218. Business Cash Flow: How to Pay Yourself (and the IRS) Consistently with Erica Goode
The Game On Girlfriend Podcast
Release Date: 03/05/2024
225. Recognizing Your Self Worth When Things Feel “Too Hard” With Tiffany Houser
The Game On Girlfriend Podcast
Only you can compromise your self-worth. No one else can. This isn’t about your compensation or competence; we're talking about your intrinsic belief in yourself that you are worthy and valuable as a human being. Self-worth is often used incorrectly in the entrepreneurial world; we say things like “charge what you're worth.” (I’ve done it, too!) But you are a human being. Your worth is invaluable. As an executive and leadership coach and entrepreneur, Tiffany Houser knows firsthand about the rollercoaster ride of self-worth. As the founder of EVOLVE, Tiffany coaches senior leaders who...
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224. Master the Art of Hiring with Jamie Van Cuyk
The Game On Girlfriend Podcast
If you start a small business, you're the one doing everything and it takes a lot of courage and a lot of trust to start to turn things over to someone else. Today’s guest will share three steps to help you delegate and hire the right people. Jamie Van Cuyk, the owner and lead strategist of Growing Your Team, helps women who own small businesses become confident leaders who hire right every single time. Drawing from over 15 years of leadership experience, Jamie teaches her clients how to master the art of hiring. By learning the dynamics of each company and their specific needs, she helps...
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223. Feeling Stressed? Catch Your Breath with Harmony Slater
The Game On Girlfriend Podcast
With stress management and spiritual wellness techniques, Harmony Slater is focused on supporting spiritually curious entrepreneurs with science backed Wu to eliminate burnout. If you're running a business and you're feeling the day-to-day stress Harmony gives us tangible, workable tips in this episode that you can start using right away for free. Harmony is a National Board-Certified Health Coach, trained in Quantum Coaching and in the Mastery Method. She's also Certified Ashtanga Yoga Teacher, one of less than 20 women in the world to hold this honor, after training in India for 15...
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222. Does Networking Freak You Out? Cara Steinmann Makes It Fun
The Game On Girlfriend Podcast
It’s time to take back the word networking so it doesn't freak us out. Connecting with other entrepreneurs should be something you enjoy doing because you care about people -- that is what’s at the heart of networking. Cara Steinmann is the founder of the Ravel Collective. She helps purpose driven women who are service providers build strategic networks that lead to referrals, collaboration, visibility and fun. If you've ever thought, I don't like this part of my life, or I'd like to pivot around this area, and yet you felt guilty about it, this conversation is going to be really...
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221. Sharing Women’s Success – Who is a Torchbearer? with Wamite Muthura
The Game On Girlfriend Podcast
There are women that stand beside us and there are women that go before us, and there are women that are coming behind us. If you feel alone, know that you are surrounded, whether you believe it or not, by torchbearers or mini torches behind you, trying to make the path better. Wamite Muthura is the founder and chief storyteller of Career Safari, a platform that spotlights and celebrates the diverse career journeys of women. It offers authentic advice and resources to help women more boldly navigate the challenges of career life and redefine their own definition of success. If you've been...
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220. Top 3 Strengths of the Highly Sensitive Entrepreneur With Heather Dominick
The Game On Girlfriend Podcast
As entrepreneurs, we’re living in a time when we get flooded, overwhelmed, and hit new heights of frustration or even fear. There is so much change, so much intensity and as humans we’re seeing a collapse of faith and institutions and movements for social change. It's enough to send highly sensitive people running for the hills. Heather Dominick is both highly sensitive and highly successful. For more than a decade, she’s trained and mentored highly sensitive entrepreneurs (HSEs) and leaders so they are able to work less while making more impact and income. Highly sensitive people...
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219. Make Money With Your Photography Business with Jane Goodrich
The Game On Girlfriend Podcast
Ever felt like there is a missing link between being really talented at something and actually making money doing that thing? Jane Goodrich is an accomplished newborn and family photographer and a photography seasoned expert. She mentors professional photographers about the business side of photography, and is the visionary Founder of Picsello. Picsello is purpose-built software designed to provide the tools and support for photographers in the management, marketing and monetization of their businesses. Whether you’re just starting out, or hitting new levels of success in your business, it's...
