewart
• Nathan Ollish, CFP

In this episode of Simplifynance, host Rachel Stewart and co-host Nathan Ollish, Financial Advisors, tell us how to tackle saving for higher education. They cover the high points to get you started, from how to determine expected costs, understanding the multiple funding options, and ultimately how to plan for the part that you'd like to cover.

Show Notes:

• 1:00 - When to start saving for college once you have a child.
• 2:03 - Planning is generally guided by your personal experiences as a student.
• 2:42 - Public or Private/in-state or out-of-state university – first step in the process
• 3:04 - The cost of education is outpacing generation inflation.
• 4:46 – What's your timeline? It is important to start saving early.
• 6:00 - Alternatives to subsidize your child's education outside of a 529 plan.
• 7:20 - Two ways to figure out how much you need to save for education

Resources Mentioned:

• simplyfinance.com
• savingforcollege.com
• collegedata.com

• Contact Information:
• Rachel Stewart
• Nathan Ollish, CFP

In the 3rd episode of Simplifynance, host Rachel Stewart, Financial Advisor, discusses your company retirement plan and the 6 key players in the space.

Show Notes:

• :44----Introduction to topic of your Company Retirement Plan.
• 1:26-- There are 6 Major players in the retirement plan game
• 2:16-- 1. A plans financial advisor is the first major part of retirement plans
• 3:14-- 2. Third party administrator
• 3:43-- 3. Participant (you) are responsible for enrolling
• 4:10-- 4. Plans record keeper (wherever you log on for your account)
• 4:37-- 5. Your employer.
• 5:14-- 6. Mutual fund companies who provide their product to you through mutual funds

3 Key Points:

1. Introduction of company retirement plans.
2. There are 6 key players in the retirement space that you can use as resources to learn more.
3. Reach out to these contacts to learn more about plans. There is a retirement guide on the Simplifynance website.

Tweetable Quotes:

- " I want to go over the major players in the game so you know who to reach out to. There are a total of 6 contacts." –Rachel.

- "Not all plans have an administrator." –Rachel.

- "If you do not have an advisor on your retirement plan that you feel comfortable reaching out to, you can reach out to anyone on the simplifynance team" –Rachel.

Resources Mentioned:

• simplyfinance.com

• Contact Information:
• Rachel Stewart

In the 2nd episode of Simplifynance, host Rachel Stewart, Financial Advisor, introduces Guest Nate Ollish, Financial Advisor and Simplifynance advisor. The two discuss finances for the next generation.

Show Notes:

• :44----Introduction of guest Nate Ollish.
• 1:52---Why the next generation of finance is important
• 2:10---There is a lot of power in starting early
• 2:44---There is a huge educational piece missing in the next generation of finance
• 3:15---What does it mean to be a Certified Financial Planner (CFP)?
• 4:40---What to look forward to in Simplifynance
• 5:17---Balance is an important part of life and good finances

3 Key Points:

1. Introduction to Simplifynance community advisor Nate Ollish.
2. Nate is happy to be a part of the community and looks forward to discussing finance with the next generation. He believes starting early is key.
3. Balance is a key part of financial success.

Tweetable Quotes:

- "There is a lot of power in starting early." –Nate.

- "I am at the same stage of life of my clients." –Rachel.

- "Maintaining your finances in order is just one piece o the puzzle to having a successful life and maintianing balance in life" –Nate.

Resources Mentioned:

• simplyfinance.com

• Contact Information:
• Rachel Stewart
• Nate Ollish

In the 1st episode of Simplifynance, host Bill Bush, Advisor at the Horizon Financial Group, introduces Simplifynance and its lead advisor Rachel Stewart. The two discuss what Simplifynance will cover.

Show Notes:

• 01:00---Introduction of Simplifynance and Key Advisor Rachel Stewart.
• 02:00--- Simplifynance is mainly three things: Bringing a comprehensive full picture to clients, the financial plan has a digital pulse (it is working and being monitored), and a same generation advisor.
• 4:00---Range in topics for Simplifynance: education, success stories, guest speakers, answer questions of this Next generation.
• 5:30--- This podcast will be easy to understand financial adivising advice. It is about the advice not a product.

3 Key Points:

1. Simplifynance is a podcast that discusses finance for the next generation.
2. It will stay short and easy to digest while focusing on the advice not the products.
3. Topics the podcast covers will be focused on education, success stories, and guest speakers to answer the Next Gen´s financial advising questions.

Tweetable Quotes:

- "Simplifynance is delivering a comprehensive full picture to clients that focus on a different stage of life (ages 35-40)." –Rachel.

- "I am at the same stage of life of my clients." –Rachel.

Resources Mentioned

• simplyfinance.com
• Contact Information:
• Rachel Stewart