Episode 148: Austin Peterson: Co-Founder & Financial Planner at Backbone Planning Partners

Today Brad speaks with Austin Peterson, Co-Founder of financial services firm Backbone Planning Partners, which has offices in Phoenix and Las Vegas.

Austin is a Certified Financial Planner with over 22 years of experience in the investment, insurance, and wealth management industries. He is also the host of the Tycoons of Small Biz podcast, which he calls “a platform for privately held businesses and their owners to tell their story.”

Listen in as Austin does a deep dive into his work as a financial planner who caters primarily to small business owners. He speaks on the harsh realities of managing a startup and common mistakes that owners fall into when structuring their businesses.

He also offers some basic yet powerful advice to parents looking to raise financially intelligent kids, including need-to-know information on Roth IRAs, credit scores, and money management.

Finally, Austin talks about what clients can expect when they partner with Backbone Planning Partners, as well as his motivation for starting his podcast, Tycoons of Small Biz.

Sponsors:

• Visit https://buildertrend.com/aft/ to get a 60-day money-back guarantee on your Buildertrend account!

• Pella Windows & Doors - https://www.pella.com/

Events:

• Learn More/Register for Contractor Coalition Summit November 06-09 https://www.eventcreate.com/e/contractorcoalitionsummit 

Topics Discussed:  

• [03:30] The importance of financial planning and Austin’s greatest financial advice

• [07:58] Having conversations with your kids about financial responsibility

• [14:10] What to know about Roth IRAs

• [22:01] Improving your credit score

• [29:09] How business owners should communicate with employees about finances

• [44:56] How Backbone Planning Partners helps small business owners

• [52:59] Backbone’s fee structure

• [56:06] Why Austin started the Tycoons of Small Biz podcast

• [01:02:39] What Austin does for fun

Connect with Guest:

• Website - https://www.backboneplanning.com/ 

• Linkedin - https://www.linkedin.com/in/austinpetersoncfp/ 

• Podcast - https://tycoonsofsmallbiz.com/ 

Connect with Brad Leavitt:

• Website - https://www.aftconstructionpodcast.com/

• Instagram - https://instagram.com/aft_construction

• Facebook - https://www.facebook.com/aftconstruction

• Houzz - https://www.houzz.com/pro/aft-construction/aft-construction

• Pinterest - https://www.pinterest.ph/AFT_CONSTRUCTION/

• YouTube - https://www.youtube.com/channel/UCzB4R_DHPVV1SPh7RUfR5jg 

Key Quotes by Austin:

• The most basic information I can give to anybody is: “Live on 80% of what you make.”

• I think it’s important that parents are open with their kids about how personal finance works.

• Employees need to know that they’re following a leader that they can count on, and if you don’t look confident on a day-to-day basis, then they start to worry themselves.

• Everybody thinks that every business owner is an overnight success; but, what they don’t realize is that there were ten years (or maybe even more) of them grinding and barely having enough to take care of their families before, finally, there was breathing room and then momentum.

• You want to market to the business that you want, and not the business that you have today.

• We believe that the backbone of the American economy is the small business owner.