Budgeting and Preparing your Finances for 2021 with Isaiah Goodman

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Budgeting and Preparing your Finances for 2021 with Isaiah Goodman

Business Resources

11/25/2020

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Good money management is crucial—yet often an uncomfortable topic—for entrepreneurs. And so as we gear up for 2021, I have Isaiah Goodman back on the podcast to give us more practical tips for preparing your financial strategy and setting a budget.

Isaiah is the founder of BecomingFinancial.com and MoneyVerbs.com. He is a Certified Financial Education Professional and a Certified Financial Educational Instructor™ who helps entrepreneurs understand case studies and different hiccups, mishaps, or things to look out for when it comes to starting, operating and owning a business.

In a previous episode, we talked about his budgeting, his new educational app called MoneyVerbs and some general tips for becoming more financially savvy.

In this episode, we go even deeper to discuss practical things to understand when setting up your budget and finances for next year.

Reminder: This isn’t personalized financial advice. We highly recommend you see a financial advisor or accountant to help customize a strategy that’s right for you. What we share is information and education. Use these tidbits from this episode and Isaiah’s resources to help release some of the stress and uncertainty that surrounds the topic of money for so many people and become more confident in building good practices in your own business.

 

Stellar insights

  • [02:22] Give yourself from grace about managing your finances. You’re figuring it out and making it work.
  • [03:48] In his flex-flow-functional framework, Isaiah first plans flex money—the “adult allowance”
  • [05:27] Flow is the one-time seasonal spendings like holiday and back-to-school shopping.
  • [07:43] Functional describes the fixed, regular expenses (mortgage, rent, car payments, etc.)
  • [12:44] Isaiah explains his acronym WHYTE (what you have to earn) to help you start the new year right financially.
  • [13:57] A solo 401K can be a game-changer for helping you save money (pre-tax) for retirement and helping you save on taxes.
  • [17:53] Managing money by trial and error can be risky—get informed.
  • [20:08] Isaiah gives guidance on how you can get a very rough estimate on how much taxes you may owe.
  • [23:56] Focus first on your home expenses and make a vision board.
  • [26:08] Isaiah uses ideas from Bloom’s Taxonomy and Maslow’s Hierarchy and applies it to finances to help people understand and apply good money management skills with MoneyVerbs.
  • [33:37] Keep life in perspective.

 

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Links mentioned

*This is an affiliate link which means that I may receive a small commission at no extra cost to you. This helps me be able to produce free, valuable content for you. Thanks for your support!

 

Related Episodes

Episode 63: Budgeting and Taking Control of Your Finances with Isaiah Goodman
Episode 31: Building Good Money Habits for Your Business with Justine Lackey
Episode 21: The Legal Crash Course Every Business Owner Needs to Hear with Grant Atkinson
Episode 12: Pricing Woes? The Formula for Developing YOUR Price
Episode 6: Secrets to Recurring Revenue as an Artist

 

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