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

Work With Erica

____________________

Connect with Erica | LinkedIn | Website | Newsletter

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

Get my Monthly Newsletter here

____________________

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

Connect with Erica | LinkedIn | Website | Newsletter

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.

Get my Monthly Newsletter here

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

===================

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

===================

Connect with Joel | Twitter | No Compromises | Mastering Laravel

Connect with Erica | LinkedIn | Website | Newsletter

Get my Monthly Newsletter here

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

___________________

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

____________________________________________

Connect with Erica | LinkedIn | Website | Newsletter

Get my Monthly Newsletter here

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

===========================

Resources Referenced:

Grandpa’s Fortune Fables by Will Rainey

Built To Sell by John Warrillow

Rich Dad Poor Dad by Robert Kiyosaki

===========================

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

==============

Link to cashflow model:

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

==============

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

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 of the 'Coaches, Consultants, and Money' podcast, hosts Erica and Ben Goode delve into key personal financial decisions surrounding early retirement.

They cover the practicalities of planning for early retirement, including tax-efficient savings strategies, the implications of withdrawing from retirement accounts at different ages, and utilizing credit card points creatively for financial benefit. The episode concludes with tips for financial planning, including consulting with financial advisors, and encouragement for listeners to consider their unique financial situations and goals.

04:22 Exploring the Concept of Early Retirement

07:08 The Realities and Strategies of Planning for Retirement

12:35 Understanding Social Security and Retirement Savings

17:34 Navigating Early Withdrawals and the Rule of 55

19:38 Navigating the Rule of 55 with a Solo 401k Plan

24:10 The Concept of Bridge Years in Retirement Planning

28:18 Understanding Expenses and Savings for Early Retirement

37:54 Seeking Professional Financial Advice

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.

****

This episode from the personal finance summer series of 'Coaches, Consultants, and Money' hosted by Erica Goode and co-hosted by husband, Ben Goode, CPA, discusses the debate around whether or not it's beneficial to pay off a mortgage early.

Sharing personal experiences and professional insights, they explore the pros and cons of early mortgage payoff versus maintaining it for its term. They stress the importance of personal priorities, financial strategies, and the potential psychological benefits of being mortgage-free, all while highlighting different approaches to managing a mortgage based on individual circumstances.

The episode emphasizes there isn't a one-size-fits-all answer, encouraging listeners to consider their specific situations and priorities when deciding on their mortgage strategy.

00:05 Welcome to Our Summer Series: Coaches, Consultants, and Money

00:52 The Great Mortgage Debate: To Pay Off Early or Not?

01:32 Erica's First Mortgage Experience and Real Estate Insights

06:40 Strategies for Not Paying Off Your Mortgage Early

18:55 The Psychological Benefits of Paying Off Your Mortgage Early

26:37 Smart Ways to Approach Mortgage Payoff

29:46 Wrapping Up: Making the Best Financial Decision for You

Connect with Erica | LinkedIn | Website | Newsletter

Connect with Ben | LinkedIn

Contact Form

This episode covers a tax season checklist for consultants and consulting firm owners.

(00:43) A Funny Story About Margaritas

(02:29) The Importance of Accurate Tax Inputs

(03:00) Steps to Prepare for Tax Season

(03:13) Reconcile Everything

(05:31) Owner Distributions and Your P&L

(06:42) Retirement Contributions

(07:27) Organizing Receipts

(08:58) Filing 1099s

(09:37) Mileage Log for Business Deductions

(10:28) The Importance of Early Tax Preparation

(11:11) Conclusion and Final Tips

____________________

Resources Referenced:

86. Retirement Plans for Consultants | https://www.ericagoode.com/podcast/ep86

____________________

Connect with Erica | Website | Contact Form

Get my Monthly Newsletter here

Today Erica shares a crossover episode from the "Soloist Life Podcast" where she was interviewed by host Rochelle Mounton. 

In this conversation, Erica discusses the strategies that have enabled her to build a thriving six-figure business while working significantly fewer than 40 hours a week, from setting robust boundaries to leveraging automation.

They also talk about the life benefits of setting work boundaries, how to boost your business efficiency using automation and delegation, and a broader definition of wealth in today's "gig economy".

