Wealth by Design

Let's address the elephant in the room first: what does the phrase "stock market" mean to you?

Fear! Panic! Crash!

We get it. But we're here to tell you… the stock market ain't that bad!

There are a lot of misconceptions about investing in the stock market, thanks to fear-mongering in the news, horror stories from family and friends, and a lack of education about the stock market in general. Your fears are valid, but they can also hold you back from growing your wealth. Your fears may also be why high yield savings seems like the better option for your money.

In this episode (Episode 100, by the way 🎉), we talked about the differences between high yield savings and stocks. We know you're probably a big fan of saving because it's "safe," right? Well, we're about to rock your world.

• [00:49] First, Danielle and Dustin get personal

• [05:40] Why people are talking about high yield savings

• [08:02] Comparing $10k in high yield savings vs. $10k in stocks

• [08:28] The return on high yield savings

• [09:39] How the inflation rate affects your savings

• [10:44] The return on stocks

• [12:42] Which conditions affect your return

• [14:12] How high yield savings are best used

• [17:50] Why "high yield" is a misleading marketing term

• [19:52] How fear can hold you back from investing

• [22:19] Where misconceptions about the stock market come from

• [26:02] How to use fears to your advantage

• [27:45] What to remember when you hear a stock market horror story

• [30:04] The secret to investing

• [33:04] The three things to remember when investing

What would happen if you put $10,000 in a high yield savings account five years ago, and it compounded 2.5% every year? You'd have a little over $11,000 now, just for keeping it in the bank. If you started ten years ago, make that a little over $12,000. If you added $100 into it every month, too, you'd have over $26k. Compound interest + saving = a pretty decent return, right?

That's what it looks like… but don't forget about the inflation rate, folks. Online banks may sell you on a 2.5% compound interest rate, which seems better than other banks who might offer you less than 1%. But the inflation rate usually averages out to about the same. Which means, as we talk about in the episode, that you're really just keeping up with the cost of living when you save with a high yield account! The interest rate and inflation rate are the same. You're not growing your money; you're treading water. *Insert Debbie Downer noise here*

So how can you actually potentially grow your money? With stocks. Using historical data, we found that if you invested $10,000 in the SMP 500 five years ago and it compounded yearly, your return would be nearly $17,000. How about ten years ago? You'd have nearly $35,000.

And here's the kicker: if you invested in the stock market ten years ago and added $100 every month, you'd have over $57,000. That's more than double the amount in your hypothetical high yield savings — and it's almost a 600% return on your money. Bananas, right??

Clearly, stocks are the winner, but that's not to say that high yield savings accounts don't have a place in your financial strategy. High yield savings are great for emergency funds, or having cash on hand should you need it for the next few years to buy a house, for example. Use a high yield savings account for your short-term bucket, and for the projects you know are happening in the next year or so. Stocks, on the other hand, are great for your long-term bucket, like saving for retirement or revivement.

Now that you've done the math and the proof is in the pudding… are you ready to start investing? Good. The rest of the episode is devoted to showing you how to get started!

One of the biggest frustrations we hear when we talk to our clients about stocks is "Why weren't we taught this stuff in school??!" Unfortunately, we're just not told how beneficial this could be to our lives and security, but we're gonna change all that for you. In the episode, we walk you through the first rule of Investing Club: don't talk about Investing Club.

Just kidding. Your first step to investing in the stock market is to understand how it works so you can make informed decisions — and shout it from the rooftops if you want! In our library of resources, we have a Stock Market 101 resource you're definitely gonna want to check out.

Step Two: Be disciplined. Tune out the noise from 24/7 news that will stress you out and make you worry about your investments. A disciplined approach to investing is dollar-cost averaging, where you put in the same amount of money each month like clockwork, no matter what the market is doing. As we said in the episode, dollar-cost averaging takes your ego out of the equation.

Step Three: Have a zen mindset. Okay, we know that you can't completely tune out the noise around you. Instead of blocking out "negative" news, see it as a positive. Look at a market drop as a reset, not a reason to panic. Embrace the changes in the market and see it as part of your strategy. The stock market is composed of businesses, after all. Every business experiences peaks and valleys. That's normal.

Hopefully, this episode really helps you see the logic of investing in the stock market. With our three-step approach, you can overcome your fears of investing and finally stop leaving potential compound interest on the table. We dive deep into the stock market and high yield savings in this episode, including what conditions affect your investment and why "high yield savings" is a tricky marketing ploy.

So make sure to listen to the full episode to get all the other details and tidbits on this topic!

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

• Danielle's personal Instagram @showmeyournola
• Psst...here's Dustin's Instagram too, @dustinrgranger
• NerdWallet's Compound Interest Calculator
• The Bucket Strategy
• Saving for a revivement
• Get your Stock Market 101 resource now!
• Dollar-Cost Averaging (which we also discuss in Episode 17)

• Ask Your Questions
• On Facebook
• On Twitter

When you work a traditional 9-to-5, working from home (for yourself) can feel like a real treat. You sit in a comfortable chair of your choosing, you can blast music as loud as you want, and pants are optional.

But anyone who works remotely full-time or runs their biz from their home office knows: it's not all sunshine and rainbows. Much of the time, you're fighting distractions that are pulling you away from your work. Thankfully, Focusmate can help you… well, focus. We talked about productivity and human habit with Focusmate's creator, Taylor Jacobson, on this week's episode of Wealth by Design.

• [01:46] Who Taylor is and how he created Focusmate

• [05:05] How Focusmate uses virtual coworking to help you get work done

• [07:48] The versatility of Focusmate (it's not just for paperwork!)

• [09:00] How Focusmate creates a distraction-free environment

• [10:44] Why we still need accountability in the digital age

• [13:18] Using behavioral triggers to get into a "flow state"

• [15:23] The three things you need to do to focus

• [16:47] The toughest part of running your own (online) business

• [19:07] How changing up your scenery makes a difference, too

• [21:10] The ways that community input advise Focusmate's growth

• [24:24] Why the traditional workplace needs to evolve

• [27:36] How Taylor's life would change in "revivement"

• [28:47] The non-sexy big thing that Focusmate is working on right now

Procrastination is a drag. Avoiding something may feel good in the moment, but it just creates even more stress in the long run. But even though we know that procrastination is "bad" and productivity is "good," that doesn't make it any easier to actually get our work done. Especially when you're your own boss.

Focusmate works because you have an accountability buddy to keep you in check. Here's how it works:

• You choose a time you want to work on Focusmate. Morning, afternoon, evening, it's your call.
• You get a 50-minute session with your Focusmate partner, which starts with each of you sharing your goal for that chunk of time.
• You get to work and achieve that goal.

