How the Profit First System Will Transform Your Taxes

10/25/24 • 56 min

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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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

Follow on Facebook: https://www.facebook.com/moneytreepodcast

Follow LinkedIn: https://www.linkedin.com/showcase/money-tree-investing-podcast

Follow on Twitter/X: https://x.com/MTIPodcast

Previous Episode

Where is Bitcoin going next?

Where is Bitcoin going next? Today we discuss Bitcoin and how it's currently crashing and what that means for it's future! We also talk about how consumer confidence fluctuates based on political affiliation and reflect on how political leanings shape people's perception of reality. We analyze charts "chart crimes," emphasizing how misleading technical analysis can be. We also touch on America's ever growing debt.

Today we discuss...

There's only two weeks between Halloween and the election!
The University of Michigan Consumer Expectations Index reveals an inverse correlation between political party expectations based on who is in power.
How political bias colors people's perception of reality.
A shift in political leanings of tech executives is observed, with a historical trend toward Democrat support but a recent swing toward conservatism in 2024.
The current state of leadership, with a lack of strong leaders across political lines.
The concept of "chart crimes", where misleading technical analysis charts often deceive inexperienced investors.
Bitcoin technical analysis is debunked, explaining that chart setups are not guaranteed predictions.
The U.S. may face bankruptcy within 5 to 10 years, which could trigger significant inflation and financial hardship.
The velocity of money and the trust in currency are key indicators to watch for potential hyperinflation or financial instability.
Bitcoin's recent rise is correlated with an increase in M2 money supply, and both Bitcoin and gold are seen as potential hedges against inflation.
There's uncertainty about how Bitcoin will perform in future recessions since it hasn't faced a major economic downturn yet.
Consumers are struggling with high core inflation, impacting necessary expenses like utilities and food, despite overall inflation rates declining.

For more information, visit the show notes at https://moneytreepodcast.com/where-is-bitcoin-going-653

Today's Panelists:

Kirk Chisholm | Innovative Wealth Douglas Heagren | ProCollege Planners

Follow on Facebook: https://www.facebook.com/moneytreepodcast

Follow LinkedIn: https://www.linkedin.com/showcase/money-tree-investing-podcast

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Next Episode

The Problem with the Election… It’s Not You… It’s Me

There's a problem with the election and it's not just about you, it's me too. Our conversation today highlights how U.S. political party priorities have evolved with shifts in censorship power dynamics now seen in tech and government interactions. Voter turnout patterns by state reveal high engagement in blue states, sparking a discussion on potential impacts and a reflection on whether blockchain could offer fairer and more secure elections.

Today we discuss...

Most recent information is likely to be unreliable, especially with the election looming.
Historical context regarding political party evolution highlights significant shifts in the Democratic and Republican parties over the years.
The potential for implementing blockchain technology in voting is suggested as a way to enhance transparency and prevent voting irregularities.
When investing in the market, your biases—whether bullish or bearish—can distort your perception of reality.
Confirmation bias leads investors to seek information that supports their beliefs while ignoring opposing viewpoints.
Historical examples highlight how both individuals and groups can rationalize harmful choices based on their biases.
Recent trends show a belief that investing solely in the S&P 500 or real estate is the only way to achieve financial success, neglecting historical performance data.
Many investors, including Warren Buffett, are reevaluating their holdings based on new data, which suggests current market valuations may be overly optimistic.
Historical performance metrics show that various asset classes, including gold and emerging markets, may outperform current popular investments.
A shareholder proposal suggests Microsoft should consider holding Bitcoin instead of cash, reflecting a shift towards cryptocurrency among corporations.
Leveraging Bitcoin or any asset carries significant risks, particularly if market conditions change abruptly.
Despite increasing investments in Bitcoin, its price has remained relatively stable, indicating complex market dynamics.