489. The Podcast Money Leak You’re Missing

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Good morning, podcasting,
morning chat.

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Today is my wife's birthday,
April 6th, 2026.

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And today creators are losing
serious money behind the scenes.

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And Ralph Estep breaks down why
it's happening and the

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surprising simple fix that can
turn it around fast.

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Plus, how you can win his duo.
So if you're listening live on

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Clubhouse, hit the share button,
bottom left hand side of the

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screen and share it.
However, Clubhouse lets you.

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And if you're catching us via
podcast, YouTube, LinkedIn,

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please share this with a fellow
podcaster.

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And now give us about 30 seconds
and we'll get things rolling.

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Thanks for being here.
The Podcasting Morning Chat is

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powered by Ironic Media, helping
podcasters launch, Polish and

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grow great shows, and by Content
Creators Accountant, helping

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creators build real business
behind their content.

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Good morning again podcasting
morning chat.

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Thank you so much for being
here.

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I am your host Mark Ronik and
currently on stage with me we

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have Dr. Fay, Ralph Estep, Sid
Meadows, Alex Baelish and also

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Nikki AKA Tide from our audience
is on stage with us again today.

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Welcome everyone in a shout out
to Dave, Tim and John in the

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clubhouse audience this morning.
Thanks for being here and I hope

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everyone who celebrates had a
great Easter weekend.

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We were just chatting before the
show that Sid got to see Project

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Hail Mary, which I saw a couple
weeks ago now and I loved it.

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Sid, you said you liked it, but
you had gripes about the book or

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as far as how it compared?
So I did enjoy the movie quite a

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bit, but some of the differences
between the movie and the book

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were very interesting because I
had to explain to my wife who

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never who has not read the book,
some of the things that were

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happening in the movie because
the movie did not explain some

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of the things that really should
have been explained.

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So that's really kind of my
gripe about the.

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Gotcha.
See.

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Yeah, it's funny because
somebody who didn't read the

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book, I didn't feel lost, right?
Like I got it.

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But yeah, I could see.
I think that's always a

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challenge when you read a book
first is then you have the whole

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image, the the whole movie in
your head.

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And then if it doesn't compare,
it can kind of fall short for

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you, At least for some people
anyway.

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Yeah.
So here's a question.

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Here's a question for you.
Yeah.

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And then we can move on.
Sorry.

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No, let's.
Do it.

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Did you know how long he was in
a coma and why he was in a coma?

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No.
That's an important aspect from

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the book, right?
And did you know, do you know

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what project Mel Harry was?
A project Hail Mary was about.

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Well I knew it was about and
this is no spoiler is because

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this is shared in the trailers,
but it's about saving the the

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sun and saving the earth
ultimately.

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Correct.
But they didn't really tell you

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about that in the movie.
So if you hadn't seen the

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trailer, they didn't really tell
you why Project Hail Mary

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existed.
So those were a couple of Mike

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instances of like, why didn't
you tell?

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Why didn't you tell the
audience, like what this was

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really about?
So I thought it was a really

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great movie.
I'd probably go see it again but

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in the movie just left out some
details that I think were needed

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to complete the story.
Yeah, OK, that's fair.

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And again, I didn't read it, so
I don't know better, but yeah,

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I've heard some people say the
same thing.

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But yeah, good movie, highly
recommended.

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I think Sid would recommend it
as well, despite it missing a

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few things that the book had.
But yeah, go check that out.

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All right, with that couple
quick things for you, I just

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want to remind you that we still
are accepting applications to

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have your podcast evaluated.
So this is for our evaluation

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series.
And what we do is basically the

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idea of this is we're giving
podcasters a chance to get real,

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thoughtful feedback in a
supportive environment.

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We listen for what's working
with your episode, what could be

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stronger, and what might help
your show connect better with

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listeners.
So if you've been wanting honest

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input, a fresh perspective,
ideas that you can use, you can

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submit your podcast episode.
Pick one of your choice and

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we'll put it in the spotlight
for you.

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We are gentle, we are honest,
but we are not mean.

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I promise you about that.
And you can go check out all of

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the different evaluation
episodes at Podcasting Morning

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chat.com.
And more importantly, you can

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apply by going to
podcastingmorningchat.com/evaluate.

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I might have someone.
Oops, no.

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It's OK.
Go ahead, do.

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You remember this is like
backstage stuff, but do you

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remember the person I told you
about?

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And we couldn't even access his
his podcast.

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This was several weeks ago.
He has regrouped everything we

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can access it and I think I'll
send him the link to submit.

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That's awesome.
Great.

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Yes, I would love to do that.
I'm glad to hear it's working

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now.
Podcasting morning chat.com/eval

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EVAL.
Also just wanted to tease for

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you guys today, today, later on
this show, find out how you can

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win Ralph's road caster duo.
So Ralph, I believe you're

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giving away this road caster duo
because you upgraded.

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Well, it's not necessarily an
upgrade, but I guess it is in

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the sense that it has more bells
and whistles.

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But you got the road caster Pro
2, so now no need for the duo,

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right?
That's why you're giving it

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away.
Absolutely.

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I'm living in the land of more
leveling gears and more cool

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buttons and a little bit bigger
footprint.

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But that's why I'm going to give
away Ralph's duo.

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Awesome.
Yes.

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And how old is it?
How long have you had this?

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Oh, probably about nine months.
OK.

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So it's not very old.
No, OK, good.

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And it comes with obviously the
duo.

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Does it come with anything else?
Like I know there's a there's

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something else you're adding to
the package and we'll talk about

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that too.
But like, does it come with all

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the wires or is this something
that people would need their own

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wires for?
How does that work?

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Well, no, I mean it's going to
come with the the pay cable to

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plug it in and it's pretty much
good to go after that.

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You will have to get an SD card
because I took my SD card out

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because that's my own content in
it.

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But really it's plug and play
pretty well to go.

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And the best part is I've
already got all the the nuanced

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things done to it and the
upgrades to the firmware and all

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that kind of stuff.
So you're ready to go right from

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the jump.
Awesome.

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OK, cool.
So later in the show we will

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share with you exactly how to
win it.

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So with that, Ralph coming to
you, and I want to start with

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this, what are you hoping that
people take away from this

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discussion by the end of it all?
I want creators to stop losing

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money and have a 10 minute plan
to understand the business side

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of their podcasts.
That's really my goal here

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because today I want to talk
about something I see constantly

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with creators.
And here's the thing, a lot of

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people always say, oh Ralph, I'm
just bad with money.

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I don't think that's the issue
at all.

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And I don't think it's because
people are irresponsible.

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I think the problem is their
financial systems are a mess.

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And the crazy part is this, the
fix only takes about 10 minutes

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a week.
It's really that simple.

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So today I want to open this up
to have a real conversation

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about creator money systems.
And so I want to start by asking

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the room a question and feel
free to jump in.

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How many creators here feel like
their money tracking system is?

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I'm going to give you 3 choices.
OK, and here's what we'll do in

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the chat.
We'll put a one for OK a instead

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of a, say 1-2 and three in the
chat.

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Put those that number whatever
corresponds to you.

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So #1 how many creators feel
like their money tracking system

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is #1 clean and organized?
If you feel like your money

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system is clean and organized,
put a number one.

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If you think your money system
is kind of messy, put a #2 you

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know, not quite not organized,
but not quite disorganized

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either.
Or if you think it's a complete

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disaster, put a #3.
Now listen, there's no judgement

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here.
And the reason I say there's no

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judgement is creators aren't
taught how to do this.

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So let's see what everybody says
here.

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Looks like we've got a mix here,
Ralph.

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We've got.
Yeah, Tim.

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Tim has an 8, which I don't know
what to make of that.

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But yeah, it looks like we've
got a mix.

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We got several twos in here.
And I put myself as a 2, even

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though now that I've hired you,
things are getting a lot more

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organized.
But and I wasn't terribly

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disorganized, but I knew I had
room for improvement.

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So that's why I personally chose
#2 for this, this one.

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But yeah, it looks like maybe
Sid is the only one in here

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that's got a number one there.
Well, I certainly applaud Sid.

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So Sid, let me ask you, what
system are you using and what do

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you like about it?
So good morning, everybody.

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So we use QuickBooks for
everything to run all of my

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businesses, including the
podcast.

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And it's super easy.
I have an accountant that I

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worked with for 15 years.
I also have an accounting VA

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that handles everything for me
and reconciles bank statements

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and categorizes expenses and all
that.

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Then she's worked with me for
almost 7 years.

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So I feel like we have a really
good system in place and it

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works well.
And I pay bills the first week

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of the month and we get paid a
lot on the first week of the

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month.
So the first week of the month

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is always typically pretty busy.
But I feel like QuickBooks is.

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It's not my favorite tool, but
we've used it long enough that

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it's super.
We understand how to use it,

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though it still confuses me at
times.

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I can attest to that too.
It confuses me at times.

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Also.
Go ahead, Ralph.

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And I think that's a good
system, Sid, and I like what

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you're saying about that.
You've enlisted people around

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you to help you with the system.
And I think that's part of it.

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But there's anyway, I'm just
going to read a couple of the

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comments because I thought they
were kind of funny.

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Somebody said what number is non
existent?

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John Jemingo Greek.
That's a good one, John.

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But and that's the problem, you
know, there, we don't get that

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training.
I want to talk a little bit.

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Does anybody else want to
comment before I move on?

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I got some ideas about what
causes this this root problem.

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No, I think go for it, Ralph.
Cool O here's what I think the

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root roblem is.
The reality is this, creators

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were never taught this stuff.
Most creators don't have 30

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years of experience in
accounting like I have.

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That's just the truth, right?
And nobody explains it.

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Nobody explains how this is
going to impact you down the

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road and you're not really
building it from the front end.

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I mean, sure, we learn about
microphones, we learn about

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editing.
See, these are all the things

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that I had no idea about.
I knew the accounting side.

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I knew the financial side.
But most creators learn about

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microphones and editing.
And now in the YouTube thing,

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thumbnails and audience growth.
But for so many of us, nobody

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explains how to run the business
side.

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And when you don't get that
explanation, there's no doubt

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that people put ones and and
twos and and threes.

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It's all over the board.
But it leads to some predictable

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outcomes and some predictable
problems.

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And I want to share 2 examples.
I'll give you one example.

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I just dealt with the person.
It's been about two weeks ago

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Creator came in and they had put
together simple.

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I said, listen, they need to do
your tax returns.

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They had this 1099 K from the
PayPal platform that showed they

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made like $30,000 last year,
which isn't bad.

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That's great.
And I said, OK, well if we do

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your tax return now, I'm going
to show $30,000 of income.

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00:11:47,720 --> 00:11:48,960
And he said, Ralph, hold on a
second.

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00:11:48,960 --> 00:11:51,160
Now I, I don't have 30,000 to
show for that.

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00:11:51,160 --> 00:11:53,080
I said I didn't.
That doesn't shock me.

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00:11:53,680 --> 00:11:55,240
I said OK, well where did the
money go?

230
00:11:55,720 --> 00:11:57,560
Well, Ralph, to be honest with
you, I can't really tell you

231
00:11:57,560 --> 00:12:03,120
that, but, but, but I've got
about $20,000 left, so $10,000

232
00:12:03,120 --> 00:12:05,240
went somewhere.
But the problem is they don't

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00:12:05,240 --> 00:12:07,680
have any system to track that.
So now we're trying to figure

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00:12:07,680 --> 00:12:11,520
out what happened last January
and March and and April leading

235
00:12:11,520 --> 00:12:13,680
up to this year.
And that's a problem.