When you join a Focusmate session, you're paired with a random coworker — and they come from all over the world! But you can set up private groups if you find that you've matched up with some really great people in the past. Taylor mentioned that one of Focusmate's goals in the future is to allow users the option to choose their favorite partners to work with individually.

After hearing Taylor explain how Focusmate works, we assumed that its magic worked best on traditional office tasks. Emails, reports, budgets, that sort of thing. However, Taylor pointed out that Focusmate isn't limited to work. You can use it for other things on your to-do list, like self-care practices, workouts, or meditation. Focusmate is incredibly versatile. Fun, right?!

How does the methodology behind Focusmate work? Dustin mentioned that he geeked out over "The Science Behind Focusmate" page (linked in the show notes below!). What does it all boil down to? Understanding the psychology behind our actions and using that to your advantage by adapting your behavior and responses to triggers.

Let's say you set a goal for yourself at work: you want to spend two hours a week researching what your competition is doing on their website and social media channels. You know that this research will help you discover any current trends you might have missed, and it may even affect your own social media strategy. However… you fail to stick to this goal. Other tasks get in the way. (Or, more likely, you just get lost down an IG rabbit hole #guilty.)

Before you know it, the workweek is over and you've pushed that task to the next week. And the next. Repeat.

One reason this might happen? You're setting yourself a vague, generic task to get something done at some point… you know, whenever. It's different with Focusmate and accountability practices in general. You have a specific commitment to another person, not just yourself. It's a lot harder to break that commitment. That's one of the many ways Focusmate works: by anticipating your behavioral triggers and providing solutions for it ahead of time.

Taylor even shared that some Focusmate users said that they were productive long after their coworking sessions even ended! Their mental state was so deeply ingrained in work mode that they tackled other stuff they had to do, even if they technically were "off the clock" at that point. We think that's pretty cool.

Whether it's fully remote or in-person, running any business is tough. However, choosing what to focus your energy on in your business is one of the hardest things entrepreneurs face. And it's a constant battle prioritizing your tasks, especially in the beginning stages. You already started your own business, which means you brought a fantastic idea to life. That's not the last great idea you'll have and wanting to explore other ideas can be tempting.

Taylor explained that choosing which business ideas to pursue is something he struggles with most. It really can be too much of a good thing. If you focus your attention on too many projects at once, you lose out on efficiency. And those ideas you picked won't really reach their full potential if your concentration is scattered. Sometimes you have to learn to say no, even to yourself. (Plus, as you know, we're not big fans of multiple businesses).

This is just a taste of what we chatted about with Taylor this week. Make sure to check out the full episode for more about Focusmate, how it works, and what to expect from Taylor and his crew in the coming months!

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

• Focusmate (it's free to join!)
• Taylor's Twitter @taylorjacobsen and LinkedIn
• Sapiens: A Brief History of Humankind by Yuval Noah Harari
• The science behind Focusmate
• Living in an age of distraction (which we rant about in Episode 98!)
• Deep Work: Rules for Focused Success in a Distracted World by Cal Newport

• Ask Your Questions
• On Facebook
• On Twitter

No one uses an actual punch clock at their job anymore, right? However, the concept of a punch clock — punching in to start a shift and punching out when it ends — is ingrained in many of us, even as business owners who write our own checks and make our own schedules. But it doesn't have to stay that way! On this episode of Wealth By Design, we talk about how you can start changing your mindset and your life right now.

• • [01:29] Why the punch clock is the enemy

  • [01:56] The irony of making your own hours as a business owner

  • [02:41] Living in the age of distraction

  • [04:23] Why so many professionals start their own business

  • [04:57] How financial planning can help you defeat the punch clock

  • [06:21] The hustle and grind of being a business owner

• • [08:57] What "revivement" is

  • [10:54] How your passions can guide your work

  • [12:03] The important business strategy people aren't talking about

  • [14:20] How to start building a safety net for yourself

  • [15:37] The importance of having a financial life plan

  • [17:35] What a "BULB" is — in case you haven't been following us for long

  • [17:51] How to reach BULB status

If you started your own business, we bet one of your goals was to get away from the punch clock. Maybe the one you saw your parents dealing with. You wanted more flexibility and control over the hours you work. But it's not that easy. And your flexible work schedule doesn't necessarily mean you're free of the metaphorical punch clock.

Here's why: There's still a direct correlation into the hours you put in to the money you get back. Hours in, money out. Plus, you're likely putting in more than the typical 40 hours a week, even though you're the boss.

This is a problem because, as we talk about in this week's episode, our time is more important than ever in today's age. Everything and everyone is competing for just a few seconds of your time. Social media, networking sites, apps, streaming services: everyone is fighting for your attention. Your time is precious, and that's why you need a plan to make the most of it.

As a business owner, you probably feel intense pressure to "be a boss" or "put in the work" or "rise and grind." We get it, and we've been there. But we're here to shout a big fat "No thanks" at that life.

We're team anti-hustle and grind. We want you to stop and smell the roses. Enjoy your life while you can. You want to be able to step away from business, clear your mind, and delegate to others… without feeling like everything will fall apart without you there. You want to get to a place where you don't have to put in all the hours to receive an income. You want to work not because you have to, but because you want to, right?

Of course you do… but how do you get there?

The first exercise we talk you through in the episode is a little soul-searching. More specifically, we talk about "revivement." It's like retirement, but instead of waiting until you're no longer working to pursue your life's mission, you do it right now. If you didn't have your current career, what would you really want to do?

If you're already doing what you want to be doing, great. You're one step ahead. But you can dive a little deeper. Is it the actual work that's your passion? Going to the office, sitting at your computer, having meetings… is that your goal? Or is it the effect of the work that you're doing that's your true passion?

Once you start thinking about this, you can begin taking steps to build the life you want and the kind of legacy you'll leave behind — and stop putting in the time you've been spending.

When we read about entrepreneurs, watch documentaries about successful startups, or listen to podcasts about the business owners who made it, we hear a lot about how they built their business. Their dreams. The sacrifices they made. The hustle-and-grind. (There it is again!)

What we don't often hear about is the saving and investing required at the beginning, and the planning that's needed after the business is already built. Most self-made millionaires or billionaires build financial planning into their strategy early on. But we don't hear about that enough, even though it's a huge part of their success. Frustrating, right?

Basically, what nobody is telling you is: the hustle isn't the only way these people are getting rich!

