Charting a Legacy: Navigating the Waters of Financial Literacy and Asset Protection with Scherrie

Speaker 1: 0:04

Hello and welcome to Underdogs, bootstrapers and Game Changers. This is for those of you that are starting with nothing and using business to change their stars, motivating people who disrupted industry standards. This is the real side of business. This isn't Shark Tank. My aim with this podcast is to take away some of the imaginary roadblocks that are out there. I want to help more underdogs, because underdogs are truly who change the world. This is part of our content for good initiative. All the proceeds from the monetization of this podcast will go to charitable causes. It's for the person that wants it. Hello and welcome to another episode of Underdogs, bootstrapers and Game Changers, episode six. And I'm so excited today because I have shreeprints and you know. One point I want to make in this little intro here is the power of podcasting, the power of networking, the power of making new friends, and I was on Shreve's podcast a couple of weeks ago. I felt like we hit it off and we became kind of friends immediately and I don't even know where that connection could go at some point, but it's already led to a great discussion once. I'm going to have her help today to explain another amazing subject matter to help you Bootstrapers at home. Shreve is an incredible person. I can see her warm heart when we had our last discussion, so that's what's so great. She's tied to this thing that happened to her growing up is where I'm going to kind of focus today. And her family had a lot of land and basically, if you will, kind of this hand handed down homestead that was lost in the process to the family, and this made you grow up and want to do more to understand financial literacy, to understand protections, to understand law, and that led to Shreve being a lawyer and she's working a lot with entrepreneurs and that's why I thought she would be amazing to have on, because her heart shows to me and, at the same time, one of the biggest things in business is going to be financial literacy. So if you want to learn more about Shreve as a person, she is absolutely amazing. But today we're going to focus strictly on the knowledge, and so we're going to dive right into it. Shreve, thanks so much for coming.

Speaker 2: 2:21

Thanks for having me, Tyler.

Speaker 1: 2:23

I always want to give this glowing. Especially like somebody like you has so much background, it can only do it in so many minutes and still have enough time to get the subject matter. But thank you so much for being on. I appreciate you. As a person, I'm excited to the discussion we're going to get into and I think today what we're going to focus on is really this idea of financially being literate and protections, and could you tell me a little bit more about the story I glanced on In the beginning about the family farm, or is it a farm?

Speaker 2: 2:54

Yeah, it was a farm. My grandparents had a 150 plus acre farm and prior to living with my grandparents, my mother had been sick a lot and passed away at the age of 36. So my brother and I just kind of bounced around and at some point we stayed with my mother's parents and it was a great experience. You know all the love you can definitely have in a family, but when they passed away they didn't have a will or a trust and fast forward no will or trust. Well, you know the government has a plan for what happens to your assets with no will or trust and there was just a lot of division in the family in terms of who gets what. Now, all the land was not lost, but I did have an aunt who lost her portion of the land, and so you know it hurt a lot of members of the family because this land had been passed down. You know, two generations prior, my great grandfather, his parents, were slaves and we actually lived a few miles down the road from the plantation that he grew up on, and so you know it was hard to. You know, know that that land had been in our family and some of it had been lost. So that was my first experience with the need for understanding personal finance and estate planning, because a simple will or trust could have kept that property in our family.

Speaker 1: 4:11

Yeah, no, absolutely, and actually like the idea of financial literacy, planning that sort of stuff anyways, and that's where I thought we could mostly help the bootstrapers with all this is like you have to have a plan around this stuff, you know. It's like not even like maybe many of them out there aren't about to inherit some sort of farm or ranch or you know, and like the discussion really is like financial literacy, understanding these things. And so what are some things your family could understand like base notes? One on financial literacy, because that was part of what became part of the problem, right?

Speaker 2: 4:42

Right. So you don't have to have a lot of money to have an estate plan. You pretty much have to have a desire to pass the assets and a formal way to do it. So a simple will would have done that for us, or, in our case, a family trust. But I start people out a little bit further with some more basic financial tools. I call them the three eyes, and so in order for you to pass down property or asset, you have to one identify what you have. You be amazed at how we acquire things over time, but we don't keep a good record of it.

Speaker 1: 5:14

Yeah.

Speaker 2: 5:15

Okay, and you also have to do an inventory. Once you've identified it, inventory what it is. And for us entrepreneurs, we always, you know, we may start out buying stuff in our personal name because we haven't built business credit but we're using it for a business purpose. So I tell people. The third eye is to improve the classification of those assets, because what will happen is you know you may have a truck that you're using for your company this and your personal name. So what happens when you get into an accident in that vehicle? They're going to reach into your personal pockets. So I try to start entrepreneurs out with a very basic understanding of personal finance and really understanding what assets should be used in your business versus personally. And if there's, you know, some co-mingling or crossover, I help you understand how to improve that classification, to put a motor around your assets.

Speaker 1: 6:05

Yeah, let's talk about that for a second, because a lot of our audience is maybe going to start in the landscaping industry, right, luckily they maybe are already, have a personal truck, and so that puts them a little bit ahead of the game because they got the number one tool that they need. So let's say now I'm a big proponent of right away. You got to start now treating it like a business, right, and we haven't even talked about liabilities yet on the reasons you separate those two things. But let's talk about, like, taking that truck and now we're going to become a business. What's your advice on how to handle that part?

Speaker 2: 6:37

Okay, what you definitely want to do is you want to set up an entity. A lot of people look at LLCs because they're easy to set up and they're very attractive, and so you know a lot of times that will work. But it's really going to depend on the industry. In this instance we have a landscaping company. So one identify who's working with you on your team, your asset protection team. I know it sounds fancy, but it's not. If you're in business and you have a vehicle, you already have an insurance agent. He's part of your asset protection team. You already have a bank where you're depositing money, so you have a banker that you're dealing with, part of your asset protection team, and hopefully, if you don't have an attorney or a retainer, you may know a good attorney who can minimally do an operating agreement for you that sets out what you can and can't do within the company and, if you have a partner, what your rights and obligations are. So a lot of people think that throwing insurance at stuff solves all the problems. But I'm going to get a lot of insurance, yes and no, Depending on how big your company is. I like to tell people to look at a three entity system, and so it starts almost like a house. You have the roof, which may be a trust or a will. You have as your frame a holding company and then everything else, your foundation. That's where your insurance and your operating companies kind of go together, and so that's how you build a moat around your business. So just think about it in terms of, with each operating company, you're going to have a three entity structure.