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00:12:14,400 --> 00:12:17,040
Now, sometimes the problem isn't
that sometimes I've got people

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who love spreadsheets.
It's funny, I'm an accountant.

238
00:12:19,760 --> 00:12:22,880
I don't like spreadsheets.
But for so many people, they got

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00:12:22,880 --> 00:12:25,120
these drowning in spreadsheets
with 15 tabs.

240
00:12:25,320 --> 00:12:27,880
Sometimes clients will send me a
spreadsheet, it's got 100 tabs

241
00:12:27,880 --> 00:12:29,160
when I don't know where to
start.

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00:12:29,920 --> 00:12:34,120
And the problem with that, it
creates this anxiety and anxiety

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00:12:34,120 --> 00:12:36,000
is not good.
Now, I don't believe that

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anybody did this because they
don't care.

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00:12:38,760 --> 00:12:41,480
I think there's a genuine
concern about I need to do

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00:12:41,480 --> 00:12:45,120
something here, but the problem
is their system didn't exist.

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00:12:45,720 --> 00:12:47,440
And that's really the next
question I want to ask through.

248
00:12:47,960 --> 00:12:51,520
If I had to ask you right now,
what part of Creator Finances

249
00:12:51,520 --> 00:12:54,400
feels the most overwhelming
because the chances are the

250
00:12:54,400 --> 00:12:57,920
reason that people aren't doing
this is it it feels

251
00:12:57,920 --> 00:12:59,240
overwhelming.
I'm going to throw a couple

252
00:12:59,240 --> 00:13:01,040
ideas out there, but I really
want to hear from the room.

253
00:13:01,040 --> 00:13:04,200
Is it tracking income?
Is it tracking expenses?

254
00:13:04,560 --> 00:13:07,720
Is it the dreaded tax side?
You know, Sid's got the

255
00:13:07,720 --> 00:13:09,320
bookkeeping software under
control.

256
00:13:09,320 --> 00:13:12,520
Or is is it that, or maybe it's
just staying consistent.

257
00:13:12,520 --> 00:13:14,480
So I just want to pause here for
a second.

258
00:13:14,480 --> 00:13:19,720
Let the room make some comments
about what is the overwhelming

259
00:13:19,720 --> 00:13:21,800
part to you in this whole
system.

260
00:13:23,520 --> 00:13:28,440
Wow.
I think for me it's just staying

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00:13:28,440 --> 00:13:32,760
on top of it, staying in touch
with my finances, being able to

262
00:13:32,760 --> 00:13:35,920
really understand the insurance
and outs of it.

263
00:13:35,920 --> 00:13:38,640
I think that's where I get
overwhelmed and I tend to just

264
00:13:38,640 --> 00:13:40,680
shy away all together from the
books.

265
00:13:41,200 --> 00:13:44,880
Yeah, I think that makes sense.
And that's the thing, it can be

266
00:13:44,880 --> 00:13:48,840
really overwhelming.
And I totally get that that is a

267
00:13:48,840 --> 00:13:51,480
hard part to the whole thing.
Why the overwhelm?

268
00:13:51,480 --> 00:13:54,920
Does anybody want to comment
about why if you put that you

269
00:13:54,920 --> 00:13:57,840
are struggling with this or you
feel like this is overwhelming,

270
00:13:57,840 --> 00:14:01,600
does anybody want to mention why
they feel overwhelmed by this?

271
00:14:01,600 --> 00:14:03,280
Because that's what I really
want to understand because I've

272
00:14:03,280 --> 00:14:05,440
got a solution.
But before I jump to the

273
00:14:05,440 --> 00:14:09,040
solution, I really want to talk
about how what is the feeling?

274
00:14:09,040 --> 00:14:10,600
BC go ahead.
I saw you had a comment.

275
00:14:10,920 --> 00:14:15,760
I think personally it's almost
like it it would over complicate

276
00:14:16,360 --> 00:14:20,760
for me the process of opening up
a business account and knowing

277
00:14:20,760 --> 00:14:25,760
that I myself would have to
manage and prep for those taxes

278
00:14:25,760 --> 00:14:28,200
as opposed to kind of keeping
everything coming through my

279
00:14:28,200 --> 00:14:30,800
typical checking account.
I kind of feel like the taxes

280
00:14:30,800 --> 00:14:34,320
are taken care of, so all I have
to do is file normally for next

281
00:14:34,320 --> 00:14:36,080
year.
But if I go and open a business

282
00:14:36,080 --> 00:14:41,760
account, then it takes the tax
onus and brings it to me, which

283
00:14:41,760 --> 00:14:43,680
I typically don't have to
manage.

284
00:14:43,680 --> 00:14:45,800
And so that seems like an extra
step.

285
00:14:46,160 --> 00:14:49,960
But now that I think about it,
I'm not sure that makes a lot, a

286
00:14:49,960 --> 00:14:52,440
lot of sense.
But that's where I was coming

287
00:14:52,440 --> 00:14:54,680
from.
BCI think you make a good point,

288
00:14:55,160 --> 00:14:57,840
but I think BC if I can, if I
can go a little bit deeper into

289
00:14:57,840 --> 00:15:01,000
what you were saying is you
don't have good separation BC is

290
00:15:01,000 --> 00:15:03,440
that correct?
Yeah, that's, that's a good

291
00:15:03,480 --> 00:15:05,640
route for it, yeah.
And I think that's one of the

292
00:15:05,640 --> 00:15:09,040
big problems is if you don't
have good separation, it makes

293
00:15:09,040 --> 00:15:10,880
what what I'm talking about
really hard.

294
00:15:11,120 --> 00:15:14,240
And here's the thing I want to
say the best accounting system

295
00:15:14,240 --> 00:15:16,400
is the one you're actually going
to use.

296
00:15:17,000 --> 00:15:20,640
I can propose all kinds of cool
setups and QuickBooks Online and

297
00:15:20,640 --> 00:15:23,880
Wave and all these other things,
but it's got to be the one

298
00:15:23,880 --> 00:15:26,480
you're going to use.
And the other thing is, John,

299
00:15:26,480 --> 00:15:28,760
put something in the chat.
Let me read it says my pockets

300
00:15:28,760 --> 00:15:30,320
is a hobby.
So I operate at a loss.

301
00:15:30,320 --> 00:15:32,960
Sometimes I think I don't know
what to know how much I spent on

302
00:15:32,960 --> 00:15:35,240
podcasting.
Yeah, John, I think that's a

303
00:15:35,240 --> 00:15:36,920
good point too.
And and I probably should have

304
00:15:36,920 --> 00:15:38,560
prefaced today's discussion with
this.

305
00:15:39,680 --> 00:15:43,040
I am more talking to the people.
But but even if it's a hobby,

306
00:15:43,040 --> 00:15:46,680
John, if you're spending money
on a hobby, you still want to

307
00:15:46,680 --> 00:15:49,800
attract those things because you
may very well get.

308
00:15:49,800 --> 00:15:52,040
And John, I listen to your show
and I know you asked for

309
00:15:52,040 --> 00:15:55,880
support.
So you may very well get a 1099

310
00:15:55,880 --> 00:15:57,960
or you may be getting money
coming in the door.

311
00:15:58,400 --> 00:16:00,480
So you're going to have to
report that.

312
00:16:00,800 --> 00:16:03,200
And if you have to report that,
and you definitely want to be

313
00:16:03,200 --> 00:16:05,960
able to report the expenses that
are offset against that, even if

314
00:16:05,960 --> 00:16:08,880
it's a hobby.
So you've got to have some kind

315
00:16:08,880 --> 00:16:10,760
of system.
One of the things that I think

316
00:16:10,760 --> 00:16:14,640
the best thing to do is have a
system that at least separates

317
00:16:14,640 --> 00:16:17,160
the business and the personal
stuff because that's the biggest

318
00:16:17,160 --> 00:16:21,000
problem is if you don't separate
it, then tax time comes around

319
00:16:21,000 --> 00:16:23,320
and you're trying to figure out
what are you going to do.

320
00:16:23,320 --> 00:16:26,240
And the stuff is so intermingled
with personal and business

321
00:16:26,240 --> 00:16:28,440
altogether, it makes an absolute
mess.

322
00:16:29,080 --> 00:16:31,360
But you don't have to use the
one that's the most powerful.

323
00:16:31,600 --> 00:16:34,080
It doesn't have to be the most
expensive and it certainly

324
00:16:34,080 --> 00:16:36,320
doesn't have to be the one
that's most complicated.

325
00:16:36,960 --> 00:16:39,440
It's just got to be the one that
you're going to look at and not

326
00:16:39,440 --> 00:16:43,480
look at once a hear you got to
look at it every single week.

327
00:16:43,480 --> 00:16:45,640
And I'm going to talk in a
little bit about a 10 minute

328
00:16:45,640 --> 00:16:47,240
plan that I think really solves
this.

329
00:16:47,240 --> 00:16:51,000
But you know, at this point, I
think does anybody else want to

330
00:16:51,000 --> 00:16:54,560
comment on the overwhelm piece
before I move on to the next

331
00:16:54,560 --> 00:16:56,400
thought that I have?
But are there other people that

332
00:16:56,400 --> 00:16:58,240
want to share a little bit of
their overwhelm stories?

333
00:16:58,240 --> 00:17:00,200
I know a lot of people have made
some comments here in the chat.

334
00:17:00,680 --> 00:17:04,319
Anyone have any stories or any
overwhelm you want to share

335
00:17:04,800 --> 00:17:09,920
regarding finances?
Go ahead, Dr. OK, I think my

336
00:17:10,200 --> 00:17:15,720
biggest problem, my biggest
overwhelm, is that I don't know

337
00:17:15,720 --> 00:17:20,400
how much to pay myself when I
get money from my clients.

338
00:17:20,800 --> 00:17:23,680
I know that I should take money
out and put it in my regular

339
00:17:23,680 --> 00:17:30,720
checking account to pay myself,
but I'm I'm at a loss as to how

340
00:17:30,720 --> 00:17:35,080
much to pay myself.
Oh, Dr. thank you so much.

341
00:17:35,080 --> 00:17:37,000
You just walked into where I'm
going to go next.

342
00:17:37,560 --> 00:17:41,400
And that's the whole idea.
No, But Dr. just nails it

343
00:17:41,840 --> 00:17:45,000
because that is one of the
biggest struggles that a lot of

344
00:17:45,000 --> 00:17:48,360
content creators have is how
much do I pay myself?

345
00:17:48,360 --> 00:17:51,800
So DRI promise you I'm going to
answer that question here in

346
00:17:51,800 --> 00:17:53,920
just a couple of minutes.
But Dr. thank you for sharing

347
00:17:53,920 --> 00:17:56,760
that because that is a very
common thing that a lot of

348
00:17:56,760 --> 00:17:59,560
people say to me is right graph.
I got this money coming in, but

349
00:17:59,560 --> 00:18:02,640
I don't know how to pay myself.
I don't know how much to set

350
00:18:02,640 --> 00:18:05,440
aside for taxes.
So I think that that is a

351
00:18:05,440 --> 00:18:08,800
brilliant observation, Dr. And
it's something that I am

352
00:18:08,800 --> 00:18:11,680
definitely going to get into and
I just want to read something to

353
00:18:11,680 --> 00:18:13,720
Dave Campbell put in said, I
don't make money directly from

354
00:18:13,720 --> 00:18:16,680
my podcast, but Buy me a Coffee
sponsors have been great.

