ASHISH NATHU
November 7, 2023
8:00 am
My guest this week is Shannon Weinstein. Shannon is a Certified Public Accountant (CPA), who brings a unique perspective to the financial world. Her journey into accounting began with a bet made with her father, igniting a lifelong passion for money. By the age of 17, she was already managing a McDonald's restaurant, gaining practical experience in financial management. Over a 13-year career in Big 4 and corporate finance roles, Shannon worked closely with executives and leaders, refining her expertise in finance. In 2019, she transitioned her focus to serve the lifeblood of our economy: small businesses. Shannon's goal is to simplify financial concepts, challenging the stereotype that accountants are dull. She believes that finances can be enjoyable, making her a financial advocate who helps clients decode their financial data with insight and a touch of fun.
In this episode, Shannon shares her journey, discussing her unique perspective on lifestyle arbitrage and the reasons behind her relocation to Costa Rica. The conversation delves into thought-provoking questions on taxes, and strategies for businesses and real estate ventures, emphasizing the importance of focusing on maximizing revenue rather than merely minimizing taxes. The discussion extends to interstate business operations and the government's nuanced approach to business owners and investors. Shannon offers practical advice for those in their early business years, highlighting common mistakes to avoid.
Highlights:
00:21 - Shannon introduces herself, and talks about her personal and professional background
02:56 - Lifestyle arbitrage and other reasons why she and her husband chose to live in Costa Rica
05:55 - Why do we still pay taxes when the government can print as much money as they want
07:57 - Shannon shares some strategies she advises her clients on the business side and real estate
08:39 - Tax minimization should not be the main goal of a business owner
11:03 - Shannon shares her insights on how businesses are doing this cycle
10:48 - You can minimize taxes by leveraging strategies as a real estate professional and what is she advising business owners on maximizing revenue
14:08 - Advice to business owners who operate interstate
15:40 - Discussion on how the government wants W2 employees even though they incentivize business owners and real estate investors
23:07 - Common mistakes business owners make in the first few years of operating their business
25:15 - What is a fractional CFO
Connect with Shannon Weinstein here:
You can connect with Shannon through her website and podcast, Keep What You Earn. You can also connect with her on Facebook , Instagram, LinkedIn.
Links:
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Check out previous episodes of The Rich Equation Podcast here: https://podcasts.apple.com/us/podcast/the-rich-equation/id1585002788
Let's Connect!
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Website: https://therichequationpodcast.com/
