Episode #116: A Top M&A Advisor's Perspective on Growing & Selling Your Business

An exit strategy is a key aspect in a business owner’s journey. However, the majority of business owners do not consider their exit strategy until it is too late. On today's episode of Grow Money Business, our guest is Michelle Seiler Tucker, a mergers and acquisitions specialist. She has over two decades of experience in the industry, and in that time, has assisted in selling over 500 businesses. Michelle not only aids business owners in the sale of their companies but also helps entrepreneurs and investors in acquiring businesses. Throughout the episode, Michelle imparts some of her wisdom she has accumulated over the years on growing and selling businesses.

Show Notes

[02:34] Introduction – Michelle introduces herself and discusses her career.  

[07:18] Exiting a Business – Michelle shares key points and considerations when exiting a business.  

[19:34] EBIT – Michelle explains why technology trades on multiple sales rather than EBIT.  

[20:51] Additional Key Points - Michelle continues to provide her perspectives on a number of crucial elements that influence the sale of a business.  

[31:48] Databases - Michelle describes the challenges and concerns regarding databases. 

[34:08] Exit Rich – Michelle presents an overview of why she wrote her book, what it is about, and its target demographic.  

[37:20] Interest Rates – Michelle shares her views on how interest rates affect the market for business acquisitions and sales.  

[43:11] Biggest Mistakes – Michelle covers several of the most common errors she sees sellers make throughout the process.  

[45:01] Confidentiality – Michelle emphasizes the importance of maintaining confidentiality when selling your business. 

[50:19] Private Equity – Michelle outlines when it makes sense to start a private equity firm. 

[56:15] Network of The Professional – Michelle describes the value of a professional network and how that impacts locating future opportunities.  

[56:55] More on Mistakes – Michelle shares more insight on common mistakes people make when selling their business. 

Resources

Connect with Michelle: 

Website: seilertucker.com/ 

LinkedIn: linkedin.com/in/michelleseiler/ 

 

Mentioned in the episode: 

Exit Rich – Website: exitrichbook.com/ 

Exit Rich: The 6 P Method to Sell Your Business for Huge Profit:

amazon.com/Exit-Rich-Method-Business-Profit/dp/1732510288 

The One Thing: The Surprisingly Simple Truth Behind Extraordinary Results: goodreads.com/book/show/the-one-thing

Behavioral Economics With Professor John Howe:

growmoneybusiness.com/podcast/behavioral-economics-with-professor-john-howe

Episode #115: How to Keep You & Your Business Safe Online With Amir Tarighat

Protecting assets and data from digital threats is crucial for the integrity and reputation of any business. In today’s episode of Grow Money Business, we have a fascinating conversation with Amir Tarighat. Amir is the founder and CEO at Agency, a firm that provides enterprise-level cybersecurity solutions for growing companies. Throughout the episode, he delves deeper into enlightening aspects of cybersecurity, including why it is vital to have a plan in place for your business.  

Show Notes

[03:34] Background – Amir talks about his background, how he entered the field of cybersecurity, and why he decided to build his own company.

[05:16] Cybersecurity – Amir explains the necessity of cybersecurity as more firms migrate from on-premises to cloud-based services.

[07:38] Vulnerabilities – The list of online vulnerabilities is extensive and ever-changing. Amir discusses the vulnerabilities through applications such as Amazon and Google.

[10:12] Dark Web Monitoring – Amir explains how his company helps its clients through dark web monitoring.

[12:54] Malware - Amir describes types of malware, how malware can get into a business’s computer systems, and the consequences once that occurs.

[16:23] Remedies – Amir walks us through the process of recovering from a ransomware attack.

[19:43] Stay Safe – Amir highlights the procedures that must be taken to remain safe online, both as an individual and as a business.

[22:44] VPN – Amir discusses VPNs and their relevance to online safety.

[26:02] Password Managers – Amir emphasizes the need for password managers, as well as two-factor authentication, and shares his preferred password manager software.

[30:36] Mobile Applications – Amir explains why it is critical to be cautious about the apps downloaded onto phones.

[33:12] Updates – Amir discusses the importance of keeping all the devices and software up to date.

[35:36] More on Agency – Amir shares about his company and the numerous ways in which they assist people.

[40:47] Debit Card vs. Credit Card – Grant offers sound advice on the usage of debit and credit cards.

Resources

Connect with Amir:

Website: getagency.com

LinkedIn: linkedin.com/in/atarighat/

Twitter: twitter.com/atarighat

Episode #114: Behavioral Economics With Professor John Howe

When confronted with significant decisions, our thoughts frequently stand in the way of rational decision-making. Today's episode of Grow Money Business features John Howe, a finance professor at the University of Missouri. He is an award-winning educator and researcher with expertise in investments, behavioral economics, household finance, corporate finance, and corporate governance. He is also the author of the book The Foolish Corner: Avoiding Mind Traps in Personal Financial Decisions. Throughout this episode, he shares his expertise and wisdom on behavioral economics, focusing specifically on the behavioral biases we all have regarding investing.

Show Notes

[03:36] Behavioral Economics – Prof. Howe discusses his background, career, and current activities.

[07:23] Kahneman's Nobel Price - Behavioral economics is a field of study that lies at the nexus of economics and psychology. Prof. Howe discusses how the Nobel laureate's teaching of behavioral economics impacts his teachings.

[10:53] Diversified Portfolios – Prof. Howe highlights the importance of diversifying one's investments.

