Keep What You Earn

As an entrepreneur, you deserve to keep the money that you make. This is a core concept in my business but many other fractional CFOs and financial professionals agree. David Richter is a friend that I recently met at a conference that aligned closely with my business beliefs, so I asked him to come on the show and share his philosophy. David, like me, thinks that your business should allow you to do the things that you enjoy in life and that setting yourself up using the proper frameworks is the best way to achieve this. David Richter is the author of Profit First for Real Estate Investing - a derivative of the original Profit First by Mike Michalowicz that is tailored specifically to Real Estate Investors. His goal is to completely transform the Real Estate Investing industry by helping real estate investors make and KEEP more money in their businesses. As the founder and owner of SimpleCFO Solutions, he wants to bring investors true financial clarity and freedom and help every investor stop living deal to deal. This episode is a can't-miss for any entrepreneurs who are constantly feeling cash flow pressures or like their business isn't providing enough for them. What you'll hear in this episode: [3:00] Who is David and how did he get into the Profit First framework? [6:44] What are the fundamentals of the Profit First framework? [17:15] How did David discover a passion for his CFO practice after not having any financial background? [23:29] What are the initial steps to implement the Profit First framework into your life? [31:15] What is the difference between the business profit and the owner's compensation account in the Profit First framework? [34:15] How do you arrive at your "keep" number to determine what you need out of your business? [37:35] How has David implemented these frameworks while growing his own CFO firm? Give Relay Financial a Try: https://app.relayfi.com/register?referralcode=FitnancialSolutions Connect with David: simplecfo.com/gift IG: @richterscale91 * Related episodes: How to Manage Remote Teams Revenue Goals That Actually Move the Needle Ways to Increase Revenue If You Hate Sales Tactical Resources: 5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa Grow Cash Flow for Your Business: https://www.keepwhatyouearn.com/endless-cash Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide CFO Power Session: Text POWER to 860-609-6374 See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator Additional Resources: Find everything you need at https://www.keepwhatyouearn.com Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa Hire us: https://www.fitnancialsolutions.com/accounting Find me on IG https://www.instagram.com/shannonkweinstein/ Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ 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.

Entrepreneurs are commonly asked to participate in events or promote products and in return receive "exposure". This tactic is commonly used in some industries but is also common with smaller-budget businesses. As the one being asked to provide a service (essentially for free) I think it is worthwhile for you to take the time to thoroughly investigate the opportunity and see what the potential return on investment could be for you. I'll be sharing how I approach these situations, the thought processes I use, and creative ways to structure your contract to ensure that it is beneficial, and not a waste of your time, money, and energy. What you'll hear in this episode: [1:00] As entrepreneurs, we are often asked to provide services free of charge in exchange for "exposure". How do you navigate this? [2:42] Why I never say no right off the bat. [3:58] Make sure that you thoroughly understand the potential payback of the opportunity. [5:50] My #1 tip to evaluate an opportunity where the payment is "exposure" [8:01] How to overcome an emotional response vs. a strategic response when being invited to something. [10:00] How to get creative with your contract to make it mutually beneficial for both parties. * Related episodes: Building Authentic Relationships in Business with Barb Betts How to Network if You Hate Networking Events Revenue Goals That Actually Move the Needle Tactical Resources: 5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa Grow Cash Flow for Your Business: https://www.keepwhatyouearn.com/endless-cash Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide CFO Power Session: Text POWER to 860-609-6374 See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator Additional Resources: Find everything you need at https://www.keepwhatyouearn.com Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa Hire us: https://www.fitnancialsolutions.com/accounting Find me on IG https://www.instagram.com/shannonkweinstein/ Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ 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.

Social media often presents a skewed perspective, showcasing only the positive aspects of certain activities since it essentially functions as a form of public marketing. Understandably, individuals rarely highlight the challenges or failures that accompany their endeavors. Recently, this trend has been evident in posts discussing the tax-saving strategy of hiring one's kids. Many posts portray this strategy as a straightforward process, suggesting that merely transferring money into their accounts and deducting it from their taxes is all it takes. However, the reality is not quite that simple. I'll shed light on the proper steps to hire your children legitimately and offer some essential considerations to protect yourself in the event of an audit by the IRS. What you'll hear in this episode: [1:01] Why most things that are shared on social media do not dive into the fine print and details? [3:15] The first thing to be aware of when hiring your kids: your business structure [5:59] The second thing to be aware of when hiring your kids: contracts [8:25] The third thing to be aware of when hiring your kids: job duties [13:51] What is required to pay a child the proper way to make it legitimate in the eyes of the IRS? * Related episodes: Revenue Goals That Actually Move the Needle Ways to Increase Revenue If You Hate Sales Protecting Your Legacy Through Estate Planning with Clara Delgado Rossell Tactical Resources: 5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa Grow Cash Flow for Your Business: https://www.keepwhatyouearn.com/endless-cash Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide CFO Power Session: Text POWER to 860-609-6374 See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator Additional Resources: Find everything you need at https://www.keepwhatyouearn.com Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa Hire us: https://www.fitnancialsolutions.com/accounting Find me on IG https://www.instagram.com/shannonkweinstein/ Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ 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.