And yeah, building a safety net for yourself might seem a little boring, and frankly, not all that sexy. But it's the necessary stuff that will protect you, your business, and your family. Insurance, legal documents, financial assets, all that jazz. Even if you're young, your legacy still matters! Do the work and take care of that stuff now. Remember, your time is precious.

Once your safety net is in place, you can figure out what actions you need to take in order to meet your goals. One goal we suggest? Start thinking in terms of your BULB: your back-up life bank. This is a dollar goal that, once you've reached it, your work is optional. If you haven't been following us for long, your BULB is 25 times your minimum yearly income. It sounds like a big number, but it's totally doable. We talk all about in Episode 063 if you wanna go have a listen.

Imagine the day when you don't have to sit down at your desk or go to those meetings to make your money. Let's dream of a day when you can wake up and do the things that really fill your cup, make money, and make more of a difference — without having to spend your time to do it.

This is truly when you can kick back and enjoy the fruits of your labor. But this doesn't start by busting your 🍑 to make more money now. It all starts when you ditch the punch clock, reevaluate your investments (including your business), and start building your safety net. For more in-depth advice and steps on how to do this, be sure to listen to this week's full episode. Also check out our show notes for more resources.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

• Taylor Johnson's Focusmate app for distraction-free productivity
• Dannie Fountain, passionate entrepreneur and one badass businesswoman
• Episode 063: Self-Employment & Work-Optional Lifestyles

With 2020 just around the corner, now is (hopefully) the time when you're laying the groundwork for what you're doing in the New Year. From mapping out your big business goals to figuring out where you want to travel in 2020, it's an exciting time where you get to think about all the possibilities. Of course, we believe that the best way to plan for the future is by assessing the whole picture — even the not-so-fun stuff.

That is why we're sharing a few things you should be aware of in 2020 in this episode. Our hope is that, by sharing what the New Year might bring, you can build some buffer into your plans and create a really strong strategy that helps you weather anything that comes your way.

• [01:30] How the global economy may affect your business in 2020

• [02:03] Things you should be planning and preparing for next year

• [03:22] How small business was affected in the Great Recession of 2008

• [05:41] Why every recession is different and why it's unlikely to see another crisis

• [06:23] How lower interests rates and political upheaval can affect our economy

• [07:43] The difference between a hot and cold war

• [09:05] Why the Feds keep lowering the interest rates

• [10:06] The self-fulfilling prophecy of recessions

• [12:57] The yin and yang of a recession

• [14:08] Why we can see all of this upheaval as a sort of "rebirth"

• [15:51] The first step in preparing for 2020

• [16:26] How to assess your income/expenses and contracts to see what's not serving you

• [18:57] Why debt is a tool and how you can use it to your advantage in 2020

• [20:11] The importance of maintaining your savings and investing despite a market slowdown

• [22:15] Why you shouldn't wait for a recession to start (or stop) investing

• [24:10] The value of a financial advisor when the going gets tough

LET'S TAKE A LITTLE TRIP DOWN MEMORY LANE

When we talk about planning for 2020, we should consider all of the possibilities. On average, an economic cycle lasts about 4.7 years. This means we have about 3.2 years of growth and about 1.5 years of recession. By those numbers, we're pretty overdue for a recession (we haven't had one since 2008!). That's why, on this week's episode we want to get you prepared for 2020 in the event that a recession does hit. We can never predict what will happen, but based on historical data, a recession will occur eventually. So why not plan accordingly, right?

During this episode, Dustin talks about a few of the things you might be seeing on the news lately — from lowered federal interest rates to struggles in global economies. While a lot of this can feel complex and overwhelming, there are a few ways that these "events" affect you here on U.S. soil (and might affect your business):

1. Federal interest rates: A lower federal interest rate is a tool the Federal Reserve uses to spark the economy, but it also means they believe we're on the verge of a recession, so they're trying to stimulate the economy.
2. Hot wars are up: Hot wars, meaning on-the-ground fighting, guns, military, etc. are up all over the world. This leads to volatility and uncertainty, which can affect the markets as well as global economies.
3. Global growth is slowing: Nations all around the world are experiencing slower growth, which could be in part to political upheaval, those hot wars, etc. This, of course, comes home to roost here in the U.S.
4. Low economic growth in America: All of our economies are intertwined and when global economies slow, so does ours. But remember: a recession merely means that the economy is not growing.

So… how do you navigate all these potential signs of recession and their potential effects on your business? You plan for 2020… and listen to this week's episode!

In this episode, we walk you through the 4 steps you should be building into your 2020 planning so you can handle whatever comes your way. These steps include:

1. Making sure your emergency fund is funded. That means 3-6 months of living expenses and 3-6 months business operating expenses, cash on hand. If you don't have that cash saved up already, it's time to start.
2. Applying for financing before you need it. You know we hate all that "debt is dumb" talk — and that's never more true than in a recession. When a recession hits, banks are less likely to give out loans because, guess what! The risk is on them! They might not get paid if things go south. So, we recommend that, if you're planning on asking for a business loan, car loan, or even mortgage in 2020, look at applying now. This way, you can have the cash you need when you need it, and you don't have to worry about banks making it hard to apply for loans down the road. P.S. to hear more about what we think about debt, check out this about this in Episode 84.
3. Taking advantage of the stock market. As we always say, the last innings before a recession are some with the best growth. You should be saving and investing at a steady rate and you should not stop if things slow down (or fall). This allows you to "buy shares on sale." Huh?? What does that even mean? A share today might cost $100, but during a recession you might get 4 shares for that same $100. It may seem like you're investing in a losing game, but when the market rebounds, you'll have 4 shares that are now worth $100 each. That's $400 for the investment of $100. This is oversimplified, of course but you get the gist!
4. Hiring an advisor. When a recession hits, a good advisor is going to help you invest properly, manage your fears, and set yourself up for success. He or she is also going to help you prepare for a recession before it hits, from a business and personal financial perspective.

We know that this can feel like a lot of information, and it might be a bit overwhelming or scary if you've never thought about a recession before. But you're a business owner and you need to know that, sometimes, you can't control everything. What you can control is how you prepare. This episode was designed to give you some helpful tips to build into your 2020 planning and we hope you actually use them. They could really save your 🍑 — and your business.

This is a great episode to share with your fellow biz owners and entrepreneurs, especially if you're doing a 2020 planning sesh with them! And of course, if you want the help of not one but two CERTIFIED FINANCIAL PLANNER™ professionals, you can set up a time to chat with us and see if we're a good fit.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

• • • Episode 084: Adulting 101 Series: Debt
    • The Toujours Planning Quiz — Are we a good fit for your financial planning needs?

