Episode 205: Using Marginal Profit to Make Better Decisions

cash flow solo show Dec 16, 2021

On today's episode of the Unf*ck Your Biz podcast I break down profit margins and how to use your marginal profit information to guide your business decisions.

 

This episode of the Unf*ck Your Biz with Braden podcast is sponsored by my program, The Profit Rx.

 

Profit margin is the percentage of your revenue, that is profit. We calculate this by taking your profit in dividing it by revenue.


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Episode 202: Explaining a Profit & Loss

cash flow solo show Nov 25, 2021

This episode is brought to you by my new program The Profit Rx. If you've been following along here on the podcast, you know that the doors opened to the Profit Rx officially, a couple of weeks ago. The Profit Rx is your prescription to help you build a healthy and wealthy business. Help you avoid that financial anxiety. pay yourself more. tackle your taxes. All of these good things. For all of the information you can go to theprofitrx.com. You can join us on our twice weekly Co-working calls, Finance Fridays, get all of the good stuff, so go check it out.

 

In today's episode. I am going to be explaining to you all about the profit and loss statement, so what a P&L is, Um, how they work and in order to do that, I'm actually going to be walking you through an excerpt of our Profit Rx textbook.

 

So a P&L, or a profit and loss is also often referred to as an income statement. That's like the more official term for most accountants, but I like P&L, because it's...

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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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