Consultants and Money – Détails, épisodes et analyse

In this episode Erica addresses a common question from clients: what is the best credit card for business use? She explains why travel reward credit cards are generally a better choice than cashback credit cards for solo consultants. Erica emphasizes that travel points and frequent flyer miles are not taxed by the IRS and don't reduce business deductions, unlike cashback rewards.

00:00 Introduction to the Consultants and Money Podcast

00:50 Choosing the Best Credit Card for Your Business

01:43 Why Travel Reward Credit Cards Are Better

03:13 Maximizing Travel Rewards for Business and Personal Use

05:16 The Downside of Cashback Credit Cards

06:36 Final Tips and Recap

08:15 Conclusion and Next Steps

08:48 Concierge Bookkeeping Service

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Erica sits down with Luke Sauter, a CPA, PFS, and investment advisor who shares insights on the intricacies of financial planning, emphasizing the importance of choosing a trustworthy fiduciary who provides consistent, transparent, and comprehensive wealth management services.

00:43 Meet Luke Sauter: CPA and Financial Specialist

02:34 A Personal Journey: From Corporate to Consulting

04:54 Understanding Financial Designations and Trust

09:37 The Role of a Fiduciary and Financial Planning

16:03 Building Trust and Transparency in Financial Advisory

20:56 The Importance of Regular Communication with Advisors

26:30 The Advisor Mindset Shift

27:13 Transactional vs. Relational CPA Models

28:26 The Importance of Integrated Wealth Management

32:37 Financial Planning for Different Net Worths

36:58 Understanding AUM and Fee Structures

49:59 Choosing the Right Financial Advisor

56:13 Conclusion and Contact Information

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Connect with Luke | Website | LinkedIn | Facebook | Instagram | YouTube

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Disclaimers:

Vidarrow Investment Advisors is a Registered Investment Adviser in the state of Illinois. Advisory services are only offered to clients or prospective clients where Vidarrow and its representatives are properly registered or exempt from registration. This podcast is for informational purposes only and does not constitute individualized advice or a guarantee that you will achieve a desired result. You should consult with appropriate tax and/or financial advisors for advice specific to your situation. All expressions of opinion reflect the judgment of the host/interviewee on the date of the program and are subject to change.

Luke Sauter is an investment adviser representative of Vidarrow. The firm is a registered investment adviser and only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability.

The information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. Discussions should not be construed as an offer to buy or sell, or a solicitation of an offer to buy or sell the investments mentioned. A professional adviser should be consulted before implementing any of the strategies discussed. Investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for a client's portfolio. All investment strategies can result in profit or loss.

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In this episode of the Consultants and Money podcast, host Erica Goode is joined by Joel Claremont. Joel shares his experience with Laravel, his educational business, and his revelations about financial independence and early retirement.

(00:53) Meet Joel Claremont: Laravel Expert and Podcast Co-Host

(01:37) Understanding Laravel and Its Applications

(04:58) Joel's Journey to Financial Independence

(07:46) The 4% Rule and Retirement Planning

(16:59) Balancing Work and Personal Goals

(21:40) Balancing Pre-Tax and Post-Tax Investments

(26:46) Hiring Your Kids: Tax Implications and Benefits

(36:59) Final Thoughts

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Resources Referenced:

Ep75 - Navigating early retirement options and "bridge years"

Ep42 - BONUS: Happy Hour book review - Die With Zero

Choose FI podcast

Simple Path to Wealth by JL Collins

Die with Zero by Bill Perkins

What is the 4% rule? | Investopedia

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Connect with Joel | Twitter | No Compromises | Mastering Laravel

Connect with Erica | LinkedIn | Website | Newsletter

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This episode talks about the importance of maintaining cash reserves for solo consultants. Erica discusses the reasons for having a cash reserve, such as covering unexpected expenses or taking advantage of sudden opportunities.

(00:00) Introduction to the Podcast

(00:51) Today's Topic: Cash Reserves

(01:05) Why Keep Cash Reserves?

(01:24) Examples of Cash Reserve Needs

(03:45) How Much to Keep in Reserve

(05:10) Where to Keep Your Cash Reserves

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Related Episodes:

3. Business Money 101: Overview

4. Business Money 101: LLCs & EINs

5. Business Money 101: Business Insurance

6. Business Money 101: Bank accounts

7. Business Money 101: Bookkeeping

44. Business Money 201: Intro 

45. Business Money 201: Paying the IRS

46. Business Money 201: Paying Yourself

47. Business Money 201: Charitable Giving

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Erica Goode interviews Will Rainey, author of 'Grandpa's Fortune Fables,' a book designed to teach children about financial literacy through engaging stories. Will shares his backstory, including his career in financial consulting, his move to Asia, and the pivotal moment that inspired him to leave the corporate world to spend more time with his family. He discusses how he began teaching his children about money by weaving financial lessons into bedtime stories, which eventually evolved into his popular book.

