The FI Planner

Would entrepreneurship be less scary if you knew you'd make more money than your current job?    In this episode, Nancy Bleeke explains how analyzing expenses motivated her to start her own business and what she's learned since she made the transition to entrepreneurship over twenty years ago.  In this episode, you'll also hear: Evaluating what it costs you to work vs. start your own business      Making the transition to entrepreneurship without incurring debt  Why community is crucial to growth and why it's okay to be scared  Must-listen moments:  [00:09:20] After calculating what it cost me to work, including travel, childcare, clothes, etc. even though I had a good job, my net income back to the family was about $10,000 a year. [00:16:08] Part of being profitable right away was watching my expenses. I think knowing what I wanted my net take home number to be helped ensure that my business had net profit. Otherwise, why was I doing it? [00:32:00] When I'm afraid, I always do look for help, that is just how I am. I'm going to find a way to work through it. I get afraid if I notice that my pipeline isn't healthy. But then, right away I'm like, all right, so what do I need to do?   Guest Info:  Nancy Bleeke Nancy left the comfort of a “regular” job to launch Sales Pro Insider Inc. While she's always been entrepreneurial, finding a passion in sales was never the plan. Who would ever want to be “in sales”? she thought. Yet, she found her calling helping people who also never saw themselves in sales, succeed in selling! Connect with Nancy - https://www.salesproinsider.com/   Bona Fide Finance: Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/ Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/    

How do some small businesses make the leap from fledgling concept to successful big company while others go kaput before they can even get started? In this episode, Ben and Andrew delve into the gritty reality of how the majority of new small businesses fail and why people still go for entrepreneurship despite the challenges it brings.  In this episode, you'll also hear: Defining small business vs. micro business    Why people go into business despite the risks  Embracing the dream, sustaining the losses of entrepreneurship Must-listen moments:  [00:07:12] In the first five years, 50% of businesses that start out don't make it, and by the five year mark, half of the people who first get into business are no longer in business. And then when you extend that out to 10 years, that reduces down from 50% to 30%. [00:12:18] I do like the money but the dream sustains you. It's the meaningful impact. It's the connection. It's the change that you can have on other people's lives. It's the change you can have in the world. [00:27:39] Having the personal finances be in a position where you can sustain those losses, it's really critical to the success of the business. It's not the business finance that under does a business…it's the personal finance. Managing those personal responsibilities as you make this transition is huge. Bona Fide Finance: Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/ Fb Profile: https://www.facebook.com/profile.php?id=100069532276726 Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/  

Taking on the family business can feel daunting, but staying true to the authentic heart of the company is key.  In this episode, Ben and Deb welcome David Hurley as he dives into how growing up in Country Stores Health Foods fostered his entrepreneurial drive. They discuss the action steps he took to move the business forward under his stewardship while also helping people stay healthy using natural holistic resources.  In this episode, you'll also hear: Understanding the value of holistic healthcare therapy to improve wellbeing Some of David's concerns about taking over the family business and how he moved through them Bringing Country Stores Health Foods into the digital age and how that increased the company's revenue Must-listen moments:  [00:12:00] “Really, the focus of my career has been to try to uncover as much of the truth as possible — that's my career goal.” [00:19:00] “It's much better to bring in the right people right from the get-go because you invest your time in them.” [00:25:00] “The primary focus is a genuine desire to improve people's lives and sometimes to extend people's lives and sometimes to outright save people's lives. That is the primary motivating force.” Guest Info:  The Country Stores Health Foods is a third-generation family-owned health food store specializing in high-quality supplements and personalized expert advice.  Website: https://www.countrystoredanville.com/  Healthcare.gov Bona Fide Finance: Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/ Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts  

For many entrepreneurs, launching your own business means long hours and late nights with little to no financial gain when you first begin.   In this episode, Jonathan and Amanda Teixeira join Ben and Deb to share how a forced leap of faith kickstarted their entrepreneurial journey and what it's like to be financially independent while balancing business and family as a married couple.    In this episode, you'll also hear: Navigating the challenges of creating a sustainable business   Enjoying the flexibility and freedom of entrepreneurship Realities of being married and in business together  Must-listen moments:  [00:18:14] We didn't know how to get anything sustainable. It was this feast and this famine cycle. And I think a lot of entrepreneurs, particularly online course owners, that's where they begin. And you buy yourself enough time to learn a little bit so that you do better the next time. [00:29:15] We spend about three months out of the year in the RV. If we had a day job, we couldn't do that, but we do spend a decent bit of the time when we're on the road still working because we can…I wanted to be able to have that flexibility and that freedom and entrepreneurship has afforded us that.  [00:26:03] We had to figure out how to get the right systems and boundaries and operations in place. And then even for ourselves, how do we talk to each other? Guest Info:  Jonathan and Amanda Teixeira are the duo—and happily married couple—behind WalletWin, where they help everyday Catholics create the life of their dreams by getting intentional with money. Website - https://walletwin.com/ Podcast - https://walletwin.com/podcast/   Bona Fide Finance: Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/ Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/  

Being an entrepreneur means taking a ride on a never-ending rollercoaster full of intoxicating highs and sobering lows with twists and turns around every corner.  In this episode, Ben and Andrew share lessons they've learned from their own setbacks and why entrepreneurs must be overly confident and ready to take on whatever challenge comes next. In this episode, you'll also hear: Lessons from Andrew's failed restaurant in Korea Knowing when and how to pivot as an entrepreneur  Understanding the risk and loss that comes with entrepreneurship Must-listen moments:  [00:13:42] And that's what you say, right? You think all this money's gonna come so easy? Just because the first buck comes in, you think a wheelbarrow is gonna be behind it.  [00:20:23] Maybe you start off with one idea or entrepreneurial pursuit, you learn a few things from it, but you realize, this just isn't really the gig I want to be in. But that doesn't mean we close the door to all entrepreneurial pursuits, we just look to maybe what's the next thing?  [00:33:57] Maybe you need to really have an honest conversation with yourself in the mirror and say, maybe I'm still into entrepreneurship, but maybe I do need to really have some very strong guardrails in place that guide me, and I need to really analyze the risk on this deal and take a look at what needs to happen for this to be a situation that I'm comfortable with entering into. Thinking, Fast and Slow  by Daniel Kahneman - https://www.amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555 Bona Fide Finance: Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/ Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/

