Sign up to save your podcasts
Or
Share Wealth-Building Made Simple
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
Wealth-Building Made Simple
Wealth-Building Made Simple episodes
- 4th Quarter Tax Planning
Key Takeaways:
- Purge your house and donate non-cash items to charity to maximize tax deductions.
- Consider donating underperforming stocks to charity to offset gains in the stock market.
- Maximize contributions to your 401(k) to save for retirement and reduce taxable income.
- Prepay expenses for the upcoming year, such as marketing expenses or rent, to take advantage of tax deductions.
- Utilize a donor-advised fund for charitable giving to receive immediate tax savings.
- Contribute to a Health Savings Account (HSA) to reduce taxable income and save for future medical expenses.
Chapters:
| **Timestamp** | **Summary** |
| ------------- | ----------- || 0:00:07 | Introduction and disclaimer about investment advice || 0:00:48 | Discussion about tax planning for the fourth quarter || 0:02:41 | Suggestions for donating non-cash items and investment assets || 0:05:09 | Maximizing 401K contributions and prepaying expenses for tax benefits || 0:07:10 | Paying quarterly taxes to avoid underpayment penalties || 0:09:49 | Exploring the history of taxes and their influence on behavior || 0:10:53 | Taking advantage of employer-matched 401K contributions || 0:11:31 | Maximizing HSA contributions for medical expenses || 0:12:08 | Considering donor advice funds for charitable donations || 0:12:38 | Using business funds to make charitable contributions for nonprofits || 0:13:36 | Discussion about the number 13 || 0:13:48 | Personal connection to the number 13 || 0:14:08 | How to contact Allison for tax planning assistance || 0:14:32 | Disclaimer about investment advice and performance |Powered by ReiffMartin CPA and Stone Hill Wealth Management
Social Media Handles
Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to the Wealth Building Made Simple Newsletter https://www.wealthbuildingmadesimple.us/
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
16 min - Mind Over Money, There Is No Reward Without Risk
Key Takeaways:
- Wealth, happiness, and beauty are subjective and based on mindset.
- Faith is necessary for successful investing and building wealth.
- Deservingness of wealth is a continuous process of growth and evolution.
- Being comfortable with one's current financial situation attracts more wealth.
- The right attitude is crucial for effective saving and investing.
Chapters:
| **Timestamp** | **Summary** |
| ------------- | ----------- || 0:00:38 | Introduction and announcement of new series || 0:01:59 | Challenging the belief of never being rich || 0:03:50 | Translating risk into faith in investing || 0:06:21 | Evolving sense of deservingness in wealth || 0:09:28 | Being comfortable with current financial situation || 0:10:07 | Appreciation and discomfort as a formula for more || 0:12:45 | Confidence and attracting more money || 0:14:33 | Starting saving and investing with more money || 0:15:17 | Importance of attitude and taking action in financial matters || 0:15:50 | Attitude speaks volumes in attracting success. || 0:16:23 | Importance of having the right attitude for saving and investing. || 0:16:52 | Getting the attitude right makes saving and investing easy. || 0:17:13 | Closing remarks and disclaimer. |Powered by Stone Hill Wealth Management
Social Media Handles
Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter (wealthbuildingmadesimple.us)
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
18 min - DFW Real Estate Market: Strategies for Success in a Changing Landscape
Key Takeaways:
- Many investors are making the mistake of sticking to outdated real estate strategies instead of adapting to the current market.
- Airbnb rentals are being banned in certain cities, making them less profitable.
- Interest rates and property taxes are increasing, making fix and flips and long-term rentals less viable options.
- First-time homebuyers may need to live in discomfort for a short period of time in order to afford a home in the current market.
- The DFW area offers opportunities for real estate investors due to its diverse economy and business-friendly environment.
Chapters:
| **Timestamp** | **Summary** |
| ------------- | ----------- || 0:00:07 | Introduction and disclaimer about investment advice || 0:00:52 | Discussion about the guest's name and background || 0:02:14 | Conversation about the guest's small town upbringing || 0:02:55 | Introduction to the topic of real estate investing || 0:03:18 | Discussion on the changing real estate market || 0:03:55 | Explanation of the limitations and challenges of Airbnb rentals || 0:04:31 | Explanation of the difficulties of financing long-term rentals || 0:05:05 | Discussion on the risks of adjustable-rate mortgages || 0:05:46 | Explanation of the impact of property taxes on rental profits || 0:06:41 | Discussion on the challenges and risks of fix and flips || 0:10:04 | Investing in real estate in the current market || 0:10:48 | Difficulty for first-time home buyers in finding affordable homes || 0:11:30 | Strategy of buying a new build in a developing community || 0:12:17 | Living in discomfort for two years to build equity || 0:14:00 | Builders offering deals on new build homes || 0:15:45 | Land availability in different areas || 0:16:41 | Mansfield's full occupancy for single-family homes || 0:17:20 | More affordable options in Midlothian and Alvarado || 0:18:31 | Property taxes and population growth affecting affordability || 0:19:29 | Need for operational excellence and patience in real estate || 0:21:01 | Importance of checking the condition of a house before buying || 0:22:16 | Regret from not following a checklist when buying a house || 0:23:15 | Positive outlook on the DFW real estate market || 0:24:40 | Opportunities in helping businesses find the right location || 0:25:37 | Texas as a recession-proof state || 0:26:11 | People wanting to sell their homes after COVID || 0:28:12 | Rebalancing of high-income African Americans in DFW || 0:28:39 | Frisco's culture and high-end businesses || 0:29:43 | Exclusive clubs and vetting in Frisco || 0:30:41 | Differences between Frisco and South DFW in culture and acceptance || 0:32:00 | Culture of brotherhood and support in the real estate industry || 0:32:57 | Importance of proper investments in real estate || 0:33:18 | Real estate in DFW will continue to grow and transition || 0:33:34 | Contact information for purchasing or investing in homes |Powered by Stone Hill Wealth Management
www.StoneHillWealthManagement.com
Our Guest: Anvalon Elliott, Reliance Faith Realty Group, Powered By TDRealty
Social Media Handles
Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter
www.wealthbuildingmadesimple.us
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
35 min - Ways to Fund Business Growth
Key Takeaways:
- Funding the business yourself gives you complete control over how you run your business.