355
00:18:17,040 --> 00:18:19,360
I don't claim expenses and here
in Canada, we only need to

356
00:18:19,360 --> 00:18:22,560
report supplemental income when
we go over $30,000 a year.

357
00:18:22,680 --> 00:18:25,800
I like that.
That is a very cool thing, Dave.

358
00:18:26,160 --> 00:18:30,720
Not that way in the US.
So in the US, basically if you

359
00:18:30,720 --> 00:18:34,720
have more than $400.00 of money
coming in the door, you've got

360
00:18:34,720 --> 00:18:36,280
to report that.
A lot of people are shocked when

361
00:18:36,280 --> 00:18:40,120
I say $400.00, like $400.00.
The other thing, I want to be

362
00:18:40,120 --> 00:18:44,000
careful and I, I was on the Ask
the Podcast coach a couple

363
00:18:44,000 --> 00:18:48,600
months ago, be very careful when
you're doing sponsorships that

364
00:18:48,600 --> 00:18:52,240
you don't use the word donate.
It's one of my pet peeves.

365
00:18:52,320 --> 00:18:59,200
You cannot accept donations if
you are not a 5O1C3 or some sort

366
00:18:59,200 --> 00:19:01,120
of charity.
Very important.

367
00:19:01,120 --> 00:19:03,840
I hear that on podcasts all the
time.

368
00:19:04,000 --> 00:19:05,720
Oh, I want you to donate to my
show.

369
00:19:05,720 --> 00:19:07,960
You cannot do that.
You can use the word support.

370
00:19:08,320 --> 00:19:11,920
You can use the word encourage,
but be really careful about

371
00:19:12,040 --> 00:19:15,800
using the word donate.
So here's what I was going to

372
00:19:15,800 --> 00:19:18,160
get into next.
I really think with most

373
00:19:18,160 --> 00:19:21,560
creators, there's, there's three
stages to this whole financial

374
00:19:21,560 --> 00:19:24,240
development of things.
I think stage 1, these are your

375
00:19:24,240 --> 00:19:27,280
beginning creators.
If you're just starting out, you

376
00:19:27,280 --> 00:19:30,120
need something simple.
You need something free and

377
00:19:30,120 --> 00:19:32,840
something with low friction.
One of the tools that I

378
00:19:32,840 --> 00:19:36,360
recommend is a tool like Wave
WAVE.

379
00:19:36,360 --> 00:19:38,680
It works well.
The thing I really like about it

380
00:19:38,680 --> 00:19:41,920
is it connects to your bank.
So all the transactions that are

381
00:19:41,920 --> 00:19:44,200
happening at the bank, that are
happening at your credit card,

382
00:19:44,200 --> 00:19:45,280
you can connect all those
things.

383
00:19:45,280 --> 00:19:48,640
So all those transactions are
feeding in the byproduct of

384
00:19:48,640 --> 00:19:50,880
that.
It categorizes those expenses.

385
00:19:50,880 --> 00:19:53,160
Now you're going to have to go
in there and do a little work to

386
00:19:53,160 --> 00:19:56,520
say, OK, this is for this, this
is for this, but it generates

387
00:19:57,000 --> 00:19:59,240
basic reports, which is what you
need.

388
00:19:59,240 --> 00:20:02,840
DRI see, Dr. uses that.
That's fantastic and that's what

389
00:20:02,840 --> 00:20:04,800
it does.
So if you're just starting out,

390
00:20:05,000 --> 00:20:07,200
you don't hear me saying go buy
something expensive.

391
00:20:07,200 --> 00:20:10,040
Now listen, I use QuickBooks
Online for all of my clients.

392
00:20:10,040 --> 00:20:12,600
I think that's an excellent
tool, but I don't think it's

393
00:20:12,600 --> 00:20:14,440
necessary for the beginning
creator.

394
00:20:14,840 --> 00:20:16,720
And that's why I think a tool
like Weibo.

395
00:20:16,880 --> 00:20:20,280
And listen again, like I said
earlier, if you want to be into

396
00:20:20,280 --> 00:20:23,240
spreadsheets, that's fine.
Use what's going to work for

397
00:20:23,240 --> 00:20:25,080
you.
Now, stage 2 is what I see your

398
00:20:25,080 --> 00:20:27,520
growing creators.
This is where things are getting

399
00:20:27,520 --> 00:20:30,920
a little bit more complex.
Most of my growing creators have

400
00:20:30,960 --> 00:20:33,840
multiple income streams.
They might have brand deals,

401
00:20:33,840 --> 00:20:36,080
they're getting some affiliate
income, maybe they're even

402
00:20:36,080 --> 00:20:37,960
selling some coaching or digital
products.

403
00:20:38,400 --> 00:20:41,160
Now this is where I'm going to
talk about QuickBooks Online

404
00:20:41,160 --> 00:20:43,400
because this is where I think
QuickBooks Online really shines

405
00:20:43,400 --> 00:20:46,200
and it's, I think Sid, you said
this is what you're using.

406
00:20:46,800 --> 00:20:49,800
The thing I like about that is
it's got more automation, it's

407
00:20:49,800 --> 00:20:52,360
got better reporting, and
honestly, it can scale with the

408
00:20:52,360 --> 00:20:54,400
business.
And in this stage 2, I think

409
00:20:54,400 --> 00:20:57,640
that's where you're getting to
is the ability to start scaling

410
00:20:57,640 --> 00:21:00,680
with the business.
And then stage 3, these are what

411
00:21:00,680 --> 00:21:03,680
I call your service creators.
These are creators who are

412
00:21:03,680 --> 00:21:06,120
invoicing, consulting and
coaching.

413
00:21:06,360 --> 00:21:08,880
Maybe they're doing editing
services, maybe doing some

414
00:21:08,880 --> 00:21:10,480
design.
ServiceNow, what are the tools

415
00:21:10,480 --> 00:21:12,760
here?
Now, I, I firmly believe that

416
00:21:12,760 --> 00:21:17,000
QuickBooks Online still serves
this area very well, but there's

417
00:21:17,000 --> 00:21:19,360
another one I'm going to throw
out there and that's FreshBooks.

418
00:21:19,360 --> 00:21:21,520
And listen, I don't have an
affiliate link to any of these

419
00:21:21,520 --> 00:21:23,040
folks.
I'm not being paid by any of

420
00:21:23,040 --> 00:21:25,120
those.
But FreshBooks is another one

421
00:21:25,120 --> 00:21:28,000
that works well if you're using
invoicing tools.

422
00:21:28,440 --> 00:21:29,800
So this one, let me ask the
room.

423
00:21:29,960 --> 00:21:32,640
I know Sid, you've already said
what you're using, but I would

424
00:21:32,640 --> 00:21:36,160
love to hear what other people
are using or if you're still in

425
00:21:36,160 --> 00:21:38,120
spreadsheet and let's talk about
that too.

426
00:21:38,120 --> 00:21:40,200
Does anybody want to comment?
Yeah, I will.

427
00:21:40,760 --> 00:21:42,960
For some reason the things
aren't working.

428
00:21:43,840 --> 00:21:48,600
I've been using Zoho books for
my business which and the other

429
00:21:48,600 --> 00:21:52,640
reason I'm I'm was using Zoho
books is because I was paying

430
00:21:52,640 --> 00:21:56,560
for it and I didn't want to have
to pay for QuickBooks and Zoho

431
00:21:57,000 --> 00:21:59,240
because I was using Zoho for
CRM.

432
00:21:59,600 --> 00:22:03,280
But I may be dropping Zoho
altogether to just go back to

433
00:22:03,280 --> 00:22:06,120
QuickBooks because I have a
meeting with some guy on

434
00:22:06,280 --> 00:22:08,480
tomorrow.
I think QuickBooks is great.

435
00:22:08,480 --> 00:22:11,600
It just got really expensive,
which is a completely different

436
00:22:11,600 --> 00:22:15,280
conversation.
But Zoho, it does everything.

437
00:22:15,280 --> 00:22:18,520
It's just, it's like any
software, you have to learn the

438
00:22:18,520 --> 00:22:21,600
language and I think that's the
biggest problem.

439
00:22:21,920 --> 00:22:25,120
And Alex, you make a good point
about QuickBooks and I totally

440
00:22:25,120 --> 00:22:27,400
agree with what you're saying
and you do have a good meeting

441
00:22:27,400 --> 00:22:29,520
coming up, by the way.
I'm looking forward to that.

442
00:22:29,760 --> 00:22:32,800
But no, I think QuickBooks is
getting more expensive.

443
00:22:32,800 --> 00:22:35,360
It's very true.
And I think they're able to do

444
00:22:35,360 --> 00:22:38,080
that because they've, honestly,
I think the biggest issue is

445
00:22:38,080 --> 00:22:39,880
they built so much AI into this
now.

446
00:22:39,880 --> 00:22:42,160
Well, they can.
Yeah, they can because they've

447
00:22:42,160 --> 00:22:44,080
got the market.
I mean, I think the last time I

448
00:22:44,080 --> 00:22:47,040
read it was 80% of the market is
on some form of QuickBooks.

449
00:22:47,400 --> 00:22:50,280
And what really makes me mad is,
and I think this is the biggest

450
00:22:50,280 --> 00:22:54,320
problem and and not to give you
a softball here, I think the

451
00:22:54,320 --> 00:23:01,840
problem with content creators
and small, I say entrepreneurial

452
00:23:02,160 --> 00:23:06,280
businesses, it's like they get,
for lack of a better word,

453
00:23:06,280 --> 00:23:12,200
screwed because the products are
for the big dogs and for the

454
00:23:12,200 --> 00:23:15,400
medium sized dogs.
And you know, my biggest

455
00:23:15,400 --> 00:23:18,480
frustration when you went back
to the original question as a

456
00:23:18,480 --> 00:23:21,360
business owner or a content
creator, and I think this is

457
00:23:21,360 --> 00:23:26,800
what ends up happening is you
start a business as a quote, UN

458
00:23:26,800 --> 00:23:29,680
quote hobby or a quote, UN
quote, I'm going to make money

459
00:23:29,680 --> 00:23:34,480
business.
And it's really frustrating when

460
00:23:34,480 --> 00:23:36,360
you don't know what you don't
know.

461
00:23:36,880 --> 00:23:40,280
And I know you can read a book
and you can do all this other

462
00:23:40,280 --> 00:23:44,680
stuff, but I equate being a
business owner, especially a

463
00:23:44,680 --> 00:23:48,720
small business owner, as that
guy trying to put the plates on

464
00:23:48,720 --> 00:23:52,920
the sticks.
And you're just trying to, as I

465
00:23:52,920 --> 00:23:55,800
like to say, pay the mafia every
week, which or month, which is

466
00:23:55,800 --> 00:23:58,160
my daughter or the bills or
whatever else.

