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Home > The FITSPRO Podcast > 069 | Finances of Biz, Life & Travel
Podcast: The FITSPRO Podcast
Episode:

069 | Finances of Biz, Life & Travel
Category: Health
Duration: 00:33:29
Publish Date: 2020-04-28 05:00:42
Description: MONEY, BUSINESS, LIFE AND TRAVEL. Not an accountant, not a financial advisor. Simply sharing my experience and takeaways with finances after almost two years of world travel, growing a biz and doing life in and out of the states. A huge thing for us when we want to do ANYTHING in life is the HOW. How do we travel the world? And how do we save for a house? Or how do we budget for x and y? How do you pay taxes when you live for more than six months outside of the states? Or how do you plan finances when you have inconsistent income? How do you start investing? And retire as an entrepreneur? Right!? It’s always the HOW? We just want answers, AND we want to know we’re not alone. That’s someone else has done it before. I say “we” as in everyone. Which might be a lot to assume of me. But I find in most areas of life, that people are generally searching for the “how.” That’s kind of what I hope to provide today. To pull back the curtain on questions you probably have around our finances, and biz life + travel. I know I wish people would talk about this stuff, so here I am, talking about it. These aren’t finite, my way or the highway suggestions. They aren’t even necessarily suggestions. Simply our experiences and how we do biz, life and travel from a financial standpoint. Finances and Biz You already know I am going to tell you to follow and listen to Chloe at deeper.than.money, and read Profit First if you’re an entrepreneur. Profit First completely changed the way I do biz from a financial standpoint. Before we left in for world travels in 2018 I was desperately searching for a way to track finances and keep my shit straight while spending a lot of money in foreign countries and running a business. We did a nauseating amount of research on which cards didn’t get flagged for overseas purchases and which ones reimbursed foreign ATM and transaction fees. For us the best option was Charles Schwab. We have absolutely loved them so for. It was easy to set up multiple accounts - which you’ll learn about in Profit First if you read it. And then we have accounts at an entirely separate bank for taxes. That way, we transfer the money every two weeks to the tax account and it’s out of sight, out of mind. Again, you’ll learn about this tactic in Profit First. Also - Nate is not an owner or partner in my business. I just keep saying “we” because we both view the money I make as our money. Which is a whole other conversation and I think Chloe from Deeper.Than.Money has done a podcast episode on finances as a couple. But the mindset you and your partner have around finances is more important than I can express. Being on the same page can literally keep relationships from falling apart. What is it, like sex, finances, religion and kids are the four highest reasons marriages fail? I could be pulling that out of my ass, but I swear that’s a thing. So, check out Chloe, and know that I think it’s super duper important for partners to be on the same page - whatever that looks like with finances. For us, the money I generate is just as much Nate’s as it is mine. Know that this is where we’re functioning from in biz, life and travel with finances. You can come up with an equation - which is basically what Profit First has you do. Equation meaning a % that goes to taxes, biz expenses, and whatever else you need it to go. This can be very individual in your biz. Then you can do the same thing in your life based on what your biz pays you. I don't know how many times I’ll say this - but we follow the Profit First equation. No surprise I am sure. Everyone’s equation will be different. But I really like using % instead of a dollar amount every month because I have a biz with inconsistent income. So no matter what, the % are the same every two weeks when I transfer money to different accounts. That’s another point. We “do finances” every two weeks. Ideally this is the 10th and 25th but when traveling it happ...
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