Many people struggle with their finances simply because they lack direction. I encourage you to sit down and think about your short-term, mid-term, and long-term goals. Trust me, once you clarify your objectives, managing your finances will become a lot easier.

We also explore the four key metrics you need to understand to manage your cash flow effectively:

I break down how to nail down these numbers and why they are essential for creating a solid financial plan. Plus, I share my recommendations for budgeting strategies tailored to your income level, whether you’re a high-income earner or just starting out.

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Too often, business owners reinvest every dollar back into their business. To help you understand the importance of retirement and the options available to you, this episode breaks down various retirement accounts, including:

Solo 401k: My personal favorite! Learn how this account can maximize your contributions and provide incredible tax advantages.

SEP IRA: Understand when this option might make sense and the limitations that come with it.

Regular 401k: Discover how to set up a plan that benefits both you and your employees while avoiding compliance issues.

Simple IRA: Is it really a good choice? I share my thoughts on why it may not be the best option for most business owners.

Additionally, I touch on the differences between Roth and traditional IRAs, helping you make informed decisions about your tax strategy.

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Breaking down the differences between tax planning for W-2 employees and business owners while highlighting the complexities that come with owning a business. Some of the topics covered:

- Understanding the difference between withholding and actual tax liability

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✅ Financial planning for 30-50 year old entrepreneurs: https://www.allstreetwealth.com

✅ My personal blog & newsletter: https://www.thomaskopelman.com

Disclaimer: None of this should be seen as financial advice. It is just for informational purposes.

Many entrepreneurs start off by simply transferring money from their business to their personal accounts without a solid plan, leading to financial stress when income becomes irregular. In this episode you'll learn:

As we approach the end of the year, I want to express my gratitude to all of you who have been listening and supporting the podcast. With just under 200 episodes and over 75,000 downloads, it’s incredible to see how far we’ve come together.After a year of co-hosting with Jacob Turner, we’ve decided it’s best for him to pursue his own podcast. While I will continue to host the Long Game Podcast solo, I’m excited about the new direction it will take. Starting in January, I will focus on a structured approach to financial planning, diving into specific topics that I cover with my clients.The upcoming episodes will include discussions on business planning, hiring strategies, managing finances, and setting up retirement accounts. I’ll also explore essential components of a financial plan, such as cash management, debt, investing, and estate planning. Each episode will be concise, lasting between 10 to 20 minutes, making it easy for listeners to digest the information.----------✅ Financial planning for 30-50 year old entrepreneurs: https://www.allstreetwealth.com✅ My personal blog & newsletter: https://www.thomaskopelman.comDisclaimer: None of this should be seen as financial advice. It is just for informational purposes.

In this episode, we dive deep into the lessons learned from working with business owners and the unique financial perspectives that come from their experiences.

The Unique Perspectives on Money: We talk about how different business owners view money and success, and why there’s no one-size-fits-all approach to personal finance.

The Value of Service Businesses: Why running a service-based business can be a fantastic choice for aspiring entrepreneurs, highlighting the benefits of cash flow and scalability.

The Importance of Liquidity: The significance of maintaining liquidity in your financial portfolio and how it can reduce stress during unexpected situations.

Planning for the Unexpected: The necessity of preparing for negative scenarios & how proactive planning can protect your financial future.

The Power of Education: The importance of understanding your financial decisions and the value of having an accountability partner to keep you on track.

Building on our previous discussions about estate tax planning and donor advised funds, we explore a variety of charitable giving tools, their benefits, and when they make sense for you.

Episode Highlights:

-The impact of recent tax law changes on charitable giving

-Understanding donor advised funds and their advantages

-The differences between donor advised funds and private foundations

-How to effectively bunch charitable gifts for maximum tax benefits

-The role of charitable remainder trusts and charitable lead trusts

-Strategies for business owners to leverage charitable giving

Join us as we unpack these important topics and provide insights on how to make the most of your charitable contributions while ensuring your values are honored.

Blake shares his insights on why SLATs are often viewed as the go-to tool for estate tax planning, but also highlights the important considerations and potential downsides that many overlook. From the irrevocable nature of these trusts to the implications of divorce and early death, this episode dives deep into the complexities of estate planning for high net worth individuals.

Key topics include:

-What a SLAT is and how it works

-The benefits and risks associated with SLATs

-The importance of financial flexibility and growth

-The significance of understanding your personal goals in estate planning

In this episode, we dive deep with Daniel Crosby (author of The Soul of Wealth) into the multifaceted relationship between wealth, happiness, and fulfillment. Here are three key takeaways that I believe will resonate with many of you:

Wealth is Not Just a Number 💰

Daniel shares a powerful story about Alexander the Great, illustrating that despite his immense wealth and power, he was ultimately undone by personal loss. This serves as a reminder that true wealth encompasses more than just financial metrics; it includes our relationships, experiences, and emotional well-being. As we navigate our financial journeys, we must remember to prioritize what truly matters in life.

The Importance of Meaningful Work 🛠️

We discuss the paradox of work and happiness. While many people find fulfillment in meaningful work, they often get caught up in the pursuit of money, leading to regret later in life. Daniel emphasizes the need to optimize for fulfillment rather than just a paycheck. It’s crucial to find work that aligns with our passions and values, as this is what ultimately contributes to our happiness and sense of purpose.

The Power of Perspective 🔍

One of the most enlightening parts of our conversation revolves around the concept of subjective wealth. Daniel explains how our happiness is often influenced by who we compare ourselves to. By being mindful of our reference classes and practicing gratitude, we can shift our perspective and find contentment in our current circumstances. It’s a reminder that happiness is not solely determined by our financial status but also by our mindset and the way we view our lives.

View the Soul of Wealth on Amazon: https://www.amazon.com/Soul-Wealth-reflections-money-meaning/dp/1804090441

As the year comes to a close, it's crucial to take proactive steps to optimize your tax situation.

Join us as we discuss:

Don't wait until the last minute—start thinking about your tax strategy now!