Speaker 1: 8:12

Yeah, no wonderful advice. I want to just hit that a little bit from my angle too. I call a operating agreement, operating in agreement, you know. So it's basically the rules you're setting forth for the company and, like you said to your point, partner can be a really part and part of that. And then separating things, right, you know? So, for instance, we could talk like a company owning a building, right and so, and then having a business in that building, and really, in my opinion, and maybe I'm sure yours too, it's like, if you can, resources wise, separate those entities, right, because then if something happens in the business now they can't take the building and then now they can't take your personal house. So there are a lot of reasons like Shree's to Shree's point. You separate these things because they become their own person in a way. That's the way I always think it, sorry, I always bring things back to the very basic level, and it's like we want them suing not all of us, not everything we have in the world. Let them sue that part that they are unhappy with or you know whatever slipped and fell on that right. So now everything in your life is not pulled into that, and so that's why bootstrapers out there, starting with nothing? You know it's like it is imperative to start with some sort of company separation from your personal assets. So back to the truck. What do you think the best way is for somebody to take a personal assets and then push it into their company?

Speaker 2: 9:30

So what you can do and this is kind of the pin and part on the financing for some of that as well you know if it's for the business, title it for the business, and then when you get insurance for your business and your commercial vehicle those that you know the insurance for that decorations are a little bit different, so you definitely want to move it over to the business side and having an insurance agent that you work with. If they are already ensuring the vehicle, they can actually talk you through that and get you the best coverage possible.

Speaker 1: 9:58

And that's your to your point. To once again, it's like there's a couple of things to have on your team, you know, or people on your team and a tremendous insuranceation invaluable right, not easy to find overall, honestly, we're going to actually go into a whole episode on insurance here. A great lawyer, attorney, you know, is wonderful to have. You know, somebody that has your back on things is absolutely imperative. And accountant CPA amazing to have tax accounting, whether separate or together with the CPA, that's another amazing person to have on your team. But to your point, once again, you know, it's like having a team put together for all this stuff. You know business isn't done alone.

Speaker 2: 10:38

Right. And one thing, too, that people need to consider is you know, sometimes you're surprised at the end of the year when you have to pay this huge amount back in Texas. That's because maybe what you have is a tax prepare and not a tax planner.

Speaker 1: 10:52

Yeah, yes, thank you for saying that, absolutely, and there is definitely a difference.

Speaker 2: 10:59

You want to make sure, and I mean it could be the same person, but a tax prepare just takes what you've done in the previous year and they prepare a report which is your tax return. A tax planner actually works with you and advises you this is the best time of year to purchase this, or hey, you have, you know, this big thing coming up that you may need a deduction, or you know the government has had, has these incentives that they want to offer you to do certain things. So definitely get a tax planner on your team.

Speaker 1: 11:27

Yeah, absolutely. It can save you so much money. And you know, at the end of the day, I think it's a decent point even though it's more of a financial episode to say that you know it's not the worst thing in the world if you end up having to pay taxes. There's smart ways to involve things in your company, but at the same time, it's a scorecard right. It's like it's a scorecard that's going to help you get financing. It's a scorecard that's going to help you get investors down the road. It's a scorecard that's going to help your company be for sale. And you know, basically you keep track of that in your in-house books. But the only game keeper, record keeper out there in the world that people are going to listen to is the IRS. So whatever you report to the IRS, that's going to become true. So there is years and I, like I said, this gets into a financial episode. There is years where you want to buy a bunch of stuff, you know, and have very low income. You know, so you can build the business. And there is years where you want to show a lot of growth and try to look at it as not paying the man. Try to look at it as like you did a good score that year. You killed it right. And now the bank's going to look at you and say I'll take some risk. The investor's going to look at you Wow, I might invest in this company for this. The buyer's going to say whoa, okay, this is a good asset. I'm going to base some of the way I value your business off that. I know we're getting off there on financials, but it's imperative it all comes together.

Speaker 2: 12:42

So and not only that. I mean you know if you're the person that has a heart, that you want to help your church, you want to help a civic organization. You know, and you have a very good year in your business of working with a tax planner. You can earmark where you want a percentage of what you would have paid to Uncle Sam, go into a charity or some or someplace like that.

Speaker 1: 13:01

Yeah, absolutely. So I'm going to pivot a little bit and I want to get to the basics of let's let's talk to a 16 year old kid. Let's talk to an 18 year old kid. Let's talk to somebody starting. How do we start getting in the mind of financial literacy?

Speaker 2: 13:17

I like to start with the concept of the dollar plan and so with the dollar plan that you basically earmark where each dollar goes to. So I try, and this is what I tell my children. I have a 16 year old and a 19 year old and I let you know, I let them know I love you, but you can't stay here forever, so let's talk about yeah, let's talk about what is it going to look like if you have to live on your own, and so we look at a dollar and what percentage of each dollar. You know how much of this is going to go to food, shelter, transportation, and so we start with the very basics in terms of what it's going to take just to live. And so you don't want to just live, you want to thrive. We put entertainment in there. So a basic understanding for you know, for every dollar that I make, there's a percentage that I have to pay for taxes, and nobody wants to talk about retirement is 16 years old, but you have to know, just like with the business, you start with the end in mind. So what is your exit plan? Regardless of what you want to do, what is your exit plan? You probably do not want to work or have to work until 70. You know there may be some things you want to do. So we start with the dollar and we break down what it's going to take. And the thing that my kids are just amazed about is that you know what we used to combine. When I was young, I remember having buying penny candy candy at the store. Yeah, and they're like really, mom candy was a penny. So we talk about inflation and things like that. So, starting just with a basic understanding of where each dollar goes, and if you're an entrepreneur and you're looking to start a business, same thing with your business look at your marketing each dollar and also include a reserve account which is just saving to count for your business.

Speaker 1: 15:03

Yes, absolutely. You know, one of the things that I get the kind of the most hate for online is when I tell business people that they need to be financially literate before they get into their business. I get a lot of hate, for this is like, if you're no good with your personal answers, you're going to be horrible with business finances, because back me up here because I hate to say it but business feels a little bit different. You know in the terms of what money is, because it's like oh, it's a business expense, you know, but it's still of an expense, so don't let yourself get so far off track that it's like the business is paying for it. You know like the money feels different. It's like, and then it desensitizes you to money a little bit in your personal life, which is dangerous because it's like, for instance, you know, like one of the things I used to do is I charge off every single piece of our business right on a credit card. And don't, please, please, out there and hesitant to even say this, I'd rather you not have a credit card unless you're extremely disciplined, because this is one of the things that kills businesses. But if you can be extremely disciplined and pay it off every single month. You can get points and things like that for it right? So and there's the other side of that too is you protect yourself from contractors and that sort of stuff too, because in some situations you can charge back the card and they're helping you fight some unfair circumstances. So for those with that protection and those points I used to do it right and so you're paying $100, $200,000 credit card bill a month then your personal stuff becomes so small in comparison. You can actually start to screw up your personal finances too. I think these are what things that people don't think about when it comes to, like, financial literacy.

