DecaMillionaire Decoded

In episode 241 of Financially Simple, Justin talks to Biren Patel, owner of Biren Patel Engineering, about running a business with a remote workforce. With the outbreak of the COVID-19 virus, many businesses have shifted to a remote work-from-home setup for their employees in order to reduce the spread of the virus. Justin and Biren discuss setting up a business with a remote workforce, the pros a...

In episode 240 of Financially Simple, Justin talks to Paula Harriss, a Business Leadership Coach. Many listeners have asked for some insight on a difficult topic as a Small Business Owner - having the right Leadership and being able to communicate the vision for their business to the Team Members and keep them focused. Justin discusses the issues of Leadership with Paula, from sharing the vision t...

In episode 239 of Financially Simple, Justin talks to Michael Gamboli of Partridge, Snow & Hahn LLP, about the Family First Act. The Family First Act is due for publication in the next few days, but in that time it has changed and will continue to change according to government recommendations. Justin talks to Michael about the meaning of the Act and how it will affect Business Owners and their Em...

In episode 238 of Financially Simple, Justin is joined by Brandon Jordan to go over the recently published Family First Act regarding Medical Practitioners. As a result of the COVID-19 crisis, the government has recently passed a bill to assist Small Business Owners and Medical Practitioners that were not prepared, to weather this storm. Justin and Brandon go over a few issues that might have caus...

In episode 237 of Financially Simple, Justin talks to Chris Mahan of Mahan Associates on how Medical Practitioners like dentists, chiropractors, and optometrists can weather the current COVID-19 crisis. Many Medical Practitioners, as well as other types of small businesses, are feeling the pinch as the COVID-19 pandemic spreads. Justin and Chris talk about what Medical Business owners like dentist...

In episode 236 of Financially Simple, Justin talks to Chris Steward about the current movements in the markets caused by COVID-19. In recent days (March 2020) the local and international markets have seen significant drops, along with a big price drop in Oil. Justin sits down with Chris to discuss the causes behind the market drop, and where the markets might go from there. Don't forget to subscri...

In episode 235 of Financially Simple, Justin looks at how the Covid-19 epidemic is affecting the stock market. The Novel Coronavirus (2019) is a cause for concern, with a number of listeners asking the same question: How will it affect the Markets? Justin takes a look at the history of the virus to date, as well as its effect on local and international markets, and gives his opinion on whether to...

In episode 234 of Financially Simple, Justin answers a question on Retirement. A listener of the podcast asks, How Much Do I Need to Retire? Justin breaks down his answer into the Key Points that you should consider when trying to determine how much is necessary. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX :...

In episode 233 of Financially Simple, Justin answers a listener's question on Saving for Retirement. As an employee of a business, you might have a Pension Plan, but it is also a good idea to have your own Savings Plan in place, just in case. Justin compares Gross Income to Net Income, and considers how much is enough to put aside each month, as well as providing some insight into Pension Plans an...

In episode 232 of Financially Simple, Justin talks to Scott Snider of the Exit Planning Institute about working in a second generation family business. Coming into a family-owned business, whether second generation or older can be a trying experience - maintaining family ties through good communication, receiving offers, and expanding the business can test family bonds. Justin and Scott discuss wh...

In episode 231 of Financially Simple, Justin answers a question on handling finances when planning to save and starting a business at the same time. If you're debt-free and have a modest lifestyle, and are planning on starting a business as well as to start saving for retirement - what is the best way to utilize the excess income to best achieve those goals? Justin breaks down the question, addres...

In episode 230 of Financially Simple, Justin welcomes back Jonathan Mills Patrick to the podcast to discuss the pros and cons of being an Entrepreneur. In an earlier "Ask Justin," episode, the question of whether or not to become an Entrepreneur over an Employee was asked. Justin and Jonathan revisit the question and compare the pros and cons of following either route. Don't forget to subscribe, a...

