Building the Premier Accounting Firm Diversify for Profit: Get More Money Out of Your Business w/ Steve Selengut
Welcome to another episode of the Building the Premier Accounting Firm podcast. Today Roger Knecht and Steve Selengut discuss the core differences between finance and accounting, and how to build income independence. Learn about the four key financial risk minimizers and the importance of an abundance mindset in investing to achieve financial freedom from Roger and Steve.
In This Episode:00:00 Introduction to the Show and Guest 01:20 Finance vs. Accounting and Diversification 04:49 Path to Income Independence 07:25 Defining Income Independence and Mindset 09:05 Scarcity vs. Abundance Mindset 13:38 Diversifying Beyond Business and Selling Practices 19:20 Four Financial Risk Minimizers 24:29 Pre-tax vs. Post-tax Retirement Decisions 27:03 How Much to Invest & Importance of Early Start 31:39 Department Store Analogy for Investing 35:31 Accounting Professionals & Client Wealth Building 40:02 Guiding Lights and Life Changes from Investing 42:39 Mindset as Key Takeaway & Closing Thoughts 49:53 Universal Accounting Resources and Invitation
Key Takeaways:-
Distinguish between finance (asset growth, income production) and accounting (tax optimization for money and processes).
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Diversify investments outside of your primary business to create multiple income streams for retirement.
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Adopt an income-focused mindset, prioritizing dependable cash flow over market value fluctuations.
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Implement the four financial risk minimizers: quality security selection, broad diversification, consistent income production, and timely profit taking.
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Consider Roth accounts for younger individuals and match employer 401k contributions, investing additional savings into a personal income-focused portfolio.
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"Income independence is the point in time where it doesn't matter to you whether the stock market is going up and down or interest rates are trending upward or downward." — Steve Selengut
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"My focus is not so much on the value of the stuff, but the income that it produces." — Steve Selengut
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"More income, really. There's an expression right on the COVID of the book, Retirement Money Secrets. It says, Market Income fuels the yacht. You got to get there." — Steve Selengut
Conclusion:
Thank you for joining us for another episode of Building the Premier Accounting Firm with Roger Knecht. For more information on how you can establish your own accounting firm and take control of your time and income, call 435-344-2060 or schedule an appointment to connect with Roger's team here.
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Helping accounting professionals confidently and competently offer quality accounting services to get paid what they are worth.
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To learn more about Steve and what we discussed today feel free to check out his website: https://theincomecoach.net/
Get a FREE copy of these books all accounting professionals should use to work on their business and become profitable. These are a must-have addition to every accountant's library to provide quality CFO & Advisory services as a Profit & Growth Expert today:
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"Red to BLACK in 30 days – A small business accountant's guide to QUICK turnarounds" – This is a how-to guide on how to turn around a struggling business into a more sustainable model. Each chapter focuses on a crucial aspect of the turnaround process - from cash flow management to strategies for improving revenue. This book will teach you everything you need to become a turnaround expert for small businesses.
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"in the BLACK, nine principles to make your business profitable" – Nine Principles to Make Your Business Profitable – Discover what you need to know to run the premier accounting firm and get paid what you are worth in this book, by the same author as Red to Black – CPA Allen B. Bostrom. Bostrom teaches the three major functions of business (marketing, production and accounting) as well as strategies for maximizing profitability for your clients by creating actionable plans to implement the nine principles.
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"Your Strategic Accountant" - Understand the 3 Core Accounting Services (CAS - Client Accounting Services) you should offer as you run your business. Help your clients understand which numbers they need to know to make more informed business decisions.
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"Your Profit & Growth Expert" - Your business is an asset. You should know its value and understand how to maximize it. Beginning with the end in mind helps you work ON your business to build a company you can leave so that it can continue to exist in your absence or build wealth as you retire and enjoy the time, freedom, and life you want and deserve.
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Remember this, Accounting Success IS Universal.
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For more information on how you can apply these principles to start and build your accounting, bookkeeping & tax business please visit us at www.universalaccountingschool.com or call us at 8012653777