Episode 193: Is Debt Really That Terrible

cash flow solo show Sep 23, 2021

 

Today on the podcast I'm breaking down our relationships with debt and discussing the question, "is debt really that bad?"

 

When it comes to relationships with debt, people tend to fall in one of three camps.

  1. Debt is evil, terrible, and should never be used

  2. Debt should be avoided (most the time), but makes sense in certain circumstances)

  3. Debt is a tool! Use it to your advantage.

 

Camp #1 that feels debt is evil, terrible and should never be sued is lead by the Dave Ramseys of the world, focusing on his framework of baby steps to save for emergency funds, focusing on the snowball method of paying off debt (except your house), saving 3-6 months expenses in a full emergency fund, then focusing on saving 15% of household income for your retirement, then save for your child(ren)'s college, then pay off your home early and start building wealth. I focus on the first four since children and a house are not the realities for everyone however I struggle with step...

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Episode 146: Recapping the Money Series

On this episode I'm bringing an official end to The Money Series by recapping the financial information and resources my guests and I have shared over the last couple months.

 

Today on the podcast we’re bringing an official end to The Money Series. If you’re new to the podcast, my guests and I have been sharing information and resources for the last couple of months about money – everything from increasing sales to bookkeeping to taxes. These topics can seem like a total drag, but they’re critical to our business success and I only have fun friends who can make something as stressful as back taxes sound exciting!

 

I’m rounding-up 10 of the top tips my guests and I shared over the last couple of months and giving you the next step to take after The Money Series – Unfuck Your Finance, available this week only.

 

To listen to the full episode of the money tips shared on today's episode, check out the following

 

  1. Episode 123...

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Episode 136: Crushing $70,000 of debt in 36 months

cash flow interview Jan 28, 2021

On this episode, I chat with Sarah Hawkey, founder of toRISEtogether and creator of The Money Studio, about how she tackled all her debt in three years. Sarah also shares her best tips to get started with budgeting and debt management.

 

This episode is sponsored by my FREE training: 3 legal & tax mistakes made by new & experienced business owners and how you can avoid them. [Sign up for this free Masterclass here, and get ready to unf*ck your biz](https://www.bradendrake.com/masterclass).

 

On this episode, I chat with my guest, Sarah Hawkey, founder of toRISEtogether and creator of The Money Studio, about balancing debt payments with saving for an emergency fund and and saving for retirement.

 

toRISEtogether is a collection of creative freelancers getting their money shit together as a community so they can focus on being creative. The Money Studio is to help creatives do the work to create the life they dream and remove worries about money.

 

...

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Episode 135: Balancing debt payoff and savings part II

cash flow interview Jan 26, 2021

On this episode, I chat with my guest, Sarah Hawkey, founder of toRISEtogether and creator of The Money Studio, about balancing debt payments with saving for an emergency fund and and saving for retirement.

 

This episode is sponsored by my FREE training: 3 legal & tax mistakes made by new & experienced business owners and how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz.

 

On Tuesday episodes we answer questions from my Facebook group, Braden's Bestie's. Today Sarah answers the question "If you're starting from scratch saving money and paying debt, how would you prioritize between 1) building an emergency fund of around $3,000, 2) paying your quarterly taxes, 3) saving your first few thousand dollars toward retirement and 4) paying down about $3,000 in high-interest consumer debt? Do you do them all at the same time or in a certain order?"

 

Sarah suggests you need to cover your ass with an emergency fund...

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Episode 131: Balancing debt payoff with savings

cash flow interview Jan 12, 2021

On this episode, I chat with my guest Keila Hill-Trawick about balancing debt payments with saving for an emergency fund and and saving for retirement.

This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz.

In my alumni group we recently read money philosophy "I Will Teach You to be Rich" by Ramit Sethi for our quarterly book club. On the topic of money philosophy today's question is a hypothetical one.

"If you're starting from scratch saving money and paying debt, how would you prioirtize between 1) building an emergency fund of around $3,000, 2) paying your quarterly taxes, 3) saving your first few thousand dollars toward retirement and 4) paying down about $3,000 in high-interest consumer debt? Do you do them all at the same time or in a certain order?"

