Should I Normalize My Income?

In episode 295 of Financially Simple, Justin looks at Normalizing your Personal Income as a Small Business Owner.

Normalizing your personal income by adjusting it, based on certain expenses, will help you to plan for retirement by giving a reliable benchmark of what your actual income and expenses are. In this episode, Justin goes over the areas that may require attention as a Small Business Owner, and the types of expenses that qualify.

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TIME INDEX:

00:49 - Should I Normalize My Income?

01:49 - What is Normalization?

02:59 - Which Areas Do You Normalize?

05:38 - Normalizing Personal Income

10:38 - Getting to the Point

12:53 - Summary

 

RESOURCES:

Financially Simple Educational Website

Financially Simple on YouTube

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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. Ne