467
00:23:58,320 --> 00:24:01,640
So you have all these different
things spinning and you're just

468
00:24:01,640 --> 00:24:04,960
trying to get to your next sale
or in this case your next

469
00:24:04,960 --> 00:24:08,160
episode or whatever else.
So I, I think, you know, going

470
00:24:08,160 --> 00:24:11,720
back to QuickBooks, which was
the original question is I've

471
00:24:11,720 --> 00:24:16,120
never heard of FreshBooks, but I
know there's not a better way or

472
00:24:16,120 --> 00:24:19,360
there might be a better way, but
unfortunately QuickBooks has

473
00:24:19,960 --> 00:24:25,240
kind of made it the only way to
keep it clean in a lot of ways.

474
00:24:25,600 --> 00:24:27,080
And Alex, I appreciate what
you're saying.

475
00:24:27,080 --> 00:24:30,000
I think you're right.
I will only add to it that one

476
00:24:30,000 --> 00:24:32,680
of the biggest struggles I see
even with QuickBooks is getting

477
00:24:32,680 --> 00:24:35,840
it set up correctly.
When I take on a new content

478
00:24:35,840 --> 00:24:38,800
creator client, one of the
biggest struggles I've seen is

479
00:24:38,840 --> 00:24:42,000
they didn't spend the time to
understand how to create the

480
00:24:42,560 --> 00:24:45,400
infrastructure to front end and
then QuickBooks becomes a

481
00:24:45,400 --> 00:24:48,360
frustration point.
Yes, you're paying for it and

482
00:24:48,360 --> 00:24:50,800
it's not getting, you're not
getting out of it what you need.

483
00:24:50,800 --> 00:24:52,840
So that's where working with
somebody at the front end to

484
00:24:52,840 --> 00:24:56,080
help you get that set up is
really a huge thing.

485
00:24:56,440 --> 00:25:00,040
I want to share what I call a 10
minute weekly money review here

486
00:25:00,040 --> 00:25:01,480
in a minute, but I want to open
up.

487
00:25:01,480 --> 00:25:03,520
Does anybody else want to
comment about what they're

488
00:25:03,520 --> 00:25:04,560
using?
I see John said.

489
00:25:04,800 --> 00:25:07,680
John Jamingo said he uses Google
Sheets and not very well.

490
00:25:08,160 --> 00:25:10,360
That's the problem with Google
Sheets.

491
00:25:10,360 --> 00:25:13,640
That's the problem with
spreadsheets is I just, my

492
00:25:13,640 --> 00:25:17,000
biggest struggle with that is it
doesn't what I like about Wave,

493
00:25:17,000 --> 00:25:20,040
what I like about QuickBooks, it
actually feeds the transactions

494
00:25:20,040 --> 00:25:22,720
in from your bank account, from
your credit card.

495
00:25:22,960 --> 00:25:26,000
So when it feeds those
transactions in, it kind of

496
00:25:26,000 --> 00:25:28,080
pushes you to keep this stuff up
to date.

497
00:25:28,080 --> 00:25:31,360
Whereas I'm not aware of how a
Google spreadsheet could do

498
00:25:31,360 --> 00:25:33,240
that.
But does anybody else want to

499
00:25:33,240 --> 00:25:36,560
comment about what they're using
and the overwhelm of the

500
00:25:36,560 --> 00:25:38,640
struggles they're having, or
maybe the triumphs that you're

501
00:25:38,640 --> 00:25:41,440
having right now as well?
Actually, Ralph, you know what?

502
00:25:41,920 --> 00:25:45,800
I have an even an even better
idea here right now.

503
00:25:45,800 --> 00:25:47,480
I hope this is the right sound.
Let's see.

504
00:25:47,800 --> 00:25:54,600
OK, how about this one?
It's time to to share how you

505
00:25:54,600 --> 00:26:00,680
can win Ralph's roadcaster duo.
So this is what she got to do

506
00:26:01,080 --> 00:26:03,040
Again, we talked about this at
the top of the show.

507
00:26:03,040 --> 00:26:05,640
This is a lightly used
roadcaster duo.

508
00:26:05,640 --> 00:26:08,920
It's basically plug and play.
All you really need is an SD

509
00:26:08,920 --> 00:26:11,560
card so you can record directly
to your Rd.

510
00:26:11,560 --> 00:26:15,200
Caster Duo.
So if you are interested, it's

511
00:26:15,440 --> 00:26:23,400
going to happen between now and
Friday the 17th of April, 11:45

512
00:26:23,480 --> 00:26:26,640
PM Eastern Time.
All you have to do is go to

513
00:26:26,640 --> 00:26:35,000
podcastingmorningchat.com/duo
DUO and and then enter over

514
00:26:35,000 --> 00:26:37,080
there.
We're using kingsummo.com.

515
00:26:37,080 --> 00:26:41,160
This is how we're keeping track
of all the entries and keeping

516
00:26:41,240 --> 00:26:44,520
all of this together.
So what you can do, here's the

517
00:26:44,520 --> 00:26:49,320
cool part is when you go, you'll
automatically get an entry when

518
00:26:49,320 --> 00:26:52,360
you sign up.
But then there are multiple ways

519
00:26:52,360 --> 00:26:57,760
you can get additional entries.
For example, sharing this on

520
00:26:58,080 --> 00:27:02,360
Instagram, sharing this on
Facebook, wherever, any social

521
00:27:02,360 --> 00:27:06,320
media platform, even by e-mail.
When you do it, you get another.

522
00:27:06,320 --> 00:27:09,840
Actually, I think with that one
it's three additional entries.

523
00:27:10,160 --> 00:27:13,760
And then we've added some
additional ways you can get more

524
00:27:13,760 --> 00:27:16,720
entries as well.
For example, following Ralphs

525
00:27:16,720 --> 00:27:20,600
YouTube channel, following
podcasting, morning chat on

526
00:27:20,600 --> 00:27:24,120
Instagram, There are multiple
ways you can do it by just going

527
00:27:24,120 --> 00:27:27,040
to
podcastingmorningchat.com/duo.

528
00:27:27,320 --> 00:27:30,960
And every day you can go back to
that website and earn yourself

529
00:27:30,960 --> 00:27:34,880
at least one new entry.
Even if you went through all the

530
00:27:34,880 --> 00:27:38,960
different ways that we've added
there for you so you can always

531
00:27:38,960 --> 00:27:43,480
get one more entry every single
day, we can.

532
00:27:43,520 --> 00:27:46,640
Vote Yep often and vote many
times.

533
00:27:46,800 --> 00:27:48,080
That's right.
That's right.

534
00:27:48,080 --> 00:27:50,040
And I think BC had a question.
Go ahead BC here.

535
00:27:50,520 --> 00:27:53,040
You go.
Yeah, I stepped away for a

536
00:27:53,040 --> 00:27:54,880
second.
So I do apologize if someone

537
00:27:54,880 --> 00:28:00,040
else did ask the question.
Ralph, have you found that the

538
00:28:00,280 --> 00:28:04,240
dual works best only with any
kind of Rd. microphone or have

539
00:28:04,240 --> 00:28:06,520
you been able to use other
kinds?

540
00:28:06,520 --> 00:28:08,920
Is there a specificity?
How does that look?

541
00:28:09,400 --> 00:28:12,280
Oh, great question.
Oh, I love that question because

542
00:28:12,280 --> 00:28:15,640
I have a bad case of gas and
that's gear acquisition

543
00:28:15,640 --> 00:28:17,600
syndrome.
Oh, it's so true.

544
00:28:17,720 --> 00:28:22,760
So I've used the I've used the
pod mic, I've used the Rode pod

545
00:28:22,760 --> 00:28:24,160
mic.
It worked excellently.

546
00:28:24,480 --> 00:28:29,440
I've used the Shore SM7DB.
I've got a shotgun mic I used

547
00:28:29,440 --> 00:28:31,280
for it.
And now if you caught me on the

548
00:28:31,280 --> 00:28:33,840
video today, it's not a good day
to talk about video, but I am

549
00:28:33,840 --> 00:28:37,720
using the HEIL thin mic.
So I used all of those things.

550
00:28:37,720 --> 00:28:41,600
I also have it or had it plugged
into my Mac, plugged into my

551
00:28:41,600 --> 00:28:44,760
iPhone.
So it is a very versatile tool

552
00:28:45,000 --> 00:28:48,600
that does all the things you
need to do in about an 8 by 8

553
00:28:48,600 --> 00:28:50,560
footprint.
So I really love the thing, but

554
00:28:50,800 --> 00:28:53,920
I just wanted to be able to go
to more leveling sliders with

555
00:28:53,920 --> 00:28:56,160
the Pro 2.
Now I have what, six of these

556
00:28:56,160 --> 00:28:57,880
now?
I guess six of these, it's a

557
00:28:57,880 --> 00:29:00,560
little bit bigger.
As I get a little bit older, the

558
00:29:00,560 --> 00:29:03,360
pads are a little bit bigger.
So I'm appreciating bigger pads

559
00:29:03,360 --> 00:29:05,920
and bigger dials.
And you know, it just looks cool

560
00:29:05,920 --> 00:29:08,720
on my studio desk too.
But no, the other thing that

561
00:29:08,720 --> 00:29:11,520
we're throwing into that though
is in addition to getting the

562
00:29:11,520 --> 00:29:14,040
do, and here's what I'm going to
do because I want to make sure

563
00:29:14,040 --> 00:29:17,400
somebody said I am going to grab
an SD card and throw that in

564
00:29:17,400 --> 00:29:20,040
with it, Mark.
But in addition to that, I'm

565
00:29:20,080 --> 00:29:24,680
also going to give you a one
hour complimentary coaching call

566
00:29:24,680 --> 00:29:28,640
with me to help you on
whatever's going on with your

567
00:29:28,720 --> 00:29:32,360
money side of your podcast.
I'm happy to do that and we'll

568
00:29:32,360 --> 00:29:34,560
do a monetization on it.
I'll talk to you about ways to

569
00:29:34,560 --> 00:29:37,600
monetize your podcast.
Or if you just want some ideas

570
00:29:37,600 --> 00:29:41,520
of how to structure your
finances from the podcasting

571
00:29:41,520 --> 00:29:43,080
side, I'd be happy to help you
do that.

572
00:29:43,080 --> 00:29:48,360
So all of that is included at
Podcasting Morning chat.com/duo

573
00:29:48,360 --> 00:29:50,880
Duo.
OK, so that's it,

574
00:29:50,960 --> 00:29:55,760
podcastingmerchat.com/duo.
You can go and enter to win now

575
00:29:55,760 --> 00:30:00,960
and enter often between now and
Friday, April 17th, 11:45 PM

576
00:30:00,960 --> 00:30:03,840
Eastern.
We will announce the winner that

577
00:30:03,840 --> 00:30:09,160
following Monday the 20th for
our next Money Monday edition.

578
00:30:09,560 --> 00:30:13,480
All right, so with that, Ralph,
let's dive back in to today's

579
00:30:13,480 --> 00:30:15,880
Money Monday.
Oh, thank you so much and I will

580
00:30:15,880 --> 00:30:18,240
throw this out.
One of the ways you can get more

581
00:30:18,240 --> 00:30:21,360
chances is if you share it on
your social media platform.

