How the Profit First System Will Transform Your Taxes

Money Tree Investing

Money Tree Investing Podcast

Stockmarket, Valuestocks, Investing, Finance, Passiveincome, Wealth, Business, Personalfinance

4.6 • 658 Ratings

🗓️ 25 October 2024

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today I'm joined by my good friend, The Tax Goddess to discuss the Profit First system. Shauna Wekherlien's background in helping people legally minimize taxes and maximize savings and focuses on the Profit First system, a financial management approach for businesses and individuals. We explain how this system promotes discipline by prioritizing profit before expenses. Shauna also shares strategies to reduce tax bills legally. Today we discuss...

Shauna Wekherlein shares her work as a tax strategist, helping people manage money and keep it away from the government legally.
The Profit First system is a simple financial framework for both businesses and individuals.
Shauna explains the process of setting aside a percentage of revenue for profit before paying expenses.
Profit First encourages using multiple bank accounts to separate funds for profit, taxes, and other expenses.
Kirk shares his positive experience with the Profit First system, calling it life-changing.
How the system is customizable, allowing users to start small and increase their profit percentage over time.
Shauna emphasizes the importance of having a separate bank account for taxes.
The value of financial strategies to reduce tax bills while still ensuring funds are available for payments.
Shauna highlights how business owners and individuals can use the Profit First method to achieve personal and financial goals.
The conversation covers common financial challenges like lifestyle inflation and debt, and how Profit First can help avoid them.

For more information, visit the show notes at https://moneytreepodcast.com/the-profit-first-system-shauna-wekherlien-654

Today's Panelists:

Kirk Chisholm | Innovative Wealth
Barbara Friedberg | Barbara Friedberg Personal Finance
Megan Gorman | The Wealth Intersection

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Transcript

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0:00.0	Welcome to the Money Tree Investing Podcast.
0:04.0	Stock market, wealth, personal finance, value stocks, invest in your life.
0:10.0	Hello, Smart Money Tree Podcast listeners. Welcome to this week's show.
0:13.0	My name is Kirk Chisholm and I'll be your host. So today I'm joining with a good friend of mine, Shauna Weakleen. How you doing, Shawna?
0:19.0	Hi, I'm doing amazing. It's so nice to see you, Kirk. Shana is always doing amazing, by the way. She has the best
0:25.5	attitude. She's the best personality. She's one of my favorite people, and I love getting her
0:29.6	on the show. And I think you guys will understand why. So, Shana, for those of you who didn't listen to your prior episode, tell us a bit about who you are in your background.
0:38.5	I would give you my last name, but nobody ever uses it because it's terribly long.
0:42.2	So everyone just calls me Shauna the tax goddess.
0:45.0	And that really comes about because of my specialty.
0:49.1	So I am a tax strategist.
0:51.4	I help people handle money, keep money, manage money, keep it in their pockets,
0:56.8	keep it away from the feds and states, you know, really the big picture background. So I'm a CPA,
1:02.8	masters in tax, certified tax coach, certified tax professional, and certified tax strategists.
1:08.4	So all to mean that I'm in the top 1% in the entire country
1:13.3	for tax strategy and helping people keep their money. So one of my favorite things to do.
1:19.8	And by the way, just for the listeners who are getting some crazy ideas, she means keeping your
1:24.5	cash away from the feds in the states legally. So I know some of you
1:27.6	are thinking the other thing. Don't do that. Good point. We are not doing Al Capone today, Kirk. Not today. Not today. Maybe some other
1:34.9	day. We'll try to get Jordan Belford on to do some other day. Anyway, I know you work on a lot of different
1:41.9	stuff. You're probably one of the more productive people I've ever met. But I know we were going to talk about a few things today. And one of them
1:47.6	was this concept of profit first. Now, I came across this. A friend of mine introduced me this.
	...

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