Not everyone is ready to leave their 9-5 job but if you're thinking about it, Megan Giles is proof you can succeed on your own.   In this episode, Ben and Deb talk with Megan Giles about how she quit her corporate job cold turkey, found a supportive community and started making connections that helped her focus on the value she offers.  In this episode, you'll also hear: Quitting the corporate world without a plan The power of truly investing in yourself  Benefits of networking with like-minded, hyper-focused people  Must-listen moments:  [00:09:36] Prior to quitting the corporate world, I would go meet friends after work every day. That completely shifted to going to networking events…so my social life went from strictly friends and fun to networking events with other business folks.  [00:23:15] Being part of that community is what really helped me take off…and then flipping that mindset to where it doesn't matter how many hours I spend on this thing, if I am delivering value, then that's what you're paying me for, the value that I deliver. [00:26:03] If you want to be serious about going out on your own and being in business, you need to be willing to put some money down and join another group of other folks who are similarly serious and willing to commit money and capital. Guest Info:  Most graphic designers will deliver a beautiful layout, but don't understand that the words you use matter. Megan Giles helps clients with their marketing messages as well, so every piece she designs uses the right words to turn prospects into customers. Website - https://www.mggraphics.design/ LinkedIn - https://www.linkedin.com/in/megangiles/   Bona Fide Finance: Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/ Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/  

If you're opting out of traditional health insurance, it's important to understand the risks and benefits of nontraditional health care. In this episode, Ben and Andrew continue their discussion about health care coverage and dive into two alternative health insurance options.   In this episode, you'll also hear: Recognizing the risk of unconventional health care options  Direct Primary Care Model and health share plans  Challenges of leaving conventional insurance coverage  Must-listen moments:  [00:12:32] Because this is non-conventional, there are some inherent risks that are associated with this. There are variations in quality across these different plans and so you need to fully appreciate and recognize that you do need to do your due diligence per any of these suggestions to make sure that even an individual provider is the right provider for you and your family and your needs. [00:28:36] These two ways of getting health coverage, they are trying to work lockstep in with each other to create a more complete package and alternative to conventional insurance. [00:36:43] Definitely you want to run the numbers both ways. Take a look at what your healthcare costs would be under a marketplace plan, or how they would be under a D P C plan and a health share plan.   Failing Forward by John C. Maxwell - https://www.amazon.com/Failing-Forward-Turning-Mistakes-Stepping/dp/0785288570 Bona Fide Finance: Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/ Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/  

Financial independence can bring more calm, time, and energy to your life, so why wait to experience those benefits?   In this episode, Ben and Deb welcome Anna Saucier to talk about why entrepreneurs need a strong foundation, rest, and a mindset that lets you focus on what matters most so you can achieve and receive more today.    In this episode, you'll also hear: The power of achieving rest and going slow to grow fast  Claiming financial independence vs. viewing financial independence as a reward Being aware of your mindset and living financial independence now    Must-listen moments:  [00:04:15] That's where our true craft comes out…it's not in the doing and doing, doing and spending more and more hours. Because in that stress and in that doing, we become less creative. [00:14:24] I think financial independence and then the rest and the space come together in that it's not a reward for hustling yourself so hard, it's actually something like, how can we claim this in our lives now? [00:38:14] We start living that independence, but also what we're looking at…is not focusing on the money as the goal, but what it makes possible, and refocusing on the purpose of the work that I wanna do in the first place.  Guest Info:  Anna Saucier is a CPD Accredited Certified Online Business Consultant, Energy Clearing Practitioner, and Professionally Trained Mindset Coach, uniquely able to help you in a way that aligns with your values and your mission-led contribution to the world. Website: https://annasaucier.com/   Bona Fide Finance: Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/ Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/    

Whether you're ready to start your own business or thinking about a fun side hustle, being an entrepreneur is more possible than ever.   In this episode, Ben chats with Brant Cooper about his focus on driving impact and how the workforce is shifting from the industrial era to empowering people to solve problems with creativity and intelligence. He also shares insights from his best-selling books The Lean Entrepreneur and Disruption Proof.   In this episode, you'll also hear: Driving impact by empowering creativity and the entrepreneurial spirit   Lessons from Lean Entrepreneur and taking advantage of the digital revolution Starting small, team dynamics, and details about Disruption Proof  Must-listen moments:  [00:03:03] To me the purpose of capitalism and entrepreneurialism is you reap the benefit, the money and lifestyle, from creating value in the world. [00:07:20] Everybody can be entrepreneurial, and it doesn't mean that you're always in learning mode or exploration mode, but you have to find a balance between execution, doing the things that we know must be done, and taking time for the learning. [00:19:05] You're literally trying to get your first dollar because somebody has just proven to you that you're providing them enough value that they're gonna give you something. That's the first step and the steps become bigger after that. Guest Info:  Brant Cooper is the New York Times bestselling author of The Lean Entrepreneur and CEO of Moves the Needle. With over two decades of expertise helping companies bring innovative products to market, he blends agile, design thinking, and lean methodologies to ignite entrepreneurial action within large organizations.  Moves the Needle - https://movestheneedle.com/ The Lean Entrepreneur  - https://www.amazon.com/Lean-Entrepreneur-Visionaries-Products-Innovate/dp/111829534X?&linkCode=sl1&tag=marbynum-20&linkId=1b1f7d6b63b0c5367269c60d208feb8a&language=en_US&ref_=as_li_ss_tl Disruption Proof - https://www.amazon.com/Disruption-Proof-Empower-People-Create/dp/1538720191?_encoding=UTF8&qid=1615251848&sr=1-1&linkCode=sl1&tag=marbynum-20&linkId=0fe54c34a51140af49bf7862f07365c0&language=en_US&ref_=as_li_ss_tl   Bona Fide Finance: Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/ Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/      

