In the dynamic landscape of personal finance, healthy communication around money is the cornerstone of financial harmony. Whether you're navigating the complexities of budgeting, aspiring for a debt-free future, or wealth building the key lies in fostering a culture of healthy money communication with your spouse. In this blog post, we unravel a game-changing tip for couples striving to stay on top of their finances while aligning their visions.

The experts and Accountable Network have found that a couple that is aligned and communicating well gets exponentially more traction than those that aren’t and the best tool to encourage this key behavior/habit is to prioritize a consistent time each week where you will visit about important life topics. We call it the Weekly Meeting.

Unlocking Financial Focus: The Standing Weekly Meeting

One of the most potent habits observed among the financially affluent is their ability to stay focused. To cultivate this focus, establishing...

What is Financial Intimacy?

No one would argue that intimacy is critical to a successful and sustainable relationship, would they? But how intimacy is defined and prioritized within a budding relationship can tend to vary. Most couples will focus on physical, emotional and even spiritual intimacy without hesitation, but when considering finances and money, intimacy can be seen as taboo. Many factors can contribute to this prevailing perspective, but statistics suggest that avoiding financial intimacy can be as detrimental to a relationship as any other type of intimacy.

“Nearly half of Americans (48%) who are married or living with a partner say they argue with the person over money…. Most of those fights are about spending habits…. The remaining fights are pretty evenly split between someone being dishonest about money, how to divide the bills and other types of money fights.”

While I’m a firm believer that money cannot buy happiness, I also...

Optimizing Your Finances: Uncovering the Advantages of a Well-Designed Cash Flow Plan

We all need a little help or guidance with our finances now and then. Whether you're a business owner or a family on the path to financial stability, it's important to have a cash flow plan in place that works. In this blog post, we will look at the key components of a structured cash flow plan, a strategic tool that can lead you to financial success.

1. Clarity and Control  

If one is to have financial success, they will need to clearly understand how their money flows. Understanding where it is coming from and where it is going is the first step in taking control of your financial life. It will result in you taking control which results in making better money decisions and less financial stress. 

2. Budgeting Made Easy

Having a cash flow plan in place creates an environment in which it is easier to create a ...

Nick was a man who had a lot going on. He was a member of the sandwich generation, taking care of both his small children and his old parents. He was also self-employed, so he had to file his tax return on top of all that. He was unsure how to pick the best accountant to manage his particular issue because there was so much going on.

Nick conducted some research and discovered an accountant with experience working with clients in comparable situations. He had to confirm that they were a good fit for him, though. Nick posed the following three questions to the accountant to ascertain his level of expertise:

#1 How many clients have you worked with that were in a similar situation and how did you resolve their biggest concern?

Nick had to make sure the accountant had previous experience working with clients in his situation. By having the accountant explain their biggest concern, Nick could determine how closely their situation resembled his. Asking this question helped him...

It’s important to take a step back and think about who you’re trusting with your business finances. Sure, you might just be focused on getting your taxes filed on time and at a reasonable cost, but there’s so much more to it than that.

For example, Nick was a man with a lot on his plate. He was a member of the sandwich generation, taking care of both his small children and his aging parents. On top of all that, he was self-employed and had to file his tax return amidst all the chaos of his life.

Nick wasn’t sure how to pick the best accountant to manage his particular situation. He found someone that seemed reasonable and hired him on the spot, without much thought. At first, things seemed to be going fine. But as time went on, Nick began to realize that he had made a mistake.

The accountant never bothered to ask him any questions about his future plans. Nick had mentioned that he was planning to start another division, but the accountant didn’t...

When it comes to overseeing your taxes, it’s important to know who you’re working with. There are two types of professionals who specialize in tax preparation: Enrolled Agents (EAs) and Certified Public Accountants (CPAs). While both EAs and CPAs can prepare tax returns and provide tax advice, there are some key differences between the two.

First, let’s talk about EAs. EAs are licensed by the IRS to represent taxpayers before the IRS, which means they can assist with audits, appeals, and collections as well as prepare tax returns. They have passed a comprehensive three-part exam on tax law and must complete ongoing education requirements to maintain their license. While EAs can provide tax advice and prepare tax returns, not all are specifically trained in every area of accounting.

On the other hand, CPAs are licensed by state boards of accountancy and that licensing allows them to perform a wide range of accounting services beyond tax preparation, such as...

Did you know that neglecting to track your expenses is similar to leaving the doors of your home wide open, allowing anyone to come and go as they please? It's an open invitation to financial challenges and uncertainty.

Understanding where your money goes is essential for making sound decisions about budgeting, saving, and planning for the future. If you're like most people, you might not have a precise monthly spending figure. Failure to track your expenses can lead to feelings of financial strain, stress, and anxiety, pushing you to live paycheck to paycheck. These financial pressures can hinder your ability to concentrate on your job and family, causing constant worry about meeting basic needs like groceries, medicine, and clothing. As bills arrive daily, you could find yourself trapped in a cycle of living paycheck to paycheck, with debt looming large and unending financial stress. This situation can erode your self-confidence and impact your relationships, exhausting...

Net worth, a term often mentioned in financial circles, wields a significant influence on your life, more so than one might initially comprehend. It serves as a financial health barometer, much like the vital metrics assessed during a medical checkup, including blood pressure, blood sugar, weight, and body temperature. In the realm of personal finance, net worth encompasses critical indicators represented by your assets (what you own) and liabilities (what you owe). Just as a medical checkup detects your health status, understanding your net worth is paramount for assessing your financial well-being. The insights derived from knowing your net worth empower you to make informed and strategic financial decisions, paving the path to a more secure financial future.

What is Net Worth?

Ever wondered how to gauge your financial standing in a straightforward way? Well, that's where 'net worth' comes into play. Think of it as a practical report card for your money. This simple concept...

Money is a fundamental part of life, and understanding its value is crucial. As parents, we have the privilege and responsibility of teaching our children about money, ensuring they are equipped to make informed financial decisions. However, this doesn't have to be a daunting task filled with lectures and "don't do that" moments. In this blog, we'll explore a more enjoyable and productive approach to teaching your kids about money.

Let’s start by 'Setting the Stage' for a great conversation

1. Keep it Light: Discussing money with your kids doesn't have to be a dry lecture. Approach the topic with a light-hearted, positive attitude. The goal is to create an environment where your child feels comfortable discussing money and is open to learning.
2. Reduce Distractions: Modern life is filled with distractions, from smartphones to TV. When you're talking about money with your child, eliminate these diversions. Have a genuine, focused conversation with eye contact and...

Let’s face it – emergencies happen. Even in business. If you need to step back from your business for a season or an extended period, you will need help managing things. Who will step in when you’re away? And how will they know what to do?

As a solopreneur, you are the chief everything officer. You are the boss, chief financial officer, administrative assistant, human relations rep, salesperson, marketing director, and janitor. But as a solopreneur, it’s also your responsibility to future-proof your business. This includes preparing for emergencies and having a system in place that’ll help your business function or close shop if something happens to you.

You know your business inside out. So, you don’t need a how-to sheet to get stuff done. But your proxy will need a how-to reference sheet. And the best way to build one out for them is by creating an emergency transition plan.

This plan is not about getting proper insurance or securing...