Speaker 2: 16:35

And one thing too, I think one of the biggest things that you know new business owners don't consider underfunding like being underfunded when you start, because think about this you may have Joe and Joe makes the best widgets. You know, nobody can beat Joe making widgets. So as a creator he's great, but as a business person he may not know all the ins and outs. So he starts his business with you know less than the capital he needs to sustain.

Speaker 1: 17:01

Yeah, and not only that. And then let's say they do get a little bit of funding or family helps them or something like that. You know, and out there I'm sorry, bootstrapers most of you are not going to get funding when you first start beyond. You know, like your family, or a silly credit card which I think you stay away from. You know for the most part. I just gave you some fun ways to use a credit card, but mostly my advice to bootstrapers don't have the credit card. It. Nothing sinks you faster than a credit card. Because for these two reasons, if you start with a lot of money or you know a little bit of a nesting, you're going to buy the silly couch, you're going to buy the silly artwork, you're going to buy the things you don't need. One of my favorite stories is I don't know if you've heard I got to look it up so I get it better but there's basically this guy that wanted to get into the belt business and so there was a machine out there that make belts and it was $100,000. And he's like man, you know, and this could have been easily his excuse like I don't have 100 grand, I can't raise it, I can't be in the belt business. But instead he thought about this, and I think this is a key point If you don't have the 100 grand which he would have spent now he's like, okay, I want to still do it, so how can I still do it? And he went out there and went to Home Depot or something, built the machine. It cost him $10,000. And now that machine reinvented the entire industry. So don't get caught up in. I need all this stuff. You know, and like your clients aren't going to care if you offer amazing customer service, if you have a fancy piece of artwork on the wall, I promise you. So don't get caught up in spending a bunch of stupid money or in your own life, huh.

Speaker 2: 18:27

Oh yeah, and one thing I want to share with folks as well is that you know we talked about beginning with the end in mind. Yeah when you start a business, you always need to be thinking about your exit, and so a lot of people think the exit is that I'm going to sell my business. Well, a bankruptcy is an exit, whether you're dissolving the business or reorganizing. If you don't have a legal structure and you're a sole proprietor, then your debt is an exit. If you are, if you have a partnership, you know it could be. The dissolution of the partnership is an exit for that business. So don't just think about it in terms that I'm going to sell it. And if you're someone who came from, you know, making W to income, you may have put your entire retirement into this business. How do you re? How do you recoup that? How do you get that money back out of the business? Those are some basic things you need to consider before you open your doors. You know you need to have an exit plan because those are all events that can, you know, send a little termination of your business.

Speaker 1: 19:25

Oh, absolutely, and to your point too, and something I wasn't smart enough to do in my first business is like what's your future plan for the business in general? Because if you're going to go out there and I kind of disseminate this into tell me. If you see this, in the world there's two types of entrepreneurs. For the most part they're the ones that build the business and they love running it. They run the operations, they're happy to be involved for a very long term. And then there's people that are kind of like me. You know you could call it ADD or whatever, but I enjoyed the build of the business. The second the business is building and life becomes somewhat normal. I hate to say it, but when you get out of that struggle phase I get bored, right. And those are the people that grow a company and sell it, usually pretty early on. And it's important to know to your point, like, where you want to go with the business. Either person is fine, you know. Like to run a business forever is amazing. Just know you run that business a little bit different than the person that's starting it to sell it, right. And so in my first business I didn't know what I was going to do so. I always ran it like I was going to own it forever right. Growth, growth, growth at all costs. You know it's like and you know like there's a better way to do that. If it's like long-term business or this is a couple of year business for me and I'm going to sell it.

Speaker 2: 20:34

And one thing to consider as well, because you know, the assumption may be that we're just talking about single business owners, but if you have a partner or partners, or if you know it's a joint venture, there's so many different things you have to consider and having a good attorney, like we talked about in your team, can help, you know, take care of some of that. You may be in business with people that you don't know personally and you're not sure about their track record. What sort of business entity do you start with? And LLC may be okay, but if you're talking about maybe a different industry, you're talking about a merger. These are all things. You just really need to look at the different types of business entities when you first get started as well.

Speaker 1: 21:17

Yeah, do you want to talk a little bit about those? Throw them out there for them.

Speaker 2: 21:20

Sure, now the sole proprietorship, which I do not recommend to anybody. You know you're basically all the liability is on you. You use your social security number. People sue you directly. When you die, the business dies. It's very easy to get in business because you just start transacting. Next, in terms of barriers to entry, the easiest one to get into is an LLC. So the great Can I hit?

Speaker 1: 21:44

that last one for a second, just with a couple more points. So the first one a lot of people this is the way they start, right. You start working on the side or something like that. You're putting your income directly into your personal income, you know, on your tax return, and then all the assets of the business and your company are together. The reason this can be such a problem is how do you separate your own life from your business life? Number one, and see what's actually going on. And number two like to Cherie's point super important if you don't want them taking your house, your car. You know different things like that. If you're out there landscaping and you let go of the lawn mower and it happens to run somebody's foot over, you don't want to lose your house, your family's house, your cars. You know everything in life, so you separate these things out. On to number two, sorry.

