Limited Time Offer! Schedule your FREE business coaching session and scale your business smarter & easier! Reserve My Spot

Success! Your account information has been updated.

close icon

This episode is a business coaching course that talks about outlier expenses.

Results-Focused Training, Tools, and Workshops from Expert Business Coaches.

Featured Coaching Excerpt - Notes & Transcript, Part 1
  • Step #5: Determine To Document Your Financial Life So That You Can Identify Outlier Expenses
  • Notable Quotable: “Beware of little expenses; a small leak will sink a great ship.”
    -Benjamin Franklin
    (Was one of the Founding Fathers of the United States. Wikipedia)
  • Ask Yourself: What costs can I cut out from my financial statements?
  • Definition Magician: A basic operating expense of a business that cannot be avoided, such as a rent payment.

[funk music] Step number five: Determine to document your financial life so that you can identify outlier expenses. So, what Benjamin Franklin said, he said, "beware of little expenses. A small leak will sink a great ship." So, talk a little bit about this. A small leak will sink a great ship. I should not have done this. The action I did this month was good. I'm glad I did this action. But I could have handled it better. I could have done it better. But I discovered on my credit card there was a $29.99 charge on my credit card. I print it off every month. And I'm going, "who spent $29.99 on my credit card?" "What is this?" And no one could tell me what it was, and Marshall, I lost my mind. I went around, "what is this?" "What is this?" Now, the principle, is I know every single expense, what it was. But I was so upset about that expenditure. I'm just telling you, I lost my mind, because I had to get down to the root of who's spending that money. You have to get fastidious. Fastidious, I'm talking about maniacal, detailed planning. You gotta print off your financial statements and look at it and say, "What can we cut here?" You have to do it. You've got to be very, very specific to do that. And you have to set up a specific time to do that. You have to get excited about savings. You have to find how can I decrease my cost by 10%, and you have to have one master document. One master document of all your recurring expenses, like your payroll. I call them fixed costs. They're called fixed costs. So, your lease, that's a fixed cost. Your payroll, that's a fixed cost, let's say. Your whatever. Those are fixed costs. But, you have to know what those fixed costs are so that if anything is an outlier, something that is not something you've agreed to in advance, not something you've budgeted for, not something you've planned for, you have to say, "no," and attack it with aggression.

Let's Get Started. Try Us for $1
Login Try Us for $1
search icon
Feeling Stuck? Ask our Mentors any Business Question.

Ready to Thrive? Log In to your Account.

Login with your email
Please enter your email.
Please enter your password.
Login with social accounts
Signup | Forgot password?

Forgot Password?

Send us your email address, and our team of elite minds will get right on it.

Sign up to Thrive15

and get unlimited access to 1,700+ courses
  • Full Access

    $ 49 /mo
    Try it free
    • World-class mentorship
    • 24/7 access to all videos
    • Practical business tools
  • save $98 on an annual membership


    $ 41 /mo
    Save $98!
    Try it free
    *Billed as one payment of $490.
    • World-class mentorship
    • 24/7 access to all videos
    • Practical business tools
  • Thrive15 group memberships

    Team Membership

    Need to train five or more people?
    Learn More
Graduation Cap Icon College student? Sign up for $19/month. Learn More

Contact Us

Give us a call or send us an email and we will be in touch as soon as possible, or sooner than as soon as possible.

Email: info@thrive15.com
Phone: 918-340-6978
Prefer communication by smoke signals?

Ask us a question!

We want to answer you, no strings attached. How can we reach you?

Please enter your name.
Please enter your phone number.
Please enter your message.


Let us know what's going on.

Please enter your subject.
Please enter your message.
Even more feedback