On this episode of CFO at Home, the discussion is Side Hustles with Joan Posivy, host of the Side Hustle Hero podcast. Joan and Vince talk about the evolving landscape of side hustles, and she shares her insights on choosing the right side hustle, the importance of matching your side hustle to your personal preferences, the balance between a full-time job and a side hustle, and more. You can learn more about Joan and her work by visiting SideHustleHero.com

Key Takeaways:

• Choosing a Side Hustle: Select a side hustle that matches your personal preferences and work style, whether you prefer working with people or behind a desk.

• Goal Setting: Set clear, realistic goals and give yourself a specific timeframe to evaluate the success of your side hustle.

• Persistence: Many side hustles fail because people give up too soon. Commit to your side hustle for a set period before reevaluating its viability.

• Time Management: Efficiently manage your time by scheduling dedicated hours for your side hustle and minimizing distractions during those periods.

• Financial Planning: Before transitioning your side hustle to a full-time job, ensure you have sufficient savings to support yourself during the initial growth phase.

• Testing and Feedback: Use low-cost methods like farmers markets to test your product and gather feedback before making significant investments.

Key Links:

• Side Hustle Hero

• Side Hustle Hero | Instagram

• Joan Posivy | Facebook

On this episode of CFO at Home, Vince talks with JD Itri, founder of Olympus Money and author of "The Olympus Money Method: How to Gain Financial Freedom in a World Designed to Make You Poor." JD shares his journey from working at Intuit on products like TurboTax and Mint, to developing his own personal finance software, Olympus Money. They discuss the advantages of integrating tax preparation with management of your personal finances, psychological barriers to saving, and ways to streamline your financial management. You can learn more about JD and Olympus Money by visiting OlympusMoney.com

Key Takeaways:

• Integrated Finance: Combining tax preparation with personal finance can provide a more comprehensive view of one's financial health and streamline the tax preparation process.

• Elevated Balance: Instead of granular budgeting, focus on broad categories like savings, investments, and discretionary spending to simplify financial planning.

• Future Self Visualization: Viewing an aged version of yourself can increase savings by making the future feel more personal and immediate.

• Rich Habits: Investing in experiences and relationships can provide more long-term satisfaction than material possessions.

• Target Audience: The book and app are particularly useful for individuals aged 25-45 with household incomes between $75,000 and $250,000 who are looking to take control of their finances without dedicating excessive time.

Key Links:

• Olympus Money

• Olympus Money Method | Instagram

• Contact JD - jd@olympusmoney.com

• Contact the Host - vince@thecfoathome.com

On this episode of CFO at Home, Vince talks with Tim Clifford, author of "Plan Assist: Make Better Financial Decisions," about the importance of having a financial plan, the difference between earning money and accumulating wealth, and the retirement crisis facing many Americans today. They explore the concept of diversification, the role of financial advisors, the significance of both formal and informal financial counsel, and more. You can learn more about Tim and PlanAssist, by going to PlanAssist.com.

Key Takeaways:

• Financial Planning: A simple, clear plan is essential for financial success. It doesn't need to be elaborate; even a one-page plan can make a significant difference.

• Diversification: Diversifying your investments is crucial. This includes a mix of stocks, bonds, and other assets, with a core portfolio and satellite investments for potential growth.

• Seeking Counsel: Both formal and informal advice are important. Understand the biases in informal advice and ensure formal advice is unbiased and in your best interest.

• Retirement Crisis: Many Americans are unprepared for retirement. It's crucial to start planning early and make informed financial decisions to avoid financial stress in later years.

• Education: Financial literacy is key. Seek out resources and educate yourself on financial planning and investment strategies to make better decisions.

Key Links

• Website - PlanAssist

• Email - Info@PlanAssist.comContact the Host - vince@thecfoathome.com