Episode 65: My Take on Bitcoin & Cryptocurrency

Episode #64: Where to Invest an Extra $50,000 Right Now

 
With the stock markets going straight up, equities being more expensive, and bonds offering extremely low interest rates, many people seem to be wondering what’s the best way to invest extra cash they have. In today’s episode, Grant dives into some of the best investments you can make at this point, the current status of the market, and whether it’s a good idea to invest in certain asset classes. Stay tuned until the end of the episode, where Grant talks about whether buying Bitcoin is a good idea right now.Continue reading

Episode 65: My Take on Bitcoin & Cryptocurrency

Episode #59: Everything You Need to Know About Buying & Selling Small Businesses With Greg K Williams

 

In today’s episode, we have another distinguished guest: Greg K Williams. Greg is a certified mergers & acquisitions professional who has years of experience helping business owners and buyers through the process of selling or buying a business. Throughout the episode, Greg shares his wisdom on the process of selling a business from both a seller’s and a buyer’s perspective, common ways you can boost what you get from a business, and several other things you should know if you’re interested in buying or selling a business.Continue reading

Episode 65: My Take on Bitcoin & Cryptocurrency

Episode #58: Top Strategies for Tax-Efficient Charitable Giving

 

The year 2020 has been an extremely challenging year for lots of people, businesses, and organizations. Therefore, this is also a time when charitable organizations may need help from donors more than ever. We dedicated today’s episode to exploring some of the tax-efficient strategies you can use to give to charity in a way that minimizes your tax impact. Stay tuned until the end of the episode, where Grant shares his favorite methods of charitable giving and some tips to optimize your tax benefits related to charitable donations.Continue reading

Episode 65: My Take on Bitcoin & Cryptocurrency

Episode #56: Last Minute Retirement Plan: Tips & Tricks for 2020 Procrastinators

 
At the end of every year, some business owners face situations where they need to set up retirement plans at the last minute due to numerous reasons. We dedicated this episode to reviewing how business owners may overcome this challenge. Over the years, Grant has come up with some strategies and maneuvers that may help you set up retirement plans and make deductible contributions late in the year. Throughout the episode, Grant shares how to implement these strategies in your business.
Continue reading

How to Calculate Solo 401(k) Contribution Limits

How To Calculate Solo 401k Contribution Limits

Solo 401k plans have many aliases: solo-k, uni-k, and one-participant-k, among others.  Whatever you want to call it, the retirement plan is one of my very favorite for small business owners without eligible participants.  They’re easy to set up, inexpensive to operate, and simple to maintain.

One of the few downsides of solo 401k’s is that they do have one murky intricacy: determining the maximum amount you can contribute in a given year.

This post will cover how to calculate solo 401k contribution limits.  We’ll cover the contribution calculations, the deadlines, and everything else you need to know about the accounts.

Continue reading

Episode 65: My Take on Bitcoin & Cryptocurrency

Episode #53: Unexpected Retirement: How to Determine Whether to Take an Early Retirement Package


 

In recent months, many companies have been struggling with numerous aspects of their business due to the economic hardships caused by the pandemic. This situation forces businesses to look for creative ways to cut costs, and one of the methods that companies may use for this is offering early retirement for some of the employees. In today’s episode, we explore what to do if you receive an early retirement offer and how to look at the offer objectively and make a pragmatic decision.

Continue reading

Case Study: Retiring With $1,000,000

Case Study: Retiring With $1,000,000

Those of you who know me know that I’m a massive baseball fan.  And when it comes to famous quotes from baseball players, one person comes to mind more than any other: Yogi Berra.

Yogi Berra was a long time catcher for the Yankees and had an incredible hall of fame career.  He was equally known for his head-scratching quotes, which the world has affectionately termed “Yogi-isms.”  Yogi didn’t comment often on financial topics, but he does have one quote that applies nicely to retirement planning:

“A nickel ain’t worth a dime anymore.”

When we think about retirement planning, many people consider $1,000,000 as kind of a “golden threshold.”  They think of a million dollars as the minimum nest egg they’ll need in order to retire comfortably.  But as Yogi pointed out, being a millionaire doesn’t amount to what it used to.

So is it even possible to retire with $1,000,000 these days?

Let’s find out.  In this post we’ll explore a hypothetical couple named John and Jane.  They’ve saved $1,000,000 and want to retire, which is a very common situation for many Americans.

Continue reading

Episode 65: My Take on Bitcoin & Cryptocurrency

Episode #52: Top Year End Tax Planning Moves with Biden in the White House


 

After weeks of delay caused by legal battles surrounding the election, at this point, all signs point to the fact that Joe Biden will be inaugurated as the President of the United States of America. As we discussed in detail in a previous episode, Joe Biden’s tax plan contains tax reforms that affect taxpayers in numerous ways. In today’s episode, Grant dives into some of the tax planning opportunities you should consider in the coming months.Continue reading

How & Why to Open a Roth IRA For Your Kids

How & Why to Open a Roth IRA For Your Kids

One thing all parents have in common is wanting what’s best for their kids.  We all want to give our kids ample opportunities for success.  We all want to keep them rooted in family values.  And we all want them to have a fair shot at life.

When it comes to money, we typically want to give our kids ample support without spoiling them too much.  Most of us don’t want our kids to win the lottery, though.  We’d much rather our kids build some character through struggle and sweat equity.  Nothing gives young people an appreciation for higher education than working a few arduous, low paying jobs.

From a financial perspective it’s difficult balancing these objectives.  How do I help my kids financially without spoiling them?  How do I teach them fiscal responsibility?  How can I show them the power of long term tax advantaged compounding?

These a few questions our clients at the financial planning firm often ask.  The answer is often the Roth IRA.

This post covers why that’s the case, how you can set one up for your kids, and when & how to contribute to one.

Continue reading

Episode 48: The Three Golden Rules of Investing

Episode #47: Mailbag! What Grant is Doing With His Kids’ 529 Plans, Spousal vs. Survivor Social Security Benefits, and Whether Value is Dead

This week on the Grow Money Business podcast we have another mailbag episode. Grant covers four questions from our listeners about Social Security benefits, the future of value investing, distribution strategies for retirement, and saving for your kids’ higher education.

If you have more questions you’d like us to cover, visit growmoneybusiness.com, and drop your questions in the Mailbag section. Grant will answer your questions in a future episode.

Continue reading