Speaker 2: 22:26

No problem. Number two a limited liability company. And with a limited liability company, it's gonna differ if you're a single member or a multiple member LLC in terms of how, in the event that you pass, your estate is separated and also what you want to take into account of. If you are a multiple member LLC and this is something that I did not do with my first business you want to make sure that you have something that's very similar to what's called a spousal consent form. What does that do? Because this happened to me in my very first business. I was in business with a partner and he was married. I don't know what was going on at home, but his wife walked in one day and said, hey, I'm your new partner, you're gonna be dealing with me, and did not like that at all. But we just had a handshake. We did not even have an operating agreement, and I mean an operating agreement is the minimum you need to have with the LLC. So having a spousal consent form that outlines what the rights of the spouse are at all times and in the event of death priceless, priceless. So yeah, so multiple member LLC or single member, they're handled differently in different states. I'm in Mississippi, so in Mississippi, if you die and you have a single member LLC, your family has 90 days to wrap everything up or there's a process for it. So they're handled a little bit differently. Now that's the document that you will file with the state that you're living in. Next, you have a corporation and all of these entities are like a separate person sitting at the table with you and they have formalities. Now, the difference between a corporation and a LLC are some of the formalities, and the thing that will really get you is if you don't follow these formalities. I know it sounds like it's hard to do, but you pretty much just one don't come equal assets. If you have a corporation, you're required to have meetings and keep minutes, and I tell my people with LLCs, do the same thing. They're not always as formal as a corporation, but keeping good records. There's a clear indication of what you intend to do in the business, especially if you have partners. Now you do have different types of partnerships. With the partnerships, your liability is based on your interest in the partnership, and some folks think they may be in a partnership, but it may be a joint venture. So a joint venture more so is like when you have two companies that come together maybe to form a third company or a company and individual, and there are several different ways to do it. But just get a good understanding and if you put the people together that are on your asset protection team and you start I would recommend even having annual meetings with them and talking about the direction for your business it could be that as part of your three entity structure, you have all of these things, because you may start with a trust, you may have a holding company, you may also have a management or marketing company that is a corporation and your service companies may be LLCs. But it's gonna really depend on what you need and you don't have to start there. We're just talking about basics. Get you one entity. If you have an LLC, get a good operating agreement with the spouse's consent form if necessary, and if you have a corporation, make sure you have bylaws and that you keep minutes of your meetings. I'm sorry.

Speaker 1: 25:56

Yeah, well, and to your point too. It's like know where you wanna go, know where we wanna end and know what you wanna become, because those are the different types of companies that you probably wanna think about starting If you're gonna become a small business forever. Yeah, we just told you we don't like sole proprietorships, but you could probably stay in that. You could probably be fine with an LLC, but then if you wanna think grand and big in that sort of thing, then you gotta think about going to a corporation at least if you wanna have multiple investors, if you wanna have different protections, that sort of stuff, and there's all kinds of tax strategy reasons. You do each sort of company, but there's also expenses too, and so I work in the. When I teach people business stuff around here, I always work in the good, better, best world. Let's talk about some for the bootstrapers. It's not always easy for them to have multiple companies, multiple different things going on, because you're talking about now expenses and multiple tax returns and keeping on the ball folks too. When you open up something like, do you see this stuff online, by the way? That's like open 16 LLCs and now you're gonna be wealthy. Yeah, it's like. Let's talk about the downsides of that for a second. You give me yours first. I wanna hear what you think about the 16 levels of LLC strategy.

Speaker 2: 27:07

What is not necessary If you know what you're trying to do and where you are. Basics you need a company and you need some sort of document that governs how the company's run. Like I mentioned, if it's an LLC, you need an operating agreement. If it's a corporation, you need bylaws, and so having that and also a lot of people think that having standard operating procedures is for big companies. Now, you don't need 10,000, but you do need a couple, and the one that I tell folks that you must have is a cash management and handling policy. How do you receive funds into your business and how do you deposit that funds and how are they reported. So those are just some basic things that I think you need in your business in terms of SLPs and also A contractor and employee onboarding and training. I know it makes me a fancier, but you just have something basic for how you train your employees coming in, because it cuts down on turnover, and if you have less turnover, you have people in your business. You're becoming more efficient. So those are some of the basic things that I think Blue Strapers need.

Speaker 1: 28:19

Yeah, absolutely. And you know, you and I could talk for four hours because we could touch finance, we could touch legalities, we could touch I mean 16 times. I've been thinking in my mind it's like maybe we should talk about piercing the corporate veil. You know, in a lot of different ways and you know it's like, and then it is like bringing back it to people when they start. And one thing I noticed, and like everybody has a lens for the world, and one thing that's amazing about Shari, in my opinion, is you notice how she keeps talking about the end game. Right, she keeps coming back to the end game of what your business is. And this is based on sorry for me to pre-assume, but I'm reading you why we're talking and it's like it's based all back on the original story we told you about the farm, right, it's like don't, this is a lesson that she had to learn the hard way, right, and because of that, I mean it did turn some amazing things around for you in life. You became a lawyer, you became an advocate for these groups of people, but that's why her lens is so heavy on the end game. Is this like thing that happened with her family? Cause we learned. It wasn't your mistake by any means, and you know your family. I dare not even want to really call it a mistake on their part. They just didn't know. You know it's like but let's talk about mistakes for a minute. It's like what tell me one of the biggest mistakes you learned from?

Speaker 2: 29:34

One of the biggest mistakes I had back in 05, I had two mortgage brokerages and you know rocking and rolling and that was a time when you can get like 100% financing on an investment property with a 500 credit score Crazy right. Crazy, okay, so we were just rocking and rolling and because, you know, I didn't have all the skills and the tools that I have now, I did not see the mortgage crisis coming so fast forward to 08, I literally lost everything, lost it. And that's when I went to law school, you know, after dealing with my family, dealing with the loss of my mortgage brokerage, and you know, at that time I had a what, a six year old and a three year old, and I really became passionate because I'm like this does not have to happen to anybody. But part of the problem was some of those same systems that I now know that are in place in my current business. I didn't have them then. I did not have, you know, a track on the numbers, I was not able to forecast and I would probably say, even though that was my biggest failure, it was the best setup for me because it was like a wake up call. I mean, imagine waking up and having a very successful business and then the next thing, you don't have anything you know, yeah, so, and then it comes back to that like financial literacy stuff.

Speaker 1: 31:00

It's like we need to plan for good days and bad days, right? So investor you one of the first things you said today is, you know, talking about like where does that dollar go? You know, and it's like you should always be worried about that in business and then life and like the power I mean, do you want to go into the time value of money a little bit? You know, it's like the. Let's talk about that for a second, because I think that's imperative, jumping back to, like the 16 year olds on why they should think about why that dollar invested is so important.

Speaker 2: 31:30

Yeah, and I know you said time value a month. One thing, too, that I look at it from the standpoint of the cost of inaction because yeah. So you know, today your business may be making $100,000. This is an even number. Yeah, if you do X, y and Z to improve your business, you know, look at the dollar plan, look at your investment, your time and the things that you're putting into the business, you could be a $500,000 a year business. So what's the difference? That's $400,000 difference for making small tweaks in your business and having the right foundation. So a lot of people think that just not doing anything or putting it off is not costing them anything. But it's actually costing you, in this example, $400,000 a year. That's the cost of inaction, for just not doing anything.

