Wealth-Building Made Simple Phillip Washington Jr.

Key Takeaways:
CPAs should consider succession planning early, focusing on making their businesses attractive to potential buyers and ensuring client retention.
It's vital for CPA businesses to adapt their names and processes to reduce owner dependence, enhancing their appeal and potential market value.
Key staff might become prospective business owners; incentivizing with equity stakes might secure a successful and beneficial transition.
Aggressive investment of net profits into diverse assets such as real estate or emergent technologies can help meet post-retirement financial goals.
Understanding a post-retirement purpose, such as philanthropy, creates drive and helps prevent post-exit regret common among business owners.
Chapters:
Timestamp Summary
0:00 CPA Expertise on Business Acquisitions and Succession Planning
2:20 Challenges and Perceptions in the CPA Industry
3:17 Strategies for a CPA’s Business Exit Plan
6:51 Investing in Scarce Assets for Exponential Growth
8:32 Strategies for a CPA’s Future Retirement and Business Sale
11:17 Planning for Retirement: Sally Meeps’s Exit Strategy
12:01 Strategic Borrowing and Equity Sharing for Business Growth
13:13 Strategies for a Successful Business Sale and Transition
16:18 Financial Strategies and Contacting Expert Allison
 
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Follow Phillip Washington, Jr. on Instagram (@askphillip)
 
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Thank you for checking out our free content on financial planning, the wealth mindset, and investing in innovation. If you've found value in our blog posts, I invite you to take your knowledge and commitment to the next level. Sign up for our premium paid newsletter today and receive daily insights and expert analysis directly in your inbox. Stay ahead of the curve and unlock the secrets to financial success. Don't miss out on this opportunity to deepen your understanding and gain an edge in the world of finance. Join our premium community now and embark on a journey towards financial abundance and investment excellence. Sign up today and let's grow together!
 
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Key Takeaways:
Bitcoin is proposed as an ideal savings medium that offers appreciation in value and security against manipulation.
The episode parallels the stability of savings-oriented systems with the imbalance of economies rooted in easily-inflatable credit.
Comparative insights reveal Bitcoin's superior performance against traditional assets when measuring the purchasing power of oil over the past decade.
The gradual but inevitable financial system shift is emphasized as governments and wealth funds recognize Bitcoin's potential.
The discussion outlines a comprehensive investment strategy centered around Bitcoin, supplemented by selected stocks and real estate.
 
Chapters:
Timestamp Summary
0:01:12 The importance of savings and its role in a proper financial system.
0:02:35 The flaws in the current financial system built on credit.
0:04:09 The need for constants and building on knowledge in finance.
0:06:08 The author’s personal investment strategy with bitcoin and companies.
0:08:10 The concept of savings from a government standpoint.
0:10:14 Comparing the value of bitcoin, S&P 500, and gold as savings options.
0:13:17 Bitcoin bought 91 times more oil per dollar invested.
0:13:57 There is no one at the top controlling everything.
0:15:12 Larry Fink is a powerful money manager in finance.
0:16:19 Rich people want a base currency that can’t be manipulated.
0:17:33 Rich people don’t care about the technical details of crypto.
0:18:42 Rich people want to put their wealth in a decentralized system.
0:19:07 Rich people just want to know if their money is safe.
0:19:40 Investors are rewarded for their patience and information edge.
0:20:25 Bitcoin is the core of the portfolio and benchmark for allocation.
0:21:28 Real estate and stocks should not be dismissed.
 
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Follow Phillip Washington, Jr. on Instagram (@askphillip)
 
Subscribe to Wealth Building Made Simple newsletter
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Thank you for checking out our free content on financial planning, the wealth mindset, and investing in innovation. If you've found value in our blog posts, I invite you to take your knowledge and commitment to the next level. Sign up for our premium paid newsletter today and receive daily insights and expert analysis directly in your inbox. Stay ahead of the curve and unlock the secrets to financial success. Don't miss out on this opportunity to deepen your understanding and gain an edge in the world of finance. Join our premium community now and embark on a journey towards financial abundance and investment excellence. Sign up today and let's grow together!
 
