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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, award-winning 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 16, 2019

In episode 191 of Financially Simple, Justin talks to Jennifer McConnell of July Business Services about the basics of a 401(k) fund.

401(k) funds are the most common type of retirement fund used by Business Owners to set aside money for their employees. Justin asks Jennifer to go over the basics of a 401(k), how they work and what’s involved in setting one up.

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01:15 - The Basics of the 401(k)

03:22 - Who is Involved When Dealing With a 401(k)

05:39 - All-In-One Or Separate Companies for Each Role

06:46 - TPAs: Third-Party Administrators

07:30 - Setting Up a 401(k): What are the Basic Options

11:32 - What Can an Employee Contribute to a 401(k)

12:46 - The Vesting Schedule

15:06 - What Can Employees Invest In

17:32 - How Much Does it Cost

19:26 - Wrap Up




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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.