Work Your Wealth Podcast

This week I sat down with CPA, Josh Bauerle.

Josh is a CPA an the founder of CPA on Fire, a tax and accounting firm that specializes in working with online based entrepreneurs.

HERE'S WHAT YOU'LL LEARN FROM THIS EPISODE:

• An overview of some of the big changes with the new tax reform.
• Updates to the Standard and Itemized deductions along with the Personal Exemption and how they impact you.
• The changes made to how local and state income and property taxes are deducted and how this could be less than ideal depending on the state you live in.
• Are you a homeowner or anticipating become one? There's a change to mortgage interest deductions as well.
• If your business is a pass-through entity, there are some beneficial changes you'll want to be aware of for your income.
• How the 529 plan can now benefit your children's education beyond college.
• How to identify some of the myths that have been going around about the tax reform.
• What entrepreneurs should be doing in order to better prepare for the changes from the new tax reform.
• The biggest action item an entrepreneur can do to better understand the success of their business.
• When to establish a payroll for yourself and when to take distributions.
• If you do switch to payroll, what to consider when deciding the amount to pay yourself.
• Retirement savings tips for entrepreneurs.
• A good rule of thumb to follow when taking deductions for your business.

LINKS WE MENTIONED ON THE SHOW:

• CPA on Fire (Josh's Website)
• How to file Form 2553 (to file as an S-Corp)
• Gusto

This week I sat down with Money Mindset Maven, Tonya Rineer.

Tonya Rineer is a Speaker, Podcast Host and Money Mindset Maven who helps women entrepreneurs super-charge their profit potential by revolutionizing the way they think and feel about money! Her fun, action-packed coaching style helps women amp up their mindset and create value-based profit strategies that lead to financial peace and feel-good success.

HERE'S WHAT YOU'LL LEARN FROM THIS EPISODE:

• How your money mindset can impact your financial status
• What a toxic relationship with money can do to the rest of your life
• Where your money mindset comes from
• How the behaviors modeled to you as a child impact your financial behaviors
• How the words that you use impact or define your money beliefs
• Questions to ask about your money experiences and past that will help you to better understand your limiting money beliefs
• What inherited money stories are
• The 5 steps to overcoming a negative money mindset and beliefs
• Where to begin with identifying the problem and the fear
• How to label and become comfortable with your dreams
• How a "splurge fund" can benefit you

LINKS WE MENTIONED ON THE SHOW:

• The Profit Party

HOW DO I ACTUALLY MAKE PROGRESS WITH MY MONEY THIS YEAR INSTEAD OF SETTING GOALS IN NEVER REACH?

One of the fun parts of being a financial planner is getting to field and answer questions from clients and readers all around the country. In these Work Your Wealth episodes I'll be taking time to address and answer questions I've come across from readers and clients throughout my career. Today I'm answering the above question.

WHAT YOU'LL LEARN FROM THIS EPISODE:

• The precursor step to take when setting any financial goals for yourself
• How social media can derail your finances (and why your perceptions of other people can as well)
• What FOMO is and how it impacts you
• Why figuring out your WHY matters and how to do it
• What to realistically expect on the journey to finding your "why"
• Questions to answer about your finances to determine what motivates you and how you are or aren't aligning your money with what's important to you
• What bag lady syndrome is
• What controlling your money should look like
• How choices play a leading role in how you utilize your money to create your own happiness
• Questions to answer in determining your "why"
• How to set SMART goals

LINKS MENTIONED ON THE SHOW:

• Schedule a free 30-minute consultation with me
• Work Your Wealth: 9 Steps to Making Smarter Choices With Your Money
• 9 Steps to Workable Wealth

his week I sat down with business strategist, Katie Hunt.

Katie Hunt is the founder of Tradeshow Bootcamp, host of the Proof to Product Podcast, a business strategist, and a mentor to creative entrepreneurs. She is a firm believer in professional development, surrounding yourself with community and pushing go even when you might not feel 100% ready.

Katie earned a dual MBA in marketing and finance from Loyola Marymount University and has spent the last 16 years coaching large corporations and entrepreneurs on marketing and business development strategies. Her strengths lie in connecting people and bringing ideas to life brainstorming, making a plan and executing. Katie has a passion for creating, a mind for business and a strong desire to help others succeed.

HERE'S WHAT YOU'LL LEARN FROM THIS EPISODE:

• What it means to be a leader in your work environment, in your family environment and in your community.
• Why, at times, it's important to relinquish control to those who work for you.
• How to identify when it's time to delegate items and where to start.
• Why acting as a task master doesn't equate to good leadership.
• How a trial period can ease the onboarding of team members. The importance of a trial period when starting a new job for both parties.
• The role open communication plays across all of your relationships and how to implement it.
• The importance of the sharing the "Why" behind tasks, requests and items delegated.
• Understanding when to have very defined roles for your team and when to be flexible.
• How to keep your team together for the long term.