The Giving Season is upon us. Between Giving Tuesday, the Salvation Army Santas standing outside your favorite shops, and the influx of donation requests you're getting in the mail, you've probably got giving on the brain. On this episode of Worth It, we'll be talking about donations — including how you can make more impact with something called a "charitable giving policy."

• [00:52] Why many people don't think about planning their charitable giving

• [01:42] The role of the board of a nonprofit (hint: it's to raise money)

• [02:20] How to streamline the giving process

• [03:20] How to choose nonprofits or causes for your charitable giving

• [04:18] What charitable giving means

• [07:15] Why the negative stereotypes of Millennials don't apply when it comes to charity

• [09:24] The challenges biz owners and entrepreneurs face with planned giving

• [10:54] What you should feel about the charity/causes you support

• [11:35] How to align your giving to your personal and business values

• [12:13] The risk of saying you'll "donate later"

• [14:06] How to use our Ikigai worksheet to find your charity

• [15:07] What a charitable theme is

• [16:06] How to use this theme to accept or reject charitable requests

• [17:42] The value of looking in your own backyard first

• [19:06] How to connect with a nonprofit or charity you love

• [19:21] The 25% Rule

• [20:01] Remember you can start small and build from there

As we were preparing for this episode, we found statistic after statistic about how awesome our generation (shoutout to our fellow elder Millennials) is at giving back. While most statistics agreed that we aren't able to donate the most money (yet), we donate our time, skills, and goods more than other generations.

It's clear that Millennials — and other generations, to be fair — want to give back. But what we're seeing within our own circle of the financial planning world is that business owners and entrepreneurs especially have this passion and drive to donate to charities and causes they believe in. Y'all are some of the most generous people we've met, so let's talk about we can direct that generosity in ways that make even more impact!

Do you donate monthly to organizations like the ASPCA, or are you more of a Giving Season donor? Do you find a cause you resonate with on Facebook and click the "Donate Now" button to send them a few bucks? Most of us donate in these ways; we send a few bucks here and there to a few charities, hoping that even a little bit can help.

The good news is: every dollar helps. But if you're really hoping to make a bigger impact, it might help to choose one or two charities to donate to on a larger scale. This doesn't mean you're "stuck" with these 1-2 charities forever. It just means you're going to be focusing your attention and money on them for the time being. Sound scary, or like we're telling you to donate beaucoup bucks? We're not!

Even entrepreneurs and business owners with a ton of cash to spare struggle to figure out how much they should be donating. Between the guilt of not giving enough and the concerns that you're giving too much, it can be stressful. That's why we always recommend creating a charitable giving policy so that you can get clear on what you want to donate and to which organization — without worrying.

In this episode, we break down the four steps to creating your charitable giving policy so that you can start donating to causes that really feel good. It starts, as most things here at Toujours Planning do, with the Ikigai Worksheet. With the Ikigai, you'll answer the four questions and find the theme that overlaps each of them.

This theme is your charitable theme. Maybe health is your Ikigai, so you can choose a health-centric charity. Maybe freedom is your theme, so you might consider nonprofits that focus on human rights. Maybe your theme is kindness, so you can find a local animal shelter to support. Whatever your theme is, there's bound to be a nonprofit or charity you can support that's in line with it. We find that doing this Ikigai "groundwork" really helps our clients get aligned with where they want to make an impact, so don't skip this step!

Last but not least, it's time to partner with an organization. You might be thinking you can just send your "theme" organization a few bucks a month, but we want you to take a different approach. Contact the organization you choose (bonus points if it's local!) and set up a time to meet in person. Use that meeting to ask questions about the organization, or to see the work they're doing. If it all feels like the right fit, ask how you can set up a charitable giving plan or a recurring donation. Even if you only have $50 a month to donate, let them know that you'd like to commit that money to their cause.

This personal connection to the cause you want to support is so powerful. It will also likely encourage you to keep up regular giving, even if income is variable or your own expenses change. As we mention a lot on Worth It, we recommend saving and giving 25% of your income. If you're not there with your saving or giving yet, that's OK. But start somewhere!

The truth is, you can make a huge impact with just a few bucks. You can do that by focusing your attention on a couple causes that mean a lot to you, and by committing to supporting them for the foreseeable future. More than anything, it's important that the charities you choose to support align with your values and vision, and that you feel you're making a difference. Because you are! For more in-depth guidance on how to set up your own charitable giving policy, make sure to tune into the full episode!

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

• Why Millennials are More Charitable Than the Rest of You by Jason Notte
• The Ikigai Worksheet inside our FREE go-to financial and life planning resources

• Family & Youth, Lake Charles

• Are we a good fit for your financial planning needs? Let's find out.

• Ask Your Questions

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For biz owners and entrepreneurs, you know it's about more than just building a business for the money. You want to live the life you want, and use the skills and superpowers that are unique to you. And you want to make a difference, right? Well, today's guest understands that, and works with female entrepreneurs to make sure they're living over existing.

Alisha Robertson is the creator of "Living Over Existing," a podcast, a membership community, and a book all about reshaping what entrepreneurship looks like. Because she specializes in working with female entrepreneurs, note that this episode has more female-based language, but anyone can apply her advice to their life and work!

• [00:39] Who Alisha is and how she serves female entrepreneurs

• [07:39] Why Alisha doesn't believe in "balance"

• [08:53] What happens when you try to give everything attention

• [10:29] How burnout is stopping you from leveling up

• [12:29] The power of just starting

• [13:06] The #1 concern most female entrepreneurs have about money

• [14:22] Why a scrappy business is OK, too

• [15:44] How your excuses are just covering up procrastination

• [16:33] Strategic tips on pricing + charging what you're worth

• [18:13] The importance of getting clear

• [21:38] The concept of "enough"

• [23:21] How to extend local impact to global reach

• [25:42] How Alisha structures her business for multiple revenue streams

• [28:28] The power of community

• [30:02] What Alisha would do in her revivement

During our chat, we dove right into the good stuff: talking about boundaries, priorities, and what Alisha tells her coaching clients who juggle life and work (read: all of them). First and foremost, Alisha explained that she doesn't believe in setting boundaries; she believes in setting priorities. She had a baby less than a year ago, and the baby is her priority most days. But in this particular season (approaching the end of the year at time of our recording), her other priority was launching her membership community. On Friday nights, her husband and their date night is her priority. Of course, those priorities shift in a flash if something comes up — like a crying baby!

This is such a great tip to keep in mind when you feel like you're juggling everything and need to put boundaries into place. Yes, Alisha, shared: boundaries are great. But being flexible based on what takes priority in the moment can prevent you from beating yourself up or putting boundaries in place that don't honor what's most important. Things change, and so should your priorities!

