Aug 31, 2020
In episode 292 of Financially Simple, Justin gives his thoughts on buying an expensive new toy to treat yourself as a Small Business Owner.
Perhaps you’ve had a phenomenal few months, with your business thriving through the pandemic, or perhaps it’s been tough and you want to let off some steam. Either way, Justin provides some perspective and some considerations you should have before making the purchase of that new yacht - how will it affect your retirement plan? What other unforeseen costs will splurging have? Is it really worth it?
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01:37 - Treating Yourself to a New Toy
03:56 - A Case Study Example
05:52 - The Retirement Calculator Math
08:56 - Looking to the Future
11:55 - What About Above Market Returns
14:05 - The Missing Pieces: Taxes
15:28 - “But I’ve Got The Cashflow”
16:51 - Summary
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Host Justin Goodbread, Certified Financial Planner, Certified Exit Planning Advisor, Certified Value Growth Advisor. He is a serial entrepreneur, author, speaker, educator, Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional. The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States.