Welcome to another episode of the Building the Premier Accounting Firm podcast. Today Roger Knecht and Steve Selengut discuss the core differences between finance and accounting, and how to build income independence. Learn about the four key financial risk minimizers and the importance of an abundance mindset in investing to achieve financial freedom from Roger and Steve.

00:00 Introduction to the Show and Guest 01:20 Finance vs. Accounting and Diversification 04:49 Path to Income Independence 07:25 Defining Income Independence and Mindset 09:05 Scarcity vs. Abundance Mindset 13:38 Diversifying Beyond Business and Selling Practices 19:20 Four Financial Risk Minimizers 24:29 Pre-tax vs. Post-tax Retirement Decisions 27:03 How Much to Invest & Importance of Early Start 31:39 Department Store Analogy for Investing 35:31 Accounting Professionals & Client Wealth Building 40:02 Guiding Lights and Life Changes from Investing 42:39 Mindset as Key Takeaway & Closing Thoughts 49:53 Universal Accounting Resources and Invitation

• Distinguish between finance (asset growth, income production) and accounting (tax optimization for money and processes).

• Diversify investments outside of your primary business to create multiple income streams for retirement.

• Adopt an income-focused mindset, prioritizing dependable cash flow over market value fluctuations.

• Implement the four financial risk minimizers: quality security selection, broad diversification, consistent income production, and timely profit taking.

• Consider Roth accounts for younger individuals and match employer 401k contributions, investing additional savings into a personal income-focused portfolio.

• "Income independence is the point in time where it doesn't matter to you whether the stock market is going up and down or interest rates are trending upward or downward." — Steve Selengut

• "My focus is not so much on the value of the stuff, but the income that it produces." — Steve Selengut

• "More income, really. There's an expression right on the COVID of the book, Retirement Money Secrets. It says, Market Income fuels the yacht. You got to get there." — Steve Selengut

Conclusion:

Thank you for joining us for another episode of Building the Premier Accounting Firm with Roger Knecht. For more information on how you can establish your own accounting firm and take control of your time and income, call 435-344-2060 or schedule an appointment to connect with Roger's team here.

Sponsors:

Universal Accounting Center

• Helping accounting professionals confidently and competently offer quality accounting services to get paid what they are worth.

Offers:

To learn more about Steve and what we discussed today feel free to check out his website: https://theincomecoach.net/

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