Keila shares her insight that it's what makes you feel safe. If you...

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Episode 125: The difference between cost of goods & expenses

cash flow interview Dec 22, 2020

On this episode I'm joined by Keila Hill-Trawick, founder of Little Fish Accounting in Washington D.C.

This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here to unf*ck your biz.

Today we answer the question, "I am clueless when it comes to 'inventory.' I don’t know what items are considered 'supplies,' capital, depreciation, I also struggle when I do my town property tax filings because they want to tax furniture, my computer but these are dual use items." while breaking down the differences between supplies, cost of goods, and inventory.

Supplies - what you use to make the "thing."

Inventory - the final product. Inventory is an asset, not an expense. The cost of all the components that go into making the "thing" sit as the inventory cost.

Cost of goods sold - Once you sell the "thing," you can expense what it cost to make it. This is so the IRS can make sure...

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Episode 124: Back to basics on pricing your services

cash flow interview Dec 17, 2020

On this episode, my guest Jacquette M. Timmons, a financial behaviorist and owner of Sterling Investment Management, digs into all things business pricing.

 

As a financial behaviorist, Jacquette offers 1:1 financial and business coaching with entrepreneurs and small business owners, national speaking engagements to share perspective on the integration of the psychology and math of money, events to bring people together to discuss money, business and life, as well as a pricing made human masterclass training.

 

Building upon last episode's question "Everyone says research your competitors, but how do you get their pricing?" Jacquette covers the positives and negatives of competitor pricing research for service-based entrepreneurs. Everyone's business and personal finances are different and they will influence how you set your pricing. What you need to charge to cover your expenses, factor in your emotional needs, and earn enough to support your living situation may differ...

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Episode 123: How to research competitor pricing

cash flow interview Dec 15, 2020

On this episode, financial behaviorist Jacquette M. Timmons answers the question "Everyone says research your competitors, but how do you get their pricing? Catfish that shit?"

Before you catfish that shit, ask yourself, "What is the benefit of knowing what the competitor is charging?" While the question "what should I charge?" is a universal one, the answer is a personal one. What you charge for what you bring to the table may differ from your competitor, and comparing prices can be dangerous if you are in different markets or have different offerings. It's best to start your research by identifying what your competitors are offering. Hear more on the podcast about ways to best identify your competition, learn more about their offerings, and get insight on their pricing.

 

Get in touch with our guest:

Jacquette Timmons, financial behaviorist and owner of Sterling Investment Management

Check out Jacquette's website

Follow Jacquette on Instagram

Like...

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Episode 122: How much you need to pay yourself

cash flow interview Dec 10, 2020

On this episode, I chat with Keina Newell, financial coach and owner of Wealth Over Now, about all things money and how to begin determining how much income you need to bring home in order to support the lifestyle you want.

 

As a financial coach, Keina helps people create new possibilities with money by saving more, paying down debt, stress less and be in control of your finances instead of your finances being in control of you.

 

The Money Series continues as we discuss how much to pay yourself in your business, how to create a spending plan you can stick to and chat aspirational dream budgets.

 

Anyone can open a spreadsheet and enter their numbers. Keina goes beyond the spreadsheet to discuss goals, budgeting and spending habits. The Wealth Over Now owner answers the question - what are your "stake in the ground" issues about money?

 

In this episode Keina also shares the secret to balancing and prioritizing savings and paying down debt. The good news is,...

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Episode 121: When to switch from hourly to retainer work

cash flow interview Dec 08, 2020

On this episode, guest Jacquette Timmons - a financial behaviorist and owner of Sterling Investment Management, answers the question "At what point should you consider switching from hourly to retainer work?"

 

Get in touch with our guest:

Jacquette Timmons, financial behaviorist and owner of Sterling Investment Management

Check out Jacquette's website

Follow Jacquette on Instagram

Like Jacquette on Facebook at Financial Intimacy


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