In episode 229 of Financially Simple, Justin answers a question on when to hire a Financial Planner. Cindy asks, "At what point should I consider hiring a Financial Planner - How much should I be making to necessitate having one?" Justin goes over a few factors that you might consider when thinking about hiring a Financial Planner and gives his own opinion on when it's best to do so. Don't forget...

In episode 228 of Financially Simple, Justin answers a listener's question on inheriting a Family Business. Jack has taken over his late father's business, and asks for guidance on whether he should continue with the business and grow it further or sell it. Justin gives advice based on his own experiences as a business owner and a financial advisor to other business owners. Don't forget to subscri...

In episode 227 of Financially Simple, Justin gazes into his crystal ball to answer a listener's question on predicting the stock market during an election year. Tiffany asked, "How does the Stock Market react during a Presidential Election Year?" Justin looks at different studies that have tried to analyze the market's movements, in order to predict outcomes. Don't forget to subscribe, and let us...

In episode 226 of Financially Simple, Justin answers two questions from different listeners, relating to his own business practices. Cindy asks Justin, "How do you, as a Business Owner, handle the stresses of running your business?" And Himan asks, "How do you handle decisions and doubt?" Justin has a candid "fireside chat" about these issues, and how he personally deals with them. Don't forget to...

In episode 225 of Financially Simple, Justin answers a listener's question on what steps to take if you receive an offer for your business. Charlie asks Justin, "What steps should I take to decide if I should accept an offer for my business?" Justin explains what factors to assess in your personal life, and within the business itself, to determine whether or not the business should be sold. Don't...

In episode 224 of Financially Simple, Justin and guest co-host Jeff Jeter look at the personal finance needs of Retirement. Podcast listener Sarah asks, "How Do I Determine How Much I Need to Retire?" Justin and Jeff look at the personal and business criteria, as well as other considerations to take into account when determining How Much. Don't forget to subscribe, and let us know how we are doing...

In episode 222 of Financially Simple, Justin answers the second part of a question regarding plans for the new year. Tim asks, "What is the number one thing I should be doing right now in my Personal Finances, and Business?" Justin addresses the second part of the question, regarding Business Plans, and briefly goes over the need for Strategic Planning. Don't forget to subscribe, and let us know h...

In episode 221 of Financially Simple, Justin answers a question regarding plans for the new year. Tim asks, "What is the numbering thing I should be doing right now in my Personal Finances, and Business?" Justin gives his opinion for having a fresh start to the year 2020, and addresses the issue of Personal Finances in this first part of of the answer. Don't forget to subscribe, and let us know ho...

In episode 220 of Financially Simple, Justin answers a question about having a Health Reimbursement Arrangement. A listener of the podcast asks, "I am a CPA about to get clients involved in a Spouse-Only HRA - What did you mean in your article 'You must have a health plan to participate,'?" Justin responds, explaining what HRAs are, how they work, and the rules that apply. Don't forget to subscrib...

In episode 219 of Financially Simple, Justin answers a question posed to him by a listener of the podcast. Podcast listener, Allan - recently divorced and coming up to retirement - poses the question, "How should I go about starting an investment fund with my specific situation, and what are the costs?" Justin goes over the question and gives his suggestions for a plan of action. Don't forget to s...

In episode 218 of Financially Simple, Justin answers a question posed to him by a listener of the podcast. Podcast listener, Adam from Grand Rapids MI, poses the question, "Should I pay off my house early and invest until retirement, or sell and buy my retirement home with the plan to have it paid up by retirement?" Justin breaks down the question, bit-by-bit, and gives his take on the matter. Don...

In episode 216 of Financially Simple, Justin wraps up Season 2, looking back on what has been covered and achieved, and looking forward to what's still to come in Season 3 of the Financially Simple podcast.   Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX : 00:46 - A Wrap Up to Season 2 03:09 - Season 1 Recap 06...

In episode 215 of Financially Simple, Justin continues his examination of reducing tax costs when selling Real Estate. When selling property, the 1031 Exchange route might not be the best option with so many disadvantages. So, what other options are there? Justin explains the Opportunity Zone, what it is, how it works, and provides a case study example of Comprehensive Tax Planning. Don't forget t...