Keep What You Earn

We introduce an insightful conversation with Travis Gatzemeier, a certified financial planner who guides entrepreneurs and equity compensated professionals in making informed financial decisions. There's so much noise online when it comes to opinions and advice on how to manage your hard-earned cash. Should you aim towards investments, or pour everything into your business? Perhaps Roth retirement plans? TikTok may bombard you with tips and tricks, but today we're bringing you the proven facts. We discuss the four elements of a robust financial plan, the importance of diversifying investments and tax positions, and the valuable role insurance plays in protecting wealth. Plus, as financial planning naturally evolves over our lifetimes, Travis provides some critical pointers on navigating these changes and reshaping the goals you're aiming for. Stay tuned as we debunk common myths, offer some invaluable tips, and guide your wealth on a path of growth. Whether you're just starting your financial journey or looking to optimize your plan, this episode is jam-packed with information you don't want to miss! Tune in! Connect with Travis: Twitter: https://twitter.com/T_Gatzemeier LinkedIn: https://www.linkedin.com/in/travisgatzemeier/ Instagram: https://www.instagram.com/kinetixfp/ Website: https://www.kinetixfp.com/ What you'll hear in this episode: [07:24] Helping clients navigate social media financial information. [12:57] Efficient tax strategy is transitioning investment income. The goal is to create ongoing cash flow and flexibility. Personal situations determine the planning and advice given. [15:18] The importance of planning and setting goals cannot be underestimated, even if circumstances are bound to change. Having a loose plan keeps us focused and helps us make progress towards our desired outcomes. [17:42] Many business owners lack a long-term plan and rely on holding cash. They focus on immediate cash needs and liquidity but fail to make adjustments for the future. [28:10] Choose accounts wisely based on future tax rates. [33:30] Ensure you're not under- or over-covered, paying excessively or risking financial instability for dependents. Life insurance is crucial for risk coverage, not as an investment. Additionally, income protection involves disability insurance, which many underestimate. If you like this episode, check out: The Benefits of Business Continuity Planning with Jim Erben How to Pour Money Into Your Business How to Introduce Your Kids to Money 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.

I've faced scrutiny for my inclination towards utmost transparency in detailing my methods and procedures—a departure from the conventional perception that accountants merely peddle knowledge. As I've advanced in my professional journey, I've come to realize that many peers provide similar services. The true distinguishing factor lies in the quality of the customer experience. It's vital not to retreat from revealing the intricacies of your processes, provided you exude confidence in the outstanding customer experience you deliver. In fact, openly sharing your methodologies can serve as a showcase of your expertise, fostering trust with clients. By accentuating the distinctive value embedded in your approach and the positive results it yields, you carve out a niche for yourself amidst the competition. What you'll hear in this episode: [0:50] I express a high level of transparency regarding my processes and procedures [3:06] The rationale behind my openness in sharing processes and procedures [6:05] Significance of service, experience, and personalization in shaping your offers If you like this episode, check out: Why I Give Away My SOPs Building Systems Based on Problems Business Boredom - Does it Need Fixing? Want to learn more so you can earn more? Text me the word DAILY to get tips each weekday to get you into a CEO mindset! 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.

One thing I have noticed in the last year working with business owners at varying stages is that everyone seems super unclear on who they should hire in their business. I see people posting all the time asking for an accountant or CPA, which I believe is one of the reasons business owners like you aren't getting the help you deserve. In this episode, I was recently on the She Leads First Podcast with Emily Cincotta and we chatted about some of the mistakes business owners make when hiring financial help and how to decode the type of pro you actually need in your business. Enjoy the interview... What you'll hear in this episode: [08:37] Different labels for people you work with. [09:49] Financial operations, accounts payable, accounts receivable, cash balance, profit, financial statements, tax return [13:40] Meet the bookkeeper regularly for real-time feedback. [18:37] Organize everything to avoid IRS audit. [20:12] Invest budget in revenue generation or customer experience. [22:39] Practical advice often lacking, money concerns. No mention of accountants explained. [27:56] Find someone who does tax preparation and strategy, co-authors your story, and meets with you regularly throughout the year to plan and understand your business. [29:51] Importance of intentionally choosing financial advisors. [36:00] Long email helped me understand services better. [39:13] Ideal client journey: empathetic, industry-specific, experienced advisors. [42:54] Return rented clothes, except for extreme cases. Check out the original interview here: https://lnns.co/RIkVqtLZuad If you like this episode, check out: Decoding the Messages in Your Numbers The Hidden Power in Your Financial Reports with Sugey Piedra What Your Numbers Are Trying to Tell You 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.

If you've ever seen tax tips on social media and thought "Is this legit", surprisingly, the answer is probably yes, but the information they share doesn't have all the fine print. In this episode, listen as I unpack three big tax strategies and explain why they may not make sense for you, so you can go back to focusing your energy on earning more. What you'll hear in this episode: [02:23] Accountants say "no" to certain tax strategies. [06:03] Accountants say hiring kids may not be worth it. [11:02] Research, listen, accountant advice, not universal benefit. If you like this episode, check out: 3 Steps to Preventing Tax Season Stress Three Things to Get Done Before the Holidays Ditch Your Budgets and Try This Instead Want to learn more so you can earn more? Text me the word DAILY to get tips each weekday to get you into a CEO mindset! 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.