LINKS WE MENTIONED ON THE SHOW:

• Trade Show Bootcamp
• Proof to Product Podcast
• Asana
• Slack

AM I HANDLING MY STUDENT LOANS CORRECTLY?

This week I sat down with fellow CERTIFIED FINANCIAL PLANNER™ and blogger, Natalie Bacon.

Natalie is a CERTIFIED FINANCIAL PLANNER™ at a registered investment advisory firm during the day, and a blogger at night. She's been featured in Forbes, CNBC, MSNBC, US News, and The Huffington Post. Before all this, Natalie was an attorney, but quit because she hated it. You can find Natalie on her blog, at NatalieBacon.com.

HERE'S WHAT YOU'LL LEARN FROM THIS EPISODE:

• The biggest hang up people have when it comes to facing student loan debt
• The importance of understanding the terms of your student loans and why the details matter
• Problems with the student loan debt forgiveness plan (and why it isn't as great as you think it might be)
• Understanding the negative aspects of refinancing Federal students loans
• Whether you have the right insurance in place for your student loans (Yes, this is a thing!)
• Whether it's better to invest or tackle student loan debt
• Understanding some of the differences between federal and private student loans
• A big (incorrect) assumption people make when it comes to qualifying for different student loan programs
• How to work in your goals when you have student debt to pay off
• Benefits of paying off your loans early instead of dragging them out
• A few traditional and not so traditional ways to increase what you putting towards your student loans.

LINKS WE MENTIONED ON THE SHOW:

• 10 Student Loan Mistakes Natalie sees all the time
• Natalie's website

This week I sat down with CPA and Tax Professional, John McCarthy.

John is a CPA and founder of McCarthy Tax Preparation and Advisor Facing Tax where he has helped families and small businesses with income taxes and planning for the past 15+ years. He is also a past member of XY Planning Network, a leading organization of fee-only financial advisors who specialize in helping members of Gen X and Gen Y. John graduated from Purdue University with a Bachelors in Science in Accounting. John left his salaried corporate tax job to provide tax preparation and planning services to financial advisors and their clients as a full time entrepreneur.

HERE'S WHAT YOU'LL LEARN FROM THIS EPISODE:

• Why you're not alone if you're afraid of your taxes
• How to know if the IRS is actually trying to contact you versus being stuck in a scam
• Errors you should be looking out for in your personal tax situation
• Why it's important to work with a tax professional each year (no matter your situation)
• How to determine if you are withholding the proper amount for taxes
• Whether you should aim to have a large refund versus owe at the end of the year
• How to be best prepared when working with a CPA to get your taxes done
• What questions to ask a CPA, a Financial Planner and a Bookkeeper
• Why it's important to talk to a tax professional during life transitions
• Areas people tend to make mistakes when it comes to taxes
• What happens if you owe on your tax return but don't have the funds on hand to pay
• The best way to get current with your taxes through the quarterly installments
• How business owners can stay on top of their taxes
• Standard versus Itemized deductions

LINKS WE MENTIONED ON THE SHOW:

• IRS Withholding Calculator
• John's website

This week I sat down with Financial Advisor and Certified Divorce Financial Analyst, Laurie Itkin.

Laurie Itkin is a financial advisor and certified divorce financial analyst who specializes in helping women transition financially from married to single life. She is passionate about increasing the financial literacy of under-served populations and provides pro-bono financial planning through the San Diego Financial Literacy Center. Her book, "Every Woman Should Know Her Options: Invest Your Way to Financial Empowerment," became an Amazon best seller in three categories. Laurie also offers an affordable online course specifically for recently-divorced women called, "How Not to Run Out of Money: The Recently-Divorced Woman's Guide to Financial Independence." She received her B.S. in economics with a concentration in finance from the Wharton School of the University of Pennsylvania.

HERE'S WHAT YOU'LL LEARN FROM THIS EPISODE:

• What a Certified Divorce Financial Analyst is
• Considerations when planning to keep the home as a part of a divorce settlement
• The biggest financial mistakes people are making when it comes to dividing assets and the growth potential you're giving up
• How you may unknowingly turn yourself into a martyr
• The changes that you're going to face in downshifting your lifestyle
• Why knowing your priorities is important and debt is not an option
• Where to begin in getting financially organized if you're preparing for a divorce
• How to find your assets and debts and educate yourself up front
• What a settlement agreement is and why it's important to take action on it ASAP
• What a Qualified Domestic Relationship Order is and how it benefits you
• Where to begin with securing and protecting what is yours (and what you're probably overlooking)
• How to start with getting track of what is coming in versus what is going out
• Why it's important to live below your means now

LINKS WE MENTIONED ON THE SHOW:

• The Options Lady
• Every Women Should Know Her Options
• How Not to Run Out of Money: The Recently Divorced Woman's Guide to Financial Independence
• Laurie's website

HOW DO I FOCUS ON MY HEALTH AND BUILD WEALTH AT THE SAME TIME?

