The Financial Flow

In what will be the final episode of The Financial Flow , I reflect on how important data analysis can be to business decisions, especially as it relates business growth and determining your ideal client/target marketing audience. Using TWS as an example, I discuss how paying attention to the data has resulted in a shift of focus, orienting us toward an ideal client that has commonly felt like a n...

Stop me if you’ve heard this one before: a small business owner dedicates decades of their life to building a business that is stable, provides for their family, and is a meaningful part of the local community. They invest their time and earnings into creating a valuable business. And the business thrives on relationships. When it comes time to cash in, sell the business, and retire on the money g...

In this episode, we wade a little further into the topic of Social Security, and look at the different claiming strategies available. We also look at why/how delaying longer could be financial beneficial, and cover a real life example of the impact that claiming early (or delaying) can have on a retirees income. Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies....

In this episode, we tackle an important retirement planning question for the self-employed: when should you start drawing Social Security? It's a decision that can have a lifetime impact of hundreds of thousands of dollars, so you want to be thoughtful about it. We cover timing, a discussion of Full Retirement Age (FRA), longevity, the impact of taxes on Social Security, and some common strat...

In this episode of The Financial Flow , I tackle one of the biggest emotional challenges retirees face: managing the volatility of their portfolio. Retirement is supposed to be a time to relax, but big swings in a retirement account can bring unexpected and undesired stress. I taker some time to discuss sequence of returns risk, and how to combat the risk with an income strategy. There is also som...

In episode 19 of The Financial Flow , I discuss what a retirement withdrawal rate is, touching on the industry-standard "4% rule," the "guardrails" dynamic distribution strategy, the "Retirement Spending Smile" - and the pros and cons of each retirement income withdrawal strategy. I then tease the next episode (Guardrails approach to income), quite incorrectly, since...

It's the question of retirement questions: How much do I need to save so that I can retire? In this episode, I emphasize the importance of understanding retirement cash flow. Additionally, I touch on identifying income sources, understanding retirement expenses, the role of retirement withdrawal rates - with consideration to life expectancy - and also discuss being prepared for unexpected ret...

In Episode 16, one strategy for reducing financial risk that I mentioned was tax planning. In this episode, I wade a little deeper into smart tax planning, and how it can be a powerful tool for reducing risk as a solopreneur. I cover the role of tax planning in a risk mitigation strategy, understanding tax deductions and tax credits, income timing and expense bunching, and also touch lightly on bu...

Guidance on how the self-employed can navigate financial risk. Discusses some of the common financial risks of being self-employed, like irregular cash flow and client concentration (i.e. too much income dependent on a single client), ways to reduce those risks, and how to balance risk and reward from a planning perspective. Sources: Planview: www.planview.com/resource-center/   Entrepreneur: “How...

Whether you've been running a small business on your own or managing a larger one, the new year is a perfect time to revisit, reassess and refine your business plan. In this episode I offer some guidance on the key elements for developing a business plan strategy, such as market analysis, SWOT analysis, and financial forecasting. I also share some ideas on how to get the new business plan imp...

In this episode, we look at the importance of planning for the New Year. Specifically, business planning. I discuss the importance of business planning, touch on some strategy development ideas and how to effectively implement those ideas, and emphasize the importance of prior proper planning and keeping things simple, like one-page simple. This episode is geared toward new business owners who cou...

In this episode, I provide a very "lite" overview of some basic and essential legal documents that are key to planning for what happens to your stuff when you die. In other words, estate planning. I give a brief overview of wills, trusts, powers of attorney, and that scourge of legacy wealth planning: the estate tax. #financialplanning #estateplanning #taxes #estatetax #selfemployed #bus...

In this episode, I offer a balanced perspective on whether or not you might need (or want) to work with a financial advisor, or if you'd be better off on your own. I discuss the pros and cons of each, and offer some things to consider when making the decision to DIY your retirement plan, or bring on a professional (or team of professionals) to help with the planning process. #financialplannin...

In this episode, we cover five tax tips that will help keep more money in your pocket, enabling you, in turn, to maximize your retirement savings potential. We'll look at tax requirements specific to being self-employed, touch on the importance of being organized and claiming business expenses, and extol the virtues of both working with a tax professional and using tax software. #taxes #retir...

In this episode, I emphasize the importance of being thoughtful about our daily spending habits. Using some of my own personal experience with spending habits, I lay out the numbers on the long-term cost of buying a coffee every (work) day. Important Disclosure: I love and still drink coffee daily, but how I spend money on coffee looks a lot different than it did 10 years ago: a married couple spe...

In this episode, I share some quick tips on ways to effectively and efficiently manage time. Touches on scheduling, the Eisenhower Matrix for prioritizing, and other methods that help improve time management, and make effective use of our most valuable currency. #timemanagement #efficiency #selfemployed Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until nex...

In this episode, we examine some common tax myths being incorrectly shared and popularized as easily claimed and totally legit tax strategies on TikTok: writing off lifestyle expenses, claiming the home office deduction, starting an LLC to maximize write-offs, and using a C-Corporation as a small business in order to 'look professional.' While these strategies can be viable in the right...

Wading into the topic of cash flow management, specifically with some tips on for budgeting, tracking expenses, monitoring finances, and keeping the business and personal finances separate. #cashflow #financialplanning #budgeting #budgetingapps #selfemployed #solopreneur #businessowner #taxes #taxplanning #retirement Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strateg...

In this episode, we'll quickly touch on a few different apps that can be leveraged to make managing your finances as a business owner a little easier. Script partially crafted by ChatGPT.  Mint (now absorbed by Credit Karma), QuickBooks Self-Employed, YNAB and Personal Capital all briefly discussed.   Talks about financial management, using various apps to help with money management, which ul...

In Episode 5, we take a closer look at the Solo 401(k) retirement plan. Also called the Individual(k) and the Solo(k), this is a retirement plan option designed specifically for sole proprietors. I cover the pros and cons of this type of employer-sponsored retirement plan, the 2024 contribution limits, contribution type flexibility, the ideal situations for using the Solo(k) and why (or when) it m...

In this week's episode of The Financial Flow, I cover the four retirement plan options that every self-employed solopreneur should consider: non-plan Traditional IRA and Roth IRA, the SIMPLE IRA, the SEP IRA, and the Solo(k) (or Solo 401(k)) plan. I cover the pros and cons of each, and discuss the difference in annual maximum contribution, and touch on how that can be affected by business ent...

Addressing the common question that comes up when someone leaves an employer, "What do I do with my old 401(k)?" and providing some perspective on how self-employed professionals can navigate the matter. Covers the four options ever participant has with their previous employer's 401(a), 401(k), 403(b) and 457 plan account, with some pros and cons to consider for each of the options....

In our second episode, we cover a broad overview of financial planning, as it related to solopreneurs, the self-employed - any army-of-one business owner. We cover our four primary areas of planning focus: cash flow, tax planning, risk management (estate planning ,emergency fund and insurance planning), and portfolio management. We also suggest some immediate action to take. Our planning process i...

The inaugural, and likely the least educational, podcast episode of Financial Flow. An introduction to the purpose of the podcast and the intended audience (self-employed business owners, solopreneurs). Explanation of the tidepool symbolism. Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well! Tidepool Weal...