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In today’s episode, Erica and Ben dive deep into understanding marginal and effective tax rates, how they impact your income, and why they're important. The episode also provides tips on managing tax withholdings and recommendations for helpful financial resources.

04:57 Listener Mail: Early Retirement Resources

06:57 Exploring Budgeting Apps: Monarch

11:16 Understanding Tax Rates: Marginal vs. Effective

20:15 Practical Tax Tips and Withholding Adjustments

28:50 Wrap up

Resources Referenced:

Ep75 - Navigating early retirement options and "bridge years"

ChooseFI Podcast / Newsletter

Simple Path to Wealth by JL Collins

Monarch Money (budget app) - 30 day free trial

2024 Federal Income Tax Brackets [Nerdwallet]

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LEAVE A REVIEW! If you enjoyed this episode, do us a favor and leave a rating and review right here on your podcasting app. It helps others find the show.

In this episode, Erica and Ben answer a slew of listener questions from the mailbag

02:56 Budget Tracking

07:17 When to Consult a Financial Planner

13:40 Managing Multiple Bank Accounts

18:20 Maximizing Investments for Conservative Savers

20:43 Money Market Accounts

22:47 Balancing Conservative and Aggressive Investments

24:32 Risk Tolerance

27:29 Finding the Right Tax Professional

Resources Referenced:

Join the mail list

The Soloist Life Podcast - Financial Planning for Soloist with Sean Mullaney

The Simple Path to Wealth by JL Collins

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LEAVE A REVIEW! If you enjoyed this episode, do us a favor and leave a rating and review right here on your podcasting app. It helps others find the show.

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In this episode of the 'Coaches, Consultants, and Money' podcast, hosts Erica and Ben Goode delve into key personal financial decisions surrounding early retirement.

They cover the practicalities of planning for early retirement, including tax-efficient savings strategies, the implications of withdrawing from retirement accounts at different ages, and utilizing credit card points creatively for financial benefit. The episode concludes with tips for financial planning, including consulting with financial advisors, and encouragement for listeners to consider their unique financial situations and goals.

04:22 Exploring the Concept of Early Retirement

07:08 The Realities and Strategies of Planning for Retirement

12:35 Understanding Social Security and Retirement Savings

17:34 Navigating Early Withdrawals and the Rule of 55

19:38 Navigating the Rule of 55 with a Solo 401k Plan

24:10 The Concept of Bridge Years in Retirement Planning

28:18 Understanding Expenses and Savings for Early Retirement

37:54 Seeking Professional Financial Advice

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This episode from the personal finance summer series of 'Coaches, Consultants, and Money' hosted by Erica Goode and co-hosted by husband, Ben Goode, CPA, discusses the debate around whether or not it's beneficial to pay off a mortgage early.

Sharing personal experiences and professional insights, they explore the pros and cons of early mortgage payoff versus maintaining it for its term. They stress the importance of personal priorities, financial strategies, and the potential psychological benefits of being mortgage-free, all while highlighting different approaches to managing a mortgage based on individual circumstances.

The episode emphasizes there isn't a one-size-fits-all answer, encouraging listeners to consider their specific situations and priorities when deciding on their mortgage strategy.

00:05 Welcome to Our Summer Series: Coaches, Consultants, and Money

00:52 The Great Mortgage Debate: To Pay Off Early or Not?

01:32 Erica's First Mortgage Experience and Real Estate Insights

06:40 Strategies for Not Paying Off Your Mortgage Early

18:55 The Psychological Benefits of Paying Off Your Mortgage Early

26:37 Smart Ways to Approach Mortgage Payoff

29:46 Wrapping Up: Making the Best Financial Decision for You

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Today Erica shares a crossover episode from the "Soloist Life Podcast" where she was interviewed by host Rochelle Mounton.

In this conversation, Erica discusses the strategies that have enabled her to build a thriving six-figure business while working significantly fewer than 40 hours a week, from setting robust boundaries to leveraging automation.

They also talk about the life benefits of setting work boundaries, how to boost your business efficiency using automation and delegation, and a broader definition of wealth in today's "gig economy".

How important is it to you to create a business that aligns with your personal values and lifestyle?

Listen to The Soloist Life podcast here: https://rochellemoulton.com/soloist-podcast/

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Connect with Erica Goode, CPA | LinkedIn | Monthly Newsletter | Website

Listen in to hear what the plans are for this summer season on the Coaches, Consultants, and Money podcast!

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As tax codes grow increasingly complex, Erica suggests a more comprehensive approach for business owners to assess their true financial health.

She explains a metric she created called Total Owner Benefit and describes how it can be used to discover the full range of financial benefits derived from owning a business. These include factors traditionally excluded from profit calculations such as owner salary, health costs, and retirement contributions.

Discover why Total Owner Benefit is important to business owners, how it differs from plain profit, how it can influence tax liabilities and more!

Related Episodes:

• Ep69 - SEP vs Solo 401(k) with Sean Mullaney, CPA

• Ep63 - Happy Hour: LASIK, HSAs, Simple Path to Wealth

• Ep61 - When is an S-corp a bad idea?

Connect with Erica Goode, CPA | LinkedIn | Monthly Newsletter | Website

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Author and CEO of the Nonfiction Authors Association, Stephanie Chandler, joins Erica in this educational and engaging discussion about how business owners can use a book to build their business.

Some of the questions Stephanie answers are:

• What’s the benefit of writing a non-fiction book?

• How do I know what to write about?

• What costs do I need to budget for when planning a book for my business?

• What is the process of writing a book - how do I get started?

• What’s the optimal length of a non-fiction book?

• Where and how do I find an editor?

Stephanie Chandler is the author of several books including The Nonfiction Book Marketing and Launch Plan and The Nonfiction Book Publishing Plan. She is CEO of the Nonfiction Authors Association, a vibrant community for writers, and the Nonfiction Writers Conference, a live event conducted entirely online since 2010. A frequent speaker at business events and on the radio, she has been featured in Entrepreneur, BusinessWeek, The Writer, Writer’s Digest, and Wired magazine.

Resources Mentioned:

• Tribes by Seth Godin

• E-Myth by Michael Gerber

• Aloha Publishing

• Blog Post on Book Publishing Budget

• NonFiction Writers Conference

• NonFiction Authors Association

Connect with Stephanie Chandler | LinkedIn | The Nonfiction Book Marketing and Launch Plan

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