The Financial Flow

In this episode, we look at the importance of planning for the New Year. Specifically, business planning. I discuss the importance of business planning, touch on some strategy development ideas and how to effectively implement those ideas, and emphasize the importance of prior proper planning and keeping things simple, like one-page simple.

This episode is geared toward new business owners who could use some direction on business planning. Next episode is geared toward business owners who should be implementing an annual business plan (if they want to continue growth).

Sources:

1.        LivePlan.com

2.       100Tasks.com

3.       Planview.com

4.      NattyWrites.com

5.       The Perfect RIA

6.      MindTools SWOT Analysis Example PDF

7.      Jarvis, Matthew. Delivering Massive Value.

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

Tidepool Wealth Strategies website
Phillip Smith, CRPC AIF LinkedIn

In this episode, I provide a very "lite" overview of some basic and essential legal documents that are key to planning for what happens to your stuff when you die. In other words, estate planning.

I give a brief overview of wills, trusts, powers of attorney, and that scourge of legacy wealth planning: the estate tax.

#financialplanning #estateplanning #taxes #estatetax #selfemployed #businessplanning #retirement 

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

Tidepool Wealth Strategies website
Phillip Smith, CRPC AIF LinkedIn

In this episode, I offer a balanced perspective on whether or not you might need (or want) to work with a financial advisor, or if you'd be better off on your own. I discuss the pros and cons of each, and offer some things to consider when making the decision to DIY your retirement plan, or bring on a professional (or team of professionals) to help with the planning process.

#financialplanning #retirementplanning #investments #DIYInvestor #retirement #estateplanning #insurance #selfemeployed #soleproprietor #solopreneur 

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

Tidepool Wealth Strategies website
Phillip Smith, CRPC AIF LinkedIn

In this episode, we cover five tax tips that will help keep more money in your pocket, enabling you, in turn, to maximize your retirement savings potential. We'll look at tax requirements specific to being self-employed, touch on the importance of being organized and claiming business expenses, and extol the virtues of both working with a tax professional and using tax software.

#taxes #retirement #taxplanning #financialplanning #401k #selfemployed #soleproprietor #solopreneur #taxtips

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

Tidepool Wealth Strategies website
Phillip Smith, CRPC AIF LinkedIn

In this episode, I emphasize the importance of being thoughtful about our daily spending habits. Using some of my own personal experience with spending habits, I lay out the numbers on the long-term cost of buying a coffee every (work) day. Important Disclosure: I love and still drink coffee daily, but how I spend money on coffee looks a lot different than it did 10 years ago: a married couple spending $300/month on daily coffee at a coffee shop reduces that expense to $800/year (about $65/month)

Finding ways to save just $5 per day can result in more than a six-figure difference in retirement savings, and in this episode I do a brief run-through of the numbers for your listening pleasure. Redirecting that money toward savings and retirement accounts can have a huge impact on your ability to be in control of your financial freedom.

#savings #retirement #financialplanning #coffee #spendinghabits #selfemployed #solopreneur #money #savingstips #futurevalue

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

Tidepool Wealth Strategies website
Phillip Smith, CRPC AIF LinkedIn

In this episode, I share some quick tips on ways to effectively and efficiently manage time.

Touches on scheduling, the Eisenhower Matrix for prioritizing, and other methods that help improve time management, and make effective use of our most valuable currency.

#timemanagement #efficiency #selfemployed

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

Tidepool Wealth Strategies website
Phillip Smith, CRPC AIF LinkedIn

In this episode, we examine some common tax myths being incorrectly shared and popularized as easily claimed and totally legit tax strategies on TikTok: writing off lifestyle expenses, claiming the home office deduction, starting an LLC to maximize write-offs, and using a C-Corporation as a small business in order to 'look professional.'

While these strategies can be viable in the right circumstances, it's important to be aware of the consequences of the incorrect/illegal/unnecessary application of these strategies.

#LLC #S-Corp #C-Corp #taxes #taxdeductions #financialplanning 

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

Tidepool Wealth Strategies website
Phillip Smith, CRPC AIF LinkedIn

Wading into the topic of cash flow management, specifically with some tips on for budgeting, tracking expenses, monitoring finances, and keeping the business and personal finances separate.

#cashflow #financialplanning #budgeting #budgetingapps #selfemployed #solopreneur #businessowner #taxes #taxplanning #retirement

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

Tidepool Wealth Strategies website
Phillip Smith, CRPC AIF LinkedIn

In this episode, we'll quickly touch on a few different apps that can be leveraged to make managing your finances as a business owner a little easier. Script partially crafted by ChatGPT. 

Mint (now absorbed by Credit Karma), QuickBooks Self-Employed, YNAB and Personal Capital all briefly discussed.  

Talks about financial management, using various apps to help with money management, which ultimately are intended to help streamline processes and tracking for business owners, primarily the self-employed sole proprietor.

#budgeting #selfemployed #retirementplanning #finances #soleproprietor

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

Tidepool Wealth Strategies website
Phillip Smith, CRPC AIF LinkedIn

In Episode 5, we take a closer look at the Solo 401(k) retirement plan. Also called the Individual(k) and the Solo(k), this is a retirement plan option designed specifically for sole proprietors. I cover the pros and cons of this type of employer-sponsored retirement plan, the 2024 contribution limits, contribution type flexibility, the ideal situations for using the Solo(k) and why (or when) it may be a best-fit option for a business owner who wants to save for retirement.

Retirement plan advice, self-employed retirement plan options, 401(k) for small businesses.

#401k #selfemployed #solopreneur #financialplanning #retirement #retirementplans #retirementplanning #money #Solo401k

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

Tidepool Wealth Strategies website
Phillip Smith, CRPC AIF LinkedIn