Healthcare can be very expensive and costs can spiral out of control quickly, especially if you're paying out of pocket.  In this episode, Ben and Andrew work through the various options entrepreneurs have for health insurance coverage and the value of understanding how tax credits can work for or against you. In this episode, you'll also hear: Utilizing your spouse's healthcare coverage or Cobra  Individual healthcare marketplace options and understanding premium tax credit   Self-employed health insurance and self-employment tax deduction   Must-listen moments:  [00:09:39] They limit your ability to just jump on [insurance] at any time…you have to have these qualifying events in order to be able to change that coverage up. That would be the biggest concern with switching over to the spouse's coverage. Note: "You may qualify for a Special Enrollment Period if you or anyone in your     household lost qualifying health coverage in the past 60 days (or more than 60 days  ago but since January 1, 2020) OR expects to lose coverage in the next 60 days."   [00:12:15] Whether or not to pursue and utilize this really is just kind of depending on how long it is that you think you would need to be insured before you could come through another means of insurance. [00:22:25] The whole point of the American Cares Act was to get people to participate in coverage even who otherwise found it too expensive. Healthcare.gov Bona Fide Finance: Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/ Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/      

Connecting with other entrepreneurs is a great way to grow your network and learn from people who truly understand the ups and downs of entrepreneurship.  In this episode, Ben and Deb talk with their podcast manager, Virginia Elder, about what led her to launch her own media company after working in the finance industry for several years. They also include some helpful tips for listeners interested in starting their own podcast.      In this episode, you'll also hear: Understanding what your audience is asking for  Creating a new job for yourself vs. creating a business  Top recommendations for podcast tools  Must-listen moments:  [00:15:58] When you look at it from an entrepreneur lens…that was a pivot that I didn't know that I was doing. And just kind of listening to what the audience is asking for, and it's just very unintentional, but it was a great opportunity and it's not stopped. [00:22:39] One of the biggest challenges has definitely been the mindset and belief in yourself that is required to be an entrepreneur because there's definitely times where you feel like nobody believes in you. [00:25:45] With entrepreneurship, it can very easily consume your life and be that way for a very long time, unless you're very strategic about delegating, getting that team in place, getting systems in place. Guest Info:  Virginia Elder provides podcast editing, podcast launch, video post-production, and copywriting services to help you achieve your entrepreneurial dreams.  Podcast Abundance - https://podcastabundance.com/ Instagram - https://www.instagram.com/podcastabundance/   Resources Mentioned:  Descript - https://www.descript.com/ Podcastle - https://podcastle.ai/ Audacity - https://www.audacityteam.org/ Canva - https://www.canva.com/   Bona Fide Finance: Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/ Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/  

Funding a new business can be achieved in a number of creative ways. Knowing your tolerance for risk and your ability to gain back what you lose can influence where you find your funds.      In this episode, Ben and Andrew hash through different funding sources and share how sometimes risk pays off.        In this episode, you'll also hear: Pros and cons of tapping into retirement funds  Understanding what you can afford to lose  Roth IRAs, 529 Plan, and other sources of funding  Must-listen moments:  [00:13:37] We set the money aside in retirement and in anticipation of being able to take care of your future self. We need to make sure that we're still taking care of your future self. I'd be hesitant about completely draining your 401k to fund a business venture. [00:15:55] When it comes to risk of any sort, whether it's to protect it with insurance or to take it through an investment, the question here is how much can you permit? What's your risk tolerance in having your whole life disrupted if this doesn't play out or go to plan?  [00:26:56] If you have any equity in the home and you're looking to tap the home equity line of credit, or tap that equity through a home equity line of credit, a HeLOCK, I think that can make a heck of a lot of sense—that equity in the home isn't doing anything for you. To sign up for ExtraCredit, go to Credit.com/thefipod and get started there. Use the promo code: thefipod. To sweeten the deal you can even get the first 7 days absolutely free. It is just $24.99+ tax a month after the free trial. You can cancel anytime. So go check out ExtraCredit today and start working on your credit goals.   Bona Fide Finance: Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/ Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/   Credit.com: Website: https://www.credit.com/

Reaching financial independence requires hard work and it's imperative to avoid costly mistakes to ensure you enjoy the rewards you've earned.  In this episode, Ben and Andrew call out common missteps of financial independence and the benefits of combating your fears and acting with courage.    In this episode, you'll also hear: The problem with playing it too safe  Tackling the rent vs. buy conundrum   Investment options, portfolios, and the need for accountability Must-listen moments:  [00:04:00] Without the ability to give yourself permission to make that change, you wind up really missing out on what the whole point of pursuing FI was in the beginning, and that is to get out of the rat race, to live your life on your own terms.  [00:11:00] The transition into financial independence or the transition into entrepreneurship has the same attributes. We're still dealing with uncertainty, we're still dealing with fear, and really the response in either of these, whether you're transitioning into financial independence or into entrepreneurship, the response is courage.  [00:30:50] We gotta continue to combat fear and greed. Use that investment philosophy, the investment plan…to be your true north when either one of those pulls you too far astray. You gotta look at the plan. You gotta keep updating it, checking in with yourself.     Mr. Money Mustache: “Why You'll Probably Never Run Out of Money” - https://www.mrmoneymustache.com/2022/07/18/never-run-out-of-money/ New York Times: “Is It Better to Rent or Buy” - https://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html   Bona Fide Finance: Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/ Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/