WBMS Premium Subscription
 
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Key Takeaways:
Having a robust treasury function in your business can be critical for sustainability and growth, especially in a fluctuating economy.
Businesses should ideally maintain at least three to six months of operating expenses in cash as a buffer against market challenges.
Investment in assets like real estate or conservative stock portfolios can help businesses outpace inflation and build wealth over time.
The depreciating currency rate poses unique challenges for American small businesses, highlighting the need for strategic financial planning.
Long-term thinking and planning can position a business to capitalize on opportunities when market conditions cause competitors to falter.
Chapters:
Timestamp Summary
0:00:32 Performance is not indicative of future performance.
0:01:03 Importance of having a treasury or focusing on the treasury function in business.
0:01:57 Business is getting harder due to inflation and the need for a sustainable growth strategy.
0:04:17 Start with shoring up emergency cash and then consider other investments.
0:06:08 Currency depreciation and the need for strategic cash flow management.
0:07:38 CPA’s analysis on cash allocation for clients.
0:08:52 Planning for financial stability and turning April showers into May flowers.
0:09:39 Contact information for more information.
 
Powered by ReiffMartin CPA and Stone Hill Wealth Management
 
Social Media Handles 
 
Follow Phillip Washington, Jr. on Instagram (@askphillip)
 
Subscribe to Wealth Building Made Simple newsletter
https://www.wealthbuildingmadesimple.us/
 
Thank you for checking out our free content on financial planning, the wealth mindset, and investing in innovation. If you've found value in our blog posts, I invite you to take your knowledge and commitment to the next level. Sign up for our premium paid newsletter today and receive daily insights and expert analysis directly in your inbox. Stay ahead of the curve and unlock the secrets to financial success. Don't miss out on this opportunity to deepen your understanding and gain an edge in the world of finance. Join our premium community now and embark on a journey towards financial abundance and investment excellence. Sign up today and let's grow together!
 
WBMS Premium Subscription
 
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Key Takeaways:
Understanding historical and modern stores of value is crucial for making educated investments that span across space and time.
The best long-term investments are often in scarce assets that are resistant to laws, violence, manipulation, and collusion.
Rich individuals often transition profits from short-term, innovative ventures into more stable, hard currencies to preserve wealth.
Bitcoin presents a new paradigm as a liquid and secure store of value, challenging traditional assets with its fixed supply.
The ever-changing nature of finance requires adaptability and foresight, emphasizing that 'stability' in financial terms is largely illusory.
 
Chapters:
Timestamp Summary
0:00:00 Introduction and sponsorship messages
0:01:05 Finance is changing and those who don’t adapt will struggle
0:03:11 The challenge of storing value across space and time
0:05:27 The role of laws, violence, manipulation, and collusion in propping up value
0:06:45 The role of gold as a store of value
0:09:01 Borrowing from protected assets to invest in new ventures
0:10:16 The importance of saving excess money in hard currencies
0:11:29 Planning for the end of a business venture and converting equity to hard assets
0:11:59 Summary and conclusion
0:12:29 What’s the next version of innovation?
0:13:02 Investing in short term: being creative and productive
0:13:32 Converting profit to hard currency: gold, real estate, or bitcoin
0:14:28 Advantages and disadvantages of gold and real estate
0:15:04 Bitcoin: limited supply, liquidity, and financial markets
0:15:45 Bitcoin’s transformational potential
0:17:34 The system working towards abundance
0:18:14 Stability is a fallacy, move with the times
0:19:25 Don’t worry about inflation and job security, move with the times
 
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Follow Phillip Washington, Jr. on Instagram (@askphillip)
 
Subscribe to Wealth Building Made Simple newsletter
https://www.wealthbuildingmadesimple.us/
 
Thank you for checking out our free content on financial planning, the wealth mindset, and investing in innovation. If you've found value in our blog posts, I invite you to take your knowledge and commitment to the next level. Sign up for our premium paid newsletter today and receive daily insights and expert analysis directly in your inbox. Stay ahead of the curve and unlock the secrets to financial success. Don't miss out on this opportunity to deepen your understanding and gain an edge in the world of finance. Join our premium community now and embark on a journey towards financial abundance and investment excellence. Sign up today and let's grow together!
 