How important is it to you to create a business that aligns with your personal values and lifestyle?

Listen to The Soloist Life podcast here: https://rochellemoulton.com/soloist-podcast/ 

Connect with Rochelle Moulton | LinkedIn |  Website

Connect with Erica Goode, CPA | LinkedIn | Monthly Newsletter |  Website

Listen in to hear what the plans are for this summer season on the Coaches, Consultants, and Money podcast!

Get my Monthly Newsletter here

As tax codes grow increasingly complex, Erica suggests a more comprehensive approach for business owners to assess their true financial health.

She explains a metric she created called Total Owner Benefit and describes how it can be used to discover the full range of financial benefits derived from owning a business. These include factors traditionally excluded from profit calculations such as owner salary, health costs, and retirement contributions. 

Discover why Total Owner Benefit is important to business owners,  how it differs from plain profit, how it can influence tax liabilities and more!

Related Episodes:

• Ep69 - SEP vs Solo 401(k) with Sean Mullaney, CPA

• Ep63 - Happy Hour: LASIK, HSAs, Simple Path to Wealth

• Ep61 - When is an S-corp a bad idea?

 Connect with Erica Goode, CPA | LinkedIn | Monthly Newsletter |  Website

Get my Monthly Newsletter here

Author and CEO of the Nonfiction Authors Association, Stephanie Chandler, joins Erica in this educational and engaging discussion about how business owners can use a book to build their business. 

Some of the questions Stephanie answers are:

• What’s the benefit of writing a non-fiction book?

• How do I know what to write about?

• What costs do I need to budget for when planning a book for my business? 

• What is the process of writing a book - how do I get started?

• What’s the optimal length of a non-fiction book?

• Where and how do I find an editor?

Stephanie Chandler is the author of several books including The Nonfiction Book Marketing and Launch Plan and The Nonfiction Book Publishing Plan. She is CEO of the Nonfiction Authors Association, a vibrant community for writers, and the Nonfiction Writers Conference, a live event conducted entirely online since 2010. A frequent speaker at business events and on the radio, she has been featured in Entrepreneur, BusinessWeek, The Writer, Writer’s Digest, and Wired magazine.

Resources Mentioned:

• Tribes by Seth Godin

• E-Myth by Michael Gerber

• Aloha Publishing

• Blog Post on Book Publishing Budget

• NonFiction Writers Conference

• NonFiction Authors Association

Connect with Stephanie Chandler | LinkedIn | The Nonfiction Book Marketing and Launch Plan

Connect with Erica | LinkedIn | Email List

Get my Monthly Newsletter here

In honor of yesterday's "Tax Day" - Erica addresses the question that is often high on our minds.  And the answer should be encouraging!

Links to Resources Mentioned:

• Congressional Research | Distribution of IRS Audits by Income and Race
• The IRS’s First-Time Penalty Abatement | Forbes article

Until next time, may your week be filled with empty mailboxes and profit…

Connect with Erica Goode, CPA | LinkedIn | Monthly Newsletter |  Website

 Get my Monthly Newsletter here

Today Erica is joined by Sean Mullaney, a Los Angeles-based advice-only financial planner and author of "Solo 401k: The Solopreneur Retirement Account". Sean shares his expertise on the differences between SEP IRAs and Solo 401(k)s, the benefits of each, and why most solopreneurs might favor the latter for their retirement savings. 

Some of the questions they discuss are:

• What is the difference between a SEP IRA and a Solo 401(k)?

• How can an advice-only financial planner benefit your retirement planning?

• Can a Solo 401(k) be a better option for solopreneurs than a SEP IRA?

Make sure you check out the resources below!

The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Erica and the Coaches, Consultants, and Money podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc., and their services. 

Important Resources Mentioned:

• Choose FI podcast | How to Access Your Retirement Accounts Before 59.5 

• Sean’s Book | Solo 401(k): The Solopreneur’s Retirement Account (on Amazon)

• Sean’s Favorite Money Books:

  • Millionaire Next Door, Thomas J. Stanley 

  • The Simple Path to Wealth, by JL Collins

• Ep. 61 - When is an S-Corp a Bad Idea?

