Keep What You Earn

Today's episode is all about a fundamental business practice: separating your personal finances from your business accounts. We'll be exploring three powerful reasons why keeping these entities apart is absolutely crucial, touching on better tax organization, avoiding IRS audit complications, and protecting yourself legally by not piercing your LLC's protective veil. So, if you want your business to thrive and your financial future to be secure, this is the advice you've been waiting for. Let's jump right into transforming your financial strategies and truly keep what you earn. What you'll hear in this episode: 05:05 Maintain trust with IRS agents during audits. 09:45 Respect boundaries of business and personal finances. 11:29 Make separating business and personal transactions easier. If you like this episode, check out: Stop Trying to Scale Everything The Steps to Selling a Business How to Set a Pattern of Success for 2024 Want to learn more so you can earn more? Download the Money Pro Matchmaker tool here Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In this episode of Keep What You Earn, Shannon addresses a common question from a member of CFO on Demand: Should extra cash be used to pay off a small loan with 1% interest or placed in a high-yield savings account generating 3.5% interest? Shannon's insightful response delves into the logical and financial considerations behind this decision, challenging the traditional notion of debt as inherently negative. Her practical advice encourages entrepreneurs to carefully evaluate where their money can work most effectively for them, emphasizing the importance of making informed financial decisions. If you've ever grappled with similar dilemmas about optimizing your cash flow, this episode is not to be missed. Tune in to discover how to leverage your financial resources for maximum benefit and join in on the conversation with Shannon in the CFO on Demand community. What you'll hear in this episode: 04:40 Be thoughtful about financial decisions for success. If you like this episode, check out: Best Practices to Collect Cash from Customers Faster How to Generate Cash Without Increasing Price Want to learn more so you can earn more? CFO On Demand click here Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In today's episode, we have Adam Lean joining us from the CFO Project, a pro at steering businesses toward peak cash flow and profit. Adam reveals the six pivotal drivers of cash flow and why mastering them is crucial for your company's health. Say goodbye to just 'owning a job' and hello to a thriving, profitable enterprise. We'll explore Adam's expertise in elevating businesses beyond the day-to-day, giving you the tools and insights needed to really keep what you earn. Adam Lean is a former accountant turned 2-time entrepreneur who built, scaled, and sold two businesses. While helping other business owners, he realized his passion was teaching and providing tools to business owners to help them make more money and have a peace-of-mind. He currently runs The CFO Project - a training company that trains financial professionals on how to offer CFO and advisory services The CFO Project Facebook: https://www.facebook.com/thecfoproject LinkedIn: https://www.linkedin.com/company/thecfoproject/ Website: https://thecfoproject.com/ What you'll hear in this episode: 06:20 CFO services, business transformation program. 08:42 Positive cash flow essential for business survival. 10:54 Profit ≠ Cash Flow: Making revenue ≠ having money. 17:09 Accelerate customer collections, extend credit wisely, manage debt. 19:59 Debt can be good if used wisely. 22:10 Accountants and bookkeepers guide clients with financial strategy. 26:22 Focus on fewer things for faster results. 29:35 Focus on right things, turning data into decisions. 32:46 Train accountants to communicate effectively with businesses. If you like this episode, check out: Best Practices to Collect Cash from Customers Faster How to Generate Cash Without Increasing Price Want to learn more so you can earn more? Transform your small business journey – download the Small Business $tarter Kit here. Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Today, we're diving deep into why waiting for a crisis to solve business problems is all too common, and how proactive, preventative measures can save you from financial pain later on. We'll discuss the importance of good financial practices from the get-go, the analogy of business vitamins versus surgery, and when it might be time to seek professional help to get back on track. Get ready to confront whether it's time to operate or to supplement as we embark on this episode, which promises to nourish your entrepreneurial spirit and get your business health in peak condition. What you'll hear in this episode: 06:35 Improve efficiency, delegate, respect professional help. 07:41 DIY mistakes may cost more to fix. 11:17 Seek help and embrace preventive measures. Trust. If you like this episode, check out: The Power of Diverse Mastermind Groups for Comprehensive Growth How to Break Free from the Corporate 9 to 5 Best Ways to Negotiate Business Deals Want to learn more so you can earn more? Get $50 off your HR audit with People Principles by using code SHANNON50 here. Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In today's episode, we decode the balance sheet's mysteries and show you how this tool can guide your business decisions. You'll learn to check solvency, properly understand your assets, and ensure you're not just filling holes with bank loans. By the end, you'll have the confidence to use this info to your advantage. What you'll hear in this episode: 03:09 Balance sheet reveals financial health in snapshot. 08:25 Pay attention to credit card, loan balances, inventory, receivables. 09:42 Are we financially healthy or relying on loans? If you like this episode, check out: What to Track in Your Books What is CFO On Demand? Taking Money Out of Your Business Want to learn more so you can earn more? Join Gusto today and get a $100 Visa Gift Card Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In this episode, Shannon breaks down the common challenges that entrepreneurs face when seeking financial help as their businesses grow. She addresses the issues of financial support being seen as a luxury, the high cost of hiring financial professionals, and the lack of engagement in community forums due to the shame around asking money-related questions. Shannon introduces "CFO on Demand," a membership program designed to provide accessible and personalized financial support to business owners. The program offers direct messaging with Shannon for financial guidance, monthly group training, and optional one-on-one sessions for more in-depth assistance. Shannon emphasizes the affordability and value of the program, highlighting its potential to help businesses grow to a million dollars in revenue and beyond. Tune in to learn more about this innovative solution for entrepreneurs seeking practical financial support. What you'll hear in this episode: 03:49 Overcoming shame in asking money-related questions. 