DecaMillionaire Decoded

In episode 317 of Financially Simple, Justin gives an overview of Effective Tax Rates and how you can reduce yours. As tax season approaches, it's always a good idea to review your tax status especially after the turbulence of 2020. In this episode, Justin explains what your Effective Tax Rate is and why it matters, and what can be done to reduce it so that you and your family will have greater fi...

In episode 316 of Financially Simple, Justin gives a concise list of 20 ways to reduce your tax bill. As 2020 comes to a close, the time to figure out your taxes draws nearer. In this episode, Justin lists 20 ways to reduce your taxes, both as an individual and as a small business owner, from tax-free accounts to having a baby! Don't forget to subscribe, and let us know how we are doing by leaving...

In episode 315 of Financially Simple, Justin reflects on the pilgrim settler's attempt at Socialism and the subsequent establishment of Private Ownership. William Bradford wrote on the efforts of the first settler's establishment of a communal system of government, and the hardships and costs it effected before shifting to a more individualistic approach. In this episode, Justin recounts Bradford'...

In episode 314 of Financially Simple, Justin answers a listener's question on measuring value improvement. It can be difficult to take in the bigger picture when running your own business, and seeing the effect of small adjustments and improvements can take time. In this episode, Justin goes over the factors that can be used to measure value improvement, specifically the intangible capital factors...

In episode 313 of Financially Simple, Justin continues to examine the Profitability Gap, and how to reduce it. Being Best in Class is no easy feat, it requires some tough choices and a resolute commitment to change some practices that might push Business Owners out of their comfort zone. In this episode, Justin looks at the different aspects of a business that can be adjusted to help reduce the Pr...

In episode 312 of Financially Simple, Justin returns from his hunting trip with some insights into the realities of running a business. In many ways, being a business owner and running your business is a lot like hunting elk in the Rocky Mountains - or any challenging and life-defining experience for that matter. In this episode, Justin reflects on his hunting trip, and how his adventure on the mo...

In episode 311 of Financially Simple, Justin gives a simplified overview of the Profitability Gap. Is your business fulfilling its potential and among the best in your industry's class? If there is room for improvement, how much more could you be earning? In this episode, Justin explains what the Profitability Gap is, and how to calculate it. Don't forget to subscribe, and let us know how we are d...

In episode 310 of Financially Simple, Justin and David Kent of Heritage investors go over the 10 benefits of using an Organizational Chart. As a Small Business Owner, it's important to have a smooth-running, well-oiled machine for a business, in which each component knows its place and role within the company. In this episode, Justin and David list the 10 benefits of having an Organizational Chart...

In episode 309 of Financially Simple, Justin and Chris Mahan of Mahan Associates discuss Tax options as the year wraps up. This year has been one for the books with the various loans and reprieves that have been implemented to help Business Owners deal with the fallout of COVID-19. In this episode, Justin and Chris go over the basic Tax options that should be considered to minimize costs that may...

In episode 308 of Financially Simple, Justin and John Riley of Dental Revolution discuss Marketing strategies going into the next year. The COVID-19 pandemic has left many small businesses in the lurch, and at these times it can be tempting to cut marketing costs in order to save money. In this episode, Justin and John go over a year-end Marketing strategy to get businesses back on their feet and...

In episode 307 of Financially Simple, Justin gives a brief explanation of how to bridge the Value Gap. In the last episode, we talked about your Value gap. Now we talk about Bridging the Value Gap. It might seem like an unachievable task, requiring a lot of blood, sweat, and tears. In this episode, Justin gives a simplified overview of the process of overcoming the Value Gap, by focusing on the mu...

In episode 306 of Financially Simple, Justin gets mathematical defining the Value Gap. There are many definitions of the word Value, and not all may apply to your Business. And then there's what defines the gap between where your business is and where you want it to be. In this episode, Justin starts off the process of determining a business's Value Gap by defining the term and explaining how the...

In episode 305 of Financially Simple, Justin introduces the topic of the Value Gap by taking a look at the five stages of Value Maturity of a business. As a Small Business owner, your business is like the goose that lays the golden egg - the golden egg being the eventual pay-off of all the hard work you put into the business - but as Justin says, you need to keep that goose fed. In this episode, J...