WBMS Premium Subscription
 
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Key Takeaways:
The importance of having a preemptive strategy, like a prenup or postnup, to protect business interests in case of a divorce.
The necessity to have life insurance equating to the business's worth to secure its value and provide for beneficiaries upon the owner's death.
Including disability scenarios in succession planning to ensure continuous business operation if the owner becomes incapacitated.
Ensuring clear defined roles and agreements for business partners to prevent and manage internal disagreements.
The need for contingency planning, such as maintaining sufficient cash reserves, to face economic downturns and hardships (distress).
Chapters:
Timestamp Summary
0:00:05 Introduction and disclaimer about investment advice
0:00:49 Discussion on the consequences of divorce in business
0:03:23 Importance of having a prenup or postnup agreement for business ownership
0:04:23 Planning for the transfer or sale of business assets upon death
0:05:16 Involving children or key employees in the succession plan
0:05:58 Suggestion to buy life insurance to protect the value of the business
0:07:17 Planning for business continuity in the event of disability
0:08:22 Defining roles and responsibilities to mitigate disagreements
0:10:00 Suggestion to manage stress and seek mediation in case of disagreements
0:11:24 Importance of contingency planning for business distress
0:11:56 Planning for economic recession and contingencies
0:12:29 Discussing disasters and distress in business
0:13:03 Importance of proper planning for entrepreneurs
0:13:23 Planning reduces stress and increases profit
0:13:55 Contact information for Alison Reiff Martin
0:14:13 Disclaimer and closing remarks
 
Powered by ReiffMartin CPA and Stone Hill Wealth Management
 
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Follow Phillip Washington, Jr. on Instagram (@askphillip)
 
Subscribe to Wealth Building Made Simple newsletter
https://www.wealthbuildingmadesimple.us/
 
Thank you for checking out our free content on financial planning, the wealth mindset, and investing in innovation. If you've found value in our blog posts, I invite you to take your knowledge and commitment to the next level. Sign up for our premium paid newsletter today and receive daily insights and expert analysis directly in your inbox. Stay ahead of the curve and unlock the secrets to financial success. Don't miss out on this opportunity to deepen your understanding and gain an edge in the world of finance. Join our premium community now and embark on a journey towards financial abundance and investment excellence. Sign up today and let's grow together!
 
WBMS Premium Subscription
 
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Key Takeaways:
Consider setting aside 10-20% of your budget for the maintenance of owned assets to prevent financial stress and ensure their enjoyment over time.
Every investment is essentially a currency trade, reflecting the vision and current preferences of the market's collective mindset.
Positioning for 'the big trade' involves anticipating shifts in market expectations and investing in assets that will be scarce and valuable in a future economic landscape.
The episode underscores the emerging significance of the digital economy and the potential of bitcoin as a store of value for digitally savvy generations.
Governments may need to inject more currency into the economy, prompting strategic investors to channel this flow into purchasing future-focused and scarce productive assets.
 
Chapters:
Timestamp Summary
0:01:51 Importance of budgeting for maintenance costs
0:05:00 Explanation of currency trading and its impact on asset prices
0:07:06 Advice for short-term traders and the role of liquidity
0:11:19 Focus on the big trade and identifying valuable assets
0:12:41 Rearranging present assets for future appreciation
0:13:32 The trend of increasing debts and its impact on currency value
0:14:25 Viewing everything as a currency and the need for alternative stores of value
0:15:21 Investing in scarce real estate and gold as stores of value
0:16:23 Exploring the monetary system of Bitcoin and its potential
0:18:00 The rise of new digitally native companies and the future of manufacturing
0:21:01 The potential of the digital economy and the attraction of Bitcoin for savings
0:22:27 Investing in companies that plug into the digital system
0:23:32 The self-reinforcing cycle of companies investing in Bitcoin
0:23:53 The emergence of the new digital economy and its potential for global participation
0:25:02 The role of collateral and the need for government bailouts in the current system
0:25:50 Countries bailing out companies to protect the economy
0:26:39 Middle class and poor spending money, while the rich buy assets
0:27:58 Reduce expenses, invest in future assets to grow wealth
0:28:33 Different ways the government is unlocking and injecting money into the system
 
Powered by Stone Hill Wealth Management
 
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Follow Phillip Washington, Jr. on Instagram (@askphillip)
 
Subscribe to Wealth Building Made Simple newsletter
https://www.wealthbuildingmadesimple.us/
 
Thank you for checking out our free content on financial planning, the wealth mindset, and investing in innovation. If you've found value in our blog posts, I invite you to take your knowledge and commitment to the next level. Sign up for our premium paid newsletter today and receive daily insights and expert analysis directly in your inbox. Stay ahead of the curve and unlock the secrets to financial success. Don't miss out on this opportunity to deepen your understanding and gain an edge in the world of finance. Join our premium community now and embark on a journey towards financial abundance and investment excellence. Sign up today and let's grow together!
 
WBMS Premium Subscription
 
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.