As an entrepreneur, failure is inevitable. Learning how to view your mistakes as opportunities for growth and minimizing their impact is key to moving forward.   In this episode, Ben and Deb recall their own “oopsies” and why sometimes the only thing you can do is acknowledge your mistake and grow from it.      In this episode, you'll also hear: Making mistakes as an employee vs. small business owner The value of accepting and learning from your mistakes Avoiding the negative feedback loop and embracing a growth mindset Must-listen moments:  [00:03:30] It's about progress. It's not about perfection. The stakes feel much, much higher whenever it's your image, your business, your accounts that are being affected by the mistake that's been made, but it's about learning from your experiences and taking that failure as an opportunity to move forward instead of staying stuck.   [00:13:55] If you want your business to grow and succeed, you're going to have to be okay with not just making the mistake. You're going to have to be okay with losing money on that mistake.  [00:22:00] Mistakes need to get owned and they need to be learned from, and then we need to use them as opportunities to make adjustments.    Failing Forward by John C. Maxwell - https://www.amazon.com/Failing-Forward-Turning-Mistakes-Stepping/dp/0785288570 Bona Fide Finance: Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/ Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/  

Ever consider starting your own business? Whether you want to embrace the digital nomad lifestyle or purchase a franchise, becoming an entrepreneur is more feasible than ever.    But are you truly ready to become your own CEO and wear all the different hats required to run a successful business? It's important to understand just how much you will rely solely on yourself to keep the ship upright and sailing once you take the leap. In this episode, Ben and Andrew discuss why entrepreneurship is becoming more common, why curiosity, bravery, and courage is key, and insight to what's guided them throughout their own entrepreneurial journey.     In this episode, you'll also hear: Understanding how the access to entrepreneurship has evolved How being an entrepreneur is similar to wayfinding  Accepting the possibility of failure and going for it anyway   Must-listen moments:  [00:06:11] It really just allows people to have a lot more control over their lives and it allows people to look at themselves and say what are my skills? What are my passions? What am I excited about and what do I have to offer other people that can maybe make me happy and make them happy? And at the end of the day…make a buck off of it, too.  [00:12:04] You've got to have an inner resilience and an inner fire, because no one's going to drive you…being out on an island alone cannot scare you. You've got to be all right with being with yourself and by yourself.   [00:18:09]  Being an entrepreneur takes courage, it's scary stuff and you've got to be okay with confronting that scariness or just working, living with it, and not letting it keep you from taking action.  Remember, don't eat the red berries along the way, be ready to put in the work to make sure operations, marketing, and sales are running as smoothly as possible, and always know your why!  Bona Fide Finance: Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/ Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/  

“Not going to live my life afraid to fail.”  Taking risks is scary, but they're necessary if you want to develop, gain independence, and live the life you've imagined for yourself. We're programmed to be cautious, and subconsciously believe it's imperative that we avoid risk.  One key to living the life of your dreams is to “just let go and focus on what you really want to do.” While listening, ask yourself what would happen if you could remain cool and collected in the presence of danger, knowing exactly what to expect, and feeling confident that you're well-prepared for it. In today's episode, Ben and Andrew talk about the film The Alpinist, which follows a rock climber as he takes chances to live a life of adventure. Though it may be nerve-wracking to push yourself to your limits, the real question is, are you willing to do so? How comfortable are you with uncertainty? How much more profitable and thrilling might your life be if you did take greater risks? In this episode, listen for: It is in our nature to approach decisions cautiously [00:10:14] Failure is an absolute necessity to growth [00:14:58]  As a culture, we're conditioned to be conservative [00:19:32]  Failure is an inevitable aspect of life and woven into any endeavor that involves taking risks. It's natural to feel down after experiencing a setback, but you have to pick yourself up, analyze what went wrong, and try again. Bona Fide Finance:  Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/  Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/ Live every other Tuesday at 5am

“Simplicity and striving for freedom.”  FI is the motivation to pursue your dreams and goals. To provide a basic, comfortable existence for oneself and one's family. When work consumes your life, you may experience feelings of exhaustion, resentment, and a lack of personal fulfillment. In today's episode, Ben and Deb discuss what financial independence is and why it's crucial to go after it without limiting your ambitions. Many of us live under the illusion that once we have material things in our possession, we're satisfied. But are we?  In this episode, listen for Discusses JD Steins' podcast “Money for the rest of us” surrounding how happiness brings us simplicity [4:18]  A focus to strive for a life of independence [6:26] Work services a valuable purpose and it can be life-giving whenever you're giving of yourself [11:48]  We want the design we have in mind for our life to be reflected in the work we do. The purpose of financial independence is to achieve a level of satisfaction, stability, and simplicity in one's life. It is time to stop worrying about the superficial aspects of life and start appreciating what you have in front of you. We're going to leave you with a question: do you work to live or do you live to work? Bona Fide Finance:  Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/  Fb Profile: https://www.facebook.com/profile.php?id=100069532276726 Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/ Money for the rest of us Podcast Ep 352 Jacob Lund Fisker    Live every other Tuesday at 5am  