[15:00] Confirmation Bias – Confirmation bias is a term that refers to our natural predisposition to be receptive to new information that confirms our existing beliefs. Prof. Howe explains how confirmation bias affects the decisions we make on a day to day basis.

[20:19] Transitions – Individuals frequently undergo transitions, such as selling a business they have built over the years or acquiring another. Prof. Howe shares his insights on what should be considered during such a transition.

[26:43] More on Biases – Prof. Howe explains the reason behind biases by presenting examples from evolutionary psychology.

[30:00] Reproducibility – One of the trademarks of the scientific method is the ability to replicate an experiment and obtain the same results. Prof. Howe broadly discusses the reproducibility issue in psychological research.

[40:49] Better Decisions - Prof. Howe explains how being well informed on biases can help us making better decisions in the future.

[49:31] The Future - Prof. Howe discusses the current research going in the field, as well as the future of behavioral economics.

[57:59] Research - Prof. Howe shares the current scientific issues that pique his interest.

[01:02:29] Mental Health - Prof. Howe shares his observations concerning the state of mental health in the United States and the way it affects people's financial decisions.

[01:06:28] Gamblers – Prof. Howe outlines his view on gambling and how this relates to the human capacity for pattern recognition

[01:08:52] Books – Prof. Howe shares several books that are worth reading.

Resources

Connect with Professor John Howe:

LinkedIn: linkedin.com/in/john-howe-1013498/

Newsletter: johnhowe.substack.com/welcome

 

Mentioned in the episode: 

Your body language may shape who you are | Amy Cuddy:

youtube.com/watch?v=Ks-_Mh1QhMc

The Foolish Corner: Avoiding Mind Traps in Personal Financial Decisions:

amazon.com/Foolish-Corner-Avoiding-Financial-Decisions/dp/099851070X

Science Fictions: How Fraud, Bias, Negligence, and Hype Undermine the Search for Truth: amazon.com/Science-Fictions-Negligence-Undermine-Search/dp/1250222699

Rationality: What It Is, Why It Seems Scarce, Why It Matters:

amazon.com/Rationality-What-Seems-Scarce-Matters/dp/0525561994

Misbehaving: The Making of Behavioral Economics:

amazon.com/Misbehaving-Behavioral-Economics-Richard-Thaler/dp/039335279X

Thinking, Fast and Slow:

amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555

The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness:

amazon.com/Psychology-Money-Timeless-lessons-happiness/dp/0857197681

Episode #113: Leveraging Mindset to Build and Sell Businesses With Dominic Rubino

Regardless of what profession or industry we're in, our mindset is a crucial factor that defines growth. Today's podcast deviates slightly from the norm in terms of technical content and delves deeper into the philosophical domain. Our guest, Dominic Rubino, is an entrepreneur with a unique background. Dominic has worked in various enterprises and is now a coach, supporting employees in the construction industry in developing a positive attitude and increasing profits. Throughout the episode, he shares his expertise and experience on aligning your business activities with your personal life and creating the life you desire through your business operations.

Show Notes

[02:55] Dominic's Background – Dominic explains his background, his current endeavors, and how he got to where he is today.  

[05:58] Mindset - Dominic discusses how our success or failure is determined by unique perspective, and the lens through which we view the world.  

[10:35] Business Coach - Dominic discusses the importance and role of a business coach.  

[12:47] Success – Dominic shares his thoughts on defining success and suggests ways for individuals to plan strategically toward it.  

[17:49] Circle of Friends – Dominic emphasizes the importance of having a supportive community of friends. 

[20:42] Strategic Planning Process – Dominic discusses the strategic planning process, and highlights simple exercises and reading material to help you along the way.  

[26:21] Personal Experience – Dominic shares personal experience gained from his entrepreneurial endeavors. 

[38:21] Mindset in Coaching Business – Dominic discusses how he maintains his mindset as a coach. 

[41:28] Dominic's Podcast – Dominic talks about his podcasts and what inspired him to start them. 

Resources

Connect with Dominic: 

LinkedIn: linkedin.com/in/dominicrubino 

Website: profittoolbelt.com/ 

 

Mentioned in the episode: 

Traction:

goodreads.com/book/show/8549192-traction?from_search=true&from_srp=true&qid=L77ID7gyYk&rank=2 

Mastering the Rockefeller Habits: What You Must Do to Increase the Value of Your Growing Firm: 

goodreads.com/book/show/16120.Mastering_the_Rockefeller_Habits?from_search=true&from_srp=true&qid=wctFOxvrHH&rank=1 

The Ultimate Playbook On Building A Profitable Construction Business: 

constructionmillionairesecrets.com/ 

Episode #112: Deferring Taxes Using 1031 Exchanges & Delaware Statutory Trusts with Jamie & Patrick Furlong

1031 Exchanges and Delaware statutory trusts are both nifty instruments for financial planning. In today's episode, we explore more about the deferring taxes using 1031 Exchanges and Delaware statutory trusts with Jamie & Patrick Furlong. Jamie & Patrick specialize in 1031 Exchanges with DST's and other securitized real estate investments. They exclusively serve clients seeking to acquire replacement properties in a 1031 exchange, navigate the complexities and time restrictions in the ever-changing 1031 environment through their company, Legacy Investment Real Estate.

Show Notes

[04:05] Story of Jamie & Patrick – Patrick shares their origin story, what they do, and how they do it.