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218. Business Cash Flow: How to Pay Yourself (and the IRS) Consistently with Erica Goode
The Game On Girlfriend Podcast
Cash flow planning helps us look forward and know what you can plan out in your business to make those good investment decisions, hiring decisions, pay yourself more, or plan for taxes. Erica Goode, CPA and host of the Coaches, Consultants, and Money podcast, helps business owners manage their money. She also runs a virtual accounting firm that supports coaches and consultants with bookkeeping, tax planning, and CFO services. Goode, a former director of finance at Walgreens, started her career as an editor at KPMG. "I love talking money, getting hold of money in a mental kind of way," says...
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217. Creative but Stuck? The Key to Simplicity with HeatherAsh Amara
The Game On Girlfriend Podcast
HeatherAsh Amara is one of those women who was really cracked open the code to what we need to feel free internally, and what we need to understand that our inner knowing is probably going to be our best guide. She skillfully and unconditionally guides people to shift from self-judgment to discernment, from victimhood to authentic vulnerability. She helps us shed limiting domestication so we can ground into the self-intimacy, steadiness, and stillness that exists all around us. HeatherAsh’s love of writing started when she was a child. She started working as a journalist, working with women...
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216. How I Made $1 Million in a Year With Kendall SummerHawk
The Game On Girlfriend Podcast
You don't wait to make $1 million to become the million-dollar business owner. You start being that person today and tomorrow and the next day. Kendall SummerHawk started filtering all of her decisions and activities through that lens. Money is power, money is freedom, money is choice. She’s been making $1 million or more every year since 2008. There’s no magic here. There's work, there's goal setting, and there's understanding what your blocks are. Kendall says she began her career in IT working in corporate health care. She knew she wanted out. She also knew she was ambitious...
info_outlineCash flow planning helps us look forward and know what you can plan out in your business to make those good investment decisions, hiring decisions, pay yourself more, or plan for taxes.
Erica Goode, CPA and host of the Coaches, Consultants, and Money podcast, helps business owners manage their money. She also runs a virtual accounting firm that supports coaches and consultants with bookkeeping, tax planning, and CFO services. Goode, a former director of finance at Walgreens, started her career as an editor at KPMG.
"I love talking money, getting hold of money in a mental kind of way," says Erica. "Getting our mindset wrapped around money so that we can feel empowered and confident in our decisions as opposed to uneasy and confused about what we should do next."
As a business owner, Erica says there is so much noise about paying zero taxes. There are legitimate ways that companies pay no taxes, but they are really specific tax credits for really specific industries.
If you want to build massive housing, solar farms, or microchips – you'll have better luck with not paying taxes.
"I think there's this concept because we hear about these really unique situations, we assume they apply to everybody, and they apply to us," says Erica. "And I'm doing something wrong if I'm paying tax, when in reality, in a service-based business … the goal is to pay tax because tax means you made a profit."
Erica wants to plan with her clients so there are no surprises come tax time. She looks at their real-time profit each quarter and ensures they are paying the correct withholding and estimated taxes. So even if you have to pay $30,000, you break it up into four chunks, and you're not writing that full check with penalties at the end of the year.
At the end of the day, Erica works to block out cash flow planning for each moving part rather than focusing on the balance in your bank account. While everyone might know the amount they want to see in their bank, Erica works to talk through the cash flow of a client's tax contribution, their 401K, etc., so those pieces aren't a surprise later.
For those who've left corporate jobs, financial comfort was in knowing what would hit your bank account at the end of the month. You knew when you were going to get a bonus. It was consistent. You didn't have to worry about making the mortgage payment.
When you strike out on your own, that's one of the biggest mindset shifts you have to work on. How scary and uncomfortable that can be as you acclimate to the idea that running a business doesn't mean a consistent income.
Cashflow planning helps turn that focus to look forward and how to allocate the money you are bringing in. Erica likes to hold a monthly sit down with clients; you tend to know how much your expenses cost, so it becomes very clear what you can and can't afford.
"Sometimes, we don't feel like we can pay ourselves because we don't have a clear view," says Erica. "I love to look forward because I think when we can build out the confidence of the future, we make better decisions today."
Connect with guest Erica Goode: https://www.ericagoode.com
Follow Erica on Instagram: https://www.instagram.com/erica.goode.cpa/ and LinkedIn https://www.linkedin.com/in/erica-goode-cpa-00205616/
Other GOG episodes you might want to check out:
The Secret to Your Business Numbers Will Change Everything with Lauren Colson
https://sarahwalton.com/understand-business-numbers/
What Women Need to Know to Manage Their Money With Lisa Crosta
https://sarahwalton.com/money-management-women/
You can check out our podcast interviews on YouTube, too! http://bit.ly/YouTubeSWalton
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