Patrick Traverse: Tax Planning, Cash Flow, and Wealth Building for Entrepreneurs

Learn more on Patrick's website: https://breakawayfinancialgroup.com/ Why do so many entrepreneurs make good money but still feel unclear about where it is going? In this episode of IncomeInsider TV, Sam Laliberte speaks with Patrick Traverse, founder of Breakaway Financial Group, about the financial challenges business owners often face as their income and companies grow. Chapter Timestamps 00:00 Introduction 01:48 From Professional Hockey to Financial Planning 04:41 What Is a Personal CFO? 07:36 Why Good Income Doesn’t Always Create Financial Clarity 10:00 Turning Scattered Finances Into a System 14:51 Tax Preparation vs. Proactive Tax Planning 18:51 Common Tax Mistakes Entrepreneurs Make 22:02 How Much Should Business Owners Pay Themselves? 25:49 Using Business Income to Enjoy Life 27:41 Building Wealth Outside the Business 29:30 Why Exit Planning Should Start Early 34:11 Financial Lessons for W-2 Employees 36:34 Patrick’s Life Outside of Work 38:10 Financial Advisor Lightning Round 43:53 Final Thoughts and Closing Patrick is a former professional athlete, CERTIFIED FINANCIAL PLANNER™, Enrolled Agent, and Certified Exit Planning Advisor. He works with entrepreneurs and small business owners to bring more structure to cash flow, taxes, investments, retirement planning, and long-term wealth building. During the conversation, Patrick explains: • What a “personal CFO” approach looks like • Why strong income does not always create financial clarity • The difference between tax preparation and proactive tax planning • Common tax mistakes entrepreneurs and high-income employees make • How business owners should think about paying themselves • Why relying too heavily on the business can create financial risk • How entrepreneurs can begin building wealth outside their companies • Why exit planning should begin long before an owner is ready to sell • What everyday Americans can learn from the systems successful entrepreneurs use Patrick also answers a rapid-fire round of questions for anyone considering hiring a financial advisor, including what to ask about fiduciary responsibility, fees, financial planning, and potential red flags. Connect with Patrick Traverse:   / patrick-traverse-cfp   https://breakawayfinancialgroup.com/ https://substack.com/@patricktraverse For key takeaways from the full episode: https://incomeinsider.org/patrick-tra... For the full show notes, additional resources, and more information: https://incomeinsider.org/incomeinsid... IncomeInsider TV is created in collaboration with WeirdBrain Media. For professional podcast and YouTube production services, visit: https://WeirdBrainMedia.com Featured Partners: WiserAdvisor: An independent financial advisor matching service designed to help match individuals to vetted financial advisors. Get matched with up to three advisors today: https://incomeinsider.org/wiser-advisor GoHighLevel: All in one platform for online marketing, automation and lead management. Start your 30-Day Free Trial today: https://incomeinsider.org/go-high-lev... Disclaimer: This content is for informational and educational purposes only and should not be considered financial, investment, tax, or legal advice. The views expressed in this interview are those of the participants and do not necessarily reflect the views of IncomeInsider TV. Always do your own research and consult a qualified professional before making financial decisions. Affiliate Disclosure: Some links associated with IncomeInsider TV may be affiliate links, which means we may earn a commission if you click through and take action. This comes at no additional cost to you and helps support the channel. If you found this conversation helpful, please like the video, subscribe to IncomeInsider TV, and turn on notifications for future interviews.