• Ep. 21 - What’s an S-Corp and When Should I Become One?

Connect with Sean:

Website | https://fitaxguy.com/

YouTube | @seanmulaneyvideos

Mullaney Financial | https://www.mullaneyfinancial.com/

Connect with Erica:

• Instagram 
• LinkedIn
• Email List

Get my Monthly Newsletter here

Whether it’s growing fast…or slow…today Erica shares some encouragement as you move forward in your business. 

Hint: growth doesn’t have to be accompanied with pain!

And in the meantime, may your week be filled with healthy growth, and profit…

Connect with Erica Goode, CPA | LinkedIn | Monthly Newsletter |  Website

In this happy hour bonus episode, Erica and Ben crack a beer and talk about top-of-mind money topics like:

• saving money on hotels and rental cars
• update on Erica's Southwest points hack
• cheap first class airline tickets

Mentioned in the episode:

Camp Vibes by 10 Barrel Brewing

Ep18 - Free Airfare for 2 Years with this Credit Card Hack

Points.me

Connect with Ben Goode, CPA | LinkedIn

Connect with Erica Goode, CPA | LinkedIn | Monthly Newsletter |  Website

Get my Monthly Newsletter here

This episode of a LIVE walkthrough of Erica filing her own BOI (Beneficial Ownership Information) reporting via the FinCEN website.

If you haven't already, listen to Episode 65 first.

Important links mentioned in this episode:

• Link to BOI Reporting | https://www.fincen.gov/boi

• BOI Brochure | https://www.fincen.gov/sites/default/files/shared/BOI-Informational-Brochure-April-2024.pdf

• Exemption from Reporting | https://www.fincen.gov/boi-faqs#C_2

Connect with Erica:

Instagram 

LinkedIn

Get my Monthly Newsletter here

Today Erica talks about the brand new Beneficial Ownership Information (BOI) reporting law, which went into effect on January 1, 2024. Geared toward small business owners, consultants, and agency owners, this law mandates reporting to the Financial Crimes Enforcement Network (FinCEN), a branch of the U.S. Department of Treasury.

Inside, you’ll find the answers to such questions as:

• What is the Corporate Transparency Act?

• Who is exempt from these requirements?

• Can I file my BOI report myself, or do I need a professional?

• What information do I need to file my business's report?

• What are the deadlines for filing?

If you haven’t filed this yet, listen to the Bonus episode: Live BOI Application Walkthrough, where Erica walks you through the process as she completes it for her own business.

Important links mentioned in this episode:

• Link to BOI Reporting | https://www.fincen.gov/boi

• BOI Brochure | https://www.fincen.gov/sites/default/files/shared/BOI-Informational-Brochure-April-2024.pdf

• Exemption from Reporting | https://www.fincen.gov/boi-faqs#C_2

Connect with Erica:

Instagram 

LinkedIn

Get my Monthly Newsletter here

In this episode, Erica is joined by Steve Nay, a tax professional and enrolled agent, to discuss the various credentials in the tax profession including CPAs, EAs, and the Annual Filing Season Program (AFSP). The also discuss how much a tax return should cost, as well as the potential ramifications of converting to an S-corp.

(00:00) Introduction to the Podcast

(00:43) Meet the Guest: Steve Ney

(02:01) Understanding Tax Accreditations

(03:57) Differences Between CPA and EA

(06:58) Tax Representation and Audits

(11:11) Finding the Right Tax Preparer

(16:44) Annual Filing Season Participant (AFSP)

(18:07) Annual Filing Season Program Overview

(19:31) Credentials and Representation Rights

(21:28) Cost of Tax Preparation

(22:47) S Corp Election and Its Implications

(28:02) DIY Tax Preparation: Risks and Recommendations

(30:55) Choosing the Right Tax Preparer

(35:28) Contact Information

____________________

Resources Referenced:

IRS Search for Tax Return Preparers | https://irs.treasury.gov/rpo/rpo.jsf

____________________

Connect with Steve | LinkedIn | Website

Connect with Erica | LinkedIn | Website | Newsletter

Get my Monthly Newsletter here

Welcome to part 2 of the mini-series “To Hire or Not to Hire.”  