We also got to talk to Alisha about something we've seen a lot in the entrepreneurial space: this idea of shifting the definition of "Hustle." Of course, if you're reading this, it's probably because you love what you do and you want to watch it grow — but you know that hustling endlessly can cause major burnout and damage to your business. "That way lies madness," as they say.

Instead, we talked to Alisha about how to hustle intentionally. It starts by working hard toward your goals, yes, but also focusing on re-prioritizing. If you've got things that are more important and move the needle closer to your big goal, the other things on your plate may have to be pushed further down the totem pole (or delegated). You'll also need to make sure that you're making time for the tasks and projects that move you forward, rather than just keeping yourself busy with smaller money-making actions. We're all guilty of it! We take that last-minute project for the money, or say yes to a client we know won't be a good fit… instead of focusing on the big picture. All of this, as Alisha talked about on the episode, is part of our money mindset.

When asked what the biggest topic is surrounding money was for her clients, Alisha shared that most of them feel they don't have the money to get started. They're not willing to dip into savings, they don't want to go into debt (or add more debt), and they don't have money lying around to invest in growing their biz baby.

But she also gives an excellent counterpoint to this argument — including tips to help you bootstrap your business. She told us how she works with clients to take the first step toward building their business, even if it's just finding a few bucks here and there to buy a domain name. We also talked about the importance of prioritizing (there's that word again) what you need first — you don't always need a fancy website, or in a complex marketing strategy. A scrappy biz is just as viable as one where you invest a lot of money.

Along the topics of money, we also touched on how many female entrepreneurs struggle to charge what they're worth. "We all start in that space of not valuing yourself," she said, but it's mostly just fear. Fear is what tells you you're not worth more, or that your business won't succeed if you charge too much. The best way to address this, Alisha shared, is to get clear on what you need to make per month or year. Once you've got that number, break it down by how much you want to (or can) work a week or a month. Then, you'll know what you need to charge per product or service to make that.

Breaking it down into numbers takes the emotions + fear out of the equation; it's simply what you need to charge to live. Also keep in mind that you're not serving yourself or your clients if you're undercharging and over-stressing yourself. Of course, this led us into a conversation about what "Enough" looks like for entrepreneurs, especially when it comes to money.

Alisha explained that "Enough" is important when first starting out, but it's fluid and can change. What's enough for you might not be enough for some else, and what's enough for you NOW might not be what's enough for you in the future. You can scale up or scale down based on your definition of "Enough" at any given moment, but she does recommend that you start with a bit more than your current definition of "Enough" — just in case something comes up. Sounds a bit like an emergency fund, right?

Last but not least, we also dug into Alisha's business structure and how she's diversifying her income through multiple offerings. She talked about her transition and how she's supporting her business by offering services and products that her audience wants, while also focusing on ways she can serve them that aren't offered in her niche. She also shared more information about her new community membership, which opened on October 22nd, and how she's hoping to shift the majority of her biz income to that revenue stream.

There's so much goodness in here, especially if you're a female biz owner or an entrepreneur hoping to create a business that supports your life (rather than the other way around). Make sure to tune into the full episode and also check out all the great resources we referenced in the episode down below.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

• Our Ikigai worksheet, which can be found in our FREE go-to financial and life planning resources
• Alisha's book, Living Over Existing
• Living Over Existing podcast
• Living Over Existing membership community
• Where to find + follow Alisha:
• • Instagram @thealishanicole
  • Instagram @livingoverexisting

• Episode 051: How to Know Your Worth and Charge it
• The Toujours Planning Quiz — Are we a good fit for your financial planning needs?

• Ask Your Questions

• On Facebook

• On Twitter

We know that the title of this episode might not strike up the butterflies in your stomach or get you excited about life. But really, we're talking about insurance because it. is. critical. We think that insurance is the most overlooked, undervalued, and denied aspect of your financial health. And yeah, it's crazy boring. But you know what? It could save your 🍑

• [00:51] Why insurance is critical

• [01:11] The situations that insurance make "manageable"

• [02:39] The downsides of insurance salespeople — giving you the wrong kinds of insurance

• [03:16] Why insurance isn't a "one and done" thing

• [04:25] The risks of assuming you don't need insurance

• [05:08] The arguments against insurance (and what we have to say about them)

• [07:06] How insurance helps us meet our basic needs

• [08:38] Why buying insurance can feel contradictory

• [12:21] The key to matching your insurance needs to your current life + biz

• [12:31] What insurance you need when your wealth is low

• [13:36] What insurance you need when your wealth goes up

• [15:44] Why you need to do a routine insurance audit as your income changes

The biggest myth we want to bust with today's episode is the idea that "you don't need insurance because you're young and healthy," or because "you're careful." Y'all. The whole point of insurance is to protect you if things happen unexpectedly. Nobody intentionally gets themselves sued, or in a major car accident, or (god forbid) terminally ill. But stuff happens. And insurance is here to help you when it does.

We also hear "Insurance is a waste of money. I'll just save up for troubled times." Saving has its place, and we agree that you should save for a rainy day. But are you gonna be able to save enough to cover lost income if you can't work anymore? Or to cover your personal assets if someone sues your business? These aren't scare tactics, you guys. We've seen it happen more frequently than we want.

And that leads us to our final objection against insurance: "Nobody is gonna sue my business. I have nothing to take." Well, did you know that a business lawsuit could actually affect your personal assets? Yuuuup. Let's say, for example, your business is sued for damages of some sort. If you can't pay that from the business, guess what? You might have to pay those debts from your personal assets. This is why liability insurance for your business is SO important, and yet how many of you actually have it?

In this episode, we make it very clear that this isn't our way of telling you that you need every insurance policy under the sun. Insurance is highly specific to your income, business, personal situation, health — all that. This is also why we think insurance isn't a "one and done" thing. What you need today, for example, might not be what you need 10 years from now. And as an entrepreneur, it might not even be what you need 1 year from now, as your income and business have the potential to grow exponentially in a short time.

In the episode, we talk about a few of the types of insurance you might need based on your individual situation. These include overarching insurance policies that you might need as a budding entrepreneur, like health insurance, life insurance, and disability insurance. During this phase in your life, you're taking more risks and have more at stake if something were to happen, so you'll want to make sure you're covered.

