DecaMillionaire Decoded

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...

In episode 156 of Financially Simple, Justin talks to Jonathan Peyton of Horizon Ridge Wealth Management about creating financial security for a Special Needs child. Making sure that your children and loved ones are taken care of is a priority, especially in the case of children with special needs. Justin and Jonathan discuss the various ways that you as a business owner can ensure their financial...

In episode 155 of Financially Simple, Justin takes a look at Pensions. RELATED BLOG: BLOG: Income for Life Retirement Series #10 Manage Pension Fund Payments If you've been working for any length of time for a large company or government department, chances are you'll have a pension fund that's been put aside ready for retirement. But when it comes to receiving that money, what should you do with...

In episode 154 of Financially Simple, Justin looks at the various types of Inheritances and how best to handle each. Receiving an Inheritance from a loved one can be a blessing, or a curse if not dealt with properly. Justin goes over the basics of the types of inheritance one might receive, and gives his own five-point method of how to go about using it. Don't forget to subscribe, and let us know...

In episode 153 of Financially Simple, Justin looks at a few ways to earn a little side income to your business. RELATED READING: BLOG: How to Make Extra Income on the Side While You Grow Your Business At times cash flow can be tight, and you might be needing that extra bit of money to see you through a rough patch. Justin considers four ways that you could generate some quick income to see you and...

In episode 152 of Financially Simple, Justin considers how often small business owners should go over their budget. Life happens, and when it does it can require you to reprioritize certain things - and inevitably, that is going to mean checking your finances. Justin looks at why and when you as a small business owner should evaluate your budget. Don't forget to subscribe, and let us know how we a...

In episode 151 of Financially Simple, Justin goes over the process of renting your Home for your Business. Can you legally rent your own home, or other property, to your business and get a tax break in the process? Justin looks at what the IRS tax code says, and explains how to do it correctly. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ...

In episode 150 of Financially Simple, Justin looks at how and why you might employ your children in the family business. If you're paying your kids pocket money for doing a few household chores, maybe consider hiring them and paying them a salary instead! Justin takes a look at the IRS tax code and explains how you can employ your children giving them and your business significant benefits. Don't...

In episode 149 of Financially Simple, Justin looks at how to approach putting your spouse on your business's payroll. There can be a number of benefits to having your significant other working for you at your business. Justin goes over some of the reasons and legal ways to improve both your benefits, deductibles and taxes. Don't forget to subscribe, and let us know how we are doing by leaving a re...

In episode 148 of Financially Simple, Justin considers what you can do with your excess income. If you've got your monthly budget covered, and have a little spending money left over, what should you do with that extra cash? Justin provides 6 suggestions on how to best spend any extra money in your budget. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for l...

In episode 147 of Financially Simple, Justin goes over how you can create a budget that you can stick to. Keeping your personal finances in check can be difficult as wants and needs change. Justin sets out a 7-point plan to help you create a budget that you can keep. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  TIME INDEX: 01:22 - How Can...

In episode 146 of Financially Simple, Justin looks at how much you should pay yourself. Wants, needs, savings for retirement - all of these are what your paycheck goes towards. Justin breaks these down and recommends allocations to each, based on your personal income, so that you can afford the lifestyle you'd like to have. Don't forget to subscribe, and let us know how we are doing by leaving a r...

In episode 145 of Financially Simple, Justin considers how often business owners should pay themselves, and how often. No matter if you are just getting started or a seasoned business pro, how you pay yourself and how often must be considered to help maintain healthy Personal and Business Finances. Justin compares guarantees & distributions, W-2 and K-1s, and how to avoid living from paycheck to p...

In episode 144 of Financially Simple, Justin looks at the relationship between Personal Cashflow and Your Business. Money matters, at home and in business - one affects the other. Justin explains why Personal Cashflow should come before Business, in order to benefit personally and to improve your business. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for...

In episode 143 of Financially Simple, Justin looks at the various types of bias that people can have with regard to Personal Finance. Hardly anyone is truly rational when it comes to money and investments, their emotions and the opinions of others can have an effect on how a person chooses to spend or save. Justin lists 19 different types of Bias that can influence us in our financial decisions. D...

In episode 142 of Financially Simple, Justin kicks off Season Two of the podcast with a run down of what to expect in the upcoming episodes. In Season Two of the Financially Simple Podcast, Justin turns his attention to Personal Finance for Business Owners - covering topics that can affect your finances as a small business owner. Don't forget to subscribe, and let us know how we are doing by leavi...

In episode 141 of Financially Simple, Justin talks to Clay McGee, finance director of Rusty Wallace Kia, about purchasing a car. Buying a new car can be a confusing experience, not knowing what all the terminology around financing vehicles means. Justin and Clay go over the process of buying a car and explain how to get the best possible financing for your circumstances. COMPLETE TRANSCRIPT: BLOG:...

In episode 140 of Financially Simple, Justin looks at additional insurances that might be required by your business. Along with the main types of Business Insurance, there are some selective insurances that may be necessary for you to have for your business. Justin goes over a few of the most common additional insurances that a business owner might need. Don't forget to subscribe, and let us know...

In episode 139 of Financially Simple, Justin goes over the various types of Business Insurance. Accidents happen, along with natural disasters and acts with unintended consequences. In such instances, you'll be glad you had the right insurance policy in place to protect your and your business. Justin looks at the different types of Business Insurance policies, for small businesses and home offices...

In episode 138 of Financially Simple, Justin discusses the L word - Litigation. No business owner wants to experience it - the possibility of being sued. Justin goes over the What, Why, and How of litigation, and explains how to best avoid it and keep your business's value intact. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSC...

In episode 137 of Financially Simple, Justin discusses Intellectual Property law with Roby Robinson. If you business has any patents, copyrights, trademarks, or trade secrets, you'll need to consult with an Intellectual Property lawyer to protect those interests. Justin talks to Robby Robinson of Robinson IP Law, about the types of Intellectual Property and what you can do to protect yourself. Don...

In episode 136 of Financially Simple, Justin gives a brief overview of Contracts. If it's not in writing, it didn't happen - all the more reason to make sure when you're running a business you plan to sell, that the I's are dotted and the T's are all crossed. Justin lists the various types of Contracts used in Business, the basic elements of any contract, and why having everything down in writing...

In episode 135 of Financially Simple, Justin goes over the financials a Business Owner must consider when preparing to sell. Most Businesses will use some form of financing to assist with the growth and development of the business, whether it be a debt or a loan. Justin looks at these financial considerations, and explains why it's important to have them sorted before selling, or how to settle the...

In episode 134 of Financially Simple, Justin looks at the Employee Handbook and additional documents. The Employee Handbook is the foundational document upon which a business is based, from its core values to the business's overall culture. Justin goes over the what and why of the handbook, and other documents that define a company for its employees, clients, and potential buyers. Don't forget to...

In episode 133 of Financially Simple, Justin goes over the fundamentals of an Employment Agreement. An Employment Agreement is a legally binding document that should work in your interests, as well as those of the employee. Justin looks at the pros and cons of having an agreement, and why you definitely should have one in place. Don't forget to subscribe, and let us know how we are doing by leavin...