While it's challenging to launch your own business, purchasing a franchise offers several potential benefits. As you explore potential money-making ventures along your journey toward financial independence, franchising may seem appealing since the basic outline of the business operations, branding, and menu are done for you. All you have to do is step in and run it well, right? This week, Ben and Andrew talk about the contrasts between establishing your own business and owning a franchise and dissect what it's like to be in both positions.  This option has advantages, including a proven business plan and training which can be done in a fraction of the time it would take to start your own business from scratch. In this episode, listen for: [6:38] Explanation of the upfront costs associated with buying a franchise  [10:03] Why obtaining a business loan for a franchise purchase might be easier than gaining funding for a DIY from scratch business [25:00] Always consider the variables you don't have control over The question is whether you want to start from scratch or have an established business plan laid out for you. There are perks to owning a franchise, but be aware of the expectations, responsibilities, and how much control the brand has over how you operate your store. It's imperative that before you put your money into a particular business, it's necessary to do some in-depth research before going all in.  Bona Fide Finance:  Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/  Fb Profile: https://www.facebook.com/profile.php?id=100069532276726 Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/   Live every other Tuesday at 5am

Growing a business is exciting, but before you get too excited and make your first hire, it's important to evaluate your revenue status and client flow:  Am I really making a profit in the business (after taking home an income)?  Is the flow of clients consistent and reliable enough to cover additional overhead costs? Will the rate I'm charging for my services cover costs of outsourcing?  In today's episode, Ben and Deb have a conversation about knowing when and how to use outsourcing services. The expansion of a business can be quite exciting, but if you take on too many responsibilities, you risk becoming burned out. In the early stages of any business, the most essential component is the amount of revenue being brought in through the door. Although hard to believe, it's highly likely you could make even more money and gain efficiency if you outsourced the work. The trick is to do it strategically. In this episode, listen for: [1:52] It's important to know you can't do everything by yourself for the long-haul [23:02] How hiring a business consultant has helped Ben & Deb's business [25:05]  When done well, bringing on a team is often a catalyst to business growth and you end up wearing fewer hats  You put all you have into your business, so it makes perfect sense for you to do everything  to ensure its continued success. Even while getting the business off the ground and operating is of the utmost importance, there will come a time when you'll have to let go of some of the more tedious tasks you either don't want to do, no longer have time for, or don't have the skillset for. Bona Fide Finance:  Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/  Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/ Live every other Tuesday at 5am  

How can you achieve Financial Independence without shifting your mindset from scarcity to abundance? This episode's focus is primarily on the I (independence) component of entrepreneurship. We want to ensure that you maintain and revel in the freedom of building your business and being your own boss.  Owning and operating a business, especially if you're building one from the ground up, can be tough and time consuming, but achieving Financial Independence as an entrepreneur is possible.  Ben and Andrew discuss the challenging and time-consuming aspects of starting and growing a business from scratch, while sharing that it is possible to stride toward FI at the same time. As you work intentionally toward balance between production and a reliable income, you must find ways to enjoy this life and the money you're earning. In this episode, listen for Two natural principles you run into as human beings any time business or money is involved [6:20]  Want more time to relax? Surround yourself with a team you can trust.  [17:46] Be aware of your limits, know when to say no, and recognize when it's time to decompress and rest [19:37] As you lean further into the abundance mindset, you'll notice a significant change in the way you're operating. The real scarcity is time, not money. Money is abundantly available.  Remember, you chose entrepreneurship as a route toward a life of freedom, vibrance, and independence. As you continue to build your business, don't lose sight of those goals. Perhaps its time to hire, create a process, or implement some software so that you don't have to do everything yourself.  You, as the owner of the business and the entrepreneur, can choose the path that your life will take going forward. Bona Fide Finance:  Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/  Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/ Live every other Tuesday at 5am  

What does it take to make a sale? We all know in business we want to close the deal, but there's a catch. There are variables to consider when deciding how you should approach a conversation with a prospect. In today's episode, Ben and Deb discuss the four tribal types you'll come across in a sales conversation and create relationships. While listening, think about which one you are: commander, achiever, expressor or reflector.  In this episode, listen for Ben discusses being an achiever and what that means to him [8:45]  What the experience of each tribal type might look like [18:00] Why your sales style has to be about your customers to make the sale [27:15]  When you're starting off the relationship with a prospect, don't center the conversation about who you are and why it would be great for them to work with you. Instead, start by getting to know them. Using the information they provide you, position your product or service as the solution to their concerns or problems. Talk about what's in it for them and how you can help them achieve their goals. Bona Fide Finance:  Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/  Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/

You need sales to have a legitimate business, and to get that business in the door, your ideal client needs to know who you are and how you can help them. Having a clearly-identified client avatar will help you speak directly to that ideal client in all of your marketing material and on your website, making them more likely to buy. Andrew and I discuss the importance of having an Avatar (ideal client) because if you're speaking generally to everyone, you're not connecting with anyone.  Consider the following questions:  What kind of business are you in? Who are you trying to reach?  How will you get to them?  Language and marketing materials can be carefully crafted to get your ideal client's attention only after you know the answers to these questions. In this episode, listen for Not everyone is going to be attracted to what you do and what you offer [7:36]  Discussion of human psychology and reason-based thinking [15:08]  Why others relate with you and decide to work with you[16:23]  You may expect the opposite in your entrepreneurial journey, but begin every aspect of your business with a very narrow (niche) solution/avatar combination and expand your offerings to a broader market later, once the footing of your business is more solid.  Sales in your business means income, and more income means more to invest, thus a shortened (faster) progression toward financial independence. However, you need clients to have sales and if you want more clients, it's time to do some deep analysis of who your ideal client is and how you can better connect with them.    Bona Fide Finance:  Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/  Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/