For those of you who are further along in your business, have some wealth built up, and could potentially weather some setbacks, you may need less insurance. Especially if you're working toward your BULB status (25x your minimum annual income), you may not need as much disability insurance, for example. That's because you'll be able to pay for your lifestyle even if you can't work. However, you may need more life insurance to help your family if you pass unexpectedly, or business insurance to help your partner keep the business afloat.

Of course, these are basic overviews on the type of insurance you may need (or not need). You'll need to speak to a qualified insurance expert to hear which types of insurance are right for you.

A final note on buying insurance: make sure you're working with professionals who have your best interests in mind. We've seen young people who've been sold whole life insurance policies that have insane premiums — something that doesn't fit their needs and takes away money they could use to build wealth. We've also seen people who are underinsured based on their risk analysis.

Work with insurance agents who are experienced and can do a full risk analysis, and also connect with a CERTIFIED FINANCIAL PLANNER™ who can give you unbiased second opinion. It may seem unnecessary, or something you can do later… but things happen when you least expect them. Don't wait until something bad happens to take a look at the insurance policies you could've used to help you.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

• Our BULB Calculator, which you can find in our FREE go-to financial and life planning resources

• All about "BULB":
  • Ep. 85: Adulting 101 Series: Saving
  • Ep. 063: Self-Employment & Retirement
• The Toujours Planning Quiz — are we a good fit for your financial planning needs?

• Ask Your Questions

• On Facebook
• On Twitter

There are so many business owners and entrepreneurs who are #killingit out there today. But the majority of them started business after the 2008 financial crisis. In fact, some of them started their business after college, when normal jobs just weren't available and they had to adapt. As a result, they have no idea what it's like to own a business during a recession. They may have started at the onset of the recovery, but they're not truly prepared for the effects of a recession.

That's why today's episode is dedicated to asking the question: Is your business recession-proof? We're not trying to scare you with this, but another recession is coming.

• [00:56] Why you need to prepare for a recession

• [02:47] The insights that financial advisors have into recessions

• [04:21] How Dustin + Danielle structure their business to be recession-proof

• [05:31] How technology parallels the impact of recessions

• [06:32] How recessions are like the tide

• [07:54] The risks of remaining ignorant of impending recessions

• [10:07] Why you should be using this information to gain an edge

• [13:05] What stops biz owners from preparing for a recession

• [16:28] Why you should be looking at technology as a potential competitor

• [20:08] Why in the world you should start investing when the stock market is on the rocks

• [22:49] What "normal" recessions look like (and how they're different from 2008)

• [25:16] The real way to recession-proof your business

Some of you reading this, or listening to this episode, might be thinking you won't be affected by a recession. Some of you might even think that a recession isn't likely because "2008's was so bad." Well, my friends, we're sorry to tell you that a recession is, in fact, coming. And soon. We obviously can't predict when things will take a final downturn, but historically speaking we are "due" for a recession.

As CERTIFIED FINANCIAL PLANNER™ professionals, we're trained to prepare for this moment, and to help our clients navigate through it. But more than that, it's also our job to help clients prepare for a recession. Even though you're not a client, we figured this information was too valuable to keep close to the chest, so we're shedding some light on how to prepare your business for a recession.

Instead of acting like a recession won't happen — or that it won't happen to you — let's really talk about what to do so you can prepare. We know that it can sound overwhelming and downright scary to recession-proof your business, but we don't think it has to be.

In fact, Dustin loves talking about recession. He's worked through one himself and came out on the other side with some really great ideas for building a recession-proof biz (which he has, here at Toujours Planning). So what are our big recommendations? We dive into them in the podcast, but here's the gist:

What are you offering that's different from your competitors? Are you poised for an influx of customers or clients when things go sideways? And do your audience or customers know that they can trust you to provide a great service or product, even when money gets tighter? Remember: recession-proofing your biz isn't just about the financial side of things; it's about making sure your clients/customers know they want to keep working with you.

Can you image technology replacing your products or services? Most people can't, but that's exactly what happens during a downturn economy. Businesses and consumers start looking for ways to cut costs, and sometimes that means turning to technology to do what you used to make money doing. Dustin had to deal with the rise of robo advisors (that'd be a cool book title) during the financial crisis and many brick-and-mortar businesses had to deal with online businesses taking their sales and customers. Are you ready for a shakeup?

Are your competitors prepared for a recession? Like you, they're probably not. But you're preparing now, so figure out what you can do to get a step up on the competition. Do you know what your strategy is to win over your competitors' customers and clients? Do you offer something they don't that could convince people to make the switch when they're pickier about where their money is going?

We preach about the BULB all the time. If you're new to BULB, it's your Back-up Life Bank. If you get your BULB big enough, you're totally recession-proof because you're not banking on your business to pay your bills! Sound pretty great? Well, don't waste time getting started on building your BULB.

Determine how much you need to live on annually and then multiply that by 25. It's pretty simple math. And that number shows you exactly how much you need in savings and investments to get by without working — now all you have to do is start saving... and investing.

"Wait what?" you might be thinking. "You want me to invest in the stock market when there's a recession coming??" Yes, we do. And no, we're not crazy. The truth is, if you want to recession-proof your business, you need to be investing your income (you know, that stuff you pay yourself each month!) to build up your BULB. Because you can't build your BULB with savings alone — it would take forever. So instead, we want you to embrace the Law of Compounding Interest.

Because when you invest, you accrue interest. That interest continues to build and build, even after a recession seemingly "takes it all away." After 2008, we've seen a lot of people shy away from the stock market — they're skittish after losing it all. But the reality is: if they had stayed disciplined and stayed the course, they'd be sitting pretty right now. Unfortunately, they sold when the market tanked and they missed out on the highest return in the stock market's history — upwards of 10%. Imagine getting 10% back on the money you invested. That's the fastest way to get to your BULB, and to recession-proof your life and your biz.

We know that recession preparation takes time, (sometimes) it takes money, and you don't know where to start. But that doesn't mean you shouldn't start. We're calling all you bosses to start looking at your business from the lens of a recession: would you survive? Would you thrive? And what do you need to do today to become recession-proof?

Don't put it off.

And if you're listening to this in the future and we're currently in a recession, please don't think we're trying to make you feel bad for not seeing it coming. (Although #toldyaso.) Instead, see this as us giving you the tools to get yourself out of the worst parts of a recession. Start building your BULB. Find ways to innovate. Find ways to make your biz more competitor. And don't wait 'til tomorrow to do things you know will protect yourself and your business in the future.