[11:32] Delaware Statutory Trust – Jamie and Patrick explain Delaware statutory trust in detail, sharing compressive real-life examples.

[19:37] Importance of DST - Jamie talks about the significance of Delaware statutory trust and why someone should invest a property into a Delaware statutory trust in the first place.

[33:15] Holding Period - Non-traded real estate investment trusts can bring you a vast misfortune. Jamie discusses the holding time you should consider when contemplating real estate investment trusts.

[37:46] Role of the Manager – Patrick talks about the manager's role in Delaware statutory trusts.

[46:49] 1031 Exchange Tax Code – Jamie and Patrick talk about the predictable changes in the 1031 Exchange tax code.

Information provided today is for educational purposes only, does not constitute as individual investment advice, and should not be relied upon as tax or legal advice.

Please consult the appropriate professional regarding your individual circumstance.

DST 1031 properties are only available to accredited investors (typically defined as having a $1 million net worth excluding primary residence or $200,000 income individually/$300,000 jointly of the last three years; or have an active Series 7, Series 82, or Series 65. Individuals holding a Series 66 do not fall under this definition) and accredited entities only. If you are unsure if you are an accredited investor and/or an accredited entity, please verify with your CPA and Attorney.

There are material risks associated with investing in DST properties and real estate securities including liquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal.

Securities offered through Concorde Investment Services, LLC (CIS), member FINRA/SIPC. Legacy Investment Real Estate is independent of CIS.

Resources

Connect with Jamie and Patrick:

Website: legacyire.com/

Jamie

LinkedIn: linkedin.com/in/jamie-furlong-927b9658/

Email: jamie@legacy1031exchange.com

 Patrick

LinkedIn: linkedin.com/in/farmranch1031exchangennn/

Email: patrick@legacy1031exchange.com

Episode #111: Diving into Crypto with Tim Picciott

Cryptocurrency has been one of the most popular topics in the financial media in the last few years. It is a transferable digital asset or digital form of money exclusively available online based on blockchain technology. My guest today, Timothy Picciott CFP® CRPC®, Wealth Advisor in Innovative Advisory Group, is a pioneer in cryptocurrency wealth management solutions. He works with Bitcoin and cryptocurrency early adopters to give innovative financial planning solutions, enabling them to pay a minimum tax on their highly appreciated asset as legally possible, while also educating crypto fans on investing in "Crypto IRAs" through self-directed IRAs and 401(K)s.

Show Notes

[03:19] Tim's story – Tim shares details about his career and how he came to be in his current position. 

[10.48] Fiat Currency - Tim expresses his thoughts about the evolution of fiat currency. 

[14:41] Bitcoin and Blockchain – Tim elaborates on his views on Bitcoin and blockchain technology.  

[16:57] Opinions – Tim discusses the significance of studying Bitcoins properly and thoroughly. 

[22:11] Double-Spend Problem – Tim explains Bitcoin’s potential of solving the double-spend problem. 

[27:58] Tech Aspects – Tim goes into greater detail on the technical aspects and benefits of Bitcoin. 

[31:00] Electricity - Another objection leveled with Bitcoin is the electricity required to mine them. Tim evaluates the effect of power on bitcoin mining and the resulting implications.  

[34:43] Smart Contracts – Tim discusses how smart contracts enabled by blockchain technology have the potential to transform lives.  

[36:00] Geopolitical Implications – Tim shares his insights on current world trends along with his take on the US and China's movements on Bitcoin.  

[46:59] Future of Bitcoins – Tim goes to great length on his predictions for Bitcoin's future. 

Resources

Connect with Tim: 

Website: thelibertyadvisor.com/ 

Website: innovativewealth.com/ 

LinkedIn: linkedin.com/in/timothy-t-picciott-cfp%C2%AE-crpc%C2%AE-547b0b8/ 

Instagram: @the_liberty_advisor 

Podcast: The Liberty Advisor Show W/ Tim Picciott: podcasts.apple.com/us/podcast/the-liberty-advisor-show-w-tim-picciott/id1238430499 

 

Mentioned in the episode: 

Ep #107 - Central Bank Digital Currency: Dangers & Possibilities with J Scott Christianson: growmoneybusiness.libsyn.com/website/ep-107-central-bank-digital-currency-dangers-possibilities-with-j-scott-christianson 

Episode #110: Navigating Family Business Successions With Stephen Shortt

A lack of succession planning can have disastrous consequences for a business, especially when your business is family owned and operated. This week on Grow Money Business, Stephen Shortt, an expert in family business succession planning, is joining us to share his experience and wisdom. Stephen has worked in his two-family businesses for most of his adult life and childhood, and as a result, he is familiar with the ups and downs associated with transitioning between generations. Throughout the episode, he delves into the framework needed to navigate family business successions successfully.

Show Notes

[03:35] Stephen's Background – Stephen introduces himself and provides an overview of his current work. 

[07:13] First Step – Stephen explains where to begin to ensure a seamless and successful family succession.  

[11:31] Mindsets – Stephen talks about three critical mindsets for succession planning 

[15:28] Personal Experience – Stephen shares his personal experience on his family business and how their transitions were handled.  

[19:27] Succession Strategy – Stephen broadly describes the succession strategy for a family business. 

[22:00] Challenges – Stephen explains overcoming various adversities during the succession process. 

[26:30] Family Board – Stephen expresses his thoughts on the importance of having a family board. 