Today Erica talks with Geraldine Carter, a business coach who works with CPAs to help them go down to a forty-hour, then twenty-five-hour, and then eventually fifteen-hour work week without losing revenue.

Their deep-dive discussion covers strategies for optimizing work hours and productivity without necessarily expanding the team.

Just another approach to growing a profitable business!

Find the answer to these questions inside…

• How can coaches and consultants scale their business without hiring?

• What are the benefits of staying solo versus hiring in consulting?

• How can hiring experts help consultants avoid the hire-fire cycle?

• What strategies can be used to reduce work hours without losing revenue?

• Can you grow your consulting business profit without expanding your team?

Books mentioned in this episode:

Getting Things Done, David Allan

Value-Based Fees, by Alan Weiss

Business of Expertise, by David C Baker

If you missed the first part of this 2-part series, catch it here: https://www.ericagoode.com/podcast/ep62

Reach out to Geraldine:

• On her website - GeraldineCarter.com

• Listen to the Business Strategies for CPAs podcast - on Spotify: https://spoti.fi/3HPR37G

Connect with Erica:

Instagram 

LinkedIn

In this happy hour bonus episode, Erica and Ben crack a beer and talk about top-of-mind money topics like:

• Is LASIK covered by insurance?

• What items are HSA eligible?

• Can you use your HSA for a medical hotel stay?

• How much is medical mileage?

• Book Review: Simple Path to Wealth by JL Collins

• How can a donor-advised fund (DAF) save you taxes?

Links to Topics Mentioned:

Cold Smoke Scotch Ale | KettleHouse Brewing Co

Ben’s LASIK | Idaho Eye and Laser Center

HSA eligible items | HSA Bank

Simple Path to Wealth by JL Collins | Amazon | Goodreads

How do donor-advised funds (DAFs) work? | NerdWallet

Fidelity’s DAF | Fidelity Charitable

Connect with Ben Goode, CPA | LinkedIn

Connect with Erica Goode, CPA | LinkedIn | Monthly Newsletter |  Website

Get my Monthly Newsletter here

Welcome to part 1 of the 2-part mini-series “To Hire or Not to Hire.”  As a business owner, whether you choose to stay solo or grow a team is your decision. Think about your needs, your business model, and what’s right for you.  Then take the time to listen to this episode and the next one, and move forward.

Either way can be profitable!

Find the answer to these questions inside…

• What are the critical factors for small business owners to consider when deciding to hire their first employee?

• How can small business owners identify the right time to expand their team?

• What are the differences in hiring needs between solopreneurs and businesses with up to 200 employees?

• What strategies can help determine the best first hire for a small business?

• How does understanding business bottlenecks aid in making effective hiring decisions?

• What role does company culture play in the hiring process for small businesses?

• How can small business owners develop a clear picture of their ideal candidate?

• What are the best practices for onboarding new hires in a small business setting?

Reach out to Jamie:

• On her website - growingyourteam.com

• Listen to the Growing Your Team podcast - on Spotify: https://spoti.fi/3OnCL1M

• Follow her on Instagram - @growingyourteam

Connect with Erica:

Instagram 

LinkedIn

 → Don’t miss an episode! 

• Early-stage business and S-corp advantages
• S-corp considerations for pre-retirement planning
• Balancing a W-2 job with an S-corp structure

Connect with Erica:

• Instagram 

• LinkedIn

• Email List

Get my Monthly Newsletter here

Is THIS the year that you are leaving the corporate cushion and heading out on your own? If so, here’s the “speed dating version” of what you need to get set up.

1. Set up an LLC
2. Get an EIN
3. Get a separate business bank account
4. Get business insurance
5. Set up a good bookkeeping system (and maybe hire a good bookkeeper, too!)