582
00:30:21,360 --> 00:30:24,600
So when you go to that platform,
yeah, go everyday, share with

583
00:30:24,600 --> 00:30:27,400
everybody, you know, because I
really want this to go to

584
00:30:27,400 --> 00:30:29,840
somebody.
I want it to be good, be a great

585
00:30:29,920 --> 00:30:31,280
giveaway.
But let's jump into what we were

586
00:30:31,280 --> 00:30:33,160
just talking about.
So we talked about at the

587
00:30:33,160 --> 00:30:37,520
beginning why most creators
aren't taught these skills.

588
00:30:37,720 --> 00:30:40,760
Why most creators, you know,
they struggle with this.

589
00:30:41,320 --> 00:30:43,920
But now I really want to talk
about some solutions because one

590
00:30:43,920 --> 00:30:46,680
of the things that I want to
bring this morning is a solution

591
00:30:47,040 --> 00:30:50,920
and it's what I call the 10
minute weekly money review. 10

592
00:30:50,920 --> 00:30:53,960
minutes.
I promise you, in 10 minutes you

593
00:30:53,960 --> 00:30:57,440
can conquer this whole feeling
of overwhelm, this whole feeling

594
00:30:57,680 --> 00:30:59,880
of not being ready to go with
your finances.

595
00:30:59,880 --> 00:31:01,640
Here's what you do.
I'm going to give you step by

596
00:31:01,640 --> 00:31:04,400
step.
Step number one, pick a time of

597
00:31:04,400 --> 00:31:06,680
the week and make that a sacred
time.

598
00:31:06,680 --> 00:31:08,840
Put that on your calendar.
Like, hey, it's a sponsor

599
00:31:08,840 --> 00:31:10,720
meeting, it's a brand deal
meeting, whatever works for you.

600
00:31:10,720 --> 00:31:14,400
But this is a sacred time.
You carve it out, you put it on

601
00:31:14,400 --> 00:31:15,640
your calendar.
That's the first thing.

602
00:31:15,880 --> 00:31:18,880
And when you do that, the first
thing I want you to do is just

603
00:31:18,880 --> 00:31:22,160
categorize the income that came
in for the prior week.

604
00:31:22,680 --> 00:31:26,360
Whether you got money from
YouTube, from brand deals, maybe

605
00:31:26,360 --> 00:31:29,680
you've got Patreon, maybe you've
made some affiliate income, or

606
00:31:29,680 --> 00:31:32,080
maybe you're offering services,
but just start there.

607
00:31:32,720 --> 00:31:35,280
That's the first step.
Categorize the income.

608
00:31:35,920 --> 00:31:38,880
Second step, categorize your
expenses.

609
00:31:38,880 --> 00:31:41,080
Now again, you're doing this 10
minutes a week, so this

610
00:31:41,080 --> 00:31:45,160
shouldn't feel like overwhelmed.
Categorize your gear purchases,

611
00:31:45,440 --> 00:31:48,040
any software you've bought,
those subscriptions that we all

612
00:31:48,040 --> 00:31:49,920
have, 100 subscriptions for
different things.

613
00:31:50,320 --> 00:31:53,640
Any travel you're doing, any
contractors you're paying.

614
00:31:53,960 --> 00:31:55,400
And here, don't forget about
this one.

615
00:31:55,640 --> 00:31:59,200
Any education or coaching
services that you're subscribing

616
00:31:59,200 --> 00:32:01,840
to or paying for, categorize
those expenses.

617
00:32:01,840 --> 00:32:05,200
So #1 the income.
And John, I see you're already

618
00:32:05,200 --> 00:32:08,040
overwhelmed.
John, come on now, dude, you can

619
00:32:08,040 --> 00:32:09,640
do this.
John, I promise you.

620
00:32:09,760 --> 00:32:11,600
I've listened to your show.
You can handle this.

621
00:32:11,880 --> 00:32:15,000
I promise you, John, you can do.
This John, you know, I want to

622
00:32:15,000 --> 00:32:18,360
ask if John will be interested
in coming up on stage and

623
00:32:18,360 --> 00:32:20,920
sharing a little bit of what's
overwhelming him.

624
00:32:20,920 --> 00:32:23,600
And I'm not saying that he's
wrong because if he feels that

625
00:32:23,600 --> 00:32:26,040
way, there's got to be others
that are feeling that way, too.

626
00:32:26,040 --> 00:32:28,920
And I'd love to hear a little
bit more about that, Ralph, and

627
00:32:28,920 --> 00:32:31,000
see if you can help with the
overwhelm.

628
00:32:31,000 --> 00:32:33,040
So, yeah, good morning.
Let's let's do it.

629
00:32:33,440 --> 00:32:35,160
All right, so can you guys hear
me now?

630
00:32:35,160 --> 00:32:36,480
I don't even know if you can
hear me.

631
00:32:37,880 --> 00:32:40,920
So I started this as I'm
retired.

632
00:32:40,960 --> 00:32:42,600
OK?
So I just started this as

633
00:32:42,600 --> 00:32:46,120
something to do because I'm
retired and I don't want to sit

634
00:32:46,120 --> 00:32:49,400
and watch TV all day.
And then it started to get

635
00:32:49,400 --> 00:32:52,160
expensive.
So I started offering

636
00:32:53,000 --> 00:32:58,240
podcasting, editing and I don't
make a lot of money and it I

637
00:32:58,240 --> 00:33:02,080
think it basically is a wash.
But now RAF is scaring me

638
00:33:02,240 --> 00:33:04,680
because he's like, Oh well, the
IRS says I'm like, Oh my God,

639
00:33:04,680 --> 00:33:07,000
the IRS can't they just say I'm
moving to Canada?

640
00:33:07,000 --> 00:33:09,000
Can I identify as a Canadian
please?

641
00:33:09,240 --> 00:33:13,280
Because I don't have to identify
any of this or so anyhow, so

642
00:33:13,280 --> 00:33:16,280
now, so I have some editing.
Every once in a while someone

643
00:33:16,280 --> 00:33:19,640
throws me a 5 or 10, you know,
on rumble.

644
00:33:20,080 --> 00:33:23,680
And I'm, I know I'm operating at
a loss, but I'm thinking to

645
00:33:23,680 --> 00:33:26,000
myself.
So now I'm, I'm worried about

646
00:33:26,000 --> 00:33:27,960
it.
But so now I have to go and try

647
00:33:27,960 --> 00:33:30,240
to figure this all out.
And I probably will do it

648
00:33:30,240 --> 00:33:32,560
because now I'm that I know
about it.

649
00:33:32,560 --> 00:33:34,120
You don't know about it till you
know about it.

650
00:33:34,560 --> 00:33:37,280
But I was just so happy being an
ostrich and having my head stuck

651
00:33:37,280 --> 00:33:39,000
in the sand and not worried
about it.

652
00:33:39,560 --> 00:33:42,240
Well, John, you're not the only
ostrich, my friend.

653
00:33:42,840 --> 00:33:45,960
But all that said, yeah, John,
and I'm not trying to scare you,

654
00:33:45,960 --> 00:33:49,560
but The thing is with these
platforms where you're receiving

655
00:33:49,560 --> 00:33:52,320
money, these platforms are going
to report this information to

656
00:33:52,320 --> 00:33:54,720
the IRS.
So that's really the issue,

657
00:33:54,720 --> 00:33:56,480
John.
And I totally understand where

658
00:33:56,480 --> 00:33:59,600
you're coming from, John, you
know, and it it's difficult if

659
00:33:59,600 --> 00:34:01,520
you're doing this is, hey, this
is I'm retired.

660
00:34:01,520 --> 00:34:04,440
This is a sideline business.
But what you don't want to do is

661
00:34:04,440 --> 00:34:07,600
get yourself jammed up because
of something that never was

662
00:34:07,600 --> 00:34:10,639
intended to be a big money maker
or anything like that.

663
00:34:10,639 --> 00:34:13,679
So John, that's why I say this.
If you can find 10 minutes a

664
00:34:13,679 --> 00:34:15,400
week, honestly, John, you can do
this.

665
00:34:15,679 --> 00:34:18,920
Just categorize your income.
You talked about the different

666
00:34:18,920 --> 00:34:21,040
streams.
Somebody threw you 5 from Rumble

667
00:34:21,159 --> 00:34:24,280
or they threw you maybe through
PayPal, whatever that looks

668
00:34:24,280 --> 00:34:25,360
like.
Just categorize that.

669
00:34:25,360 --> 00:34:28,239
And then whatever you spent this
week, listen, you don't have to

670
00:34:28,239 --> 00:34:32,159
go buy or go get a separate bank
account just for a business.

671
00:34:32,639 --> 00:34:35,159
You could set up a sub account
of your checking account.

672
00:34:35,480 --> 00:34:38,520
You can go get a credit card, or
maybe you already have a credit

673
00:34:38,520 --> 00:34:39,920
card.
I'm going to call this my

674
00:34:39,920 --> 00:34:43,120
business credit card.
But just do that, categorize it,

675
00:34:43,120 --> 00:34:46,239
put all the income into that,
put all the expenses from that.

676
00:34:46,520 --> 00:34:50,159
And really the third step in
this channel of 10 minutes is

677
00:34:50,320 --> 00:34:53,120
start to take receipts.
Picture the receipts, take a

678
00:34:53,120 --> 00:34:55,960
picture of them.
All of us carry around a very

679
00:34:55,960 --> 00:34:59,800
expensive phone in our pocket.
Snap a photo of that, upload it,

680
00:34:59,800 --> 00:35:03,920
put it somewhere, and the last
step in this weekly check in is

681
00:35:03,920 --> 00:35:07,240
check your cash position.
So really ask yourself three

682
00:35:07,240 --> 00:35:10,400
basic questions.
Listen John, I promise you, if

683
00:35:10,400 --> 00:35:13,280
you can ask yourself these three
questions, you can do the 10

684
00:35:13,280 --> 00:35:17,160
minute check in.
What came in, what went out and

685
00:35:17,160 --> 00:35:19,600
what's left.
That's really the whole system.

686
00:35:19,960 --> 00:35:22,240
As you're sitting here talking
about it, it really isn't that

687
00:35:22,240 --> 00:35:24,320
big of a deal.
I do have a credit card that I

688
00:35:24,320 --> 00:35:25,920
don't even really use.
It's just sitting there for

689
00:35:25,920 --> 00:35:28,160
emergencies.
I could turn that into the the

690
00:35:28,160 --> 00:35:30,680
podcasting card where I just put
everything and then I would know

691
00:35:30,680 --> 00:35:32,760
where, whatever, what everything
I use.

692
00:35:32,760 --> 00:35:34,240
I don't even know what I pay
for.

693
00:35:34,320 --> 00:35:36,000
I'll be honest with you, I have
no idea what I pay for.

694
00:35:36,000 --> 00:35:41,560
I pay for some AI stuff.
I pay for things for voice

695
00:35:41,560 --> 00:35:43,640
overs, you know, I pay for all
kinds of stuff.

696
00:35:43,640 --> 00:35:46,280
I just throw it out there and
then what comes in, what comes

697
00:35:46,280 --> 00:35:48,160
in and what's left over.
I just, you know, pay for

698
00:35:48,160 --> 00:35:49,840
myself.
So I don't know.

699
00:35:49,840 --> 00:35:54,080
And also I have GAS too.
I have gear syndrome where I go

700
00:35:54,080 --> 00:35:57,120
out and buy all kinds of gear so
I have that also.