[28:44] Five P’s – Stephen discusses the “five P’s” framework for navigating family business successions 

Resources

Connect with Stephen: 

Website: successfulsuccession.com/ 

LinkedIn: linkedin.com/in/stephenshortt/ 

Episode #109: Buying the Building Your Business Operates in With Trisha Talbot

Having ownership of the building in which your business is based can be a significant wealth building tool. This week on Grow Money Business we have a distinguished guest who educates physicians, owners, and investors on healthcare real estate investment opportunities. Trisha Talbot is the Managing Principal of Doc Properties, through which she supports healthcare practitioners in maximizing the economic worth of their real estate holdings on which they conduct business. Throughout this week's episode, we delve into numerous aspects of purchasing and constructing the building in which your firm operates.

Show Notes

[02.42] Trisha's Background - Trisha narrates her journey so far, and explains the work she carries out through her business.  

[06:56] Transfer Tenant Improvements - Trisha discusses numerous points to consider when transferring tenant improvements into a new location. 

[08:55] Patient Base - Trisha emphasizes the importance of the patient base while determining the best location for a medical practice. 

[11:00] Types of Buildings - Trisha reviews numerous types of buildings, while explaining the significance of real estate supply. 

[16.35] Commercial Property Asset Prices - Trisha talks about commercial real estate asset values and shares her viewpoint on using them as investments.  

[21.29] Lease Terms – Trisha highlights some of the critical factors to consider when filling out lease conditions. 

[26:44] Construction - Trisha discusses the advantages and disadvantages of constructing the buildings. 

[44:38] Role of Landlords - Trisha explains the role of a landlord, and shares some tax benefits related to owning a building.  

[51:59] Common Mistakes - Trisha highlights some potential problems that can arise while purchasing and constructing buildings.  

[55:59] Final Advice - Trisha delivers her final comments to business owners who are considering acquiring a building for business operations.  

Resources

Connect with Trisha:

Website: docproperties.com/ 

Email: ttalbot@docproperties.com 

LinkedIn: linkedin.com/in/trishatalbot/ 

Episode #108: Launching a Business in the Second Half of Life With Rick Terrien

There is a common misconception that successful entrepreneurship exists only for younger individuals. This week on the podcast, Rick Terrien shares why we should challenge that thought process. Rick, a long-term entrepreneur and author, shares how he has dedicated his time to assisting others with launching a business in their second half of life. Throughout the episode, we dive deep into the essentials of entrepreneurship and crucial information that will give you inspiration and guidance along the way.

Show Notes

[02:29] Rick’s Journey - Rick talks about his work and the latest events in his life.

[09: 56] Age and Entrepreneurship - Rick shares his views on the correlation between age and business.

[11:47] Initial Steps - Rick discusses how to think about the initial steps of organizing a business.

[12:59] Important Facts - Rick explains a few essential facts that need to be considered in entrepreneurship, especially when you’re considering starting a new business venture in the second half of your life.

[17:43] Non-Profit Work - Rick shares the non-profit work he currently engages in.

[31:20] Impact of Covid - Covid has changed a lot in people’s lives. Rick expresses his thoughts about how it has affected various occupations.

[33:48] Ageless Startup - Rick talks about his recently published book, Ageless Startup: Start a Business at Any Age.

[40:34] Common Mistakes - Rick highlights several critical mistakes many entrepreneurs make in their business ventures and how to avoid them.

Resources

Connect with Rick:

LinkedIn: linkedin.com/in/rickterrien/

Websites:

The Center for Ageless Entrepreneurs: agelessentrepreneurs.org 

Ageless Startup: Start a Business at Any Age: ageless-startup.com

 

Mentioned in the Episode:

Ageless Startup: Start a Business at Any Age: goodreads.com/book/show/53714833-ageless-startup?from_search=true&from_srp=true&qid=LtUd8Tuz3z&rank=1

Episode #107: Central Bank Digital Currency: Dangers & Possibilities With J Scott Christianson

Money has taken a lot of different forms over time, including gold & other metals in addition to fiat paper currencies. It's arguable whether bitcoin and other decentralized currencies are the next version of money. What's clear is that governments around the world are in an arms race to create their version of "centralized" digital currency. In today's episode of Grow Money Business, J Scott Christianson joins us to describe central bank digital currencies, the arms race to create them, and potential uses and misuses in the future.

Show Notes

[02:44] Digital Currency - While digital currencies have become relatively recent mainstream phenomena, they have existed for decades. Scott discusses this new endeavor of developing digital currency.

[07:28] Adopting Digital Currency – Scott highlights the gravity of adopting digital currency in a country by assessing its dangers and possibilities.

[10:39] Transition - Scott outlines how moving from a conventional reserve system to digital money works logistically.

[13:37] China and Digital Currency - Scott broadly talks about China's stance on digital currency from various angles.

[19:37] China and El Salvador - While China prohibits bitcoin transactions and mining, El Salvador accepts Bitcoin as legal tender. Scott shares his perspective on this schism.

[23:36] Role of USA – Scott discusses the options that the US may have in its arsenal to delay China's deployment of programmable money.

[28:25] Banking System in the Future - Scott discusses the potential of more authoritarian counties attempting to implement controlled digital currencies, and his predictions for the global banking system in five years.

[35:23] Fiat Currency and Cryptocurrency - Scott shares his thoughts on that intersection between fiat currency and cryptocurrency.

[40:42] Artificial Intelligence – Scott briefly discusses artificial intelligence and his predictions for where it will go in the next five to ten years.