There is a relatively common fear that AI is coming and will eliminate certain professions. Though I do agree that AI is moving quickly and will significantly impact certain professions, I do not agree that it will completely replace humans. I think that instead of being fearful, we should consider how AI can help us be more efficient in our fields of work, to earn back free time. I think we as humans should also be thinking about how we can add value to our clients' lives that a computer can't. My belief is that with a proper mindset, AI can be a massive benefit to your professional life and can help you serve your clients better, resulting in a better personal life for you outside of work. Tune in to hear my thoughts. What you'll hear in this episode: [0:50] How can we embrace AI and use it to our advantage as business owners instead of fearing it? [3:20] Why I think AI is going to make our jobs both easier and a lot harder. [6:05] Think about how AI will play a role in your industry and how can you position yourself as a human that adds value. * Related episodes: Revenue Goals That Actually Move the Needle Ways to Increase Revenue If You Hate Sales What Traits We Look For in a Client Tactical Resources: 5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa Grow Cash Flow for Your Business: https://www.keepwhatyouearn.com/endless-cash Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide CFO Power Session: Text POWER to 860-609-6374 See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator Additional Resources: Find everything you need at https://www.keepwhatyouearn.com Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa Hire us: https://www.fitnancialsolutions.com/accounting Find me on IG https://www.instagram.com/shannonkweinstein/ Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ 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.

Leaving a corporate job can be a stressful time. I experienced this firsthand when I was deciding whether or not to leave my corporate role. Even with a side hustle in place and some decent cash flow, I still had fear. I am going to share with you the mentality that I wish I would've had when making this decision. I think that if you have the proper mindset and perspective, the decision can be a lot less overwhelming than you'd expect. What you'll hear in this episode: [0:50] The feeling that I had when leaving my corporate job that I am sure any others in a similar position have experienced. [2:32] One concept to grapple with when making this decision: What could actually go wrong? [4:30] Use this mindset shift to reduce the mental barrier to leaping off the 'cliff' [7:50] Reflect back on your career in corporate and think about all of the skills and talents that you've developed. [9:45] I did not have the mentality that I have now when I left my job, but I am sharing this with you because I wish that I had. * Related episodes: Why I Give Away My SOPs Protecting Your Data Online with Kathy Zant From Time Management to Time Mastery with Laura Vanderkam Tactical Resources: 5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa Grow Cash Flow for Your Business: https://www.keepwhatyouearn.com/endless-cash Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide CFO Power Session: Text POWER to 860-609-6374 See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator Additional Resources: Find everything you need at https://www.keepwhatyouearn.com Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa Hire us: https://www.fitnancialsolutions.com/accounting Find me on IG https://www.instagram.com/shannonkweinstein/ Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ 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.

Branding your business is an important part of your professional image and marketing success. That said, there is often little thought put into how a logo or an image aligns with the mission of the business, especially for small businesses where the owner designs it themselves. Though there is nothing wrong with this approach, it can make it more challenging for you to establish your brand position and attract your ideal clients. Tanya Smith joins me today to share her expertise on branding your business and the importance of having a brand image that aligns with your mission and vision. Tanya Goodall Smith is a highly sought-after branding and visual communications expert, founder of WorkStory Creative™, and a Certified Personal Branding Strategist for Brand Builders Group. Over the last 20 years, she's worked with hundreds of internationally renowned brands, including GUESS, HP, Microsoft, Gary John Bishop, and The Life Coach School, to develop and improve their brand assets. What you'll hear in this episode: [2:38] What does a branding expert actually help people do? [5:22] What are some visual cues that are often communicated through brand colors and fonts? [11:22] How do you get people who have never vocalized their brand identity to get it into words? [14:19] When should businesses invest the time to develop a brand style? [17:30] What are some things to consider before doing a brand photo shoot that will take it to the next level? [23:12] How do you find the correct brand designer to work with? [31:01] What is the difference between a personal brand and a professional brand? Connect with Tanya: workstorycreative.com * Related episodes: Building Authentic Relationships in Business with Barb Betts How to Network if You Hate Networking Events Revenue Goals That Actually Move the Needle Tactical Resources: 5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa Grow Cash Flow for Your Business: https://www.keepwhatyouearn.com/endless-cash Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide CFO Power Session: Text POWER to 860-609-6374 See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator Additional Resources: Find everything you need at https://www.keepwhatyouearn.com Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa Hire us: https://www.fitnancialsolutions.com/accounting Find me on IG https://www.instagram.com/shannonkweinstein/ Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ 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.

Rapid growth is something that we all desire as business owners. However, often times we aren't set up in our businesses to handle this growth in an effective manner, neither systemically nor emotionally. The tips that I have for you today should help you think about your business and identify the weak points that may need improvement in the event of unexpected growth. What you'll hear in this episode: [1:15] What are some common challenges that businesses incur when they have a rapid growth spurt? [2:37] What are some mindsets that you need to have in place if you are to experience rapid growth? [5:01] Build a proper financial infrastructure. [7:15] Make sure that you understand the cash flow in your business. [11:02] Start thinking strategically about your business now, not when you start growing rapidly. * Related episodes: Revenue Goals That Actually Move the Needle Ways to Increase Revenue If You Hate Sales What Traits We Look For in a Client Tactical Resources: 5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa Grow Cash Flow for Your Business: https://www.keepwhatyouearn.com/endless-cash Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide CFO Power Session: Text POWER to 860-609-6374 See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator Additional Resources: Find everything you need at https://www.keepwhatyouearn.com Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa Hire us: https://www.fitnancialsolutions.com/accounting Find me on IG https://www.instagram.com/shannonkweinstein/ Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ 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.