Speaker 1: 32:17

Well put, or financial literacy. You want to go out there in the second year, business has a success and you want to buy the brand new car, the Ferrari or something like that. It's like now what if you put that same couple hundred grand into a new piece of equipment? Now we've got not only something that's more functional for the long term, but at the same time you've just thrown a barrier. I mean that was one of the biggest things that was a win for me in my business. You know I didn't take salary the first couple of years, you know, and one of the things I was able to do is I was able to throw barriers to entry and things that made me money in the business over and over again. One of my first huge purchases was the second largest powder coat oven in the city. My competition couldn't touch me anymore. I was the only one doing my own powder coating for my car builds. You know it's like it took some sacrifice. It had to be smart here. I had to be disciplined because instead of buying the fancy whatever it is, I put that into the powder coat oven right and that reap dividends that we were always gaining from. You know. Just one example of using your money to make future money right and presenting it towards future values. Let's talk about like that for a second. It's like so we have some extra money in our business or in our life, you know. It's like, let's talk about the way you plan with that extra money. Right, I've got an extra 20 grand. I can pull this in. You know, let's say, it's in my personal life or my business life, so we got an extra 20 grand. You know, let's talk about what was smart way to strategize with that extra 20 grand.

Speaker 2: 33:43

Okay One. If you're in business, you always need to have a certain amount of liquidity money that you can get to for emergencies and things like that, but a lot of people don't plan for and it took me a minute to really get it. I may have lots of insurance, that's great, but do I have a certain amount set aside in my reserve account for those claims? You know I may have a $1,000, $5,000 deductible. Do I have that set aside, and is that separate from the liquid funds that I have in my business? So one thing that I do with and I hate to call it extra money because I like to have everything earmarked, but I make sure that I have money set aside for deductibles I, in a separate account, a reserve account, I have a liquid account that accounts for a certain percentage of what I'm liable for in my business, Also taxes and maintenance. I have separate accounts for that because if you're working with a tax planner, you pretty much know what you may be liable for from year to year in your taxes, because you're getting your books done, hopefully monthly, but if not quarterly so you're seeing your numbers all the time. And if you own your own equipment and or buildings, you wanna make sure that you have repair funds that aside for the maintenance that upkeep those buildings, to keep your insurance premiums down.

Speaker 1: 35:01

Yeah, absolutely. And to your point, it all comes back to how we value a dollar and, in my opinion, a large amount of financial literacy is disciplined right. It is hard not to wanna go out and buy the new car, right, but that's not the smart thing at all. What do you talk to people on the emotional level? I think a lot of this becomes emotion Like you'll make that make sense. Oh, I worked so hard for this. Oh, my clients need to see me in something fancier, because that's what's gonna be like the key to the business. We'll make excuses all day long to get that fancy car instead of putting the money into your business. So let's work about the mental discipline. What's your advice on getting people to discipline towards the proper ends instead of the oh, the immediate gratification?

Speaker 2: 35:45

Well, you have to understand the peaks and valleys in your business. Like, let's go back to your landscaping. Like during the rainy season you may not be making as much money because it's raining outside, so you can't get out there and maintain yards for people, so that's gonna be a valley in your business. You're not gonna be making as much money, but you wanna make sure that the income you have coming into the business it's level of a period of time to sustain you and any employees you have and expenses. So I really try to get people to see that it's not just that you have this windfall and all this extra money. If you're in business for the long haul, then you wanna make your company attractive and also if your exit strategy is to sell, one way to be attractive is to have your business financially stable and your books looking really good. Is somebody who may wanna invest in your business or purchase your business?

Speaker 1: 36:37

Yeah, I have a friend who's a accounting teacher at a college and she said she had somebody stand up recently. I don't need this accounting stuff. I'm gonna be a business person, I'm gonna own my own company and that is the silliest thing I ever heard. Everybody wants the fancy marketing stuff right, I need the furniture, I need the car to go out there and talk to clients. Nobody wants to talk about finances, right, and that's one thing I love about you, because you talk about it as much as I do, because we know that's where the importance is the gurus online. The reason they talk about these other fancy things is because that catches your attention and it's not provable or disprovable. So you don't need to be a good business person to say, oh, just go out there and get it done and rah, rah, rah. We talk about the fundamentals because that's what's gonna make your business do success. Some of the stuff we're going over right now is not a lot of fun, right. Corporate strategy, the long term of, like what happens after you pass away these are not fun things, but it's all about planning and businesses about planning. I'm gonna pivot now because I wanna show people your heart a little bit while we're on because we only have about 20 minutes left, and so let's talk about why you do this. Why do you get out there and you try to help people with these things, using your mistakes, using the wins, what is it that gets your heart going towards people with their businesses?

Speaker 2: 38:00

Well, it really starts at home. I really missed having a family unit. I grew up watching, watching television and seeing families and things like that, and so my household was different. We had a lot of love, but we just did not have these conversations. And so when I look at my daughter Madison and my son Dylan, I just don't ever want them to have to figure it out. And so you know how great is it that I can help somebody else not have to figure it out and I can still make a living, you know, and take care of my family. So I just saw so much of it and, being in Mississippi, we are last on the list for all the great stuff. I mean all the bad stuff, and I mean first on the list for all the bad stuff and last on list for all the good stuff. So anytime that I can, you know, make a shift and help somebody, I would love to do it, because now that I understand these things, it's not that they're hard, they're not always expensive. You just have to know or have a way to get to someone who does know. You know a mentor or a coach or just some resource, because none of these concepts, you know, require you to have advanced degrees, just a basic understanding, and even with having a team, if you start getting your insurance agent, your banker, your tax preparatory, let them start talking to each other about your business. Authorize them to do that. It's gonna cut down on some of what you have to do because you give them the directive on what to do to help move your business further, faster. And there's just so many things that I understand now and I just out of everything else that I've tried to do, because I've tried different areas of the law in my practice, never really liked it, but this is the thing that resonates with me the most.

Speaker 1: 39:49

You know I should have you give the intro for underdogs, because everything you just said down to like making sure your kids knew some of this stuff, to me that's the most important part. Everybody talks about, oh, you know, like they have a rich uncle, they have a rich dad, you know, and so they got fun and they have connections. That's not the biggest part. It's the information and education, which is what this show seeks to do. It's like to stand in for that information. We might not be giving you the connections for, say, but I'm telling you how to get them. We might not be giving you the money per se, because I'm telling you, most businesses start with $6,000. And, honestly, if you're not financially literate enough to save out $6,000, and I'm sorry, bootstrapers, underdogs you gotta go out there and work two, three jobs. I'm sorry, you know, I'm sorry, that's the way it is, but look at the benefits to that. The benefits are in your business. You're working 80, 90, 100 hours a week. Anyways, you'll be used to it. You know you won't have time to spend any of it. You'll build a work ethic which is incredible for your future goals. You know, it's like I think every downside is actually an upside to starting your business, and it's up to people like you and I, sherida, to fill in that part right If they're willing to work hard and do those things. I think it's up to us, being fellow underdogs, being fellow bootstrapers, to help them with the educational component that you and I had to get our butts kicked on right, and that's probably why is that, why you enjoy doing it Is because you get to help somebody, save somebody a butt kicking.