If you want a deeper dive into the items above, check out the episodes below:

Episodes in the “Business Money 101” series:

• Ep 3 - Financial Foundations - https://www.ericagoode.com/podcast/ep3
• Ep 4 - LLCs and EINs -https://www.ericagoode.com/podcast/ep4
• Ep 5 - Business Insurance - https://www.ericagoode.com/podcast/ep5
• Ep 6 - Bank Accounts - https://www.ericagoode.com/podcast/ep6
• Ep 7 - Bookkeeping Practices - https://www.ericagoode.com/podcast/ep7 

Connect with Erica:

Instagram 

LinkedIn

Email List

Enjoy this casual conversation I had with our 12-year-old daughter about money - and a little bit of life.

From our family to yours, we hope you're taking this time during the holiday season to relax and enjoy some time with family and friends!

This episode, we're talking through what type of accountant you need in your business and when to hire them.

And to keep it in the spirit of the Holidays, I’ve borrowed a page from The Christmas Carol to explain how each of “the ghosts of accounting” work, how to decide when you need each one - and why.

Talking through:

• Difference between an accountant and a CPA
• What type of tax preparer you should hire?
• When to invest in a bookkeeper
• What does a fractional CFO do?

Connect with Erica:

Instagram 

LinkedIn

Email List

We're talking all-things high-yield business savings account today:

• What's a high-yield savings account?
• How much should you put in a high-yield savings account
• Are they safe?
• How to find a good one

I'll even walk you through how I move money in and out of my high-yield savings account throughout the year. 

Connect with Erica:

Instagram 

LinkedIn

Email List

Are you a “corporate refugee”? 

In this informative and engaging conversation with David Shriner-Cahn, he touches upon a wide range of issues that relate to the journey from being an employee to becoming a successful entrepreneur. 

Just some of the topics discussed in this episode:

• What exactly IS a corporate refugee?
• The reasons some people get pushed out of corporate over time and the unspoken biases that can create entrepreneurs
• The sense of loss and other transition issues related to moving from getting a paycheck to being responsible for it
• How goal setting and accountability lead to success as a consultant or coach
• The myth of freedom as an entrepreneur

Books referenced in the show: 

• Getting Things Done by David Allen - https://amzn.to/3Rb8d5i
• 12 Week Year by Brian P. Moran - https://amzn.to/49NSGzC
• Traction by Gino Wickman - https://amzn.to/3STzEC6
  

David Shriner-Cahn's weekly advice program has been named by Forbes as a Podcast To Power Up Your Ultra-Lean Business. David has also been recognized as an Entrepreneur That Will Change The Way You Communicate by Inc. Magazine.

David is the podcast host and community builder behind Smashing The Plateau, an online platform offering resources, accountability, and camaraderie to high-performing professionals who are making the leap from the corporate career track to entrepreneurial business ownership.

Starting your own business is hard enough without having to go it alone. Smashing The Plateau is David’s solution to the problems that keep entrepreneurs up at night. As he likes to say, “With the help of people just like you in our community, you’ll be able to do more of what you love and get paid what you’re worth.”

Reach out to David:

• His website: SmashingThePlateau - https://smashingtheplateau.com/
• LinkedIn: https://www.linkedin.com/in/davidshrinercahn/

Connect with Erica:

Instagram 

LinkedIn

Email List

In this episode, Erica talks through what needs to change in your business once you convert to an S-corp for IRS tax purposes.

Covered in this episode:

• When to start considering an S-corp
• Paying yourself as an employee
• Reasonable compensation
• Accountable plans (i.e. employee reimbursement policies)
• Business tax returns (1120-S)

Related episodes:

• Ep 25 - How to Pay Yourself From Your Business

• Ep 21 - What’s an S-Corp and When Should I Become One?

• Ep 30 - Extending Your Tax Deadline

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In this episode, Erica discusses the importance of turning off the noise that misaligns with your business goals. She emphasizes the value of starting the new year with clear intentions and filtering out content that doesn't support your unique vision.

(00:00) Introduction to the Podcast

(00:44) New Year Reflections and Intentions

(01:08) The Impact of Noise on Your Business

(03:43) Practical Steps to Turn Down the Noise

(06:02) Conclusion and Final Thoughts

(06:14) Stay Connected

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Wishing you a very happy Thanksgiving!

With Much Gratitude,

Erica

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Today I welcome fellow CPA and Certified Life Coach, Sheila Hansen to the show.

