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A Beginner's Guide to Financial Concepts for Entrepreneurs | Ep11
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What is Gross Revenue?
What is Net Profit?
What investment strategies make sense for me as a business owner?
We dove into it all today in this episode of the Financial Dad podcast. We talked about the importance of understanding financial terminology, particularly for self-employed individuals. We explore what it means to be 'making bank' and how to allocate extra income wisely. The conversation delves into various investment strategies, comparing real estate and stock market investments, and highlights the unique financial landscape faced by entrepreneurs.
We talked about....
👀Understanding gross revenue vs. net profit is crucial.
👀Self-employed individuals must have a clear business plan.
👀Saving at least 10-15% of income is essential for financial health.
👀Making bank means saving a significant portion of income.
👀Investment strategies should align with personal financial goals.
👀Real estate can be a good investment but comes with risks.
👀Stock market investments offer liquidity and ease of access.
👀Financial advisors help keep clients focused on long-term goals.
👀Entrepreneurship involves more financial risk than traditional employment.
👀Understanding financial options is key to making informed decisions.
Other Episodes Referenced
https://www.youtube.com/watch?v=rHZ-Fuf8_Kw
https://www.youtube.com/watch?v=J5KwwbGfLYc
Chapters
00:00
Understanding Financial Terminology
04:43
Defining 'Making Bank' as a Self-Employed Individual
09:20
Allocating Extra Income Wisely
13:51
Investment Strategies and Priorities
18:19
Real Estate vs. Stock Market Investments
23:12
The Complexity of Business Ownership
27:36
The Entrepreneurial Mindset and Financial Decisions
The Financial Dad™ is a podcast for creatives, freelancers and entrepreneurs to help young self-employeds figure out their finances in a world built for employees, not entrepreneurs—from quarterly taxes to W9s to retirement plans to insurance and saving—we’ve got you covered.
Hosted by:
Tim Smith, CFP®, Bridget Sicsko (PR Strategist) + Hally Smith (Actress)
👉Subscribe:
https://www.youtube.com/@Thefinancialdad
👀Follow:
https://www.instagram.com/thefinancialdad_/
✍️Trusted Resources:
Quickbooks
Notion
Riverside
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