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Financially Simple Bizcast


The Financially Simple podcast is your one-stop resource for small business owners. Gain unique insights into growing, refining, and selling businesses. You will hear ways business owners have reduced their tax liabilities, increased their income, improved office morale, saved for the retirement of their dreams, and more.
Host Justin Goodbread is a serial entrepreneur, CFP® (Certified Financial Planning professional), CEPA (Certified Exit Planning Advisor), and CVGA (Certified Value Growth Advisor) with years of experience guiding business owners from start to exit in their business.

Sep 19, 2019

In episode 192 of Financially Simple, Justin continues his discussion with Jennifer McConnell of July Business Services about 401(k) funds.

There are two specific provisions of the 401(k) that are worth a closer look: Safe Harbor and Profit Sharing. Justin and Jennifer look at the Safe Harbor and Profit Sharing provisions and consider the pros and cons of each for a Small Business Owner.

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FULL TRANSCRIPTION:
BLOG: Small Business Retirement Plan Comparison

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TIME INDEX:

01:04 - Exploring the Safe Harbor and Profit Sharing Provisions of a 401(k)

01:19 - Who Can Participate in a 401(k)?

02:31 - Can Minors Participate in a 401(k)?

03:09 - Do You Need to Contribute to Part-Time Employees?

04:03 - What is Safe Harbor 401(k)?

05:25 - SIMPLE Comparison

06:02 - Why Use a Safe Harbor 401(k)?

07:43 - Limitations for Small Business Owners

08:41 - How Profit Sharing Works

10:57 - How Much do Business Owners Benefit Compared to Employees?

13:51 - What is HCE and Why Does it Matter?

15:12 - Who Tests the 401(k)?

15:59 - How Much of the Money in the Plan Belongs to the Employee?

17:14 - Wrap Up

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RESOURCES:

Financially Simple Educational Website

Financially Simple on YouTube

Subscribe to the Financially Simple Newsletter

NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit

July Business Services

401(k).com

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BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.

DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.

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The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

 

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