Ever struggled with saving money? Learn how to automate your success by automate your savings with CPA Paul Hood and business coach Clay Clark.
This is the business coach transcription of this episode of A Look Under The Hood
Broadcasting from the thrive time show studios in beatbox that rocks it is tulsa’s number one cpa and every way he’s a gentleman it’s time to take a look under your financial hood with paul hoodnation. Welcome back to the conversation, welcome back to they look out of the hood with paul. My name is clay clark and I am a business coach on the host of the thrive time show you can hear daily from 12 to 2 on talk radio 1170 and every single weekend will we do? Is we take time out of your schedule to help you take a look under your financial hood? Now eric chop, co host of the show your? Can you? Can you kind of explain to me cuz you, you are a business coach time show program. Why do so few people want to, or maybe they don’t want telling them? Why did so few people take a look under their financial hood? Why do so few people actually take the time to look at their personal finances? I’ve gathered that a lot of people have this subconscious thought of. If I don’t look at it, then there’s not a problem. It’s all going to be. Okay, just don’t talk about it. Let’s not look at it. Look not figure it out, so they don’t proactively schedule time, tono actually review what they’ve spent, how much money they need to make to pay all their bills. So they can you there quote break even even in their financial household. So I think a lot of people just kind of like a lot of people treat their health they’re not going to go, see the doctor until something bad happens in and that’s not good. You don’t want to have a breakdown financially or with your health. Before you have your breakthrough, we’re going to break down the specifics, so it is written in his book on page 25 of a look under the hood for automating your financial success. As I turn the page 25 are you this morning, but you’re looking good, the hell. Are you. I am amazingly awesome. I love life. You don’t play what we get. What I get to do everyday is help people achieve the american dream to help them be deliberate. For success to help them guide, which we guiding inspire people to to be financially successful, but you know what they have to do: they actually have to get on the internet.
They have to go to hood cps.Com if they click the little button, so they get some free time. So we can discuss their financial. You know what I’m not going to talk about my financial future talking about there’s. You know why I’m not going to go to hood cpas free copy of warren buffett’s book snowball, the only authorized business coach biography the man to ever put together. I know you’re doing that, and I know that I get a free one-hour consultation, but I don’t have time because watching the voice, the watchers, the voice american spends more time on the average american right now check want to put these notes on the. What where to put the statistic on the show know if you look up the average amount of time of the average person spends on social media per day and he’ll put the actual statistics out there, and I know this because I’ve looked this up over number for the average american is spinning over 2 hours a day on social media, so I don’t have time. I don’t have time to schedule appointment with you, because I’ve got to be on facebook for a couple hours. I’ve got to go to the boys. I got to watch that show once a week when, when do you suggest I didn’t new york times new york times, I have to watch 5 hours of tv a day I got I got. I got this problem, you know I’m a problem. Solver I’ve got this from salt schedule appointment. I will have the voice laying in my office as we talk voice playing and you’ll. Allow me to have access to my smartphone, which, according to psychology today, if I’m able to have access to my smartphone to do a constant speed of social media post while watching tv cuz. That’s that’s a 7 hours between the two of them and you can play the voice in the background. Maybe I can have time we can multitask, but in all sincerity, super move number 1 schedule a meeting to meet with you, one of the things that you do. I hear so many great accomplishments from your current client. To tell me they say you know. Paul is so good at this. He actually help me cut my personal expenses by 3 % in our first month. We met with the guy and I don’t care if he offers any other value moving forward. I really mean it he’s filing my taxes. I’ve already paid someone to file my taxes, but my current accountant never sat down and help me cut my current expenses by 3 %. Can you explain why that’s a fundamental move that you try to do to cut expenses by 3 % we talked on earlier, shows about automating savings in and we want to target at 3 % of the gross, and if we show a client how they can, let you know just by deliver it and cutting expenses, it really doesn’t come out of their pocket. It comes out of the governor part, you know what we do play as we prioritize where’s the money going and we go from top down, one of them biggest draws or where’s your money going from top to the bottom, to the most of the to the least income taxes is one area that we look at entity planning income. Taxes generally is your biggest will taxes and generally biggest expense that you have going out with his business or personal, and so we look at entity planning.