[48:48] Life with AI – Scott shares what applications he believes AI will enable in the following years.

Resources

Connect With Scott:

Website: christiansonjs.com/

Newsletter: frtech.substack.com/

LinkedIn: linkedin.com/in/jscottchristianson/

Instagram: instagram.com/jscott_mo/

 

Mentioned in the Episode:

China's Second Continent: How a Million Migrants Are Building a New Empire in Africa: goodreads.com/book/show/18373202-china-s-second-continent

Edge of Chaos: Why Democracy Is Failing to Deliver Economic Growth-and How to Fix It: goodreads.com/book/show/36204377-edge-of-chaos

Episode #106: Business Exit Planning With Scott Snider

Many business owners eventually come to the point where they will be moving on from the business they passionately built over the years, and having a good exit strategy will help them navigate this important and intimate event in their journey of entrepreneurship. This week on Grow Money Business, we have a distinguished guest, Scott Snider, the President and the co-owner of the Exit Planning Institute (EPI). Scott is an industry leader, growth expert, and entrepreneur. Throughout the episode, he discusses how he assists company owners in developing substantial businesses while also aligning their own financial objectives and personal purposes. He also explains several vital factors that every business owner should consider when exiting their company.

Show Notes

[03:26] Current Role – Scott talks about his current role and how he helps businesses with exit planning.

[06:40] Perfect Exit - Scott shares his insights about the perfect exit to a business owner who is about to do so in a few years.

[10:23] Emotional Hurdles -  Scott expresses his thoughts on managing psychology and people's emotional hurdles along the business exit process.

[14:12] CEPA - CEPA is an acronym for Certified Exit Planning Advisor. Scott gives a brief explanation for the entire CEPA process.

[18:54] Exit Strategy for Young Entrepreneurs - Scott leaves a message to all the young business owners out there.

[20:21] Scott's Story- Scott emphasizes the significance of not letting your business define you while sharing his story and takeaways from his past experience.

[29:35] Family Business – Explaining the nature of the family business, Scott shares how he and his father work together in their family business.

[41:43] Vision - CEPA is suitable for any advisor who wants to learn how to help an owner position their company for a successful and significant exit. Scott broadly talks about the vision of the Exit Planning Institute.

[47:43] Future Plans - Having explained the concept of the wealth gap, Scott explains the future plans for his business.

[53:33] Research Findings -Scott shares details about one of his recent researches and exciting factors they discovered through it.

Resources

Connect With Scott:

LinkedIn: linkedin.com/in/scott-snider-epi/

Website: exit-planning-institute.org

Facebook : facebook.com/exitplanninginstitute/

Instagram: instagram.com/exitplanninginstitute/

 

Mentioned in the Episode:

Certified Exit Planning Advisor: exit-planning-institute.org/program/certified-exit-planning-advisor/

Owner Readiness: exit-planning-institute.org/state-of-owner-readiness/

Every Family's Business by Tom Deans: https://everyfamiliesbusiness.com/book/

Traction by Gino Wickman: https://www.audible.com/pd/Traction-Audiobook/B00A9ZO7T6

Episode #105: All About Inflation

From October 2020 to October 2021, the Consumer Price Index for All Urban Consumers grew by 6.2 percent, which according to the Bureau of Labor Statistics, was the most significant 12-month gain since November 1990. In relation to this data, we have dedicated today's episode to exploring more about inflation. Throughout this episode, Grant shares his thoughts about the impact of inflation on the present economic environment and numerous ways to mitigate the risk of inflation.

Show Notes

[04:21] CPI – Grant explains what CPI is and its relationship with the inflation rate.  

[06:40] Inflation – Grant explains inflation in simple terms, pointing out several misconceptions about it. 

[09:20] Will the History Repeat? – Grant analyzes and compares the current economic context in the US with the economy in the late 70s and early 80s.  

[10:12] Gold and US Dollars – Grant broadly explains the evolution of the relationship between gold and US dollars. 

[15:30] Present Economic Situation – Grant delves deeply into the current economic climate in the United States from various perspectives and then provides his thoughts on those observations.  

[20:55] TIPS -  Grant discusses how increasing your allocation to Treasury Inflation-Protected Securities can act as an inflation hedge.  

[23:32] Series I bonds – Grant identifies investing in these types of bonds as an excellent alternative to hedge inflation.  

[28:26] Investing in Gold – Grant discusses the potential of investing in gold and shares his thoughts on the matter.  

[32:12] Equity – Grant identifies equities as an excellent inflation hedge in the long term. 

[34:52 ] Asset Allocation– As a final remark, Grant discusses his ideas on asset allocation in general. 

Resources

Bureau of Labor Statistics & CPI-U: bls.gov/cpi/ 

Treasury Direct & Series I Bonds: treasurydirect.gov/indiv/products/prod_ibonds_glance.html 

Episode #104: An Entrepreneurial Success Story With Lindsay Pinchuk

From developing an idea into a viable business to growing revenue, managing finances, and eventual exit and sale, the journey of entrepreneurship can be risky and fascinating. In the upcoming episodes of Grow Money Business, we will have individuals on the show sharing their exciting entrepreneurial stories.  In today’s episode, Lindsay Pinchuk, an award-winning entrepreneur, joins us today to share her story of growing Bump Club & Beyond, one of the premier parenting communities in the country.

Show Notes

[03:36] Lindsay’s Story – Lindsay shares how she got the idea of starting her business and the exciting entrepreneurial journey that came with it.

