7:20 What exactly is an exit strategy, and why is it important for owners to have one? 9:11 At what stage should a business owner think about an exit strategy? 10:11 What are key components of a successful exit strategy? 13:29 What are some common mistakes that business owners make when they're planning their exit? 18:19 How does a business owner determine the value of what their business is worth? 20:33 How do you help people navigate the psychological aspect of someone exiting their business? ...
Sep 12, 2024•33 min•Ep. 12
On today's episode of The Wealthy Wallet, Monika Hengesbach continues the discussion on retirement planning, addressing concerns among seniors about their readiness. She cites statistics showing widespread worry, with 79% believing there's a retirement crisis and 55% fearing they won't have enough savings. Monika explains Social Security benefits, including eligibility, benefit calculations, and gender disparities. She also covers early and delayed retirement impacts, recent legislative changes ...
Aug 21, 2024•25 min•Ep. 11
1:15 Tell me why you chose to go into bookkeeping. 1:54 What exactly does bookkeeping entail? 2:24 Are there some common challenges that businesses face when they're doing their bookkeeping? 4:28 What key financial reports should business owners or entrepreneurs be looking at regularly? 6:27 What advice would you give business owners regarding their bookkeeping practices? 7:48 More on the reason why proper bookkeeping is essential 13:21 You should never pay a vendor or a contract labor person wi...
Aug 07, 2024•34 min•Ep. 10
4:50 What are the primary steps involved in a divorce? 6:02 What are the most common misconceptions people have about getting divorced? 7:12 What facts do courts typically consider when it comes to dividing marital property? 9:32 How is child custody determined? 11:51 How long after can someone go back to court and try to get back child support? 12:58 What is a prenup and a postnup? 14:27 How can someone best prepare for their first meeting with a divorce attorney? 16:21 Have you noticed any tre...
Jul 25, 2024•30 min•Ep. 9
Happy 4th of July week! Today on Episode 8 of The Wealthy Wallet, Podcast Host Monika Hengesbach discusses the upcoming expiration of key tax provisions set to sunset in 2026, including the highest tax rate returning to 39.6%, reduced standard deductions, the lifting of the SALT cap, and changes to mortgage interest and unreimbursed business expenses deductions. She also covers the potential expiration of the Qualified Business Income (QBI) deduction, phased reduction of bonus depreciation, and ...
Jul 03, 2024•33 min•Ep. 8
Today on Episode 7 of The Wealthy Wallet, Podcast Host Monika Hengesbach explores the link between fitness and finance with Kumbi Moretta, Founder of Leap Fitness. The episode concludes with financial tips on writing off personal training expenses as medical deductions and incorporating fitness benefits into employee plans. Work with Kumbi Moretta: https://www.instagram.com/leapfitness Monika Hengesbach has over 30 years experience in financial services. She is an NTPI Fellow, enrolled agent, an...
Jun 18, 2024•24 min•Ep. 7
Today on a new episode of The Wealthy Wallet, Podcast Host Monika Hengesbach tackles financial planning intricacies with Steve Jenkins, a Certified Financial Planner. Steve shares his journey from medical equipment sales to financial services in 2001, his insurance-based experience, and the founding of his firm in 2019. We explore detailed client discussions, early planning benefits, and the effects of the Tax Cuts and Jobs Act. Topics include roth conversions, hidden taxes, charitable giving st...
Jun 12, 2024•47 min•Ep. 6
In today's new episode of The Wealthy Wallet, Podcast Host Monika Hengesbach explores business entity structures and their tax implications. She emphasizes insights from a previous episode with attorney Aron Phillips and discusses sole proprietorships, LLCs, S-Corporations, and C-Corporations. Monika also shares practical tax strategies, including the Augusta Rule, and dives into taxable income variations across entities. The episode also addresses psychological biases in financial decision-maki...
May 30, 2024•28 min•Ep. 5
In this new episode of The Wealthy Wallet, Podcast Host Monika Hengesbach invites Aron Phillips to dive into the intricacies of business ownership and the legal obligations that come with it. He offers valuable insights into common legal pitfalls faced by entrepreneurs and cautions against relying solely on online services. Together, they explore the nuances of business structures and emphasize the significance of personalized legal advice. Listen to gain a deeper understanding of property busin...
May 05, 2024•53 min•Ep. 4
Sharon Sherley-Mylius, an expert in banking, shares valuable insights in this new video on the types of investment properties, the structure of loan products for real estate investors, and the process of loan acquisition. She also sheds light on how rental income is calculated for real estate investors and the factors that can speed up the loan process. This enlightening interview on a new episode of The Wealthy Wallet with podcast host Monika Hengesbach provides a wealth of knowledge for both s...
Apr 26, 2024•45 min•Ep. 3
Understanding real estate taxes, depreciation, write-offs and tax planning strategies that will benefit real estate investors is our topic today on Episode 2 of The Wealthy Wallet with Podcast Host Monika Hengesbach. Monika has over 30 years experience in financial services. She is an NTPI Fellow, enrolled agent, and CEO of Decision Financial Services. The purpose of this podcast is to give you tax tips, strategies, information on new tax law changes, and give you new tools to help you navigate ...
Mar 08, 2024•39 min•Ep. 2
Find out how to maximize your deductions by putting your kids on your payroll on this premiere episode of The Wealthy Wallet with Podcast Host Monika Hengesbach. Monika has over 30 years experience in financial services. She is an NTPI Fellow, enrolled agent, and CEO of Decision Financial Services. The purpose of this podcast is to give you tax tips, strategies, information on new tax law changes, and give you new tools to help you navigate life's unexpected financial curveballs, all in hopes to...
Mar 04, 2024•10 min•Ep. 1