(00:29) Will Rainey's Background and Career

(01:15) The Inspiration Behind Grandpa's Fortune Fables

(06:37) Teaching Kids About Money Through Stories

(10:07) Personal Impact and Family Lessons

(20:52) The Move to Vietnam and Lifestyle Changes

(27:22) Returning to Corporate Life

(30:36) Final Thoughts and Advice for Parents

(33:12) Recap and Takeaways

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Resources Referenced:

Grandpa’s Fortune Fables by Will Rainey

Built To Sell by John Warrillow

Rich Dad Poor Dad by Robert Kiyosaki

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Connect with Will | LinkedIn | Blue Tree Savings

Connect with Erica | LinkedIn | Website | Newsletter

In the summer series finale Erica and Ben delve into a financial case study of whether it's more cost-effective to buy or rent a vacation home.

(00:00) Podcast Rebranding Announcement

(03:33) Should You Buy a Vacation Home?

(05:16) Financial Model for Vacation Home Decision

(06:48) Survey Insights and Personal Experiences

(09:49) Assumptions and Details of the Financial Model

(17:14) Understanding Home Value Growth Rate

(18:56) Rental Assumptions and Long-Term Benefits

(21:31) Investment Growth Rate in Rental Scenarios

(23:05) Analyzing the Cash Flow Model

(30:08) Qualitative Considerations in Financial Decisions

(33:17) Wrapping Up the Summer Series

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Link to cashflow model:

https://docs.google.com/spreadsheets/u/1/d/1Uj-mng12ul-sBolzGEJ8CELNVNFTWd7SI32vG2wIYUk/copy?gid=1267248657#gid=1267248657

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Connect with Erica | LinkedIn | Website | Newsletter

Connect with Ben | LinkedIn

New Ebook Announcement!

The 15-Hr Accountant: Anatomy of a $200K, 1-Employee, 15 hr/wk Accounting Firm

Connect with Erica > LinkedIn

Erica and Ben delve into different investment options, from hiring financial advisors and using robo-advisors to managing DIY investments with individual stocks, mutual funds, index funds, bonds, and money market accounts.

01:01 Discussing Summer Reads

08:27 Financial Advisors and Fees

11:17 Exploring Robo-Advisors

15:12 DIY Investing and 401k Management

24:54 Understanding Bond Funds

25:28 Investing in Index Funds

27:13 Mutual Funds vs. Index Funds

29:09 Target Date Funds Explained

31:15 Introduction to Bonds

32:22 The Bond Market and Risk

34:46 Junk Bonds and Their Appeal

38:09 Money Market Accounts and CDs

41:56 Final Thoughts and Advice

Resources Referenced:

The War Below: Lithium, Copper and the Global Battle to Power Our Lives by Ernest Scheyder

How to Suffer Outside: A Beginner’s Guide to Hiking and Backpacking by Diana Helmuth

NerWallet’s 12 Best Robo-Advisors: Top Low-Cost & Free Options

Connect with Erica | LinkedIn | Website | Newsletter

Connect with Ben | LinkedIn

LEAVE A REVIEW! If you enjoyed this episode, do us a favor and leave a rating and review right here on your podcasting app. It helps others find the show.

In today’s episode, Erica and Ben dive deep into understanding marginal and effective tax rates, how they impact your income, and why they're important. The episode also provides tips on managing tax withholdings and recommendations for helpful financial resources.

04:57 Listener Mail: Early Retirement Resources

06:57 Exploring Budgeting Apps: Monarch

11:16 Understanding Tax Rates: Marginal vs. Effective

20:15 Practical Tax Tips and Withholding Adjustments

28:50 Wrap up

Resources Referenced:

Ep75 - Navigating early retirement options and "bridge years"

ChooseFI Podcast / Newsletter

Simple Path to Wealth by JL Collins

Monarch Money (budget app) - 30 day free trial

2024 Federal Income Tax Brackets [Nerdwallet]

Connect with Erica | LinkedIn | Website | Newsletter

Connect with Ben | LinkedIn

LEAVE A REVIEW! If you enjoyed this episode, do us a favor and leave a rating and review right here on your podcasting app. It helps others find the show.

In this episode, Erica and Ben answer a slew of listener questions from the mailbag

02:56 Budget Tracking

07:17 When to Consult a Financial Planner

13:40 Managing Multiple Bank Accounts

18:20 Maximizing Investments for Conservative Savers

20:43 Money Market Accounts

22:47 Balancing Conservative and Aggressive Investments

24:32 Risk Tolerance

27:29 Finding the Right Tax Professional

Resources Referenced:

Join the mail list

The Soloist Life Podcast - Financial Planning for Soloist with Sean Mullaney

The Simple Path to Wealth by JL Collins

Connect with Erica | LinkedIn | Website | Newsletter

Connect with Ben | LinkedIn