Did you know that fear of income taxes and the IRS is so real that there’s an actual physiological name for it? It’s Forosophobia. Tax debt in particular can be a daunting issue, affecting not only your finances but also your peace of mind. On this episode of CFO at Home, Vince talks with Morgan Anderson, a tax resolution expert, about the complexities and solutions surrounding tax debt, from understanding the common causes of tax debt to exploring viable options for resolution. You can learn more about Morgan and her firm, Golden Lion Tax Solutions by going to GoldenLionTaxSolutions.com

Key Takeaways:

• Common Causes: Tax debt often stems from unexpected events such as illness, death, inheritance issues, or business setbacks.

• Initial Reactions: The most common fear among clients is the possibility of going to jail, exacerbated by the intimidating image of IRS collectors.

• Resolution Options: The most common solutions include setting up monthly payment plans and seeking penalty forgiveness for justifiable reasons.

• Offer in Compromise: While enticing, this option has strict qualifications and is not suitable for everyone.

• Proactive Approach: It's crucial to be proactive in addressing tax debt rather than avoiding it, as early action can prevent further complications.

• Vetting Professionals: When seeking professional help, it's essential to verify credentials, ask about experience with similar cases, and listen to your instincts.

Key Links

• Website - GoldenLionTaxSolutions.com

• Book - Tax Debt Rule #1: There's ALWAYS A Solution

• Facebook - Golden Lion Tax Solutions

• LinkedIn - Morgan Anderson, EA, NTPI Fellow

Contact the Host - vince@thecfoathome.com

For so many of us, when we think of budgets and managing our money, what immediately comes to mind are things like restriction, sacrifice, or even conflict if money fights and disagreements are what we saw in our households growing up. If you have a partner who you manage money with, this can present challenges whether that person is you or them. But what if there’s another, healthier way of managing your money? That’s the discussion on this episode of CFO at Home with Aqura Nicholson, a money coach who empowers women entrepreneurs to master their money. You can learn more about Aqura by checking out her website AquraNicholson.com or her podcast Women Talk Money on your favorite podcast app.

Key Takeaways:

• Understanding your personal financial goals is crucial for effective money management.

• A healthy approach to managing money involves spending on what you truly enjoy while still working towards financial goals.

• Open financial communication and respect for individual preferences are vital in relationships.

• Avoiding extreme financial restrictions can prevent financial burnout and relapse.

• Building cash reserves and stabilizing expenses are essential steps before tackling debt payoff

Ways to Contact

• Aqura Nicholson

• Women Talk Money on Apple Podcasts

• Aqura | Money Coach for Small Businesses (@aquranicholson)

Contact the Host - vince@thecfoathome.com

Most of our time on this podcast is spent talking about how to prepare ourselves financially for the future; saving to meet different life goals, investing for retirement, things like that. What we don’t spend nearly as much time discussing are other topics that are just as important; things like finding meaning along the journey, be it through your job or other pursuits, and preparing emotionally for retirement. On this episode of CFO at Home, Vince dives into these topics and more with Michael Kay, Certified Life Coach and the creator of Chapter X, a community for men transitioning to life after their careers. You can learn more about Michael and Chapter X by visiting michaelfkay.com

Key Takeaways:

• Understanding your personal values and interests is crucial for a fulfilling retirement.

• Men often struggle with identity and purpose after leaving their careers due to societal conditioning to be competitive and independent.

• Building interdependent relationships and being open to new experiences can help ease the transition into retirement.

• Early emotional preparation for retirement is as important as financial preparation.

• Exploring personal interests and hobbies can provide a sense of purpose and satisfaction post-retirement.

Key Links:

• michaelfkay.com

• The Feel Rich Project

• Michael F. Kay | Facebook

• Contact the Host - vince@thecfoathome.com

In his book Not Another Lecture - 20 FinBit$ of Unsolicited Dad Wisdom about Money, Johnny Bohan uses his background as a Certified Financial Planner, college finance professor, and most importantly, a Dad, to share in a humorous way simple, straightforward, tips on how to how to manage money with his readers. Today on CFO a Home, you’ll get a double shot of dad wisdom from Johnny and Vince as they discuss the importance of getting a clear picture of your financial situation, “roboing” your savings, “boring” versus “trendy” investments, and more. You can learn more about Johnny and Not Another Lecture by going to JohnnyPBohan.com

Key Takeaways:

• Understanding your assets and liabilities helps you to develop a clear picture of your financial situation

• Automating your savings can help you build financial stability without the need for constant oversight

• While trendy investments like cryptocurrency can be enticing, a balanced approach with a focus on long-term, stable investments can provide a more solid foundation

• Having a "money buddy" can help you to stay accountable

Key Links:

Website - johnnypbohan.com

Instagram - Not Another Lecture

Contact the Host - vince@thecfoathome.com

In our last episode, Vince discussed conservative politics and the Black community with author, consultant, and entrepreneur Philip Blackett. This week, Philip and Vince wrap up their discussion, this time focusing on the upcoming Presidential election from the perspective of the economy, and the wealth gap between Black Americans and other groups.

