Should a Business Owner Depreciate Their Car or Take a Mileage Deduction?
Release Date: 06/10/2019
Building an Entity with an Identity: Bridging the Execution Gap, with Renee Russo
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In this episode of Decamillionaire Decoded, Justin sits down with award-winning exit planner Renee Russo to discuss how to build a business with its own unique identity . Renee shares her personal entrepreneurial journey and breaks down how founders can bridge the "execution gap" between where they are and their ultimate vision . Together, they explore why entrepreneurial energy often becomes dysregulated without proper systems, how to build an "accountability infrastructure," and the critical mindset shift required to move from being an all-star player on the field to a strategic coach or...
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3 Financial Advisor Business Models
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Fortune Favors the Bold: From a $500 Launch to a Multi-Million Dollar Exit, with Mitch Skyar
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In this episode of Decamillionaire Decoded, host Justin Goodbread sits down with Mitch Skyer, a seasoned entrepreneur and Certified Exit Planning Advisor (CEPA). Mitch shares his journey from co-founding a transit technology company with just $500 to navigating a multi-million dollar acquisition and stepping into a leadership role within a private equity roll-up firm. Together, they discuss the core realities of scaling a business: knowing when to find complimentary partners, avoiding costly "rabbit hole" distractions, and recognizing when business risk outweighs opportunity. Mitch also...
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Enemies of the DecaMillionaire
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In this episode of Decamillionaire Decoded, Justin explores the mental and operational traps that prevent financial advisors from scaling their practice past $10 million in enterprise value. Drawing from a vivid personal experience in a pitch-black West Virginia coal mine and timeless principles from Psalm 23, Justin illustrates how advisors often feel trapped in "darkness" when chasing endless growth targets. Justin breaks down the journey from a "mountaintop of want" to a "mountaintop of more than enough," identifying the seven deadly enemies holding advisors back. DecaMillionaire Decoded...
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How Financial Advisors Can Run a Discovery Meeting That Closes Itself
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In this episode Justin reveals how financial advisors can stop endlessly chasing prospects and engineer a "discovery meeting" process that converts up to 80% of leads without relying on owner charisma or decades of experience. He breaks down why the traditional model of relying strictly on referrals leads to stagnation and explains how shifting to an automated, value-driven system builds scalable enterprise value. Justin walks listeners through his "DEPTH" framework - Diagnose, Expose, Picture, Transform, and Hardware - demonstrating how addressing prospect pain points, demonstrating...
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Secrets of the Top 1% of Financial Advisors
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In this episode of Decamillionaire Decoded, host Justin Goodbread reveals how the top 1% of financial advisors and business leaders break away from the remaining 99% by operating from an "inner world" of vision, identity, and aligned values rather than reacting to external market conditions. He breaks down why fear of failure, loss of control, and a scarcity mindset hold most professionals back. Justin introduces his actionable "4 Cs" framework - Catch, Confront, Change, and Condition - to help listeners rewire their responses, embrace calculated risks, and build muscle memory through 90-day...
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How to Build a Personal Brand as a Financial Advisor
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The Midas Touch Part 8: Guarding Your Thoughts for Maximum Impact
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In this episode Justin reveals why most business owners struggle to prosper: a lack of disciplined thinking. Drawing on foundational scriptures, Justin explains how your thoughts hold an inevitable trajectory toward either abundance or lack. Learn how to audit your thought life, dismantle limiting beliefs, and renew your mind to unlock biblical prosperity and scale your enterprise. DecaMillionaire Decoded Links • •
info_outlineIn episode 163 of Financially Simple, Justin goes over the two methods of claiming tax breaks on your vehicles.
Should you depreciate the value of your vehicle, or take a mileage deduction? Which is best? Justin looks at both options and explains how each is applied, as well as the pros and cons of each, and a few exceptions to the rule.
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TRANSCRIPT/BLOG: BLOG: Standard Mileage vs. Actual Expenses - Which is Better?
TIME INDEX:
00:58 - Should a Business Owner Depreciate Their Car or Take a Mileage Deduction?
01:21 - Standard Mileage Rate vs. Actual Expense Method
03:04 - Standard Mileage Rate
04:12 - 5 Things That You Can’t Do
05:01 - Actual Expense Method
06:03 - Can You Switch Between These Methods?
06:49 - Which is Best For You
08:15 - Guidelines to Choose The Method For Writing Off Business Expenses
11:35 - One Caveat
11:58 - Sign Off
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2022 Federal IRS Mileage Rates
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BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
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