For entrepreneurs, establishing revenue objectives is a standard procedure. Initially, our target is to meet expenses, and later, we incrementally incorporate additional income for personal benefit. As we aspire for financial stability, viewing our business as the mainstay of our livelihood, this numerical goal expands over time. Yet, it's paramount to remain attuned to our underlying motivation and grasp the genuine requirements to realize these business objectives. In this episode, I'll discuss my strategy of dissecting substantial business goals into manageable, day-to-day actions. This approach enhances the probability of achieving success, fostering a more connected and informed journey toward our aspirations. What you'll hear in this episode: [0:50] Exploring why establishing a revenue target as a business goal might lack thoroughness. [2:30] Illustrating the role of 'drivers' in achieving goals through a step-by-step example. [6:45] Deconstructing overarching goals into achievable daily milestones. [9:00] Allocating time for self-reflection based on a personal scorecard to evaluate actions. [11:48] Ceasing to anticipate different outcomes when consistently employing the same actions. If you like this episode, check out: Asset vs. Expense: What's The Difference? The Power of a Tax and Accounting Combo Team Cash Flow Series Part 1: How to Measure Cash Flow 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.

Welcome back to another episode of "Keep What You Earn"! Today on episode 442, we are delighted to have on board the amazing Bernadette Harris, a forensic accountant and a Certified Fraud Examiner, who is passionate about helping small business owners prevent fraud. Bernadette, with her 22 years of experience, is here to share some gut-wrenching stories of fraud that led some small businesses to closure, and provide vital lessons on how to spot fraud and prevent it. Some of our key takeaways today include understanding the importance of checks and balances, spotting patterns and disruptions in business operations, and how you, as a business owner, can guard yourself against potential fraud. From understanding different types of fraud such as payroll fraud or embezzlement through fake vendors, to preventing it with the 'trust but verify' principle, this episode is packed with value. So tune in, as we dive deep into the world of numbers and explore the shadowy undercurrents of fraud with our very special guest, Bernadette Harris! Bernadette Harris is an accomplished entrepreneur who is dedicated to supporting small business owners with their accounting needs. She leads her own company that provides bookkeeping, controller services and even CFO services to clients. Bernadette is passionate about ensuring that her clients have a comprehensive accounting system and fully understand their financial data. Recognizing that many people feel intimidated by numbers, she focuses on facilitating illuminating conversations to help business owners forge stronger relationships with their own figures, working towards more informed decision-making. Connect with Bernadette Harris: Facebook: https://www.facebook.com/TrustBernadette Linkedin: https://www.linkedin.com/in/trustbernadette/ Twitter: https://twitter.com/TrustBernadette Instagram: https://www.instagram.com/TrustBernadette Youtube: https://www.YouTube.com/TrustBernadette Website links: https://trustbernadette.com https://thebtbadvisoryfirm.com/ What you'll hear in this episode: [06:42] Bernadette pursued education, certifications to combat fraud. [12:08] Fraud brings hefty penalties, affecting trust/account. Payroll investigation uncovers employee deception, risk undetected. [15:06] Pay attention to your business and vendors. [16:18] Importance of noticing patterns, disruptions, and control. [23:03] Deceptive assistant financially drains rockstar businessman. [26:16] Comfort leads to theft; greed takes over. [30:41] Forensic accountants uncover and resolve employee suspicions. If you like this episode, check out: Take Advantage of an Accountable Plan in Your Business Key Financial Metrics for Success in Product-Based Businesses Tax Deadlines You Need to Know as a Small Business Owner 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.

I advocate that all entrepreneurs should construct their businesses with the foresight that they might eventually consider selling them. I hold this viewpoint not because I assume that selling the business is everyone's ultimate objective, but because I firmly believe that adopting this perspective will lead to the development of robust processes and systems capable of enduring the test of time, regardless of your presence. In reality, none of us can accurately predict the future, and in the unfortunate event that something were to happen to you or a crucial member of your business, would your enterprise be able to persevere? Establishing procedures and mechanisms that can ensure the continuous operation of your business is a prudent long-term strategy, and it might also make your business more appealing for potential buyers. What you'll hear in this episode: [1:17] This is the reason why you ought to construct your business with saleability in mind, regardless of your intentions to sell. [2:45] The essential components of a business that can be marketed. [4:08] I'd like to share my enduring vision [6:23] Discover approaches to divest portions of your business while retaining control of your core operations. If you like this episode, check out: Questions to Ask Yourself as a CEO You Accomplished Your Goal. What's Next? How to Know if a CFO Power Session is for You 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.