- Taking out a loan requires careful consideration of financial obligations and interest rates.
- Bringing on equity investors means giving up some control and being accountable to them.
Chapters
| **Timestamp** | **Summary** |
| ------------- | ----------- || 0:00:01 | Introduction to the podcast episode || 0:01:28 | Funding the business yourself || 0:02:40 | Taking out a loan || 0:05:03 | Bringing on equity investors || 0:06:05 | Considerations when bringing on investors || 0:07:08 | Minimizing the need for cash in the beginning || 0:08:39 | How to contact the speaker for more information || 0:09:12 | Conclusion and closing remarks |Powered by ReiffMartin CPA and Stone Hill Wealth Management
www.reiffmartincpa.com
stonehillwealthmanagement.com
Join the Wealth Building Made Simple Newsletter:
wealthbuildingmadesimple.us
Social Media Handles
Follow Philip Washington, Jr. on Instagram (@askphillip)Subscribe to Wealth Building Made Simple newsletter (https://wealthbuildingmadesimple.us/subscribe/)Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.10 min - Mind over Money: Flood your Mind with Thoughts of Abundance
Key Takeaways:
- Negative thoughts about money stem from a lack mindset and can be reframed by focusing on areas of abundance in your life.- It's important to give yourself grace and not compare your financial situation to others.- Money is not inherently complicated; it's a matter of building confidence and finding the right resources to learn about it.Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and series on rewiring financial attitude || 0:01:14 | Importance of investing in innovation for long-term financial growth || 0:03:07 | Understanding and addressing lack thoughts about earning enough to save and invest || 0:05:17 | Practicing abundance and gratitude to shift financial mindset || 0:06:26 | Overcoming the belief of being too old to change financial habits || 0:09:21 | Avoiding comparison and appreciating one's own wealth journey || 0:10:27 | Defining wealth based on personal perspective and appreciation || 0:12:54 | Overcoming the belief that money is too complicated to understand || 0:14:32 | Leveraging areas of personal genius to build confidence in learning about money || 0:15:17 | Conclusion and reminder to consult with financial professionals for advice |Powered by Stone Hill Wealth Management
Stonehillwealthmanagement.com
Social Media Handles
Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter (wealthbuildingmadesimple.us)Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.16 min - Managing Business Cash-Flow with Alison Reiff-Martin CPA
Key Takeaways:
- Tracking cash flow is crucial for business owners to ensure they have enough money to cover costs and make informed financial decisions.- Cash flow can be categorized into operational cash, investment cash, and financing cash.- Operational cash should ideally be positive, indicating that the business is generating enough revenue to cover expenses.- A 13-week cash flow projection is a valuable tool for planning and ensuring the availability of operational cash.- It is important to have a minimum of three months of operational cash on hand to handle emergencies and unexpected expenses.Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast episode on managing cash flow || 0:01:09 | Importance of tracking cash flow and ensuring it covers costs || 0:02:28 | Negative operational cash flow indicates business trouble || 0:03:24 | Options for improving operational cash flow: cutting expenses or increasing revenue || 0:04:26 | The need to regularly review cash flow statements || 0:04:52 | Importance of projecting cash flow with a 13-week cash flow projection || 0:06:28 | Clarification on cash flow categories: operational, investment, and financing || 0:07:33 | The significance of having three months of operational cash on hand || 0:08:53 | Using the cash flow statement to determine if the business is making money || 0:09:15 | Contact information for assistance with cash flow statements |Powered by ReiffMartin CPA and Stone Hill Wealth Management
www.reiffmartincpa.com
stonehillwealthmanagement.com
Join the Wealth Building Made Simple Newsletter:
wealthbuildingmadesimple.us
Social Media Handles
Follow Philip Washington, Jr. on Instagram (@askphillip)Subscribe to Wealth Building Made Simple newsletter (https://wealthbuildingmadesimple.us/subscribe/)Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.11 min - Mind Over Money: Willpower is overrated
Key Takeaways:
- Willpower is not a sustainable energy source; focus on changing the underlying feeling of dissatisfaction with your current financial situation.- Prioritize mental clarity and incorporate meditation into your daily routine to achieve a sense of calm and control.- Let go of past financial mistakes and focus on the present moment to create a better financial future.Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and series on changing financial mindset || 0:01:37 | Excuse 1: "I don't have the willpower to stick to a budget" || 0:08:32 | Excuse 2: "I'm too busy to focus on my finances" || 0:13:05 | Excuse 3: "I've always been bad with money" || 0:16:20 | Conclusion and advice on changing mindset around money |Social Media Handles
Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter (wealthbuildingmadesimple.us)Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.17 min - Ideas for catching up on building retirement savings
Key Takeaways:
- Calculate the amount needed for retirement by multiplying your desired annual income by 25 to 30.- Find a job or income source that you love to alleviate the pressure of saving a large sum for retirement.- Market volatility can be an opportunity for higher returns if you invest in future generation businesses.- Rising healthcare expenses can strain retirement funds, but investing in innovative healthcare technologies can help mitigate the impact.- Prepare for unexpected expenses by maintaining an emergency fund and consider investing in assets that generate cash flow.- Carrying debt into retirement can affect financial security, so focus on paying off consumer debt and manage investment debt responsibly.- Downsizing or making lifestyle adjustments in retirement can be more manageable if approached with a mindset of happiness and contentment.Chapters
| **Timestamp** | **Summary** |
| ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of financial pressures in retirement || 0:01:14 | Writing a book in real time and the benefits of writing || 0:02:49 | Feeling pressure to save for retirement when children come || 0:03:32 | How to determine how much to save for retirement || 0:06:11 | Finding a job you love to blur the lines between work and retirement || 0:07:21 | Expanding investment time frame and investing in future generation businesses || 0:09:05 | The impact of market volatility on investments || 0:10:24 | The potential strain of rising healthcare expenses in retirement || 0:13:30 | The reliability of pensions and Social Security benefits in retirement || 0:16:00 | The impact of carrying debt into retirement || 0:26:00 | Preparing for unexpected expenses in retirement || 0:27:37 | Dealing with job loss or career setbacks in retirement || 0:28:12 | Adjusting lifestyle or downsizing in retirement due to insufficient funds |Social Media Handles
Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter (https://wealthbuildingmadesimple.us)Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.31 min - The Benefits of Having Key Performance Indicators in Business
Key Takeaways:
1. KPIs are essential for tracking business goals and financial health.2. Focus on a few key KPIs that align with your business objectives.3. KPIs provide actionable insights to improve business performance.4. Trends in KPIs can indicate the need for course correction or continuation of successful strategies.Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and sponsor || 0:00:30 | Importance of KPIs for business owners || 0:01:31 | Definition of KPIs and their significance || 0:02:29 | Selecting and focusing on a few key KPIs || 0:05:08 | Addressing the challenge of not meeting KPIs || 0:06:23 | Analyzing trends and making adjustments based on KPIs || 0:07:39 | Following the path of least resistance using KPIs |Powered by ReiffMartin CPA and Stone Hill Wealth Management
https://www.reiffmartincpa.com/
https://stonehillwealthmanagement.com/
Join the Wealth Building Made Simple Newsletter: https://www.wealthbuildingmadesimple.us
Social Media Handles
Follow Philip Washington, Jr. on Instagram (@askphillip)Subscribe to Wealth Building Made Simple newsletter (https://wealthbuildingmadesimple.us/subscribe/)Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.10 min - Navigating Financial Pressure with Ease
Key Takeaways:
- Financial pressure is a natural part of growth and expansion.- The pain from financial pressure is self-imposed and comes from focusing on the conditions instead of how you want to feel about the situation.- Owning the feeling of financial security and appreciating the good aspects of life can help alleviate financial pressure.- Focusing on feeling good and enjoying the journey can lead to positive outcomes and faster growth.Chapters
| **Timestamp** | **Summary** |
| ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of managing financial pressure || 0:01:24 | Financial pressure is a natural part of growth and expansion || 0:03:00 | The pain from financial pressure is self-imposed and comes from focusing on conditions || 0:06:06 | The desire for wealth is really a desire to feel good || 0:08:59 | Owning the feeling of home and focusing on quality of life || 0:10:01 | Business owners can manage financial pressure by upgrading their business || 0:13:14 | Investment losses are a natural part of learning and growth || 0:16:07 | Focusing on feeling good activates an optimistic point of view || 0:17:28 | Finding joy in the entire process of wealth building || 0:18:38 | The result of focusing on feeling good is increased wealth |Social Media Handles
Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter (https://wealthbuildingmadesimple.us)Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.20 min
About Wealth-Building Made Simple
From the publisher's feed
Money can be stressful, but it doesn’t have to be! This podcast is about helping people understand their finances and make smart choices for their future.