701
00:35:57,760 --> 00:36:00,360
And John, I think what you just
said makes a lot of sense.

702
00:36:00,360 --> 00:36:06,040
I don't think people realize how
many little $5 and $10 and $15

703
00:36:06,240 --> 00:36:08,800
subscriptions and all that are
running out the door every

704
00:36:08,800 --> 00:36:11,720
month.
And so that's the other clear

705
00:36:11,720 --> 00:36:15,560
take away from this is you start
to get a vision of what's going

706
00:36:15,560 --> 00:36:17,520
on and where your money's
actually being spent.

707
00:36:18,000 --> 00:36:20,640
I have worked with some content
creators that didn't realize

708
00:36:20,880 --> 00:36:22,680
just how much they were
spending.

709
00:36:22,840 --> 00:36:26,160
I had one particular guy, he had
like 15 different AI

710
00:36:26,160 --> 00:36:28,640
subscriptions because he bought
this 10.

711
00:36:28,640 --> 00:36:30,240
This is the newest one, This is
the flashy one.

712
00:36:30,240 --> 00:36:32,480
I really like this one.
But then this one had a

713
00:36:32,480 --> 00:36:34,920
different bell and whistle.
So that's the thing I think

714
00:36:34,920 --> 00:36:38,120
you're going to find is you're
going to discover what happened

715
00:36:38,120 --> 00:36:41,040
with your money.
And I think there's a lot of

716
00:36:41,040 --> 00:36:43,960
value in understanding what
happened with your money.

717
00:36:43,960 --> 00:36:45,200
Does that make sense to you,
John?

718
00:36:45,360 --> 00:36:48,960
Yeah, it does.
It's just one of those things is

719
00:36:49,280 --> 00:36:51,160
I don't know how to explain it
except I'm going to spend it

720
00:36:51,160 --> 00:36:53,160
this way.
It's like you're afraid you have

721
00:36:53,160 --> 00:36:55,040
cancer, but you don't want to
know you have cancer.

722
00:36:55,040 --> 00:36:56,560
So you don't go and you don't
go.

723
00:36:57,120 --> 00:36:59,000
You like stick in your head and
say you don't want to know how

724
00:36:59,000 --> 00:37:01,920
much money you're dumping into
this or if you're making any

725
00:37:01,920 --> 00:37:05,680
money at it.
I would imagine I, I know I

726
00:37:05,680 --> 00:37:07,400
can't be the only person that
does this.

727
00:37:07,400 --> 00:37:09,800
I can relate to this.
John, I can relate to this.

728
00:37:09,920 --> 00:37:13,080
Yeah, I totally relate to
exactly what you just said.

729
00:37:13,520 --> 00:37:15,360
So I don't think you're alone
here.

730
00:37:15,360 --> 00:37:17,280
And also Sid wants to chime in
as well.

731
00:37:17,280 --> 00:37:18,840
So let's let's check in with
Sid.

732
00:37:18,880 --> 00:37:21,600
Go ahead.
I just have a question for John.

733
00:37:21,600 --> 00:37:23,640
John, do you have a separate
business that you're running

734
00:37:23,640 --> 00:37:27,240
your podcasting stuff through or
are you just putting it all into

735
00:37:27,240 --> 00:37:29,800
your personal?
It's just all into my personal

736
00:37:30,320 --> 00:37:31,840
Yeah, I don't have anything.
Curious.

737
00:37:32,120 --> 00:37:33,840
There was no follow up, just
curious, Sid.

738
00:37:34,280 --> 00:37:36,760
No, not really.
I mean, but it does sound like

739
00:37:36,760 --> 00:37:39,560
to me that as John starting to
do more and more things, he

740
00:37:39,560 --> 00:37:42,480
should probably set up a
business to separate the 2.

741
00:37:43,640 --> 00:37:45,920
But that's I mean, that's what I
would do.

742
00:37:45,920 --> 00:37:47,760
I don't know what advice Ralph
would offer.

743
00:37:47,760 --> 00:37:49,080
I would.
Sit.

744
00:37:49,080 --> 00:37:51,840
I 100% agree with you.
I think John is in a position to

745
00:37:51,840 --> 00:37:54,200
do just that for really two
reasons.

746
00:37:54,440 --> 00:37:58,800
Reason #1 to prevent any
liability exposure.

747
00:37:58,920 --> 00:38:02,680
You don't want to subject all
your personal assets or personal

748
00:38:02,680 --> 00:38:04,760
things to this.
And second thing, I think it

749
00:38:04,760 --> 00:38:06,760
would help you get more
organized, John.

750
00:38:06,760 --> 00:38:09,840
And honestly, John, the other
side of this, it might provide

751
00:38:09,840 --> 00:38:12,960
for some nice side income in
retirement because you're going

752
00:38:12,960 --> 00:38:16,040
to put yourself out there with a
little bit more professionalism

753
00:38:16,160 --> 00:38:17,880
from the business structure
perspective.

754
00:38:17,880 --> 00:38:20,400
And I think sometimes we
overthink that one, but I think

755
00:38:20,400 --> 00:38:24,360
there's a legitimate part to
that and that is having a LLC

756
00:38:24,360 --> 00:38:26,720
and it's, listen, it doesn't
have to take a lot of money to

757
00:38:26,720 --> 00:38:28,280
do it.
You know, you're welcome to

758
00:38:28,280 --> 00:38:31,440
reach out to me.
I'm happy to do I, I know a

759
00:38:31,440 --> 00:38:33,200
couple of people here in the
community have reached out.

760
00:38:33,360 --> 00:38:37,520
I do free 15 minute discovery
calls where you can, we'll sit

761
00:38:37,520 --> 00:38:38,880
and talk about what you got
going on.

762
00:38:38,880 --> 00:38:41,680
I can make some recommendations.
So I think I'm going to trumpet

763
00:38:41,680 --> 00:38:43,720
what you said said, I think,
John, you're in the position

764
00:38:43,720 --> 00:38:46,400
where it probably makes sense to
start thinking about carving

765
00:38:46,400 --> 00:38:49,120
this out as something separate.
All right, so I'm going to just,

766
00:38:49,440 --> 00:38:53,000
I'm going to fall on the knife.
So I actually did set up an LLC.

767
00:38:53,360 --> 00:38:57,160
I haven't done anything with it.
I have the name and I have

768
00:38:57,160 --> 00:38:59,720
everything set up, but I just
don't do anything with it.

769
00:38:59,720 --> 00:39:03,280
I've had it for two years now.
Well, and, and John, that's

770
00:39:03,280 --> 00:39:05,000
something you and I could
certainly talk about.

771
00:39:05,280 --> 00:39:08,720
The problem with a lot of people
setting up their own LLCS, and I

772
00:39:08,720 --> 00:39:12,480
see this almost once or twice a
week, is if you don't set it up

773
00:39:12,480 --> 00:39:16,000
the right way from the front
end, it doesn't help you and it

774
00:39:16,000 --> 00:39:17,720
doesn't help you at all if you
don't use it.

775
00:39:17,760 --> 00:39:20,240
And I'm not picking on you,
John, you and I are friends.

776
00:39:20,360 --> 00:39:22,360
We, we're, we're good.
But I'm just saying like, it's

777
00:39:22,360 --> 00:39:26,080
great to have it #1 is it set up
correctly to benefit you both

778
00:39:26,080 --> 00:39:28,360
from a liability and a tax
perspective?

779
00:39:28,640 --> 00:39:30,560
And secondarily, are you using
it?

780
00:39:30,880 --> 00:39:33,960
If you're not using it, then you
you're spending money every year

781
00:39:33,960 --> 00:39:37,400
for franchise taxes and
licensing and all that, assuming

782
00:39:37,400 --> 00:39:39,640
you're doing that and it's not
helping you at all.

783
00:39:41,120 --> 00:39:45,080
No, I'm a wreck now.
I wish I'd never listened this

784
00:39:45,080 --> 00:39:46,920
morning, but no, I appreciate
it.

785
00:39:47,840 --> 00:39:50,400
Now that's not a glowing
endorsement, John.

786
00:39:53,440 --> 00:39:56,160
And listen, I'm a true
confession here, true confession

787
00:39:56,160 --> 00:39:58,200
from an accountant.
You know what they talk about

788
00:39:58,200 --> 00:40:00,560
people who are builders and
carpenters, you never build your

789
00:40:00,560 --> 00:40:02,440
own stuff.
Well, true confession is from

790
00:40:02,440 --> 00:40:05,400
the accounting perspective.
I, you know, I'm one of those

791
00:40:05,400 --> 00:40:07,480
guys that procrastinates and
lets this stuff go.

792
00:40:07,480 --> 00:40:11,480
And I, I think that's where the
10 minute weekly check in really

793
00:40:11,680 --> 00:40:14,960
is where you can really start to
see what's going on here because

794
00:40:14,960 --> 00:40:18,840
you got to start looking at this
as ACEO of your own business.

795
00:40:19,240 --> 00:40:20,920
And yes, it can still be a
hobby.

796
00:40:21,120 --> 00:40:24,160
It can still be a small thing,
but you've got to be able to

797
00:40:24,160 --> 00:40:26,360
know where your money's going
because you, like John said, you

798
00:40:26,360 --> 00:40:28,960
know, you might not realize how
much money you're actually

799
00:40:28,960 --> 00:40:31,920
spending on a hobby.
And next thing you know, you've

800
00:40:31,920 --> 00:40:34,800
got a credit card that's got a
high balance, or you're noticing

801
00:40:34,800 --> 00:40:37,520
your savings account is
trickling down because of all

802
00:40:37,520 --> 00:40:40,320
the things you're buying.
And a lot of times you've got

803
00:40:40,320 --> 00:40:42,560
subscriptions and stuff that
you're just not using anymore.

804
00:40:42,560 --> 00:40:45,040
So why give them your money?
I agree 100%.

805
00:40:45,040 --> 00:40:47,680
Sorry, yes I do.
Go ahead BC I saw you want to

806
00:40:47,680 --> 00:40:50,040
make a comment.
You just want to add 1 thing and

807
00:40:50,040 --> 00:40:51,880
I know Ralph will agree with
this 100%.

808
00:40:52,280 --> 00:40:55,040
Even if you're not actively
using your LLC, be sure you're

809
00:40:55,040 --> 00:40:58,680
filing your annual report anyway
because even if you're not using

810
00:40:58,680 --> 00:41:01,760
it, it's not bringing in revenue
yet you still have to file.

811
00:41:02,040 --> 00:41:03,880
I personally I will give this
away.

812
00:41:04,200 --> 00:41:08,520
I just pulled my company out of
disillusion because I didn't

813
00:41:08,520 --> 00:41:11,760
file for the past few years
because I wasn't making money.

814
00:41:12,280 --> 00:41:14,360
I didn't realize that it was
still a necessity.

815
00:41:14,600 --> 00:41:17,600
So just to let you know, that is
a thing, especially at least in

816
00:41:17,600 --> 00:41:18,520
North Carolina.
I'm not sure.

817
00:41:18,520 --> 00:41:21,560
I'm not sure where you are,
John, but keep that in mind.

