The Long Game

Discover the complexities of preparing for a comfortable retirement and work-optional life. Learn about the 4% rule for retirement spending and the pivotal role of social security. Find out why solely depending on software for financial planning could lead you astray. Understand the importance of committing a percentage of your income to investments for long-term success, and the need for personal accountability in your financial journey.

Struggling with your finances? Start by clarifying your short-term, mid-term, and long-term goals to guide your journey. Discover the four essential metrics for effective cash flow management: income, expenses, taxes, and surplus. Learn how to accurately assess your spending habits and understand your tax liabilities. Tailored budgeting strategies for various income levels help simplify the process. Automation tools can enhance your saving efforts, making financial discipline much more manageable.

Too often, business owners reinvest every dollar back into their business. To help you understand the importance of retirement and the options available to you, this episode breaks down various retirement accounts, including: Solo 401k: My personal favorite! Learn how this account can maximize your contributions and provide incredible tax advantages. SEP IRA: Understand when this option might make sense and the limitations that come with it. Regular 401k: Discover how to set up a plan that benefits both you and your employees while avoiding compliance issues. Simple IRA: Is it really a good choice? I share my thoughts on why it may not be the best option for most business owners. Additionally, I touch on the differences between Roth and traditional IRAs, helping you make informed decisions about your tax strategy. ---------- ✅ Financial planning for 30-50 year old entrepreneurs: https://www.allstreetwealth.com ✅ My personal blog & newsletter: https://www.thomaskopelman.com Disclaimer: None of this should be seen as financial advice. It is just for informational purposes.

Breaking down the differences between tax planning for W-2 employees and business owners while highlighting the complexities that come with owning a business. Some of the topics covered: - Understanding the difference between withholding and actual tax liability - The concept of safe harbor and how to avoid penalties - Strategies for planning your taxes effectively, whether you're a sole proprietor or in a partnership - The importance of projecting your business's financials throughout the year to avoid cash flow issues ---------- ✅ Financial planning for 30-50 year old entrepreneurs: https://www.allstreetwealth.com ✅ My personal blog & newsletter: https://www.thomaskopelman.com Disclaimer: None of this should be seen as financial advice. It is just for informational purposes.

Many entrepreneurs start off by simply transferring money from their business to their personal accounts without a solid plan, leading to financial stress when income becomes irregular. In this episode you'll learn: - The importance of creating a "pay account" to manage your personal and business finances effectively. - Strategies for planning your living expenses and saving for lean months. - Key differences between operating as a sole proprietor versus an S-Corp, especially regarding tax planning and payroll. - How to avoid common pitfalls like underestimating your tax liabilities and incurring penalties. - The significance of building an emergency fund tailored to your business needs. ---------- ✅ Financial planning for 30-50 year old entrepreneurs: https://www.allstreetwealth.com ✅ My personal blog & newsletter: https://www.thomaskopelman.com Disclaimer: None of this should be seen as financial advice. It is just for informational purposes.

As the year wraps up, there's gratitude for the loyal listeners and a big shift on the horizon. The podcast will now feature solo discussions focused on structured financial planning. Topics will include business strategy, hiring, cash management, and investing. Expect concise segments ranging from 10 to 20 minutes, making it easy to grasp crucial financial concepts. This new direction promises valuable insights for entrepreneurs aged 30 to 50.

The hosts reflect on their experiences with clients and the broader implications of financial knowledge. They discuss how personal values influence financial success and the balance between profit-taking and reinvestment. The conversation shifts to the entrepreneurial mindset, emphasizing cash flow and sustainable hiring practices. Bridging business achievements with financial literacy reveals common pitfalls among entrepreneurs, stressing the need for simple investment strategies. The importance of financial education is underscored, encouraging listeners to seek clarity for better financial decision-making.

Blake McKibbin, an expert in charitable giving strategies, dives into the intricate world of philanthropy. He discusses recent tax law changes that affect charitable contributions and explains the benefits of donor advised funds versus private foundations. Listeners will learn how to 'bunch' gifts to maximize tax deductions and the intricacies of charitable remainder trusts. McKibbin also offers valuable strategies for business owners, ensuring that every philanthropic effort aligns with personal values and financial advantages.

Blake shares his insights on why SLATs are often viewed as the go-to tool for estate tax planning, but also highlights the important considerations and potential downsides that many overlook. From the irrevocable nature of these trusts to the implications of divorce and early death, this episode dives deep into the complexities of estate planning for high net worth individuals. Key topics include: -What a SLAT is and how it works -The benefits and risks associated with SLATs -The importance of financial flexibility and growth -When it makes sense to consider a SLAT based on age and asset value -The significance of understanding your personal goals in estate planning

In this episode, we dive deep with Daniel Crosby (author of The Soul of Wealth) into the multifaceted relationship between wealth, happiness, and fulfillment. Here are three key takeaways that I believe will resonate with many of you: Wealth is Not Just a Number 💰 Daniel shares a powerful story about Alexander the Great, illustrating that despite his immense wealth and power, he was ultimately undone by personal loss. This serves as a reminder that true wealth encompasses more than just financial metrics; it includes our relationships, experiences, and emotional well-being. As we navigate our financial journeys, we must remember to prioritize what truly matters in life. The Importance of Meaningful Work 🛠️ We discuss the paradox of work and happiness. While many people find fulfillment in meaningful work, they often get caught up in the pursuit of money, leading to regret later in life. Daniel emphasizes the need to optimize for fulfillment rather than just a paycheck. It’s crucial to find work that aligns with our passions and values, as this is what ultimately contributes to our happiness and sense of purpose. The Power of Perspective 🔍 One of the most enlightening parts of our conversation revolves around the concept of subjective wealth. Daniel explains how our happiness is often influenced by who we compare ourselves to. By being mindful of our reference classes and practicing gratitude, we can shift our perspective and find contentment in our current circumstances. It’s a reminder that happiness is not solely determined by our financial status but also by our mindset and the way we view our lives. View the Soul of Wealth on Amazon: https://www.amazon.com/Soul-Wealth-reflections-money-meaning/dp/1804090441