Dollars and Dumbbells - Profit and Wealth Tips for Online Health and Fitness Coaches · Justin Green, CFP®

166 - Financial Freedom for Online Coaches (replay Freedom Formula guest podcast)

·45 min·2 clips

Justin says paying off 25% to 30% credit card debt can beat investing.

1. Dollars and Dumbbells replays Justin Green’s conversation with Stephen Copshaw about money management for online health and fitness coaches. 2. Justin Green is a certified financial planner and the host of Dollars and Dumbbells, and Stephen Copshaw is the Freedom Formula host who interviews him. 3. The episode is about what coaches should do with taxes, savings, and investing so business income turns into long-term wealth. 4. Justin says bookkeeping comes first, because you cannot know what you owe until you track income and expenses. 5. He recommends weekly tracking or monthly tracking, and he mentions Novo and QuickBooks as tools coaches can use. 6. Justin gives a simple rule of thumb from Profit First: set aside 15% of a $300 monthly client payment for taxes. 7. He also suggests moving the tax bucket into a high-yield savings account such as Ally, Capital One, or Marcus. 8. Justin and Stephen discuss quarterly tax payments, and Justin says he usually recommends paying the quarterlies rather than gambling with the cash. 9. They compare the IRS penalty with the interest rate on high-yield savings accounts and say the arbitrage gap is smaller when rates fall. 10. Justin says leaving tax money in the stock market is a risky game because short-term returns can drop 20% in a year. 11. He describes a client who had not set aside money for 2024 taxes and had also not filed 2023. 12. Justin says that situation is common, especially for coaches who have never had a W-2 paycheck with tax withholding. 13. He says emergency savings should cover three to 12 months of expenses, depending on whether income is stable or volatile. 14. Justin calls that savings buffer a rainy day fund and says it can still earn interest in a cash account. 15. After the emergency fund and high-interest debt are handled, he says the next step is investing. 16. Justin names four accounts he uses in coaching situations: Roth IRA, SEP IRA, solo 401(k), and taxable brokerage account. 17. He says Roth IRA contributions are made after tax, but earnings withdrawn before 59 and a half can trigger penalties and taxes. 18. He says the episode has a practical, measured tone, with Justin using examples, rough math, and repeated caveats about personal situation. 19. Coaches with irregular income and no employer retirement plan would get the most from this episode. 20. People looking for fast stock picks or crypto trading tips will probably skip it.

As heard by us

A practical look at the money systems that help coaches keep more and build freedom.

Justin Green keeps the focus on the unglamorous side of coaching money management: taxes, tracking, emergency funds, and the gap between what comes in and what actually stays.

Read the full review in PlayNext →

Why you'd press play

You want the money rules behind coaching income: taxes, cash reserves, and a path to building wealth.

Read the full recommendation in PlayNext →

Listen to the show on

Apple Podcasts Spotify

Play clips from this episode More from Dollars and Dumbbells - Profit and Wealth Tips for Online Health and Fitness Coaches