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This episode talks about the importance of maintaining cash reserves for solo consultants. Erica discusses the reasons for having a cash reserve, such as covering unexpected expenses or taking advantage of sudden opportunities.

(00:00) Introduction to the Podcast

(00:51) Today's Topic: Cash Reserves

(01:05) Why Keep Cash Reserves?

(01:24) Examples of Cash Reserve Needs

(03:45) How Much to Keep in Reserve

(05:10) Where to Keep Your Cash Reserves

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Related Episodes:

3. Business Money 101: Overview

4. Business Money 101: LLCs & EINs

5. Business Money 101: Business Insurance

6. Business Money 101: Bank accounts

7. Business Money 101: Bookkeeping

44. Business Money 201: Intro

45. Business Money 201: Paying the IRS

46. Business Money 201: Paying Yourself

47. Business Money 201: Charitable Giving

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Erica Goode interviews Will Rainey, author of 'Grandpa's Fortune Fables,' a book designed to teach children about financial literacy through engaging stories. Will shares his backstory, including his career in financial consulting, his move to Asia, and the pivotal moment that inspired him to leave the corporate world to spend more time with his family. He discusses how he began teaching his children about money by weaving financial lessons into bedtime stories, which eventually evolved into his popular book.

(00:29) Will Rainey's Background and Career

(01:15) The Inspiration Behind Grandpa's Fortune Fables

(06:37) Teaching Kids About Money Through Stories

(10:07) Personal Impact and Family Lessons

(20:52) The Move to Vietnam and Lifestyle Changes

(27:22) Returning to Corporate Life

(30:36) Final Thoughts and Advice for Parents

(33:12) Recap and Takeaways

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Resources Referenced:

Grandpa’s Fortune Fables by Will Rainey

Built To Sell by John Warrillow

Rich Dad Poor Dad by Robert Kiyosaki

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Connect with Will | LinkedIn | Blue Tree Savings

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In the summer series finale Erica and Ben delve into a financial case study of whether it's more cost-effective to buy or rent a vacation home.

(00:00) Podcast Rebranding Announcement

(03:33) Should You Buy a Vacation Home?

(05:16) Financial Model for Vacation Home Decision

(06:48) Survey Insights and Personal Experiences

(09:49) Assumptions and Details of the Financial Model

(17:14) Understanding Home Value Growth Rate

(18:56) Rental Assumptions and Long-Term Benefits

(21:31) Investment Growth Rate in Rental Scenarios

(23:05) Analyzing the Cash Flow Model

(30:08) Qualitative Considerations in Financial Decisions

(33:17) Wrapping Up the Summer Series

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Link to cashflow model:

https://docs.google.com/spreadsheets/u/1/d/1Uj-mng12ul-sBolzGEJ8CELNVNFTWd7SI32vG2wIYUk/copy?gid=1267248657#gid=1267248657

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Connect with Ben | LinkedIn