818
00:41:21,720 --> 00:41:27,640
Yeah, I guess my, I started mine
in Delaware and again, I, I it

819
00:41:27,640 --> 00:41:29,160
just sits there.
I don't even know what you know,

820
00:41:29,160 --> 00:41:32,680
like I said, they said, they
said people say, oh, make an

821
00:41:32,680 --> 00:41:34,800
LLC, it's easy.
Just make it so it's just what

822
00:41:34,800 --> 00:41:37,000
what I did.
But again, here it is.

823
00:41:37,000 --> 00:41:40,640
You just said normal person.
Excuse me, a normal person and

824
00:41:40,640 --> 00:41:43,000
they say start at LLC.
So you start it and you're not

825
00:41:43,000 --> 00:41:44,640
using it and you forget about
it.

826
00:41:44,760 --> 00:41:46,680
Matter of fact, I didn't even
think about it until you guys

827
00:41:46,680 --> 00:41:48,640
were talking about LLCS.
And I'm like, Oh yeah, you know,

828
00:41:48,640 --> 00:41:51,600
I do have one, so.
Yeah, and BC you're absolutely

829
00:41:51,600 --> 00:41:52,920
right.
I'm in Delaware.

830
00:41:52,920 --> 00:41:55,560
I set up Delaware LLCS for
people all over the country.

831
00:41:55,880 --> 00:41:59,080
And yes, there's an annual
franchise tax that has to be

832
00:41:59,080 --> 00:42:01,240
paid in Delaware.
It's every June 1st.

833
00:42:01,720 --> 00:42:04,360
Every state has those.
If you don't pay your franchise

834
00:42:04,360 --> 00:42:07,200
tax and if you don't have what's
called a registered agent.

835
00:42:07,200 --> 00:42:09,160
I don't want to get into the
weeds, but registered agent is

836
00:42:09,160 --> 00:42:13,720
basically someone who is a
process of person that they call

837
00:42:13,720 --> 00:42:16,120
on.
If you have an LLC, if you don't

838
00:42:16,120 --> 00:42:20,080
pay those, what happens is the
states basically put you into

839
00:42:20,080 --> 00:42:23,160
what's called dissolution, where
they basically fine you out of

840
00:42:23,160 --> 00:42:27,880
existence and then you don't
actually have an LLCBC.

841
00:42:27,880 --> 00:42:29,880
I'll throw one more thing out
there since you mentioned it.

842
00:42:30,400 --> 00:42:34,240
Understand that LLCS, S Corps
and all that are at the state

843
00:42:34,240 --> 00:42:36,960
level.
So they're only valid in the

844
00:42:36,960 --> 00:42:38,880
state in which you are
operating.

845
00:42:39,320 --> 00:42:42,080
And it gets kind of complicated
with content creation because

846
00:42:42,080 --> 00:42:43,600
where are you actually
operating?

847
00:42:43,600 --> 00:42:46,800
But that's where you really need
to go and meet with somebody who

848
00:42:46,800 --> 00:42:49,520
understands these things.
If you've already got one set

849
00:42:49,520 --> 00:42:51,440
up, that's fine.
We'll take a look at where it is

850
00:42:51,440 --> 00:42:52,960
and what we can do to help you
do it.

851
00:42:52,960 --> 00:42:56,440
But yeah, just because, and this
is the problem, John, a lot of

852
00:42:56,440 --> 00:43:00,120
people throw it out there on
Reddit and Facebook and oh, go

853
00:43:00,120 --> 00:43:02,200
get an LLC.
But they don't tell you why,

854
00:43:02,320 --> 00:43:04,600
they don't tell you how to do
it, and they certainly don't

855
00:43:04,600 --> 00:43:07,200
give you any guidelines about
how to keep up with those

856
00:43:07,200 --> 00:43:09,440
things.
And it's super important that if

857
00:43:09,440 --> 00:43:11,680
you're going to have it, that
you're going to use it to your

858
00:43:11,680 --> 00:43:14,000
benefit, especially if you're
going to pay for it every year.

859
00:43:14,520 --> 00:43:18,040
Ralph, we have two people that
want to chime in here, Dr. And

860
00:43:18,040 --> 00:43:21,600
then Sid.
So go for it Dr. Yeah, I have

861
00:43:21,600 --> 00:43:26,760
wanted been wanting to get on
that quarterly payment kind of

862
00:43:26,760 --> 00:43:31,000
ritual, but I think I remember
you saying one time that you are

863
00:43:31,000 --> 00:43:32,920
not a fan of that.
Do I have that right?

864
00:43:33,120 --> 00:43:35,440
Well, I'll answer that with a
yes and no.

865
00:43:35,920 --> 00:43:40,240
OK.
If you have consistent content

866
00:43:40,480 --> 00:43:45,200
income coming in, you probably
need to do it quarterly because

867
00:43:45,200 --> 00:43:47,000
the IRS wants to get paid as you
go.

868
00:43:47,520 --> 00:43:51,200
So, but if it's not consistent,
then DRI would make the argument

869
00:43:51,200 --> 00:43:53,920
that it's not necessary.
But I don't want to overspeak

870
00:43:53,920 --> 00:43:57,240
and say you don't have to do it.
What I'm going to say is the IRS

871
00:43:57,240 --> 00:44:00,800
is expecting that if you don't
do it, they actually will charge

872
00:44:00,800 --> 00:44:04,080
you a penalty for not making
what they call estimated taxes

873
00:44:04,080 --> 00:44:06,240
throughout the year.
But Dr. the bigger issue and

874
00:44:06,240 --> 00:44:09,320
really the core of today issue
is how do you know what the

875
00:44:09,320 --> 00:44:12,360
income and expenses and net
income are if you don't have a

876
00:44:12,360 --> 00:44:13,800
system?
But no, Dr., to answer your

877
00:44:13,800 --> 00:44:16,120
question, I don't want to say
no.

878
00:44:16,360 --> 00:44:19,560
I'm just going to say that I
tend to look at the third,

879
00:44:19,560 --> 00:44:22,840
fourth quarter payments a little
bit more seriously because then

880
00:44:22,840 --> 00:44:25,040
I kind of have a better idea of
what's really happened

881
00:44:25,040 --> 00:44:27,640
throughout the year.
OK, I see.

882
00:44:27,880 --> 00:44:31,240
Thank you, Dr. Thank you, Ralph.
Sid, you had something?

883
00:44:31,720 --> 00:44:34,520
Actually, that was Pop the
Pepper up by accident.

884
00:44:34,520 --> 00:44:36,680
I was just celebrating
something, Ralph said.

885
00:44:36,680 --> 00:44:39,440
And I hit the wrong emoji, so
I'm good.

886
00:44:39,800 --> 00:44:41,400
OK, no problem.
I said what?

887
00:44:41,400 --> 00:44:43,240
What were you celebrating?
Tell me what you were

888
00:44:43,240 --> 00:44:44,440
celebrating.
I like to see when I'm

889
00:44:44,440 --> 00:44:45,680
celebrating.
That makes me feel.

890
00:44:45,720 --> 00:44:48,360
Good.
Oh, you were talking about the

891
00:44:48,360 --> 00:44:52,360
state of Delaware requiring the
annual report and their fee.

892
00:44:52,360 --> 00:44:55,960
We have so by three businesses,
two of them are incorporated in

893
00:44:55,960 --> 00:44:59,840
Texas, but one of them is
incorporated in Delaware and

894
00:45:00,560 --> 00:45:04,680
Delaware charges you $500 a year
with that tax that you have to

895
00:45:04,680 --> 00:45:07,360
pay.
So I was just, I was agreeing

896
00:45:07,360 --> 00:45:09,600
with you celebrating that.
Yes, you have to be sure you're

897
00:45:09,600 --> 00:45:13,520
filing because they got to, they
got to get their money and you

898
00:45:13,520 --> 00:45:17,200
got to have an agent.
And my, my partner is leaving

899
00:45:17,200 --> 00:45:20,120
Delaware and she's moving to
Florida.

900
00:45:20,120 --> 00:45:23,600
So we now have an agent to
represent us there to get the

901
00:45:23,600 --> 00:45:25,320
stuff in the mail.
So.

902
00:45:26,120 --> 00:45:27,520
Yeah.
And and since it's been brought

903
00:45:27,520 --> 00:45:30,040
up a couple times, let me
mention what a registered agent

904
00:45:30,040 --> 00:45:32,680
is.
So when you have an LLC or a

905
00:45:32,680 --> 00:45:35,640
corporation that is an
artificial entity, it's not a

906
00:45:35,640 --> 00:45:38,520
person.
So every state requires you to

907
00:45:38,520 --> 00:45:41,880
have a person that they can send
mail to.

908
00:45:42,080 --> 00:45:44,600
That is what's called your
registered agent.

909
00:45:44,880 --> 00:45:48,320
So I act as a registered agent
for hundreds of companies here

910
00:45:48,320 --> 00:45:51,160
in Delaware because it's
something you have to have.

911
00:45:51,160 --> 00:45:54,320
But no Sid's right.
In Delaware, if you've got an S

912
00:45:54,320 --> 00:45:58,240
corporation, the annual fee
basically is $225.

913
00:45:58,520 --> 00:46:01,280
And if you're an LLC, it's $300
per year.

914
00:46:01,280 --> 00:46:02,840
Now, I'm not sure why you're
paying 500.

915
00:46:02,840 --> 00:46:05,240
There could be some other
reasons for that, but there is a

916
00:46:05,240 --> 00:46:06,600
fee.
So you've got to factor that

917
00:46:06,600 --> 00:46:09,320
into the decision part.
Thank you.

918
00:46:09,920 --> 00:46:11,960
Oh, go ahead, John.
I got a question.

919
00:46:11,960 --> 00:46:16,360
So how do I what if I just want
to dissolve the LLC since I

920
00:46:16,360 --> 00:46:20,520
haven't been using it?
So actually, if you've not been

921
00:46:20,520 --> 00:46:23,880
using it and you haven't paid
your franchise taxes, it

922
00:46:23,880 --> 00:46:26,520
basically dies on the vine
itself, John.

923
00:46:26,840 --> 00:46:30,560
So if you went to the Delaware
Division of Corporations website

924
00:46:30,880 --> 00:46:34,760
and you put check my entity
status, it will basically tell

925
00:46:34,760 --> 00:46:37,880
you whether you're in what now?
The states call it in good

926
00:46:37,880 --> 00:46:40,160
standing.
But what I tell clients is if

927
00:46:40,160 --> 00:46:42,880
you don't want to bother with it
anymore, just quit paying them.

928
00:46:43,600 --> 00:46:45,560
Once you quit paying them,
they're not going to come after

929
00:46:45,560 --> 00:46:49,640
you for the money, but they will
let that LLC go away and at some

930
00:46:49,640 --> 00:46:51,960
point they basically find it out
of existence.

931
00:46:52,600 --> 00:46:54,320
I finally did something right.
OK, they.

932
00:46:54,840 --> 00:46:58,720
Did something right.
All right, Ralph, anything else

933
00:46:58,720 --> 00:47:00,840
for us?
Well, the other thing I just

934
00:47:00,840 --> 00:47:04,040
wanted to mention is I want to
answer DRS question from earlier

935
00:47:04,040 --> 00:47:07,720
because she mentioned that she
wanted to know how much to pay

936
00:47:07,720 --> 00:47:09,800
yourself.
So DRI want to take about two

937
00:47:09,800 --> 00:47:11,040
minutes and answer that
question.