Sheila supports creative service providers, providing financial support to business owners such as copywriters, photographers, social media managers, coaches, and speakers.

Our conversation covered such topics as:

• What is a “money mindset,” what a healthy one looks like, and how it drives your “financial behavior”
• How and where do children develop money mindsets: nature vs nurture?
• Money mindset within marriage and the family
• The shift that occurs when moving from being an employee to being a business owner
• Getting paid based on value vs. time
• How to get rid of the “I should…” for new business owners

Reach out to Sheila:

• Get her weekly newsletter
• On Instagram
• On LinkedIn

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This week, I talk with Kate Stewart, LCPC who recently went from being a W-2 employee to a private practice and small business owner as a mental health professional.

In today's conversation, we cover:

• employee-to-business owner mindset
• using a spreadsheet vs QuickBooks
• how no one ever taught us business tax in high school
• small business retirement

Related episodes:

• 43 - How Do I Roll Over an Old 401K?

• 37 - Gaining Confidence in Making Business Decisions

Reach out to Kate on LinkedIn: https://www.linkedin.com/in/kate-stewart-lcpc/

Book a strategy session here! 

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$1 million IT / marketing / cybersecurity / consulting agency owners - this one's for you!

Today we're diving right into the $1M agency owner's planning process. (And if you’re not there yet, you may want to listen anyway, so that you’re prepared for the future!)

Considering revenue, human resources, travel plans, taxes, etc, I run through a handful of questions to consider as you plan for a successful 2024, such as:

• Do you have contracts that are expiring?
• Is your retainer pricing or hourly billing rate going to change?
• How are your HR costs?
• How will your team grow?
• Taxes (of course)
• And more…

Need a fractional CFO for your business to help with 2024 business planning? Reach out below…

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Sarah Walton, business coach and sales expert, is deeply passionate about empowering women to take control of their finances. In this interview, she delves into the power of exploring and analyzing data to boost your bottom line.

Sarah Walton is a business coach and sales expert who’s been featured on The Today
Show, speaks at women’s conferences all over the world and has helped hundreds of
women start and grow businesses they LOVE.

From growing up in a low-income household with a single mom to helping moms turn
their passion into a business they love that can support their families, Sarah’s lived
experience shows how women can powerfully change their lives and the lives of their
families and communities.

Sarah’s transitioned from being “just another coach” to being a change-maker. It’s time
to put more money in the hands of more women, and Sarah is all in.

Connect with Sarah Walton:

• Grab her “Planning for Profit” calculator here - https://sarahwalton.com/freedom/
• SarahWalton.com
• The Game On, Girlfriend podcast 

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In this episode, we dive deep into the often-discussed topic of paying zero taxes. Does it sound too good to be true?

It might be.

Erica explains 3 legitimate and specific strategies you can use to minimize them as a consultant, coach or small agency owner.

Resource referred to in this episode - 

• The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make (on Amazon)

Other recommended episodes:

• 7 -  Business Money 101: Bookkeeping Practices
• 21 - What’s an S-Corp and When Should I Become One?
• 33 - Happy Hour Retirement Talk with Ben Goode, CPA - Part 1
• 34 -  Happy Hour Retirement Talk with Ben Goode, CPA - Part 2

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One-to-One, Group Coaching, Membership Programs...there are many business models to apply to coaching and consulting businesses.

Today, Erica does a deep dive with guest Nikki Rausch, about her unique blended business model and programs. If you’re confused about how to set up your own business and what type of platforms to use, take a listen. They talk about how she got to where she is today, and you’ll be inspired to assess your own model and be open to change!

Pick up Nikki’s free gift to you: https://yoursalesmaven.com/ccm

Find Nikki on:

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Related Episode:

Interview with Natalie Eckdahl https://www.ericagoode.com/podcast/ep24

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PODCAST REVIEW GIVEAWAY - enter before Oct 8, 2023!

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As Erica continues to talk about developing habits of consistency in your business, she discusses the important concepts of giving back and charitable giving. Take time to think about the questions she poses at the end!