[9.57] Structure – Lindsay explains how her previous work experience helped her in modeling her business structure.

[10:38] Monetizing – Whatever the business is, monetizing plays a vital role. Lindsay broadly describes how she utilizes the power of community for monetization.

[15:33] Taking the Shift – Lindsay talks about why she gave up her career for her business and what that transition looked like.

[17.33] Financing – Lindsay shares how she embedded the financial aspects, such as bookkeeping and having an accountant, into her business as it grew.

[20:00] Entity Structure – Lindsay shares with us some of the lessons she learned about setting up the right business structure and hiring the right kind of people for the business to flourish.

[28:54] Outsourced CFO – Lindsay talks about the financial support she got by outsourcing the CFO position, especially when creating valuations for the business.

[30.30] Acquisitions – Lindsay talks about how she received acquisition offers from three different entities for her business in 2018 and the process that followed.

[33.13] Message to the Entrepreneurs - Lindsay shares some lessons she learned from her business journey.

[42:30] Business & Personal Life – Lindsay shares her experience of managing personal finances and business as a mother.

Resources

Connect with Lindsay

Website: lindsaypinchuk.com/

LinkedIn: linkedin.com/in/lindsaypinchuk/

For more tips to help you start and grow your business, follow Lindsay on Instagram: instagram.com/lindsaypinchuk/

You can also grab some of her free guides: 

5 Tips + Tools for Starting Your Own Business: view.flodesk.com/pages/6192a54d3a0e5bcf6f542228

Six Super Simple Tips for Social Media Success:view.flodesk.com/pages/61929cab839edddd7aa02829

 

Make sure you check out her podcast Dear Found Her, coming in January. Subscribe on Apple, Spotify, or wherever you listen.: podcasts.apple.com/us/podcast/dear-foundher/id1591976277

For further discussion with other founders, join the Dear Found Her Facebook Group: facebook.com/groups/dearfoundher/

Episode #103: Revisiting Social Security Reform: The Social Security 2100 Act

The Social Security 2100 Act was recently introduced by the Social Security Subcommittee of the House Ways and Means Committee. The reinstatement follows the Social Security Administration's latest forecasts that the trust funds will deplete in 13 years. In this episode, Grant dives into the status of the Social Security Trust fund, some potential solutions to buffer its reserves, and his overall thoughts on the proposed bill.

Show Notes

[04:35] Concept of Social Security Trust Fund – Grant explains the whole idea behind the social security trust fund and how it has evolved over the decades.

[06:10] Time to Revise – Why this is the time to revise rules and regulations related to social security.

[09:54] Running out of Money – Grant shares his take on the depleting reserve in the social security trust fund.

[14:26] Raise the Retirement age – Though raising the retirement age is an option for buffering the reserve on the trust fund, Grant explains why it may not be as easy as it sounds.

[15:06] Increase Taxes – Grant identifies a tax increase as the easiest option politically, and explains how this solution will contribute to the elimination of wealth inequality in the country.

[17:30] Adjust the Benefits – How adjusting the amount going out of the fund is another option to prolong the reserve.

[18:18] Social Security 2100 act – Grant dives deep into the provisions of the proposed act and shares his thoughts.

[23:11] Investing in US Government Bonds – Though there is added risk, Grant explains how investing the excess of the social security trust fund in US government bonds will help to grow the pool of assets a little bit faster.

Resources

Social Security Board of Trustees: Combined Trust Funds Projected Depletion One Year Sooner Than Last Year: ssa.gov/news/press/releases/2021/#8-2021-2

Congress has a new plan to fix Social Security. How it would change benefits: cnbc.com/2021/10/26/social-security-what-a-new-plan-in-congress-would-mean-for-benefits.html

Episode #102: Don't Let Cap Gains Distributions Catch You Sleeping

Every year mutual funds are required to distribute capital gains to shareholders – whether you like it or not. Even though “gains” are typically a good thing, they can also leave you with a big unwanted tax bill. This week we cover everything you need to know about mutual fund capital gains distributions, including how to forecast, plan for, and avoid them.

Show Notes

[02:35] Important Period – Grant starts the discussion by mentioning the parties that need to stay updated about mutual funds during this time of the year.

[05:45] Structure of Mutual Funds – Grant provides a broad description of the structure of mutual funds from various perspectives.

[11:16] Capital Gains Distribution – Keeping an eye on the company portfolio in the mutual fund is important as an investor. Grant shares his thoughts on how to benefit from capital gains distributions.

[14:12] Options for the Investors – Grant explains the numerous options that the investors have at the year-end related to mutual fund investments.

[16:45] Active Mutual Funds and Passive Mutual Funds – Grant analyzes the effect on the distributions of capital gains by active and passive mutual funds, giving numerical examples.

[19:48] Exchange Traded Fund – Capital gains distributions of exchange-traded funds are quite different from the above. Grant dives into exchange-traded funds explaining it with several examples.

Resources

Capital Gains Roundup: 2021 Edition | Strong performance and outflows generate some big taxable distributions: morningstar.com/articles/1065314/capital-gains-roundup-2021-edition

Fund Capital Gains Distributions: What to Expect in 2021 |A strong year suggests that a decent amount of capital gains will be paid out: morningstar.com/articles/1063488/fund-capital-gains-distributions-what-to-expect-in-2021

Episode #101: Bitcoin ETFs Are Here

Bitcoin ETFs are here.

They’re not quite what you might think though. We walk through the details of how these beasts are structured and what you need to know before buying them in this week’s podcast episode.