Speaker 2: 41:16

Look, definitely. And one thing that we did not touch on that I like to share with folks is if you are someone who's leaving a job to become an entrepreneur full time and you're talking about income replacement, you may be making $50,000 at your W-2 job. Well, you need to make more than $50,000 as an entrepreneur, because what are you doing now? You're giving up your insurance, you're giving up your retirement and you may have some other fringe. So when you're making projections for your business or you're trying to calculate what it's gonna take for you to maintain your household because you still have to have that personal finance piece in there once you become an entrepreneur you need to be making more than $50,000. So just get the number of widgets you need to totally replace all of that.

Speaker 1: 42:00

Yeah, totally, and I just gave you the reason why being personally financially literate and disciplined, it takes a lot of discipline. And then, even if you're okay at that and you jump into the business, the business is gonna desensitize you to money. I promise you the second. You have $10,000, $20,000 rent bills. What do you think your household rent feels like? It feels small Is the second. You have $4,000 a month a power bill. Your one at home feels small, but you still gotta keep that ship in order too, so the business can actually ruin somebody. That's an okay financially literate personal person. Because you jump over here to the business now you're desensitized to huge money. It's like $200,000 credit card and you're just sending that money out. You start to think, oh okay, well, my $3,000 at home is not that big, but if you can't run the ship at home, you can't run the ship in business either. And thinking about every single dollar and where it's going. I love that Mr Wonderful thing actually on Shark Tank. Usually I'm downplay on Shark Tank, but one thing I love is what Mr Wonderful says about sending his dollars out into the world. It's like you send that dollar out right and you want it to come back with more right. So if you think about every single one of them as being a teammate, going out there to get more, you spend it on. And I'm not the one to say never have the coffee. But if you spend it on a coffee that one's never coming back right? So what can you spend it on to make it come back with friends, as he says? You know.

Speaker 2: 43:25

Love it.

Speaker 1: 43:27

So how do we get them to wrap into where you and I already are, with this discipline being important around financial literacy? What is something we can rah-rah them? What's something you do to rah-rah your kids? Because right now they're just thinking, you know, it's like sure, mom, I'll spend my dollars on a skateboard, I'll send my dollars on an Xbox, I'm not gonna think about retirement or anything like that. What are some ways you use to help with that?

Speaker 2: 43:51

Yeah, it's not the most exciting thing to talk about for most people. If you're looking at a business I look at, well, I plan my time and my energy because if I can show you how to take that dollar and have more time for your family, invest more, you know, put that money towards charities or other civic organizations that you love and not have to work as hard, is that attractive to you, is that more exciting to you? And so those are some of the things I try to open up to people Like you can still be an entrepreneur. You can have time, freedom, financial freedom, but there are just a few things you have to put in place. And when you start showing people how easy it is, you know it's not as expensive as you thought it was gonna be the first thing they think about hiring an attorney oh, that's a lot of money. Well, there are some, you know, do-it-yourself options that you have to get you started and you know, and some low-cost things to get you started. So that's one way I try to get them, you know, to buy in. It's like, hey, I can do this, and you show them how they can do it with help and you show them the resources that they already have, because a lot of the people that you need in your team you're already talking to, and so you just show them what's possible.

Speaker 1: 45:01

Yeah, absolutely. I hope you don't mind I'm gonna steal a little bit of this episode to plug Glave a little bit on that note, because it falls in perfect. You know what we do here, like with Glave, don't you at my facility.

Speaker 2: 45:13

You told me that you helped, like people can actually come in and they can get assistance, or you kind of mentor people as well. Businesses.

Speaker 1: 45:20

Yeah, and so everything you're talking about is something that we strive to do. For instance, we had our first seminar on Wednesday. We had 120 RPSPs and we had 100 people show up Excuse me, probably yeah, maybe around we didn't count it but maybe around 70, 80 people show up somewhere in there and we do that 100% for free. And so a lot of people stayed till the end and I had this big, long line of people talking to me and they would be like you know what? I went to a $700 class and it didn't teach me near what you guys did for free. And there's one guy's like so much value, thank you so much. I was like next time at least let us bring the food, because not only did you give us this information, you fed us, you know. And then we do the seminars to your point, because this is what I believe, exactly like you believe, and I believe that we have to give them the education. That's why we do the free seminars. The other thing we do is we have a free workspace and I think that and it kind of frustrates me that I feel like we do a lot for the I'm gonna be the next Facebook world. Build your business plan here. We'll help you get investors. You know the big business wanna be world, but we don't do much for small business in my opinion. So we have a workspace here. You can come in anytime, just like those bigger wanna be want to be companies. I'm not talking in wannabes want to be companies, but you can come in and use our workspace anytime. We have somebody in here right now. They're working on their trademark, so they're sitting at their desk. Every day we're popping over there helping with their trademark stuff. Group of guys working on their website originally tried to hire us and we're like, instead of paying this immense amount of money to have us build out a website, why don't you just come in, sit at the desk and learn how to do it? You have the best website guy in the world my business partner right across the room. He jumps over there all the time and helps him with the next step of the website, and so we really feel that those things are imperative. The other thing I do is, in my schedule, I slot out at least 10 appointments a week so you can come down and sit down on anything you wanna talk about and get help with it. So I want to thank you for allowing me to kind of put that in there on your episode, because I feel exactly like you do and that's the tool we're trying to use and I know you're doing a lot with that. How are you? What's the best way to get ahold of you and get some help from you If you're not in Phoenix? I wish Shari was, because I'd have her down here every other day helping me with mine, but we're far apart. So what's the best way to get help from you out there?

Speaker 2: 47:45

So I have a free Facebook group and there's no promotions, no spam. We literally are in there answering questions. We're doing trainings, people are raising their hands, they're asking questions and they're getting help with their businesses. So that's one way. It's a small business owners, entrepreneurs and solopreneurs Facebook group. But if you wanna just talk to me directly, you can send me a message on LinkedIn and it's at ShariSpeaks on LinkedIn and that's the best way. I try to get in there every day and respond if you have any questions. And I also do a free webinar once a month and it gives you that blueprint. So if you are interested and you're ready to look at maybe a three entity structure or just get some basics on the personal finance side because we go over both, it's an hour long webinar once a month and it's usually on the second Thursday of the month. You can check that out as well.