If you’ve missed the other episodes in Business Money 201, find them here:

44 - Business Money 201: Cashflow Consistency

45 - Business Money 201: Paying the IRS

46 - Business Money 201: Paying Yourself

Related resources -

• Best Friends Animal Sanctuary, Kanab, UT

• 11 - The Right Time to Start Charitable Giving

• 42 - Bonus Happy Hour Book Review: Die With Zero

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FREE TAX GUIDE for COACHES - Get it here!

PODCAST REVIEW GIVEAWAY - enter before Oct 8, 2023!

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You started a business, not a hobby, so you know how important it is to pay yourself consistently. In this episode of the Business Money 201 series discover business planning strategies that will help you do just that.

This series builds on information that was presented in the Business Money 101 series. If you haven’t listened to those 5 episodes yet, they start here:

3 - Financial Foundations

Other recommended episodes:

• 22 - Cash flow Forecasting and Business Planning 

• 25 - How to Pay Yourself From Your Business

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It's back to school season!  On this bonus Happy Hour episode, Ben and Erica talk through in-state public college tuition costs.

• Top 5 most expensive states for in-state college tuition
• Top 5 cheapest states for in-state college tuition
• How much you need to save each month to pay for your kids college years

Stacker Article:  "States with the cheapest in-state public colleges"

Beer: Hazertag from Odell Brewing Co (Fort Collins, CO)

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In this episode, Erica shares her top three business book recommendations from 2024 and three bonus reads unrelated to business that left an impact on her.

00:00 Introduction to Consultants and Money Podcast

00:48 Personal Journey with Reading

02:16 Top Business Books of 2024

05:15 Bonus: Non-Business Books That Made an Impact

07:58 Closing Remarks and Holiday Wishes

____________________

Your 2025 "To Be Read" List:

The Simple Path to Wealth by JL Collins | https://a.co/d/4bkAkQl

Slow Productivity by Cal Newport | https://a.co/d/5a8Ts68

Never Enough by Andrew Wilkinson | https://a.co/d/gYnSyyi

Breath by James Nestor | https://a.co/d/ckssTtK

Destiny of the Republic by Candice Millard | https://a.co/d/80kCZ5p

The Giver by Lois Lowry | https://a.co/d/5q67wyd

____________________

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Episode 2 of the Business Money 201 series contains information on how to figure out how much you need to set aside for the IRS in your business - and how to get it to them.

This series builds on information that was presented in the Business Money 101 series. If you haven’t listened to those episodes yet, they start here:

3 - Financial Foundations

Other recommended episodes:

• 20 - Tax Basics for Coaches and Consultants -  With Ostriches and Salads
• 31 - Should I be Paying quarterly estimated taxes?

Make sure you subscribe so you don’t miss any of the series - and remember to enter the giveaway!

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FREE 6 Don't Miss Tax Deductions for Coaches

PODCAST REVIEW GIVEAWAY - enter before Oct 8, 2023!

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In this first episode of Business Money 201, continue to discover information to make the money run smoothly in your business and your life!

This series builds on information that was presented in the Business Money 101 series. If you haven’t listened to those episodes yet, find them here:

3 - Financial Foundations

4 - LLCs and EINs

5 - Business Insurance

6 - Bank Accounts

7 - Bookkeeping Practices

Make sure you subscribe so you don’t miss any of the series - and remember to enter the giveaway!

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FREE 6 Don't Miss Tax Deductions for Coaches

EricaGoode.com

Info on what to do with an investment account you may have had through your old, corporate job, now that you're self-employed and on your own.  I'm talking old 401ks and rollover IRAs today.

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Another Bonus interview with the debit to my credit, fellow CPA Ben Goode.

We’re talking about the book Die With Zero: Getting All You Can From Your Money and Your Life, by Bill Perkins while enjoying a cold one from the Grand Teton Brewing Company 

Some of what we cover:

• How much money should we save over a lifetime

• When’s a good time to give it away?

• The concept of time-bucketing

• And so much more!

Find Die With Zero on Amazon - https://amzn.to/3QpYKap

Ben’s summer reading recommendation - Jungle by Jossi Ginnsberg

Erica’s summer beach read - The Rumor or The Hotel Nantucket by Elin Hilderbrand

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