Show Notes

[02:09] Recent Developments – Grant starts the discussion with a review of how and why cryptocurrencies grew in popularity over the last few years.

[04:37] Diversity of ETFs – How the diverse nature of the ETFs allowed them to utilize cryptocurrencies and the challenges associated with getting a cryptocurrency involved in a mainstream investment vehicle.

[08:12] Newcomers to the Market – Grant reviews a couple of newly introduced ETFs that are backed by Bitcoin and the pros and cons of investing in these compared to a traditional ETF.

[10:48] Futures Contracts – How the futures markets work and how they relate to the way crypto-backed ETFs function.

[14:36] Obscure Costs – Because of the way BTC-backed ETFs are connected to futures contracts, there are some costs involved in the process that may go unnoticed. Grant explains what investors need to keep in mind about the costs of the Bitcoin ETFs.

[16:41] Leveraged ETFs & Mutual Funds – Grant shares his thoughts on the functionality of the two investment vehicles and the similarities they share with Bitcoin ETFs.

[20:10] Bond Funds – Grant explains the difference between how bond funds operate versus investment vehicles based on futures contracts.

Resources

The Wall Street Journal - ETFs Are a Bad Way to Bet on Bitcoin: wsj.com/articles/etfs-are-a-bad-way-to-bet-on-bitcoin-11635261745

The Wall Street Journal - Bitcoin ETF’s Success Could Come at Fundholders’ Expense: wsj.com/articles/bitcoin-etfs-success-could-come-at-fundholders-expense-11635080580

Episode #100: Reducing Small Business Health Insurance Costs With John Butler

Health insurance is an essential aspect in recruiting and retaining employees as well as sustaining productivity and employee happiness in a small business. In today’s episode, we have a distinguished guest, John Butler, joining us to take a deep dive into what business owners should know about health insurance. John is a national C-suite health benefits consultant, strategic coach, and the author of “Health Insurance Sucks,” the number one ranking book on Amazon in its category. Throughout this episode, John shares his insights on how businesses can reduce the cost of the health insurance they provide to their employees.

Show Notes

[02:22] John’s background - John shares his journey and what inspired him to write the book “Health Insurance Sucks.”

[05:25] Healthcare Costs - John explains his observations and findings on numerous methods to reduce healthcare costs.

[07:05] PEO - John describes how small businesses can benefit from Professional Employer Organizations.

[08:20] Custom Plan Solutions - With a comprehensive analysis, John points out how a custom health plan assures the highest quality service with a reasonable cost.

[18:56] Insurance Companies and Brokers – John talks about the relationship between insurance companies and brokers, and shares his thoughts from the perspective of each party.

[34:15] Federal Requirements - John explores the federal requirements and penalties related to employees’ health plans.

[38:54] Health Sharing Programs – John emphasizes the significance of health sharing programs.

[48:28] Current Social Context – The healthcare insurance industry consists of many complex layers. John shares his take on the healthcare plans in the current social context.

Resources


Connect with John Butler:

Website: jb-benefits.com/

LinkedIn: linkedin.com/in/jbbenefitsconsulting/

Mentioned in the Episode

Health Insurance Sucks - The Moral Case for Better Business Healthcare: goodreads.com/book/show/58502517-health-insurance-sucks---the-moral-case-for-better-business-healthcare?from_search=true&from_srp=true&qid=KIWCNRWz38&rank=1

Episode #99: Maximizing Workplace Benefits With FSAs and HSAs

The open enrollment period for Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) is approaching. During the enrollment period, employees can enroll in or amend their contributions for the future year for FSAs and HSAs, which they can use to pay for their healthcare-related expenses. We dedicated today’s episode to taking a deep dive into several vital facts related to FSA, Dependent care FSA, HSA, and the numerous ways to maximize your workplace benefits under each of them.

Show Notes

[04:37] Flexible Spending Account (FSA) - Grant explains what FSA means, how it works, and who can contribute.  

[07:55] Plan the Health Expenses – Why it is essential to forecast the health expenses to pay them on a tax-deferred basis through FSA versus paying out of pocket. 

[09:18] Spend the Fund at Pharmacy – Beneficial features of FSAs, such as the ability to spend the funds at a pharmacy, and why having this option is significant. 

[10:10] Dependent Care FSA – Grant explains the purpose of a Dependent Care FSA, its benefits, and several facts to keep in mind if you are considering using one. 

[15:30] HSA – How to contribute to and HSA and the fantastic tax benefits and investment opportunities that come along with it 

[19:12] Eligibility for HSA – Grant explains the eligibility requirements for HSAs, including having a High-Deductible Health Plan (HDHP). 

[26:00] Connection to the employer - Grant discusses the connection between your HSA and your employer, and why employees can take their balance with them when they’re switching employers. 

Resources


What Is a Flexible Spending Account (FSA)? 
investopedia.com/terms/f/flexiblespendingaccount.asp 

What Is a Health Savings Account (HSA)? 
investopedia.com/terms/h/hsa.asp 

Episode #98: Everything You Need to Know About Medicare With Danielle Roberts

With the open enrollment period set to start on October 15th 2021, this is a great time to dive deep into the vital facts related to Medicare. In today’s episode, we have a distinguished guest, Danielle Roberts, joining us. Danielle is a co-owner of Boomer Benefits, a firm dedicated to helping senior citizens make confident decisions when enrolling into Medicare, as well as the author of the best-selling book “10 Costly Medicare Mistakes You Can’t Afford to Make”. Throughout this episode, Danielle shares her wisdom on all the crucial points you need to know if you intend to enroll in Medicare.