Speaker 1: 48:39

We should partner on something sometime in due, like a seminar on something. I really want to bring experts in here too, or, you know, we can plug it in remote if you can't make the trip, but we should try to do some sort of seminar together. Our goal is to do at least one month here, and I love what you're doing. You know, I see what you're doing and how many lawyers out there in the world are telling you pop into my LinkedIn and sent me a message and I'm not gonna charge you $700 an hour. You know now, I'm sorry, go ahead.

Speaker 2: 49:07

No, I was just laughing, because people think that and I don't, I don't charge stuff like that.

Speaker 1: 49:12

I've gotten to the point in my career where I'll help you with everything you know I could possibly help you with if you want to help yourself.

Speaker 2: 49:19

Well, and I'll tell you this, it makes me better, because when people bring me questions, if it's something that I know at the top of my head, okay, I'm gonna answer it, but I also want to make sure that I'm staying on top of stuff. So these are the problems that people are having. I'm trying to find new solutions to help with new problems and I just love it because it just makes me a better coach, it makes me a better attorney and it makes me a better person. So you know, you think that I'm helping you. You're actually helping me as well.

Speaker 1: 49:46

So totally Not only like. I'm with you, like when we're solving these problems all the time. You know, it reminds us, right, because a lot of times it's been 10 years since I've dealt with something like that, right, and so it brings back that memory. I'm like, okay, yeah, I remember that. Or it brings up a new situation, you're right, that we're solving together and it makes me better for the next person, you know. And so not only that, but here, you know, like, here it keeps me going. You know, it's like we had a lady from our seminar come in and she's like I just needed to be around you guys for an extra 10 minutes. She just dropped by after the seminar and you know we hear that about this place all the time. It's like I'm blessed to find this place, you know, it's like, and I just wanted to be around you guys for a little while and I, you know, I actually I want to make it a point to say this, and I'm sure Cherie will back me up that's why I wanted to have one of the major reasons I wanted to have her on, because I felt like we think so similar in this regard. But it's like the second you start helping others. You'll be amazed at how much your life changes Like in a way that you can't even imagine. A friend of mine asked me at one point she's like Tyler, I want you to have joy in your life and I was running first world businesses. You know, like to all accounts, like everybody thought I had the most incredible businesses of all time. You know it's like so cool what you do, so cool who you get to interact with every day. I was miserable and then I switched over and I started working in businesses that made differences in things and, along the way, a person that never thought they would have joy. I'm like joy is not for me. You know I'll try to help other people because I'm miserable. You know it's like a joy is not for me, but I found joy through this process, like I love helping people change their lives and this is one of the biggest ways even though it's like a first world thing of making money. This is the one of the biggest ways, in my opinion, we change lives.

Speaker 2: 51:32

Oh yeah, I had one friend that told me. She said just because you can do something doesn't not mean you should. And it took me a minute to get here. Like I said, you know, I was a mortgage broker. I had some other things, real estate broker and none of it really gave me joy either, and at the time I didn't know that I was missing that joy. But what I do now makes me feel great, because when I'm able to like to help a family keep their land, you know, for generations, I'm able to help a single mom, you know, put together something for her minor children, those types of things make me smile on the inside. And so, you know, I never knew that I was missing something until I actually got it and it's like, okay, I'm in the right spot.

Speaker 1: 52:14

Oh, thanks for backing me up on that, because you know it's until you experience it and don't. To be fair, you and I had to go through those other businesses and things too. We had to, and you have to get out there and you have to make money in the world because it's too hard to help other people if you're, you can't help yourself. But then you know, once you can get there, you can use what you've learned, like we are, you know to change things and so, like talking about end to end business plan, you know end to end life plan, like you mentioned in the beginning, it's like what's amazing is you start your first business. You learn from it by getting your butt kicked. You start another business, you learn a couple more things, you get your butt kicked and then you fix those and you get better and better at it. And the next thing, you know those butt kicking can mean something because you can help people with that. And when we're thinking to the end of our days on earth, it's like if we haven't helped a couple people along the way, I guarantee you'll sit on that deathbed and you'll be like man I should have you know, and so and one thing to consider don't worry about it being perfect.

Speaker 2: 53:17

When you start, you know, just get started, get it done. You can perfect it along the way. You know, put together whatever you need to put together to get started, but just make sure that as time passes, you're, you know, getting the people around you to help you with that business. Because you know, building a business is almost like raising a child. You know it takes a village, it takes a team, and you know I have a harp on team and exit plans. That's when you hear me talk I'm talking about exits in a team. So those things are important.

Speaker 1: 53:45

You know and I find that so interesting about our discussion today is like I know that, like that's the way your story starts and how you got into all this and you really focus on that end game a ton, and that just goes to show you it's like you could go through some hard stuff, like you did some unfair stuff, some things that make you sad, and now you've used it to like that's where your focus is on helping. It feels like to me. Would you say that's true?

Speaker 2: 54:07

Oh yeah, I mean, I don't even look at it as failure now. I look at it, as you know, an opportunity to pivot, an opportunity to do something different. Like, hey, this didn't work, let me try something else, because it's so easy to beat yourself up and say, oh, this didn't work, or I wasn't good at this, but there's something that you're great at, there's something that you're destined for, so just keep going.

Speaker 1: 54:28

I agree, and it doesn't have to be us in the world. But if you get anybody out there that's trying to teach you something and they don't talk once about their mistakes, it means they haven't done it. I'm sorry, they're plain and simple. Somebody I mean Shari would you agree that, like we use our mistakes more than anything else to teach, because that's where we learn the most? Definitely?

Speaker 2: 54:50

Definitely, had my business not failed, I probably would not be close to where I am now in terms of with my business, because I would have thought that, hey, I've made it, I've arrived, but I was a hot mess. Looking back, the way that I was running business before now was a hot mess, and yeah. So sometimes it takes those hard knocks to kind of wake you up and see where you need to be and to position you for the future.

Speaker 1: 55:16

And that's why you underdogs need this, because guess what happens? I call them the golden couch boy. If they've got a father, grandfather, whatever, with a lot of money that's getting them into business, they don't have to follow the same rules. They can also fail a lot and then it's just another float of a loan. You know that keeps them going. You out there, bootstrapper, you don't have that immense amount of time. You know choices, fallback plans, so we talk a lot about our mistakes too, because you can't make as many right. You know it's like or like. We can make those mistakes and we barely slide it through, right, you know, to get into the next business. So learn from those mistakes that we've made and now, that way it helps you slide through because you don't have that person that's going to hand you a bunch of money to get you through your next mistake. Everybody makes them. It's just the way that you can fix them right. We're trying to get you to fix them with information and be fixing it before it happens, because you can't afford it. The other side is the rich dad who's just going to give you a little bit more money to get you past your mistake right.