When does it make sense for an LLC to elect to be taxed as an S-Corp? If you work for yourself anyway, what's the difference? There are a few things to keep in mind when determining how you want your business to be taxed. Some of the biggest considerations in making this tax decision is how much to pay yourself as an employee based on the market, how much in revenue and profit the business is making, whether you're able to take advantage of the QBI deductions, and how much they might already be helping you. S-Corp tax advantages are discussed further by Deb and me, but we also discuss the social security and medicare benefits you need to keep in mind. Your decision to be taxed as an S-Corp is based on how much money you keep and how much money goes to your business and taxes. In this episode, listen for: [15:41] Social Security's taxable wage base is limited to around $140,000. This represents the 15% of your income that is subject to taxation. [16:52] If your salary exceeds $140,000, you will “max out your contribution” to Social Security taxes. This means there are tax savings to be had if your annual salary is less than $140,000. [18:28] There are consequences if you take the S corporation election and decide to give yourself a reduced income. One piece many miss is that when you're on a lower income, you don't contribute much to and effectively reduce your future Social Security benefits. Taxes must be factored into your compensation as a business owner before you can begin to pay yourself. If you're a salaried employee, keep the associated expenses with running payroll in mind. S-Corp tax rules are important to understand prior to making an election for your business. We strongly advise you to seek legal counsel and talk with your CPA if you find yourself trying to decide whether to elect to be taxed as an S-Corp or to remain as an LLC. Bona Fide Finance:  Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/  Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/

Is an LLC the best structure for your business? While an LLC is like a corporation in many respects, it is distinct from you as an individual. This week's episode builds on last week's discussion on choosing the proper legal entity for your business. Taxation and the level of liability protection always influence an entrepreneur's choice in selecting a business structure. Andrew and I explore the benefits of forming an LLC and the standards that you must meet in order to maintain the LLC's viability and legitimacy.   In this episode, listen for  Establishing an LLC will allow you to set yourself apart from your business activities. [5:06]  Guidelines for forming an LLC, especially if there's the possibility of legal responsibility [14:09]  Having employees requires the need for an EIN number, which is used to register with the IRS [24:38]    The more prone you are to lawsuits based on the nature of your business, the more likely you are to be sued. Thus, the more important it is for you to have adequate insurance and consult with an attorney who can help you establish the best business structure and type for your operation.  Nolo is a terrific resource if you're interested in learning more about forming an LLC or if you're looking for information on attorneys.  Bona Fide Finance:  Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/  Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/

  What type of business structure should you establish? Today, we'll explore the various possibilities available and when or why you might need each one at various levels of your entrepreneurial journey.   Deb and I discuss the types of business structures you might want to explore for your business. To make the best choice for your business needs, consider taxation and liability and whether you have employees.    In this episode, listen for: If you have employees as a sole proprietor, you are opting for an increased level of liability. As the owner, everything falls on you. [11:55]  If two unrelated parties are working together, a partnership agreement should be written out as a preventative measure. In the event of problems, what would happen?[16:53] A limited partner is a co-owner, but more importantly, he or she provides funding to help you run the business. If you own less than 20%, you cannot participate in operations; but, if you own over 20%, you are designated a partner. [17:56] Your business structure is determined by how you choose to run it, the source of funding, and the level of liability. A sole proprietorship may be a more straightforward business structure, but only if you are the sole proprietor. When others exert control over revenue, you may wish to reconsider your chosen structure. Do your research, seek professional advice, and decide based on your best interest.   Bona Fide Finance:  Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/    Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/

What's the secret to a successful start-up business? Take action! “Some people dream of success while other people get up every morning and make it happen.”    Success won't wait for you; you must take the plunge. Despite not knowing all the details, don't let that hold you back from trying.    In this episode, listen for Although your business may incur calculated and expected expenses from day 1, keep in mind unexpected expenses may arise, and you need a business “emergency fund” in place No matter the business type, be aware of your upfront costs, how money will be generated, and how quickly (or slowly) you can expect to see cash flow. It's important to not be too dedicated to following your business plan. Flexibility and agility in finances, decision making, and  is essential for adapting and making changes as needed. When you have a background in or some experience in the business you're launching, the foundations of acquiring equipment, providing a service, or coordinating logistics come easier.    In any business launch, focus on starting small. At first, you'll have a general idea of how your company will function, but as you gain experience, you can fine-tune your strategy. Much of business is trial by fire. You learn an existential amount through experience - things almost no one can teach you.    As we say multiple times throughout the episode, learn by doing!   Bona Fide Finance:  Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/  Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/

Your business ideas can propel you toward the financial independence you desire. Entrepreneurship isn't always easy; you'll have to take risks and deal with stress, but owning your own business is one of the best ways to generate wealth.  In this episode, listen for Start with only the essentials that are needed to produce and sell your service or product When you explore financing and debt options to fund a business, you have to know exactly how it will be used to generate more momentum and sales  Beginning your entrepreneurial journey while still working a W2 job is a great way to “safely” launch your business idea While it may be tempting to jump right in, starting small can help you build a reputation for your brand and business before accumulating debt. During the first few years in business, find creative ways to make sales, prove your business a viable one, and serve your customers well. Operating off cash flow and avoiding debt early on in your entrepreneurial journey will prevent you from feeling desperate for sales and allow you to serve customers over the long term instead of just selling the quick fix.    Bona Fide Finance:  Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/  Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/