Key Takeaways:

• Philip believes that conservative economic policies, such as smaller government and lower taxes, can be more beneficial for Black Americans.

• Government spending and national debt are critical issues that affect personal finances and future generations.

• The COVID-19 relief efforts had mixed results, with some programs being misused or not effectively targeted.

• Student loan forgiveness is a controversial topic, with differing views on its fairness and economic impact.

• Closing the wealth gap in the Black community requires a focus on education, entrepreneurship, and self-sufficiency.

Key Links:

Website - PhilipBlackett.com

Podcast - The Christian Conservative Capitalist Commentary

Contact the Host - vince@thecfoathome.com

This is a podcast about Personal Finance and Money. That being said, occasionally it’s tempting to go a bit off-script. This week’s episode is an example of giving into that urge. In last week's episode, Vince had a conversation with author, consultant, and entrepreneur Philip Blackett on the subject of artificial intelligence, and its potential impact on our jobs and careers. For the next 2 episodes, Philip, a self professed political conservative, and Vince go down a different path; discussing how, as a Christian Black man, Philip came to embrace conservative politics and believe it represents the best political path forward for the Black community, economically and otherwise. The result is a lively but respectful discussion of different viewpoints. If this episode intrigues you, check out Philip’s new podcast, The Christian Conservative Capitalist Commentary on your favorite podcast app.

Key Takeaways:

• Philip's journey from liberal to conservative is deeply rooted in his Christian faith and the alignment of his beliefs with the Republican platform.

• Voting often reflects personal values and financial priorities, making it essential to evaluate which political platforms align with one's beliefs.

• The importance of looking beyond the presidential race to down-ballot candidates who can significantly impact local and national policies.

Key Links

• Website - Philip Blackett.com

• Podcast - The Christian Conservative Capitalist Commentary

Contact the Host - vince@thecfoathome.com

As we hear story after story about Artificial Intelligence and how it's poised to revolutionize the way that we live and work, do you ever wonder how this revolution is going to affect you; change the way you work, or maybe even in time make your job obsolete? What steps can you take now to enhance the odds that AI has a positive impact on your personal economy? That’s the subject Vince and his guest, Philip Blackett, author of the book Future-Proof: How to Adopt and Master Artificial Intelligence to Secure Your Job and Career, tackle this week on CFO at Home. You can learn more about Philip and Future-Proof by going to PhilipBlackett.com

Key Takeaways/Quotes

"AI is not going to take your job, but the person who knows AI, that person is going to take your job."

"Artificial intelligence has been here for a while; it’s just becoming much more advanced."

"We don’t have the luxury of thinking that this AI thing is just a fad that will just go away in a couple of years."

"How do you cultivate a mindset around artificial intelligence that looks at it as an opportunity to collaborate with, rather than as a threat to fear?"

Key Links

• Website - Philip Blackett.com

• Instagram - Philip Blackett (@philipblackett) • Instagram photos and videos

• Facebook - https://www.facebook.com/PhilipBlackettFB/

• LinkedIn - https://www.linkedin.com/in/philipblackett/

• Twitter - https://twitter.com/PhilipBlackett

Contact the Host - vince@thecfoathome.com

On our last episode, we discussed Long-Term Care Insurance and options. Today my discussion with Bruce Weinstein, Co-Owner of Weinstein Wealth Insurance Solutions, focuses on Life Insurance; various types, and the roles they can play in our plans for wealth accumulation, protection, and leaving a legacy. You can learn more about Bruce and Weinstein Wealth Insurance Solutions by visiting PlanMan.tv

Key Takeaways:

(06:33) Life Insurance for wealth building and asset accumulation

(26:42) Having the courage to have the conversation about life insurance

(27:18) Permanent Insurance

(40:47) Common mistakes people make when evaluating life insurance

Ways to contact/follow:

• PlanMan.tv

• 844-PLANMAN

Contact the Host - vince@thecfoathome.com