Speaker 2: 56:15

Exactly.

Speaker 1: 56:17

I mean, that's what it all boils down to in my mind, and you know I can't thank you enough. I think I'm. We're actually we got a couple minutes left, you know. And so what is it that you think let's wrap this towards the financial way we started it. What is the number one way that they're going to practice being just a little bit better with their personal finances?

Speaker 2: 56:41

Consistency and repetition as it relates to reviewing your assets, inventorying your assets and improving the classification of your assets, because you can't protect them if you do not know what they are and where they belong. And so I think that really is the basis, and so we talk about assets, cash vehicles, your house, your investments. You just have to have an understanding for how they fit in your personal life and how you're infusing those things into your business, and once you have that basic understanding for those things, you can, you know, take quantum leaps in your business as it relates to your business finances.

Speaker 1: 57:22

Absolutely, and one tool that I use all the time actually around here to help people, like, start to understand this. It used to be called something different, it's called Rocket Money. Now they just bought that company and it basically I don't get paid by them, by the way you know, and in fact they won't even partner with me or anything, but I do use this all the time to teach people the first start to financial literacy, and actually this segues into when I can teach you accounting. If you'll do this like I can teach you accounting so much quicker, it's ridiculous. But basically you download Rocket Money in your phone, you connect your personal bank accounts to it and every time a transaction comes in, you're chalking that up in one way, shape or form, just like Cherie said. You know it's like now we know where that money is going, though in this app, right, and it used to be donations. I don't know what they charge now. I think it's five bucks or something like that, and so that's an amazing way to start right, because then, when you start chalking up these expenses, you see at the end of the month that, oh man, I spent $50,000 on Uber Eats. I got to stop that habit, you know, I've even done this in my own life. I used to Uber Eats all the time, right, and then then I started looking at what I was actually spending on. I'm like this is not worth it. There's no way that somebody should be able to spend thousands of dollars on Uber Eats a month, you know. And so it's like you think you know you're spending it, but then it's like this puts it in your face, right, and I think that's one of the first steps is like starting to understand that. So I hope that this episode taught you a little bit about financial literacy. I think one more way that I can back up this episode is Cherie, you know the Pied Piper story, huh.

Speaker 2: 58:58

I do, but I'm going to let you tell it, oh.

Speaker 1: 59:00

I was going to make you tell it. And so the Pied Piper, right, he goes into town and the King says and correct me if I start to mess up the story or add to it. So, and King says the Pied Piper, I got all these rats in the kingdom, right, I need to get rid of the rats. You know it's like they're doing. They're eating all the bread, they're, you know diseases, all this stuff. By the way, cats are the one that spread most of the diseases. If I remember right during the plague, it wasn't rats Don't hold me that out there audience, but I think so. So, anyways, king goes um, get rid of the rats, pied Piper, I'll pay you anything you want. And then Pied Piper goes okay, I'll get rid of the rats. You give me one kernel of rice a day, but you have to double it. King's like oh, that's cheap deal, right? Sends the Pied Piper out 30 days later. You can imagine how it compounds that rice kernel One kernel tomorrow too, two, the next day, four, next day, eight when it gets to the end of the month. It's unachievable. Your business finances, your money finances, the money that you spend properly over time, has an immense value. And if we're talking back to this 16 year old kid that it's oh, it's immensely difficult to put that away, but it is worth so much money. I mean I should have brought some figures onto this show. Maybe I'll throw some on on the end. I'm like how you can invest $100 at 16 and what it becomes by the time you're 50. Is the time value of money? Right, it's Mr Wonderful's marching a dollar out to the world and that dollar comes back with the $1.07, let's say, invested Now. Next time you're making a money off the dollar and the seven cents. Do the math on this at home. It's crazy. The second I started thinking about this this way, I started analyzing my each, every dollar more. And it's important for your business, it's important with your personal life. So I really hope this touch on finance was helpful. Shari, thank you for it. Like I feel like we need to do an episode around like business structures, breaking the corporate shield or, excuse me, piercing the corporate bail, you know, like there's all that stuff, but I hope there are. Focus on finance. Today was helpful for people.

Speaker 2: 1:01:06

Oh, I hope so as well. And you know, don't let this be scary. You know, if it's something that you haven't thought about, you just got to get started. You know, you just have to take the first step to get started.

Speaker 1: 1:01:17

Yeah, and Shari is amazing. Please follow her on her podcast. Actually, I'm going to let you plug everything really quick. Social media podcast, you know like where? The webinars at all that stuff, please Okay.

Speaker 2: 1:01:28

So I can be found on all socials, at, at Shari speaks, and you know that's Instagram, linkedin, twitter, all that. And the best way to find me is my website, wwwshariprintscom. And the free webinar once a month is at wwwshariprintscom, which is asset protection blueprint, and you can just come and grab a seat and, you know, learn how to get started with a basic plan for your life, finances and your business Amazing.

Speaker 1: 1:02:05

And Shari is awesome. Everybody follow her. You know she's out there doing this in the world for you folks trying to help you and Shari. We should find a class or something to do together. I always like it when we get together and that's one of the powers to podcasting, too. I gave in my seminars like I've had some incredible people I've connected to and referred people to, and you know you're one of them. I'm glad to have you in my network. I'm appreciative of you coming out to Bootstrapers today and I hope we can do it again soon.

Speaker 2: 1:02:35

Oh look, thank you, and I forgot to give them the name of my podcast. It's the Play Big Faster podcast. So check out Tyler's episode of my podcast. He did a great job.

Speaker 1: 1:02:44

Oh, thank you, and I learned I told Shari afterwards. It's like I'm still trying to figure out this interview thing and like I got so many tips just being on her show too. So you know, another great way Bootstrapers to start networking is by starting a podcast, which will go over, probably in an episode. Here I'm going to wrap it up, shari, but thanks so much for coming in. Stick around for a minute afterwards, please. Thank you, underdogs, for joining us once again for episode six. I hope you got something out of the financial chapter we're going to branch off, and so don't worry about accounting quite yet. We'll talk a lot about a lot of the specifics of today in a subsequent episode. Please stick with us. Give me feedback too. Tell me what's helpful and what's not. This is all for you. Thanks so much for turning in. We'll see you next time.