This week I sat down with holistic nutrition consultant, Drew Follette.

Drew is a certified holistic nutrition consultant helping clients improve their health through whole-foods nutrition. She works one-on-one with those who struggle with hormone imbalances, digestive issues, autoimmune, and other difficult health conditions. Drew helps her clients lead more full, healthy lives through personalized nutrition education.

HERE'S WHAT YOU'LL LEARN FROM THIS EPISODE:

• How your health and wealth are aligned
• What holistic nutrition entails and what real whole foods are
• Why taking care of yourself on holistic level is important and how it translates into thousands of dollars saved throughout your life
• Where to start with your nutrition from a big picture level
• Whether you need to shop at Whole Foods or eat all organic to be considered "healthy"
• How meal planning can keep your budget and your health on track
• What staples you should have in your kitchen to save money over the long run
• Where to head once you're inside the grocery store to reduce costs
• Unique ways to reduce costs on meats
• How to reduce what you need to spend on fruits and vegetables
• Where freezer meals can help you out in terms of cost and time savings

LINKS WE MENTIONED ON THE SHOW:

• Chartered Wellness
• Environmental Working Group Dirty Dozen and Clean Fifteen
• Odd Bits by Jennifer McClagan
• Intant Pot

CAN PRODUCTIVITY HELP ME TO LIVE ON PURPOSE?

This week I sat down with Productivity Expert and founder of inkWELL Press, Tonya Dalton.

Tonya is a productivity expert who started her first business in 2009 working out of her dining room juggling two small kids. By 2011, she had grown the business to the point where her husband could leave corporate America and come work with her. By combining her entrepreneurial spirit with his MBA and marketing experience, they were able to grow a small niche business quickly into something that could support their family.

The company continued to flourish, but something was missing. In the summer of 2014 she closed up shop to follow her true passion of starting inkWELL Press - a company centered around productivity tools and training. inkWELL Press launched in November of 2014 and has been able to rapidly grow its online presence and expand into a national retail partnership thanks to a commitment to quality, focused marketing efforts and fiercely loyal fans. Recently Tonya launched her podcast, Productivity Paradox, which debuted at #12 in iTunes in the Business category and surpassed 100,000 downloads in the first few months.

HERE'S WHAT YOU'LL LEARN FROM THIS EPISODE:

• Where people are making the biggest mistakes and wasting time in their lives
• What productivity is about
• How to discern between what's important and what's keeping you busy
• The difference between multi-tasking, switch-tasking and background-tasking
• How to reframe your "all the things" mindset
• Why you should value the white space in your life
• How reflection exercises and determining what you feel bad about can help you to prioritize
• Systems to use in structuring your day to focus on priorities
• How automations can make household and business tasks more manageable
• How to convert your "To Do" list into a Priority list
• Why it's important to say 'no' from time to time.
• Why having nothing planned should be on your list of priorities when it comes to productivity.

LINKS WE MENTIONED ON THE SHOW:

• inkWELL Press
• Productivity Paradox Podcast

HOW DO YOU TEACH YOUR YOUNG KIDS ABOUT MONEY?

One of the fun parts of being a financial planner is getting to field and answer questions from clients and readers all around the country. In these Work Your Wealth episodes I'll be taking time to address and answer questions I've come across from readers and clients throughout my career. Today I'm answering the above question.

WHAT YOU'LL LEARN FROM THIS EPISODE:

• What money scripts are and how they impact us from childhood through adulthood.
• Why it's important as parents to make money a topic of interest for our children from an early age.
• Why it's important to remember that children model and mimic our behaviors.
• How to model and expose children to healthy financial behaviors.
• How to leverage a rewards jar for savings.
• How children who can practice delayed gratification fare better financially.
• How to set and frame boundaries and expectations.
• Ways to tie together the financial conversation through various messages.
• The role "play money" can have empowering your children financially.
• The use of the Three Jar Method and how to leverage it to teach a balanced approach about money.
• How to incorporate a conversation around giving back.
• Why it's important for you to create a habit of discussing finances from your children's early age.

LINKS MENTIONED ON THE SHOW:

• Schedule a free 30-minute consultation with me
• Work Your Wealth: 9 Steps to Making Smarter Choices With Your Money
• 9 Steps to Workable Wealth