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?

23:09 Can you share some challenges that you have faced when you have helped clients?

25:27 What are the top three pieces of advice you would give a business owner who is starting to think about exiting?

26:53 Are there any books or resources you recommend?

29:07 How can people reach out to you? What's the best way?

29:39 Monika Hengesbach's tax tips when exiting your business

Today on episode 12 of The Wealthy Wallet, podcast host Monika Hengesbach has Russ Ray, a financial planner from Ameriprise, in studio. Russ emphasizes the need for early and comprehensive exit planning for business owners, noting that 50% of business exits are unplanned due to unforeseen circumstances. He covers key exit strategy components, common mistakes like delaying planning, and strategies for managing taxes, including using C corporations and donor-advised funds for tax relief.

Work with Russ Ray:
https://www.ameripriseadvisors.com/russ.ray

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 give you more money to put back into your wallet.

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Support the Podcast:
If you enjoyed this episode, please consider leaving a review and sharing it with your friends! Your support helps us continue to bring you the latest.

Podcast Host Monika Hengesbach has more than 30 years of experience in financial services. She’s an enrolled agent, an NTPI Fellow, and CEO at Decision Financial Services.

Work with Monika Hengesbach:
https://www.DecisionFinancial.com

DECISION FINANCIAL
535 Silicon Dr. Ste 101
Southlake, TX 76092

Office: 1-817-268-9352
Fax: 1-800-860-6042
contact@decisionfinancial.com

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 like the Secure 2.0 Act, and the challenges young adults face in achieving financial independence. Monika concludes with her personal retirement planning insights and a preview of the next episode on business exit strategies.

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 give you more money to put back into your wallet.

Podcast Host Monika Hengesbach has more than 30 years of experience in financial services. She’s an enrolled agent, an NTPI Fellow, and CEO at Decision Financial Services.

Subscribe:

Don't miss an episode! Subscribe on your favorite podcast platform.

Support the Podcast:

If you enjoyed this episode, please consider leaving a review and sharing it with your friends! Your support helps us continue to bring you the latest.

Work with Monika Hengesbach:
https://www.DecisionFinancial.com

DECISION FINANCIAL
535 Silicon Dr. Ste 101
Southlake, TX 76092

Office: 1-817-268-9352
Fax: 1-800-860-6042
contact@decisionfinancial.com

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 without getting a W-9 filled out first

14:17 Can you tell us your journey that has led you to retiring?

16:42 What are some of the biggest fears and concerns about retiring?

17:30 How does one emotionally prepare for retirement?

18:00 What steps do you take to financially prepare for retirement?

21:23 What are some of the biggest challenges you faced in regards to getting ready for retirement?

23:00 How do you think retirement today is different from previous generations?

24:15 What role do you think society should play to support retirees?

Our guest today on The Wealthy Wallet is our beloved bookkeeper Yvonne Hambright.

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 give you more money to put back into your wallet.

Podcast Host Monika Hengesbach has more than 30 years of experience in financial services. She’s an enrolled agent, an NTPI Fellow, and CEO at Decision Financial Services.

Work with Monika Hengesbach:
https://www.DecisionFinancial.com

DECISION FINANCIAL
535 Silicon Dr. Ste 101
Southlake, TX 76092

Office: 1-817-268-9352
Fax: 1-800-860-6042
contact@decisionfinancial.com

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 trends with divorce? Are they on the rise, or going down?

18:36 What do you find most rewarding about family law?

21:19 Can you share a success story or case?

25:19 Monika explains taxes in a divorce

Our guest today on The Wealthy Wallet is attorney Leslie Barrows:
https://www.BarrowsFirm.com

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 give you more money to put back into your wallet.

Podcast Host Monika Hengesbach has more than 30 years of experience in financial services. She’s an enrolled agent, an NTPI Fellow, and CEO at Decision Financial Services.

Work with Monika Hengesbach:
https://www.DecisionFinancial.com

DECISION FINANCIAL
535 Silicon Dr. Ste 101
Southlake, TX 76092

Office: 1-817-268-9352
Fax: 1-800-860-6042
contact@decisionfinancial.com

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 the drop in the estate tax exemption, emphasizing the need for estate planning. Monika discusses strategies for managing estate taxes, such as using irrevocable life insurance trusts (ILITs), charitable donations, and family limited partnerships (FLPs), while clarifying that tips remain taxable income. They address tax code loopholes like Partnership Basis Shifting and cost segregation rules, and explore psychological factors in financial decision-making, discussing cognitive biases and offering practical tips for improvement.

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 give you more money to put back into your wallet.

Monika Hengesbach has more than 30 years of experience in financial services. She’s an enrolled agent, an NTPI Fellow, and CEO at Decision Financial Services.

Work with Monika Hengesbach:

https://www.DecisionFinancial.com

DECISION FINANCIAL

535 Silicon Dr. Ste 101

Southlake, TX 76092

Office: 1-817-268-9352

Fax: 1-800-860-6042

contact@decisionfinancial.com

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, 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 give you more money to put back into your wallet.

Work with Monika Hengesbach:
https://www.DecisionFinancial.com

DECISION FINANCIAL
535 Silicon Dr. Ste 101
Southlake, TX 76092

Office: 1-817-268-9352
Fax: 1-800-860-6042
contact@decisionfinancial.com

#thewealthywallet #monikahengesbach #southlakepodcast #southlaketx #dallaspodcast #fortworthpodcast #podcasts #podcaststudio

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 strategies, and the impact of inflation on financial planning, highlighting annuities and life insurance as vital tools.

Monika Hengesbach 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 give you more money to put back into your wallet.

Work with Monika Hengesbach:
https://www.DecisionFinancial.com

DECISION FINANCIAL
535 Silicon Dr. Ste 101
Southlake, TX 76092

Office: 1-817-268-9352
Fax: 1-800-860-6042
contact@decisionfinancial.com

#thewealthywallet #monikahengesbach #southlakepodcast #southlaketx #dallaspodcast #fortworthpodcast #podcasts #podcaststudio

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-making and the role of technology, stressing the importance of strategic planning and human judgment for financial success.

Monika Hengesbach 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 give you more money to put back into your wallet.

https://www.DecisionFinancial.com
DECISION FINANCIAL
535 Silicon Dr. Ste 101
Southlake, TX 76092

Office: 1-817-268-9352
Fax: 1-800-860-6042
contact@decisionfinancial.com

#thewealthywallet #monikahengesbach #southlakepodcast #southlaketx #dallaspodcast #fortworthpodcast #podcasts #podcaststudio