08:09 One-on-one financial advice and coaching available. 09:34 Support for building businesses to million-dollar revenue. If you like this episode, check out: What to Track in Your Books Taking Money Out of Your Business How Publishing a Book Affects Your Taxes Want to learn more so you can earn more? CFO On Demand click here Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Today, Shannon delves into the topic of business boredom. She addresses the common struggle of feeling bored with a successful business and offers insight into why this feeling may arise. Shannon encourages business owners to consider the true purpose of their business and explores the idea that the way to make the most money may not always be the most exciting. With personal anecdotes and practical advice, she challenges the notion that boredom should lead to abandoning a business, and instead emphasizes the value of mindful decision-making for the future of one's business. Tune in for an engaging discussion on navigating business boredom and making conscious choices for long-term success. What you'll hear in this episode: 05:08 Caution against distraction and serial entrepreneurship cycle. 08:19 Separating work and passion to avoid pressure. 09:29 Consider business choices based on long-term potential. If you like this episode, check out: Compensation Plans - Commission or Flat Rate? Is Hiring Your Family the Right Thing to Do? How My Dad's Advice Shaped My Career and Business Success Want to learn more so you can earn more? 5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Today we have the honor of chatting with Jeremy Race, president and CEO of Junior Achievement of Southwest New England. Together, we'll delve into the vital role childhood financial education plays in shaping future generations. Jeremy will share his passion for providing young students with the financial knowledge they need to succeed through Junior Achievement's engaging programs like Biztown and Finance Park. You'll hear about the organization's global impact, their exciting plans for a new financial literacy center, and touching success stories of students who've thrived thanks to JA's curriculum. If you're inspired to take action, stay tuned as we discuss how easy it is to get involved with Junior Achievement, whether through volunteering your time or supporting their mission. Get ready for an episode that promises to be as enlightening as it is empowering. Jeremy D. Race is President and CEO of Junior Achievement of Southwest New England, Inc. (JASWNE). He is responsible for the organization's sustainability, strategic direction, board development, and overall program effectiveness. Jeremy joined JASWNE in 2002 as an Education Manager, and became President and CEO in 2016. LinkedIn: https://www.linkedin.com/in/jeremy-race-86b4287/ Website: www.jaconn.orgJA BizTown: https://www.youtube.com/watch?v=eEDjKdai96A What you'll hear in this episode: 06:05 Helping young people achieve success through education. 09:00 Launching JA facility in downtown Hartford for kids. 12:39 Junior achievement nominated for Nobel Peace Prize. 16:04 Early exposure to financial concepts mitigates fear. 18:27 People believe, support our mission and trust. 20:21 Biztown program offers extended classroom and field trip. 23:35 Introducing kids to financial concepts makes them confident. 29:31 Prioritizing impactful conversations and meaningful student impact. 30:24 Get involved with local chapters for impact. If you like this episode, check out: Blue Oceans are All Around Us Never Let Your Scarcity Show Stop Shrinking Yourself in the Name of Saving Want to learn more so you can earn more? Download the Money Pro Matchmaker tool here Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In this episode of Keep What You Earn, Shannon delves into the topic of how to read your tax return. She emphasizes the importance of understanding and taking responsibility for your tax return before signing off on it. Shannon breaks down the key components of the tax return, simplifying the process and empowering listeners with the knowledge they need to comprehend their financial story. By guiding listeners through the two-page tax return and encouraging them to ask questions if something doesn't make sense, Shannon aims to demystify the often daunting world of taxes. Whether you're about to file, have already filed, or are simply curious, this episode is designed to help you make sense of the core pieces that really matter. Tune in to gain a deeper understanding of how to read and interpret your tax return, and take the first step towards financial empowerment. What you'll hear in this episode: 05:47 Calculate income, deductions, and taxable income. 06:42 Taxable income determines tax bracket and rate. 10:52 Clear, patient finance guidance for non-experts. If you like this episode, check out: How to Play in the Gray When it Comes to Your Taxes Minimizing Tax Season Anxiety with Three Simple Steps Determining the Appropriate Salary for an S Corp Owner Want to learn more so you can earn more? Transform your small business journey – download the Small Business $tarter Kit here. Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In this episode, Shannon discusses what to do if you're behind on doing your taxes. As the tax deadline approaches, Shannon provides a detailed blueprint for handling the situation, covering various scenarios and offering valuable advice for business owners. She emphasizes the importance of taking ownership of the communication with your accountant, filing the necessary extensions, and paying any taxes owed. Additionally, she encourages showing gratitude and empathy towards tax professionals who are working diligently during this busy season. Tune in to gain insight on navigating the process of getting your taxes filed and learn how to approach reading your tax return in an upcoming episode. What you'll hear in this episode: 05:27 Ensure clear communication with the accountant for tax filing. 07:42 Be grateful and consider accountants' busy schedules. 10:48 Tax deadline on Monday. Stay tuned for assistance. If you like this episode, check out: Are Quarterly Taxes Necessary For You? Tax Implications of Digital Product Sales How to Play in the Gray When it Comes to Your Taxes Want to learn more so you can earn more? Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.