938
00:47:11,480 --> 00:47:14,560
So now that everyone has agreed
that this 10 minute month, a

939
00:47:14,560 --> 00:47:19,040
weekly check in is a good idea.
Dr. What I believe in is the

940
00:47:19,040 --> 00:47:24,000
profit first principle and that
is come up with a percentage at

941
00:47:24,000 --> 00:47:26,880
the front end that you are going
to pay yourself from every

942
00:47:26,880 --> 00:47:30,320
week's income.
So that way you know, hey, and

943
00:47:30,320 --> 00:47:31,360
and that can be something you
pick.

944
00:47:31,360 --> 00:47:32,520
I think you should have two
things.

945
00:47:32,520 --> 00:47:35,640
I think you should have a tax
vault where you decide what your

946
00:47:35,640 --> 00:47:38,720
tax percentage is going to be.
And it depends on your

947
00:47:38,720 --> 00:47:41,240
particular situation.
So every Friday or every day,

948
00:47:41,240 --> 00:47:43,840
every week, when you do this,
you take a percentage and you

949
00:47:43,840 --> 00:47:45,880
carve out that percentage to
your taxable.

950
00:47:46,280 --> 00:47:50,160
The second carve out is carving
out money for yourself.

951
00:47:50,640 --> 00:47:52,880
And that's got to be what it's
got to be based on what's going

952
00:47:52,880 --> 00:47:55,200
on on the ground.
But I think that's how you solve

953
00:47:55,200 --> 00:47:59,640
that problem, Dr. And it's that
whole concept of profit first,

954
00:48:00,080 --> 00:48:02,320
because what happens with a lot
of people, and this isn't just

955
00:48:02,320 --> 00:48:06,040
content creators, a lot of
people profit less whatever's

956
00:48:06,040 --> 00:48:07,680
leftover, then that's what they
go and spend.

957
00:48:07,680 --> 00:48:10,080
And that creates all kinds of
problems for people.

958
00:48:10,400 --> 00:48:13,960
So DRI, hope this helps you, but
I believe in carve out the tax

959
00:48:13,960 --> 00:48:17,040
piece so the tax man gets paid.
And then the second piece is

960
00:48:17,040 --> 00:48:20,400
carve out your percentage so
that you get paid because you're

961
00:48:20,400 --> 00:48:23,120
going to burn out in your
business if you're not getting

962
00:48:23,120 --> 00:48:25,720
anything from it.
And when you carve it out and

963
00:48:25,720 --> 00:48:28,320
you put it into a separate
account, then you know that's

964
00:48:28,320 --> 00:48:32,080
the money that I can spend on,
you know you like Absumo, right?

965
00:48:32,200 --> 00:48:33,800
So you can spend all those
things on.

966
00:48:33,800 --> 00:48:36,360
Now that's a bad example because
probably Absumo could be a

967
00:48:36,360 --> 00:48:38,360
business expense.
Let's pick something different.

968
00:48:38,600 --> 00:48:41,600
But at whatever you want to
spend your own personal monies

969
00:48:41,600 --> 00:48:44,040
on when you go to the grocery
store to buy eggs to cook or

970
00:48:44,040 --> 00:48:45,920
whatever you and your husband
want to do.

971
00:48:46,480 --> 00:48:49,720
If you're setting that money
aside, DRI think that makes it a

972
00:48:49,720 --> 00:48:50,880
little clearer.
Does that help?

973
00:48:50,880 --> 00:48:55,800
Dr. It does.
And I do have a tax vault set

974
00:48:55,800 --> 00:48:57,480
aside.
There's right now there's about

975
00:48:57,480 --> 00:49:02,400
$5000 in it.
I have my bank Sofi.

976
00:49:02,880 --> 00:49:07,440
It automatically transfers about
$250 every month over into the

977
00:49:07,440 --> 00:49:11,160
vault.
But my problem is, is I don't

978
00:49:11,160 --> 00:49:15,080
know how much to pay myself.
I don't know what the types of

979
00:49:15,080 --> 00:49:20,080
questions to ask myself to
figure out how much to pay

980
00:49:20,080 --> 00:49:22,120
myself.
Well, I think that's a great

981
00:49:22,120 --> 00:49:24,640
question and I if we didn't have
two minutes left, we could talk

982
00:49:24,640 --> 00:49:25,800
about that today.
Dr. But.

983
00:49:26,960 --> 00:49:30,000
And again, Dr. honestly, that
depends on your situation.

984
00:49:30,360 --> 00:49:32,600
It depends on how much money is
left.

985
00:49:32,600 --> 00:49:34,360
I mean, honestly, I'm a
capitalist.

986
00:49:34,520 --> 00:49:36,600
I think you want to pay yourself
as much as you can.

987
00:49:36,960 --> 00:49:41,160
And here's the simple answer,
Dr. If you've carved out enough

988
00:49:41,160 --> 00:49:45,040
for taxes and you've carved out
enough to pay your bills for

989
00:49:45,040 --> 00:49:47,680
this month, you know your
subscriptions, you gotta pay for

990
00:49:47,680 --> 00:49:51,600
any equipment, any cost with
your business, then honestly, at

991
00:49:51,600 --> 00:49:54,160
that point, everything else is
yours.

992
00:49:54,800 --> 00:49:58,960
So spend it as you see fit.
So I hope that answers your

993
00:49:58,960 --> 00:50:00,800
question.
So simple example, let's just

994
00:50:00,800 --> 00:50:03,200
say you have $1000 that comes in
this week.

995
00:50:03,840 --> 00:50:07,640
If you put out 25% for taxes,
that's $250.

996
00:50:08,000 --> 00:50:10,520
That leaves $750.
They say never do math on a

997
00:50:10,520 --> 00:50:12,080
podcast, but I'm gonna make it
work.

998
00:50:12,640 --> 00:50:15,760
That leaves $750.
And then you say, well, I've got

999
00:50:15,760 --> 00:50:19,320
to pay this subscription.
Let's just say another $250 is

1000
00:50:19,320 --> 00:50:21,440
going out for bills you've
already agreed to.

1001
00:50:21,680 --> 00:50:25,640
That leaves you $500 to me.
That's your money.

1002
00:50:25,880 --> 00:50:29,360
Carve that out, put it into your
personal, you know, set aside

1003
00:50:29,360 --> 00:50:31,720
account and that's what you can
spend simple.

1004
00:50:31,920 --> 00:50:36,440
It's the revenue, the the net
revenue minus the tax vault

1005
00:50:36,880 --> 00:50:38,720
minus whatever expenses are
still coming.

1006
00:50:38,720 --> 00:50:42,600
And that's why this weekly check
in is so vital because you're

1007
00:50:42,600 --> 00:50:46,000
going to ask yourself those
three questions, what came in,

1008
00:50:46,120 --> 00:50:48,840
what went out, and what is my
cash position?

1009
00:50:49,320 --> 00:50:51,400
Because when you ask those three
questions, you're going to be

1010
00:50:51,400 --> 00:50:53,800
able to look at this and say,
OK, here is objective

1011
00:50:53,800 --> 00:50:57,040
information that I can use to
make decisions for the next

1012
00:50:57,040 --> 00:50:58,480
week.
And you don't find yourself

1013
00:50:58,480 --> 00:51:01,760
struggling and going in backward
directions.

1014
00:51:03,080 --> 00:51:04,680
I see.
Thank you, Ralph.

1015
00:51:04,760 --> 00:51:06,920
I appreciate it.
Oh, you're welcome anytime.

1016
00:51:07,520 --> 00:51:10,400
Thank you, Ralph.
So any, anything else from you

1017
00:51:10,400 --> 00:51:14,440
Ralph, before we wrap up today?
I just wanted to say this, I'm

1018
00:51:14,440 --> 00:51:18,120
really excited about the topic
that I'm talking about today and

1019
00:51:18,160 --> 00:51:22,360
I am sincere in saying if you
want to get on my calendar for a

1020
00:51:22,440 --> 00:51:26,080
free 15 minute conversation,
we'll put a link in the show

1021
00:51:26,080 --> 00:51:29,120
notes to do that.
But I'm passionate about this

1022
00:51:29,480 --> 00:51:32,760
and I will help you figure out a
plan for you because everybody's

1023
00:51:32,760 --> 00:51:34,760
different.
Everybody comes to this with

1024
00:51:34,760 --> 00:51:37,880
different situations, different
reasons for what they're doing.

1025
00:51:38,160 --> 00:51:41,360
Let me work with you to help you
build something and then you

1026
00:51:41,360 --> 00:51:44,040
can, then you won't feel
overwhelmed anymore.

1027
00:51:44,200 --> 00:51:46,680
You'll be like Sid who feels
very confident about his

1028
00:51:46,680 --> 00:51:49,320
finances.
And that way we can move forward

1029
00:51:49,320 --> 00:51:52,600
with a plan because again, this
isn't something that you were

1030
00:51:52,600 --> 00:51:54,200
taught.
So don't judge yourself.

1031
00:51:54,200 --> 00:51:57,760
Don't beat yourself up about it.
But now that you know, you know,

1032
00:51:57,760 --> 00:51:58,960
and you got to do something
about it.

1033
00:51:59,200 --> 00:52:02,920
Yeah, be a Sid, don't be a John.
John.

1034
00:52:04,840 --> 00:52:06,720
I'm going to throw out, I'm
going to throw out something

1035
00:52:06,720 --> 00:52:08,560
from John's show.
You're not wrong, John.

1036
00:52:09,080 --> 00:52:13,480
You're not wrong.
John, thank you for coming up

1037
00:52:13,480 --> 00:52:17,720
today and and sharing and being
so candid and open about your

1038
00:52:17,720 --> 00:52:19,920
situation.
I think honestly, a lot of

1039
00:52:19,920 --> 00:52:24,160
creators are in similar
positions, can relate to what

1040
00:52:24,160 --> 00:52:26,600
you're sharing today.
So thank you for being that

1041
00:52:26,600 --> 00:52:29,360
person today.
I think it really added a lot to

1042
00:52:29,360 --> 00:52:33,080
this conversation.
And Ralph, thank you for hosting

1043
00:52:33,080 --> 00:52:36,560
this conversation today and of
course, for also offering up

1044
00:52:36,560 --> 00:52:41,840
your Rd. caster duo, which
people can apply or enter to to

1045
00:52:41,840 --> 00:52:45,880
get their chance at your duo.
Just go to

1046
00:52:45,880 --> 00:52:49,880
podcastingmorningchat.com/duo.
And a reminder, we're back

1047
00:52:49,880 --> 00:52:52,200
tomorrow talking all things
podcasting.

1048
00:52:52,320 --> 00:52:56,040
And if you have a question about
your podcasting journey that you

1049
00:52:56,040 --> 00:52:59,560
want opinions from other
seasoned podcasters, by all

1050
00:52:59,560 --> 00:53:03,000
means bring that tomorrow.
Or you can always go to our

1051
00:53:03,000 --> 00:53:06,280
website and send in your
question to us, and we'll be

1052
00:53:06,280 --> 00:53:09,960
happy to read that on this show
at a later time.

1053
00:53:10,240 --> 00:53:14,480
So until tomorrow, make it a
great day everybody take care.