In this episode, your host Ben Martinek and co-host Andrew Bencivenga discuss the 4% rule and how being an entrepreneur may impact the withdrawal amount and therefore, the overall amount of money you need to retire.  What's known as the “safe withdrawal rate” means that, according to the historical performance of the stock market, you can generally pull 4% of your portfolio's value for 30 years without depleting it.  Of course, there are other caveats and assumptions, read more about them here: https://www.investopedia.com/terms/f/four-percent-rule.asp When is it “safe” to pull more than 4% from your portfolio? (07:50) Why your spending in retirement won't be constant (12:30) What entrepreneurship has to do with your retirement savings (22:32)   Whereas traditional employment may limit your income (and therefore savings) at the market rate for your profession, entrepreneurs have the chance to create tremendous value - your imagination is the limit! When you create a company (or two) that provides employment opportunities for others, brings solutions to the public, and generates income for you long-term, you may not need a certain portfolio balance or to depend on a 4% withdrawal rate in order to begin living a “retirement” lifestyle.  Read all the show notes, get the resources discussed, and follow our FI Entrepreneurship journey at https://bonafidefinance.com/   Bona Fide Finance:  Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/  Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/

We've already alluded to the idea that entrepreneurship may be one of the best ways to achieve and sustain FI. But starting a business is complicated - How do you know that your business idea will make money?  Statistically, over 50% of businesses fail within the first five years. And if you are on the road to Financial Independence or thinking about it, it's not likely you'd jump at the opportunity to pour cash, time, and energy into something that's ultimately going to be a waste.  To avoid becoming part of the shocking statistic you need a business plan. Your business strategy needs to include a solution to a problem that people deem worthy of their money.   The most crucial component of figuring out how to make your own money in your entrepreneurial endeavor is to figure out what problem you're solving for your customers. The problem you're solving has to be so compelling that your customers:  Are happy to pay a premium rate for your solution Will stick with you even after they've shopped around  A business plan designed for success includes a unique solution, a specific niche of people you serve, and an avenue for you to deliver the solution successfully and collect payment easily. The more you niche down and serve a specific, small subset of people, the larger your profit margins can be.  You're not just starting a business to help your clients and achieve financial independence; you also need to understand that you shouldn't compare yourself to others; it's your individuality that will draw others to you. In this episode, listen for The percentage of businesses that fail within the first year, second year, and fifth year.  How to pave your path to success from the beginning by planning HOW you'll make money. Ben's personal and business ventures and how connections and open-mindedness led him to create intentionally profitable businesses.   Points that Ben and Deb address in this episode: As you grow as a business owner, always continue to educate yourself.  Just because something is easy for you doesn't mean it's easy for everyone - that thing you're great at may be a clue to your profitable niche business. Trust the process to get to your end goal.  Read all the show notes, get the resources discussed, and follow our FI Entrepreneurship journey at https://bonafidefinance.com/   Bona Fide Finance:  Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/  Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/

Doesn't it sound awesome to be financially independent, have enough money saved, and be able to live the life you've always wanted? Many people feel like this is a pipe dream or something they might get to experience in their 60s.  However, the FI movement is all about enjoying this kind of freedom and choice now, in your 30s or 40s. This week, Ben and Andrew delve into the primary ways you can make this a reality for yourself and why they believe entrepreneurship is such an accelerating factor in this journey. They also address Mr. Money Mustaches' 2012 article, The Shockingly Simple Math Behind Early Retirement (linked below), emphasizing how surprisingly easy it is to retire early by increasing the percentage of your take-home pay that you save (and invest) instead of spend.  In this episode, listen for A discussion on whether saving 50% of your income is reasonable or sustainable  Tying your financial independence goals and debt control together How entrepreneurship can provide time freedom and control over your schedule as you pursue FI so you don't get burned out by the daily grind  Andrew poses several questions you may want to ask yourself, including:  How much can you save?  How many years earlier will that help you retire?  Is that going to be a sustainable savings rate?    Read all the show notes, get the resources discussed, and follow our FI Entrepreneurship journey at https://bonafidefinance.com/   Mr. Money Mustache's 2012 article that Ben highly recommends: https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/ Jacob Lund Fisker's book that inspired the FI Movement: https://www.amazon.com/Jacob-Lund-Fisker/e/B0049I0MOI/ref=dp_byline_cont_pop_book_1 More on the 4% rule that Ben teased about:  https://en.wikipedia.org/wiki/William_Bengen https://www.forbes.com/advisor/investing/is-4-four-percent-rule-still-valid/   Bona Fide Finance:  Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/  Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/

Do you have to have a certain personality type to be an entrepreneur? This week Ben and Deb explore their own personality types on air, laugh about their differences, and dissect the sixteen various Myers-Briggs personality types and how knowing your personality type can inform your entrepreneurial journey.   They also explore why the ESTP personality type is called “The Entrepreneur” and why the traits of that personality type could be advantageous for an entrepreneurial endeavor.  In this episode, listen for The different traits defined by the Myers-Briggs personality test Do you need to have the “entrepreneur” (ESTP) personality to be successful as an entrepreneur?  How can knowing your personality type help you as an entrepreneur? Take your personality test for free at www.16personalities.com and enjoy finding out why you do what you do in your personal life, finances, and in your business. Use this information to lean into what you excel at and hire help in areas where you don't.  Read all the show notes, get the resources discussed, and follow our FI Entrepreneurship journey at https://bonafidefinance.com/   Bona Fide Finance:  Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/  Fb Profile: https://www.facebook.com/profile.php?id=100069532276726   Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/