If you want help preparing for a recession and to strengthen your business so you feel secure,

Check out this episode of Worth It. You can also dive deeper into the BULB, why you should be thinking about a recession NOW, and more in the shownotes below.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

• Our BULB Calculator, which you can find in our FREE go-to financial and life planning resources

• All about "BULB":
  • Ep. 85: Adulting 101 Series: Saving
  • Ep. 063: Self-Employment & Retirement

• The Toujours Planning Quiz — Are we a good fit for your financial planning needs?
• Peter Mallouk - Tim Ferriss Show

• Ask Your Questions

• On Facebook

• On Twitter

If you don't work a "traditional" job, one with an office and a salary, you've likely dealt with the challenges of variable income. Sometimes, entrepreneurs can barely pay themselves as they try to scale a new venture, while small biz owners are at the whim of seasons, customers, or contracts. Basically, you might not know what's going into your bank account during a given month.

And while that's part of the thrill of the hustle, it can also be the downside of self-employment. We all want some stability in our lives, even if we want the freedom that comes with entrepreneurship. So how can you create security while also navigating the world of variable income? In this episode of Worth It, we share our stories and personal experiences with variable income, how we worked through it, and ways YOU can find more security and consistency with your business.

• [02:00] Dustin & Danielle's history with inconsistent income in business and previous careers
• [04:35] How they combated slow months and seasons
• [05:45] How variable income affects your personal life + business
• [06:29] The downfall of "last-minute money-making" when building a successful biz
• [07:59] What you want to experience when you have a slow month
• [08:25] What you can do when months (or seasons) are slow
• [09:32] How passive income can help you meet your minimum living expenses
• [11:15] Why you might consider shifting away from transaction-based models
• [12:57] What it means to fall into the "good times trap"
• [14:48] Why saving and investing is essential, even in down months
• [15:25] How you can generate passive income from your savings
• [15:43] How to calculate your BULB
• [16:34] How saving and investing can help you live a work-optional lifestyle

Most of us love what we do. We're in business for ourselves because we enjoy the freedom that comes with (probably) not having a 9 to 5… but that doesn't mean it's all rainbows and glitter. One of the biggest complaints we hear from our entrepreneur clients and listeners is that "I don't always know what I'm going to make in a month." And boy, do we hear you.

Dustin, when he was new to the financial planning world, struggled with the compensation models in the profession — it was essentially sales-based and he didn't always know if he'd make his sales quotes or commissions each month. Thankfully, the industry has changed and our financial planning firm now offers more fee-based services (more on this in a bit).

For Danielle, working in marketing, direct sales, and eventually social media management, the variable income struggle was always real. To make ends meet sometimes, she'd need to take part-time jobs. We're sure that's something a lot of you can relate to… but it's a cycle we want to help you get out of.

That's because we see how variable income can affect a person and their business efforts. You might have to rely on personal credit cards to keep things afloat at home, or you might end up hustling yourself to death just to make some last-minute money (Guilty!). But worst of all, you take on clients, projects, or ill-fated investments that aren't aligned with your business or what you really want for yourself. We want to help you build long-term success, not month-by-month success.

So, instead of talking about how to make money at the 11th hour, let's talk about what to do when there's a down month.

Have you ever tried to make your "down months" an opportunity? It's hard as hell, we know. You're probably sweating bullets over making ends meet, or thinking about how to find clients for next month. But we want you to try a slightly different tack (at least for a few hours).

Try to see a down month (or season) as a good time to invest time in your business. Not financially, but with "man-hours" and attention. Create systems and learn new things that can support you when things pick back up. Maybe institute email organization, project management tools, or update your contractors and onboarding sequence. This way, your business will be turned into a well-operating machine when the work starts rolling back in.

Secondly, use this time to figure out your minimum living expenses. We all tend to tighten the belt when the income slows, but we think minimum living expenses shouldn't be an "emergency response," but rather the basis for your entire finances. To do this, look at your annual expenses, both personally and professionally.

Tally up your personal expenses by total for the last year (don't worry about divvying them out by category or expenses) and then divide by 12. This should give you the average per month that you need to get by. Of course, some months are higher than others, i.e. when your car insurance is due or when the holidays roll around. But in general, you'll have a minimum income amount to work with. Now, you can create systems within your business that help you ensure you're going to hit that minimum number. Anything over that? We'll talk about what to do with it in just a bit 😏

Note: if you've recently increased a monthly expense, such as moving into a higher-rent apartment, you'll need to calculate that into your annual total to get a more accurate picture.

Speaking of systems that help you hit your minimum, we think slow months are a good time to look at your business model and consider ways you can make passive (or more reliable) income. Dustin, for example, shifted to more of a "fee-based model" in his financial planning work; offering clients an annual fee for financial and investment advice. This meant he knew what he'd take home from each new client, and have a more reliable income than selling financial products (which not everyone wants to buy!).

While we know financial planning models don't necessarily apply to your business, we think there's something you can take away from this: Look for ways to shift your business from a service or single payment (transactional-based) to an ongoing or passive income-based model. Can you create a package that offers your services in a more condensed model that people can buy year-round? Can you offer retainer packages with long-term contracts so you can at least bank on income for a set contract window?

Think of what you can shift in your business to create a more stable income for yourself, even if it might take some extra work on the front end. Don't worry, you have the time!

Now, there's one last thing we want to talk about when it comes to variable income: your mindset. Especially as it relates to saving. Most of the time, people think of saving and investing as a bonus: "If I have enough money this month, I'll set some aside." Actually, you guys, it is non-negotiable. In addition to your minimum monthly expenses, you need to be setting aside a specific amount each month for savings.

While we do recommend setting aside about 25% of your income for savings, we understand this isn't viable with variable income. So, choose an amount you believe is reasonable and then put that thing on automatic. Set up auto transfers each month so you know exactly what's moving into savings and so you include it in your minimum monthly income.

Don't have any savings currently? Start building up 3-6 mos of living expenses (that minimum monthly number is coming in handy here!) to fund your emergency fund. Once you fill up your emergency funds, it's time to send everything else to investments. (You can set up a simple investment account with online tools like Schwab.com, but a CERTIFIED FINANCIAL PLANNER™ will be better able to help you get started and advise you on the investments that are right for you.)

Eventually, you'll have an entirely funded Back-up Life Bank, or BULB as we like to call it. What's that, you ask? About 25x your minimum yearly income. When you invest your money each month, you make it possible to weather down months, seasons, or years by living off the interest on your investments. Of course, this takes time but it's a huge way to create stability for your future self.

Want to learn more about the Back-Up Life Bank? Go listen to Episode 63: Self-Employment + Retirement: Work-Optional Lifestyles.

Last but not least, we really want to drive something home for you in this episode: think about down months as the norm. While nobody wants to assume they're always going to be "just getting by," we think this is a great attitude to adopt when it comes to your finances.

