Featured Coaching Excerpt - Notes & Transcript, Part 1
Step #1: Understand That Nobody Cares More Than You.
Lesson Nugget: You can’t wait for someone else to help you. You must treat financial management with a sense of urgency.
Step #2: Set Up A Time and Place For Financial Management.
Lesson Nugget: You will never actually change your financial destiny if you don’t schedule the time to do it.
Step #3: Wealth Is Created by Earning and by Saving
Step #4: Determine To Save 10% Without Decreasing Quality or Your Quality of Life
Lesson Nugget: As you look for savings don’t cloud your mind with the emotions of falsely believing your life has to be terrible to save.
Step #5: Determine To Document Your Financial Life So That You Can Identify Outlier Expenses
Lesson Nugget: It’s nearly impossible to spot unusual expenses if you don’t know what your usual expenses are.
Step #6: Don’t Take Tax Advice From Wesley Snipes
Step #7: Put Everything On 1 or 2 Credit Cards If Possible
Step #8: Determine To Reprioritize 10% of Your Time Usage
Step #9: Set Aside Money For Taxes
Lesson Nugget: Be intense about managing cash in this way and you will have money when you need it and when you want it.
The White Moose!: Clay Clark's New Nickname
Lesson Nugget: Don’t overhype sales and marketing and underplay the importance of saving. You can only become wealthy by fastidiously managing both income and expenses.
Lesson Nugget: Wesley and countless others have gotten themselves into massive financial troubles by abdicating their financial management rather than delegating it.
Lesson Nugget: You limit your data points and the number of financial document you have to look each month.
Lesson Nugget: We cannot create more time, yet time is our biggest asset. Determine to adjust how you spend at least 10% of your time.
(hip hop music) Okay, so I'm going to go ahead and recap these nine steps, the nine steps for cutting costs and really taking control of your finances in the business. Let's do it.Okay, step number one, understand that nobody cares more than you. You gotta get passionate about this, people, get passionate, you gotta get passionate. I know, sir, ma'am, watching, you, right there. Yes, I know this is your time to have the best year of your life, but if we only focus on earning and all we're watching is marketing videos, we're never gonna do it. We gotta focus on earning more and saving more. Step number two, set up a time and place for financial management. Don't be trying to manage your finances while you're on the subway. Don't be managing your finances while you're in a boat. Don't be managing your finances on your iPad while you're at a baseball game. Block off a specific time and place. Step three, wealth is created by earning and by saving.Don't focus just on earning, focus on earning and saving.Step number four, determine to save 10% without decreasing quality or your quality of life. Yeah, everybody listening to this, everybody can save 10% more money. I have yet to meet somebody I've sat down with who can't save 10% more. And it doesn't mean you have to live under a bridge. You can save 10% by one, decreasing discretionary spending. Most people, right now, think about how hard it is for our generation, Marshall, to get ahead. Everyone I know has a cell phone bill, a college loan, a Spotify account, and an addiction to Starbucks. They've spent $30 before they even wake up. You gotta start saying no to some stuff. You don't just, I'll do this, everyone does this, I should do it too. No, start saying no to some stuff. You gotta get serious. Okay, step number five, I'm gonna run that back. Step number five, determine to document your financial life so that you can identify outlier expenses. You gotta make one master spreadsheet and when you see a new expense come in that's not on that spreadsheet once a month, whack it. Have a monthly time to look at your spending. Step number six--Real quick, a little bonus tip. If you do that, if you take the monthly time to do it and you're using two credit cards as we taught, two credit cards, one for business, one for personal, guess what. You can contest expenses on a credit card. So, I'm just throwing that it out for you. If somebody spends money without your knowledge you can contest it, if you didn't really spend it. But if you've spent it all in cash, this is where Dave Ramsey and I might disagree, but if you spend money cash, you can't go contest it. And I'm not saying lying, I'm saying, if somebody spent your money without your knowledge you can contest it on the credit card. You can call the credit card company and go, "I did not spend that money," and you'll get a refund for that. If someone takes your cash and spends your cash you can't go back and you can't contest that. Okay. So step number six, don't take tax advice from Wesley Snipes. Be aware of the guy who's living under a bridge somewhere giving you financial advice. Step number seven, put everything on one or two credit cards if possible. Not six, don't have six wives, don't have six credit cards. One credit card for business, one for your personal life, and then have some backup cards available. Okay, step number eight, determine to re-prioritize 10% of your time usage. You gotta take 10% of your time and focus on financial focus, it's a financial focus. You can't spent 99% of your time earning and none of your time looking at your finances. You have to do that. And step number nine, set aside money for taxes.Man, if I could drop this mic right now and just drop it, set aside money for your taxes. Everyone, you gotta do that. Set aside money for your taxes. You're gonna die, you're gonna pay taxes, so get life insurance and set aside money for taxes. If you don't do it, you're gonna get, bad things will happen to you, don't let that happen. Thrivers, thank you so much for joining us. Hopefully this training has just blown your mind for how you can begin cutting costs in your business. Clay, thank you so much for joining us and I really do, I sincerely mean this, I really do like your red tie. You know, I appreciate, I dressed up for this occasion today. I wanted to bear you up a little bit, so I did the red tie, blue suit, white shirt combo. And I appreciate you. And in earlier episode that we recorded here this week you referred to me as the white moose. And I'm starting to own that nickname, I'm starting to feel good, I'm just kinda feel more and more like the white moose. (whooshing)