Show Notes

[02:25] Danielle’s Background - Danielle introduces herself and explains what they do at Boomer Benefits.

[04:00] Common Mistakes - Danielle shares some of the most common mistakes she sees people make when enrolling for Medicare, and what you can do to avoid them.

[08:01] Parts of Medicare – Parts A, B, C, and D of Medicare and the differences between them.

[10:49] Medigap Plan and Medicare Advantage Plan - Danielle broadly describes the role of Medicare Advantage policy and the Medigap plans while highlighting their differences.

[16:59] Most Suitable Plan for You - While 34% of beneficiaries choose Medicare advantage plans, Danielle explains how to be mindful when making the best decision for you.

[21:47] Subsequent Changes to the Plan – Danielle’s suggestions on how beneficiaries can change their enrolled plans in subsequent years.

[26:48] Switching Between Medigap Policies - Possible ways to switch between different Medigap policies and the procedures you’ll need to follow.

[28:59] Eligibility Criteria for Medicare - Danielle outlines the eligibility criteria for enrolling in Medicare.

[32:23] Medicare Fund - The correlation between the reserves in the Medicare fund and the benefits Medicare offers.

[38:08] Single-payer System - Danielle shares her insights on the rising health care costs and the viability of a single-payer system.

[42:23] Pharmaceuticals and Drugs - Grant and Danielle discuss some of the current trends in the pharmaceuticals industry and the business interests that may affect Medicare.

[47:09] Boomer Benefits - Danielle talks about how Boomer Benefits helps people with Medicare basics, benefits, and coverage.

Resources

Connect with Danielle Roberts:

Website: boomerbenefits.com/

YouTube: youtube.com/c/BoomerBenefits

Facebook Page: facebook.com/BoomerBenefits

Facebook Group: facebook.com/groups/BoomerBenefits

LinkedIn: linkedin.com/in/daniellekunkle/

 

Mentioned in the Episode:

10 Costly Medicare Mistakes You Can’t Afford to Make:

goodreads.com/book/show/55204934-10-costly-medicare-mistakes-you-can-t-afford-to-make?from_search=true&from_srp=true&qid=1Wia7eTzTY&rank=1

 

The United States Social Security Website: ssa.gov/

Official U.S. government site for Medicare: medicare.gov/

Episode #97: My Current Thinking on Cryptocurrency

A lot has happened in the cryptocurrency arena since we last covered this topic on Grow Money Business. Last week China announced that they are banning all activities in cryptocurrency while a month ago, El-Salvador announced that it would accept Bitcoin as a legal tender. In today's episode, Grant shares his current thoughts and observations on cryptocurrency-related developments in the United States and around the world.

Show Notes

[02:46] Recent Events - Grant starts the conversation by briefly explaining the impact of both China and El Salvador’s approaches to using cryptocurrency.

[05:17] Benefits of Cryptocurrency - The benefits of cryptocurrency and why it is an appealing and convenient alternative for existing currency issues.

[07:05] Growing Chinese Economy - Grant compares the pace of China's economic growth to the USA and reviews its intention of overtaking the USA as a world economic power.

[08:50] World Reserve Currency - Grant dives into the world reserve currency from numerous perspectives, including economic privileges that it opens for certain countries and why the USA needs US dollars as the world reserve currency. 

[12:45] China and Cryptocurrency - The cryptocurrency activities in China before the government-imposed ban and Grant’s take on the reasons behind that government action.

[14:46] El Salvador and Cryptocurrency - El Salvador's economic background and impacts on the country's social context by encouraging citizens to transact in Bitcoin.

[15:52] Benefits and Challenges for El Salvador - The possible future occurrences related to cryptocurrency, as well as Grant’s take on the probable risks and benefits El Salvador may experience with the decision to accept cryptocurrency.

[18:40] Future Cryptocurrency Approach of Countries - The future measures of the world, and how China's recent decision has knocked the price of cryptocurrencies.

[21:00] Increasing Credibility and Viability of Cryptocurrency - Grant explains the widespread adoption of cryptocurrency at the institutional level and how it has enhanced the credibility and viability of cryptocurrencies.

[22:58] Bitcoin and Ethereum - Cryptocurrency consists of numerous types of coins, including Bitcoins and Ethereum. Grant reveals his thoughts on the benefits and usage of each.

[28:01] Conclusion - Grant sums up his takes on recent changes of monetary and economic policies related to cryptocurrency and how countries will decide and set rules regarding cryptocurrency in the coming future. 

Resources

Ep #65 - My Take on Bitcoin & Cryptocurrency

growmoneybusiness.libsyn.com/website/ep-65-my-take-on-bitcoin-cryptocurrency

Ep #64 - Where to Invest an Extra $50,000 Right Now

growmoneybusiness.libsyn.com/website/ep-64-where-to-invest-an-extra-50000-right-now

JPMorgan Warns Big Investors Are Suddenly Dumping Bitcoin for Ethereum Amid A $150 Billion Crypto Price Crash:

forbes.com/sites/billybambrough/2021/09/26/big-investors-are-suddenly-dumping-bitcoin



China's top regulators ban crypto trading and mining, sending bitcoin tumbling:

reuters.com/world/china/china-central-bank-vows-crackdown-cryptocurrency-trading