Why? Because you'll be able to build long-term wealth when you're not set on spending a ton of money each month. "Good months" are the months where you can sock away money and build up that buffer, while "down months" are the months you've already planned for and can get by on. Hopefully, over time, you have more good months than bad months… and you build major security as they come. But you're never beholden to "constantly hustling" to make ends meet; you're comfortable, calm, and killin' it… even when things feel a little slow.

• The Back-Up Life Bank & Calculator from Episode 63
• BULB Formula inside our Resource Vault
• The Toujours Planning Quiz — Are we a good fit for your financial planning needs?

• Ask Your Questions

• On Facebook

• On Twitter

Amy Northard, CPA, has a passion for helping small business owners manage their finances and accounting so they can focus on growing their business. She also loves teaching accounting basics to online entrepreneurs who are just starting out. We were lucky enough to have her on this episode of Worth It, where we talk all about her CPA firm, what a CPA does, and when a creative biz owner (like yourself) might need to bring a CPA onboard.

• [01:48] Amy's journey as a CPA

• [04:01] How Amy formed a niche making accounting easy for business owners to understand

• [06:05] Why finding experts who are "wired" for their work is so important

• [11:16] The nuances that come with serving entrepreneurs and business owners

• [13:17] Signs it might be time to hire a CPA

• [14:12] The difference between a bookkeeper and a CPA

• [15:33] What to look for in a CPA

• [18:28] The difference between a CPA and a CERTIFIED FINANCIAL PLANNER™

• [22:11] Who Amy's Be Your Own CFO course is right for

• [24:01] The benefits of keeping it in the family

• [26:23] What Amy wants to do in her "revivement"

• [29:21] What's next for Amy and her CPA firm

Amy is one of those rare breeds who loves taxes, following processes, and managing small business finances. She started her relationship with accounting in high school when her dad encouraged her to take classes, and the rest is history. But when she received her CPA designation and started working in a bigger firm, she quickly realized that working in a cubicle and doing the same work day in and day out wasn't filling her up.

So, like a true entrepreneur, Amy started looking into starting her own CPA firm. As she started attracting her own clients, she quickly realized that there was a real need in the small business space. When it came to finances, creative entrepreneurs and biz owners were really struggling to understand their finances and basic accounting principles. In fact, traditional accounting "speak" was downright overwhelming to them… so Amy sought to find ways to help.

Today, she works with creative entrepreneurs and biz owners all over the US navigate taxes and set up bookkeeping systems so they can get back to the part of the business they love – the creative part. Of course, we talk all about when our listeners might want to hire a CPA and what a CPA even is because we know a lot of you are too afraid to ask that question 😏

If you're running your own business, you wear a lot of hats. From admin assistant to head sales rep, you do it all. And that probably means you're also managing your finances. Keeping track of invoices, expenses, and revenue can be quite a bit of work, especially when you're first getting started and trying to learn the ropes. And as your business scales, the stakes get even higher. In this episode, Amy shares her CPA insights on when business owners should hire a CPA, and what milestones they should be on the lookout for. These include when:

• Your business has scaled quickly (or is about to)
• You need help managing expense/income tracking
• You have a complex cash flow (multiple accounts, employees, expenses, etc.)
• You're hiring employees
• You're not sure how to contribute to retirement or savings accounts
• You're not paying quarterly taxes yourself (yeah, we see you 👀)

Of course, if you know you avoid financials, hate tracking expenses, and don't know the first thing about setting up your systems for getting paid, you might want to consider a CPA from the start of your business. However, Amy knows that there's a ton of value in DIYing it while you get a grasp on your business's finances so you know exactly what you need when it comes to hire a CPA.

But what is a CPA, and what can they do for you?

One thing that happens a lot with business + money is that terms get confused. In Amy's world, those terms are often "CPA" and "bookkeeper." So what's the difference? As Amy explained in the episode, bookkeepers track your cash flow. They categorize your income and expenses and make sure that what's in your accounts and statements align with what you're reporting. The more transfers, expenses, employees, and general complexity you have in your business, though, the more you might need a CPA.

CPAs are Certified Public Accountants and they can do a wide range of accounting services. While each CPA has their own process and preferred services they offer, you can find a CPA that offers anything from tax preparation and financial statements to payroll and audits. In some cases, business owners only talk to their CPA around tax time, but many CPAs (like Amy, cough cough) are available year-round for things like:

• Quarterly tax estimates
• Monthly bookkeeping
• Questions or concerns about financials
• Hiring
• Changing or creating business structures
• And more

Amy also explained that, depending on a CPA's fee structure, you may charge a specific fee for all of your accounting needs or you may be billed for what you need each month or quarter. It's important to find a CPA that bills the way that makes sense for your business, and who is available when you need.

And as we like to say, a CPA is just part of your well-rounded biz team. If you're scaling your business, you probably need a CPA — and if you want to build long-term security with your business income, you might also want a CFP® (that's us!).

As we've mentioned before, there are plenty of professionals you can hire to help you make the most of your business revenue and income, both from a business and personal perspective. While a CPA like Amy is a great resource when it comes to accounting and financials within your business, a CERTIFIED FINANCIAL PLANNER™ sort of "pick up" where a CPA's certification stops.

That's because, to be a CERTIFIED FINANCIAL PLANNER™, you have to know a lot about tax planning, retirement, insurance, and long-term financial goals. A CPA can definitely help you set up the structures and processes within your business to help you reach those goals, but a CERTIFIED FINANCIAL PLANNER™ professional is the one who will help you make it happen. CERTIFIED FINANCIAL PLANNER™ professionals will also help you with things like:

• Tax planning (to make sure you're not paying too much in taxes)
• Investments
• Business succession planning
• Business insurance
• Retirement and investment accounts
• And more

Basically, they work together to make sure you have a healthy financial life now and in the future. Depending on your individual business and financial goals, you may benefit from working with one or both of these professionals. If you're in the market for a CPA, we highly recommend checking out Amy's CPA firm and services at amynorthardcpa.com. If hiring a CPA isn't in the books for you right now, you can also check out her DIY course, Be Your Own CFO.

And if you're interested in how a CERTIFIED FINANCIAL PLANNER™ (or two) can help you, you can take our fit quiz to see if we can work together.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

• Amy Northard, CPA
• Amy's Be Your Own CFO course
• Where to find Amy on Instagram and Facebook: @amynorthardcpa
• The Toujours Planning Quiz — Are we a good fit for your financial planning needs?

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• Connect with Dustin on Twitter: @DRGranger