As we graduate through the seven stages of FI (explanation of all 7 in episode 3, linked below), there are three main levels of Financial Independence. You might want to dine, travel, shop, and live comfortably while being financially independent which is called Fat FI. In contrast, one might achieve Lean FI, which covers the extreme basic necessities and a very frugal lifestyle.  Ben and Andrew explain what each level means and explore the lifestyle it may afford. Knowing and understanding these segments will assist you in figuring out just how much you need in passive income and investments to achieve the lifestyle and freedom level you desire.   The 3 Levels of Financial Independence Lean FI Coast FI Fat FI   In this episode, listen for What style of FI Andrew is working toward right now Why Ben feels everyone should be shooting for Coast Fi An explanation of the 4% rule and how it applies to you   Read all the show notes, get the resources discussed, and follow our FI Entrepreneurship journey at https://bonafidefinance.com/   Jacob Lund Fisker's book that inspired the FI Movement: https://www.amazon.com/Jacob-Lund-Fisker/e/B0049I0MOI/ref=dp_byline_cont_pop_book_1   The 7 Stages of FI - Episode 3: chartable link   Bona Fide Finance:  Website: https://bonafidefinance.com/ LinkedIn: https://www.linkedin.com/company/bonafidefinance Facebook: https://www.facebook.com/BonaFideFinancialPlanning/  Fb Profile: https://www.facebook.com/profile.php?id=100069532276726 Student Loan Tax Experts: Website: https://studentloantaxexperts.com LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/  

As we continue our journey to financial independence, where should we be focusing our attention? A great tool to help with this question is a list of the seven stages of financial independence. (Ben and Deb discovered this through Joshua Sheats' podcast Radical Personal Finance.)   The 7 Stages Financial Dependence Financial Solvency Financial Stability Debt Freedom Financial Security Financial Independence Financial Freedom Financial Abundance   In this episode, listen for How Ben and Deb began their journey to financial independence by listening to Dave Ramsey while driving truck. What each of the seven stages means. How to discern what stage of financial independence you are in and actions you can take to reach the next stage.   By learning what it means to be in each stage of financial independence we can look at our own situation to assess where we are and what we'd like to strive for as short-term and long-term goals on our road to financial independence.    Must-listen Moments:  [01:07] Driving Truck and learning about FI with Ben and Deb [04:24] Introduction to the 7 stages. [31:05] Recap of all seven stages of financial independence.   Read all the show notes, get the resources discussed, and follow our FI Entrepreneurship journey at https://bonafidefinance.com/   Follow Links: Bona Fide Finance: https://bonafidefinance.com/ Student Loan Tax Experts: https://studentloantaxexperts.com Radical Personal Finance Podcast: https://www.radicalpersonalfinance.com/

We are living longer than ever before, and many of us are continually searching for ways to improve our lives. Traditionally, you'd work until you were around 65 and then retire and pursue your passion or see the world.  But what if you didn't have to wait until age 65 to find the freedom and security to pursue your true purpose? Work is a huge part of our lives, and even when things seem secure they can change very quickly. So what might it look like to take a chance on yourself and strike out on your own?   In this episode, listen for Reasons to strive for financial independence and how achieving it can help you continue your true purpose in life. How to navigate this new time in which people are living longer than ever before in human history and what that means for finding financial independence. How might life change if you move toward financial independence through entrepreneurship? Andrew Bencivenga is the Paraplanner for Bona Fide Finance. His experience as an ex-pat entrepreneur gives him a unique perspective on entrepreneurship and financial planning.   Must-listen Moments:  [03:04] Hear how Andrew became an ex-pat entrepreneur in South Korea. [09:17] What is Financial Independence? [20:34] What prevents people from becoming entrepreneurs?   Read all the show notes, get the resources discussed, and follow our FI Entrepreneurship journey at https://bonafidefinance.com/   Follow Links: Bona Fide Finance: https://bonafidefinance.com/ Student Loan Tax Experts: https://studentloantaxexperts.com

Being an entrepreneur can be a daunting experience, but finding financial independence through meaningful work can also be incredibly rewarding.  “One of the most difficult aspects of entrepreneurship is managing the emotional volatility that comes into play day after day of doing all this work and not necessarily seeing any of your results come home, materializing, and money being produced. You do start to wonder, what the heck am I doing?”  But with some planning and calculated risks, you can find those rewards as well. In this episode, listen for How Ben and Deb found financial independence as entrepreneurs. What you can expect to hear in future episodes of the FI Entrepreneur. How their experience sets them apart from other financial planners. Ben Martinek is a certified financial planner, an enrolled agent with the IRS, a certified student loan professional, and a retirement income certified professional. Deb Martinek has a master's degree in theology with a specialization in catechetics. In addition to her work in the church and with Bona Fide Finance, she's also an entrepreneur in the fertility care world. Together, Ben and Deb help their clients and community plan for the future. Must-listen Moments:  [08:44] “How do you get a business off the ground while still bringing money home?” [13:50] Why “The FI Entrepreneur” and not the “FIRE Entrepreneur”? [19:31] The importance of taking calculated risks in financial planning. Read all the show notes, get the resources discussed, and follow our FI Entrepreneurship journey at https://bonafidefinance.com/. Follow Links: Bona Fide Finance: https://bonafidefinance.com/ Student Loan Tax Experts: https://studentloantaxexperts.com

This show teaches you how to achieve Financial Independence through entrepreneurial pursuits. Learn to take well-calibrated, thought through risks, and maximize the rewards. There are many ways to live the life of your dreams and you can find success on your own terms. Hosted by Certified Financial Planner, Enrolled Agent and serial entrepreneur, Ben Martinek with revolving co-hosts and interviews with professionals from all walks of life, The FI Entrepreneur will give listeners the tools and confidence to embrace their dreams of entrepreneurship and succeed in their journey towards FI. Sitting at the intersection of financial planning, financial independence, business ownership, and entrepreneurship; the FI Entrepreneur embraces the idea that financial freedom can be achieved through starting your own business with an emphasis on intentional risk management. Traditional retirement is long gone, so no matter what stage you are in life, we are here to help you get to where you are going. Every other week, you'll get a dose of practical considerations, risk, finances, money management, business consulting, and business planning,  plus real-life stories and experiences from your hosts and our guests.  Come find out more at: Bona Fide Finance: https://bonafidefinance.com/ Student Loan Tax Experts: https://studentloantaxexperts.com