You can't scale your operations without a team and you can't build a team without solid practices around communication and culture. Today, we break down success factors in team operations with Lia Garvin. Lia Garvin is the bestselling author of Unstuck, TEDx speaker, host of the top podcast Managing Made Simple and team operations consultant with experience leading team operations across Google, Microsoft, Apple, and Bank of America. As the Founder of the The Workplace Reframe business consulting firm, Lia uses the lens of "disruption without destruction" to equip innovative organizations of any size and industry with the tools to cultivate inclusive, motivated, high performing teams resulting in higher retention, more efficiency, and better business results. She is a sought after expert in the media, featured across Inc, FastCompany, ABC News, CNN Business, US News & World Report, HBR, Yahoo, and TV News. Instagram: https://www.instagram.com/lia.garvin LinkedIn: https://www.linkedin.com/in/liagarvin/ Website: https://www.liagarvin.com/ Thriving Team Scorecard (Lead Magnet) - 20 things you can do THIS MONTH to become a better manager - liagarvin.com/scorecard Ops Playbook (signature offer) - liagarvin.com Managing Made Simple Podcast - liagarvin.com/podcast What you'll hear in this episode: [01:03] Scaling requires people, brand, culture, operations, communication. Struggling? Listen to this episode for help. Introducing Leah Garvin, bestselling author and team operations consultant with experience at top companies. Through her consulting firm, she equips organizations with tools for inclusive, high-performing teams and better business results. [05:36] Streamline works for faster results, improve communication. [08:17] Tips for new managers without previous team management background. [13:13] Supporting business owners in managing their teams. [19:02] Team facing communication issues, struggling with deadlines. [22:47] Pay attention to both spoken and unspoken cues. Observe body language and ask open-ended questions to gain insights. [26:57] Sense of ownership key to accountability and purpose. [29:46] Conscious language use and effective communication strategies. If you like this episode, check out: The Power of a Tax and Accounting Combo Team Asset vs. Expense: What's The Difference? Why You Need More Than One Type of Mastermind 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 today's episode, we have a special treat for you as we dive into Shannon's recent interview with Ryan Pineda on the "Wealthy Way" podcast. Get ready to gain valuable insights into wealth creation, financial decision-making, and the mindset required to achieve your goals. Shannon shares her knowledge and experiences as a fractional CFO, providing strategic financial guidance to entrepreneurs. She emphasizes the importance of understanding your numbers, making informed decisions, and viewing financials as a tool for progress rather than a restriction. Join Shannon and Ryan as they discuss various topics, including tax strategies, scaling businesses, language learning, personal finances, and the challenges and rewards of being an entrepreneur. They also touch on Shannon's journey from a corporate CPA to a successful business owner and the dynamic duo's plans for their future. So grab your favorite beverage, sit back, and get ready to delve into this captivating episode as we uncover the secrets to financial success and the mindset required to keep what you've earned! Stay tuned for an enlightening and engaging conversation with Shannon on the "Wealthy Way" podcast. What you'll hear in this episode: [00:08:33] Lost bet with dad, became accountant, burnt out. [00:15:45] Cash flow is crucial to meet expectations. [00:20:50] Creating scenarios for business owners to foresee outcomes. [00:35:45] Immerse yourself in language, practice and read. [00:42:04] Internship, retail experience, developed skills, operations appreciation. [00:51:22] Founder's goals: team, scale, time, family, business. Analyzing data to guide business decisions. [00:56:15] Numbers: tool or restriction? Overcoming mindset. [01:00:20] Find experts, focus on goals, allocate resources. [01:11:57] Podcast brings friendly, relatable tax advice. [01:18:41] Worldview shapes behaviors, even against inclinations. [01:27:12] "Focus on earning, not saving, for success" [01:34:12] Forecast: ballpark July and August. Pro formas and tax return prediction. Cash flow options: plot or chip away. High yield savings account recommended for liquidity and interest. If you like this episode, check out: Real Talk on Social Media Tax Advice The Power of a Tax and Accounting Combo Team 3 Steps to Preventing Tax Season Stress 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/ Connect with Ryan: @ryanpineda: Instagram @RyanPineda: X (Twitter) Facebook: https://www.facebook.com/allstarinvestor/ https://www.ryanpineda.com/ 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 dives into the common issue many business owners face: cash flow crunch. Shannon addresses the urge to immediately seek investors and raise capital, highlighting the rigorous process involved and the long-term commitments that come with it. Instead, she offers alternative solutions to generate cash flow, such as taking on debt or entering into strategic partnerships. Join us as Shannon shares her insights on finding temporary solutions for temporary problems and encourages listeners to explore creative options before committing to raising capital. What you'll hear in this episode: [00:50] Business owners struggle with cash flow, seeking investors. [03:42] Hiring can improve capacity and increase sales. [08:28] Avoid unnecessary commitment to investors if unready. Explore alternatives for temporary cash problems. Adapt to an unpredictable entrepreneurship climate. If you like this episode, check out: Don't Leave These Terms Out of Your Contracts Asset vs. Expense: Understanding the Difference Protecting Your Legacy Through Estate Planning with Clara Delgado Rossell Want to learn more so you can earn more? Text me the word DAILY to get tips each weekday to get you into a CEO mindset! 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.