DecaMillionaire Decoded A Business Owner’s Employed Spouse Receives a Bonus: How Should We Deal With It?
In episode 157 of Financially Simple, Justin looks at the possible gains and pitfalls that can be had when a spouse receives a bonus from their employer.
Receiving a money bonus for your work is great! But, what if it’s your significant other that receives it? How will that extra income affect your business and personal finances? Justin goes over this particular scenario and gives advice on how to best handle it.
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RELATED ARTICLE: BLOG: Tax Issues (and Solutions) When Your Spouse Receives a Bonus
TIME INDEX:
01:48 - A Business Owner’s Employed Spouse Receives a Bonus: How Should We Deal With It?
03:29 - Possible Problems
04:31 - What You Could Do
04:58 - Consult Your T-Chart
05:17 - Reduce Your Own Income to Increase Your Business’s Profits
07:00 - Tax Considerations
07:42 - 6 Considerations
08:23 - Solidify Your Emergency Fund
09:34 - Defer the Bonus into Your Spouse’s Retirement Account
11:15 - Pay Off Unsecured Debt
12:08 - Make an Extra Payment on the Mortgage
14:37 - Spend the Money and Create a Memory
16:09 - Wrap Up
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BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
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