Where did you learn about finances? Did you learn it from your parents? Finances are one of the most important elements in our lives, yet most of us never really understand it or discuss it with our spouses or employees. Listen to 3 shop owners that make finances a part of the conversation in their business and for their people.
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Frank Scandura, Frank’s European, Las Vegas, NV. Frank’s previous episodes HERE.
John Gustafson, Gustafson Brothers, Huntington Beach, CA. John’s previous episodes HERE
Russell Crosby, Russ’s Wrench Auto Repair, Clinton, NJ. Russ’s previous episodes HERE
Key Talking Points
- Finances aren’t taught when growing up from parents or school
- Most don’t have income problems, it’s a spending problem
- What are your payments?
- Freedom and being in charge when you’re debt-free and sitting on cash
- Credit scores will go down as you have cards paid off and stop using as much-
- Buyers remorse and financial stress with a spouse
- People are twice as likely to get divorced with 10k in debt and zero dollars in savings
- We need to teach our team that we can’t outrun debt with higher salaries.
- Finances aren’t a 1 conversation session
- Little debt leads to a lot of debt
- Never intermingle personal and business funds together
- For those of us who have financial planners, invite them to host a lunch and learn about the positive impacts of investing. Host a book club and read books about finances and investing.
- John offers business math and personal math courses and Dave Ramsey course
- Second round they are welcome to bring their spouse or partner.
- They are not required to bring exact numbers but should know what they own and what they owe.
- They should know what they take home from all sources and what their housing, food, credit card payments etc are.
- They do a net worth calculation, an income, and an expense list to determine cash flow (either positive or negative) then fund reserve and investments.
- They recommend a 6-month reserve for critical expenses and an investment piggy bank. Investing is in round 3 when they have money to invest.
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