Planning for the future of your business and assets is often overlooked in our daily lives, particularly for those of us who feel young and healthy. However, it is a crucial aspect of any business, regardless of whether your intention is for the business to continue after you or if you plan to retire and close it. As business owners, we cannot always predict what lies ahead, which is why it is essential to have clear directions for ownership and succession planning in place if the need arises. Today, I am joined by Clara Delgado Rossell, founder, and principal of Providence Legal, P.A. With her extensive experience in estate planning, asset protection, trust, and probate administration, she assists clients from diverse backgrounds. During our discussion, Clara will emphasize the significance of estate planning for business owners and share some cautionary tales where inadequate planning led to unfortunate outcomes. What you'll hear in this episode: [2:40] Who is Clara and how did she get into estate planning? [4:30] What is estate planning and why is it important? [9:54] When and how estate planning comes into play in your life and what the differences are from probate administration. [16:05] What is the recommendation for a business owner as far as estate planning is concerned? [22:30] Are there any potential benefits to moving assets into other people's names while you are still alive to potentially minimize the tax or estate burden on the beneficiaries? [29:55] How should you go about picking an estate planning attorney? For complimentary initial consultations: https://calendly.com/claradelgadorossell Consultations can also be booked directly on her website at: www.providencelegalpa.com IG: @claramarinara * Related episodes: Understanding Criminal Tax Activity and The Repercussions with Robert Nordlander Protecting Your Data Online with Kathy Zant Should You Pay Quarterly Tax Estimates? Tactical Resources: 5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa Grow Cash Flow for Your Business: https://www.keepwhatyouearn.com/endless-cash Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide CFO Power Session: Text POWER to 860-609-6374 See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator Additional Resources: Find everything you need at https://www.keepwhatyouearn.com Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa Hire us: https://www.fitnancialsolutions.com/accounting Find me on IG https://www.instagram.com/shannonkweinstein/ Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ 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.

Oftentimes we see others that are in a similar space to us as competitors, but what if we started viewing them as collaborators? I recently had this realization and figured out ways that I could work together with these people to benefit both of our businesses. I will be sharing an example specific to my business in this episode, but hope that this prompts some ideas and opportunities for you to grow your business while also helping others grow theirs. What you'll hear in this episode: [0:50] We tend to miss some obvious opportunities because we see others in our industry as competitors instead of collaborators. [2:20] Here is an example of how I was able to capitalize on collaboration in my own business. [3:40] How I have been able to find my ideal clients early in their business journey to cultivate relationships for the future. [5:35] Why it's easier for me to get in front of my ideal clients using this collaborative method instead of marketing it myself. Connect with Andrea at Liquid Cents Bookkeeping: Andrea@LiquidCentsBookkeeping.com https://www.liquidcentsbookkeeping.com/ * Related episodes: Revenue Goals That Actually Move the Needle How to Command High Referral Fees Ways to Increase Revenue If You Hate Sales Tactical Resources: 5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa Grow Cash Flow for Your Business: https://www.keepwhatyouearn.com/endless-cash Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide CFO Power Session: Text POWER to 860-609-6374 See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator Additional Resources: Find everything you need at https://www.keepwhatyouearn.com Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa Hire us: https://www.fitnancialsolutions.com/accounting Find me on IG https://www.instagram.com/shannonkweinstein/ Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ 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 believe that remote work and workers are here to stay. I myself was a remote worker when I still worked in corporate America and I work with a remote team and remote clients today. I have seen and personally felt that it is easy to unintentionally ostracize your remote workers because they are not there in person with the rest of the team. I wanted to share today some tops that I have to make sure that your remote workers feel included as part of the team, feel trusted by the team, and can perform to your standards. What you'll hear in this episode: [0:50] Remote teams are here to stay and why you should learn how to manage them to feel included. [3:00] My #1 tip for managing remote workers and making them feel included. [5:10] Why you should schedule regular check-ins and team meetings. [6:40] Ensure that there is trust within the team and find opportunities to foster trust. [9:06] Make sure you are going above and beyond to make your remote employees feel supported. * Related episodes: Revenue Goals That Actually Move the Needle Ways to Increase Revenue If You Hate Sales What Traits We Look For in a Client Tactical Resources: 5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa Grow Cash Flow for Your Business: https://www.keepwhatyouearn.com/endless-cash Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide CFO Power Session: Text POWER to 860-609-6374 See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator Additional Resources: Find everything you need at https://www.keepwhatyouearn.com Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa Hire us: https://www.fitnancialsolutions.com/accounting Find me on IG https://www.instagram.com/shannonkweinstein/ Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ 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.