In episode 304 of Financially Simple, Justin and Dane McFarland discuss the issue of Identity Theft which has seen a rise during the COVID-19 pandemic. Over the last few months this year, there has been an increase in attempts of Identity Theft as scammers take advantage of those going through this difficult time. In this episode, Justin and Dane go over the most common types of scams used, and ho...

In episode 303 of Financially Simple, Justin talks to Don Pippin of the Sunbelt Network about the Main Street Lending Program for Business Owners. The Main Street Lending Program is a loan available to small and medium-sized businesses during the COVID-19 pandemic. In this episode, Justin and Don discuss what the MSLP is, who it's for, how it works, and the best use for the loan by business owners...

In episode 302 of Financially Simple, Justin recaps the Wealth Gap Formula. Over the last eight episodes, we have looked at the Wealth Gap and the factors involved in determining and reducing it as Business Owners. In this episode, Justin gives an overview of the factors that need to be addressed, summarizing the Wealth Gap Formula. Don't forget to subscribe, and let us know how we are doing by le...

In episode 301 of Financially Simple, Justin looks at the expected ROI when calculating your Wealth Gap. Few things are constant especially in the world of finance, and it is important to bear that in mind when considering your investment returns as the markets fluctuate up and down going through their various cycles. In this episode, Justin goes over the factors and types of cycles that can affec...

In episode 300 of Financially Simple, Justin gives a brief introduction to calculating the Return on Investment for Real Estate properties. One of the most popular types of investment is Property, buying a house or apartment, and either occupying the home or renting it out. In this episode, Justin takes a look at how you should calculate the ROI of an investment property, and goes over the potenti...

In episode 299 of Financially Simple, Justin goes over the Taxes involved when it comes to selling your business and how they can affect your Wealth Gap. When it comes to selling your business, it's a balancing act between the interests of the Buyer and those of the Seller, and negotiations are necessary to ensure a good outcome for both sides. In this episode, Justin looks at the Taxes involved a...

In episode 298 of Financially Simple, Justin looks at the effect Taxes have on our Wealth Gap. With the COVID-19 stimulus of $3.6 Trillion, a lot of money has been created to help keep the economy going, and that means a tax increase as government needs to recoup that money. In this episode, Justin looks at Taxes, with a bit of a history lesson, and explains why and how Taxes affect the Wealth Gap...

In episode 297 of Financially Simple, Justin goes over the basics of calculating the Return on Investment of your Business. As we continue to look at ways of narrowing the Wealth Gap, it's important to consider the Return on Investment that our Business provides and how it impacts the value of the Business. In this episode, Justin looks at ROI, why it's important to know, ways to calculate it, and...

In episode 296 of Financially Simple, Justin looks at Inflation and how it affects Retirement. Inflation is a complex market force that differs for most commodities and can swing like a pendulum depending on external factors impacting the world at large. In this episode, Justin explains what Inflation is, how COVID-19 and the CARES Act have influenced inflation over recent months, how it will affe...

In episode 295 of Financially Simple, Justin looks at Normalizing your Personal Income as a Small Business Owner. Normalizing your personal income by adjusting it, based on certain expenses, will help you to plan for retirement by giving a reliable benchmark of what your actual income and expenses are. In this episode, Justin goes over the areas that may require attention as a Small Business Owner...

In episode 294 of Financially Simple, Justin explains the concept of the Wealth Gap. All Small Business Owners plan to retire one day, sell their business, and enjoy their hard-earned wealth - but will you have enough to cover the expenses of the lifestyle you want for your retirement. In this episode, Justin defines the Wealth Gap, outlines the basics of its calculation, and how to reduce it. Don...

In episode 293 of Financially Simple, Justin kicks off Season 4 of the Financially Simple Podcast. Being a Business Owner isn't easy. Aside from the day-to-day challenges of owning and operating a business, there are the fears, anxieties, and stresses that come along with it. In this introductory episode, Justin lays out the fears and concerns of all Business Owners and reminds us that we're not a...