We look at how you’re paying yourself. We look at at things like credit card processing. We look at at you look at things that just our little seeping things that come out. You know whether you like what I’ve said before you got your you’re paying for 5 xm radios and you don’t have 2 cars. Those kind of things that that people just don’t pay attention to your teacher of xm radio, and I want the brand to do well. So I have 5 subscriptions constantly. It is and you’re the one that moves. We talked peoples in play. You taught me this one cuz and I believe you always you never stop learning. But you taught me this. One cancel your credit card reported stolen. The great move. You say I can’t find the card I’d like to freeze it get a new card issued and what’ll happen is, is there’s a bill to be a lot of expenses on one of my companies years ago and jeff? I and you you know you know about the store a little bit in in, even when I threw the predator team, who I don’t advise, throwing printers like a wcw over the head kind of tossed throw. It was more of a hulk smash inside the uterus, where you here, then I think I was there, but I didn’t I see I saw that I heard and then saw the remnants of will make sure you get this in our office. We offer complimentary water to all of our customers at the thrive time. Business coach show their the riverwalk in jenks, so we have water. Now I have in front of me and ice drink, which I love these and steve currington the case they put these in the fridge. For me, great guy, but these are about you know a piece if you buy them out of the fridge at like, come and go or quiktrip or something, and if you order them in bulk in, like a dollar fifty and there’s the by 5 to be a. I and it’s five you if you seen those drinks, I signed us up to auto ship from amazon by 5 drinks. To the question was hey. Can I automate the ordering of office supplies on amazon to save his money? And I said yes, but I want to stick with in the line item list of what we normally have they added on to it: auto shipping, printer cartridges and the bai5 drinks, and I’m not kidding. I am not exaggerating. This is an actual example from a real person right here in jenks oklahoma.
We ordered ,000 of print cartridges in advance for cause. He was told that you can save money if order them in advance for a printer that we had constant problems with. They come with a new edition about every year and then the printer cost less than the cartridge. So I decided he’s auto shipping in water, huge amounts of water, jugs of water and he pedro protection program that if the printer breaks, here’s the thing, I have an office staff of in our drinks office, but there’s about 35 to 50 people in there any given day and he had it set up where steve the printer wouldn’t print instead of just getting a new one which, by the way is 250 bucks at office depot, I could mail it in. So he mails in the freaking rebate intel’s my team. They can’t print for 6 weeks 6 weeks. That’s all he can get is waiting for. This would be a good steward of her finances, the guy who ordered by 5 and any auto shipping ink cartridges. He wants to make sure that we can save money, so he would truly is mailing in a rebate to get another printer graveyard. Is he buried in like where did they wear? Where did it? Where do they? Where do they? Why can’t we print it goes over? We mailed in the rebate and it should be about 3 to 6 weeks and we’ll have a new one. So I take the printer and I throw it break the printer. Many people think I’ve lost my mind and I said that’s the last decision you get to make gun boom idiot. That’s what happens when you play. I got a story for you, sir great story, so I know you got three kitty cats for christmas. I’m not a big fan of outside that does work and produces at that. My ranch, that’s great. I like the business coachdonald. You know how to chat on my account, so I don’t listen to you and look at you and do what they want to do. They said they don’t pay attention, but anyway, so all of a sudden, the great idea, my house is: let’s auto-ship cat litter cat litter. So all of a sudden you blank and I’ve got a room. I mean literally a closet full of cat litter, and so you know what the movie is: let’s get more cats we have cat litter, miss get more cats. That was the idea. Let’s get more, I think I was back door to that one, but yeah you. Just all the sudden, the stuff just starts their stuff showing up everyday, so auto shipping and and all of that, it’s like a great idea. You know we teach people and you teach people play to touch it once, but sometimes that’s not a good idea. So yeah I’ll cancel that credit card cut all that stuff off they’ll have to resell you that and start over. I would just encourage you for listening to the shell right now and you found yourself or you’re, not where you want to be financially just understand this concept. You are not an idiot you’re, not a bad person. You’re, not somebody who’s not going to have success.
Will you have to do to understand you are where you are because of the decisions that you’ve made previous tune out, so I’m going to give you two notable quotable stand, I’m going to give you a direct. Ask I’m going to ask you to do something. One time that will change your life, so benjamin franklin says: beware of little. Expenses in small leak will sink a great ship. Benjamin franklin founding father said beware of little expenses. A small leak will sink. A great ship you’ve got to make sure you’re managing the small expensive, make sure you print off all of your monthly expenses. Look at them and blow up any of those. Outlying extra expenses will rogers once wrote too many people spend money, they earned to buy things. They don’t want to impress people they don’t like, and so you know steve you’ve known paul for a long time. Why is paul the kind of guy that people would want to do business with what was paul? The kind of guy that you would want to? You know if you’re an entreprenuer, your business person out there you’re an employee. Why would you want paul as your cpa? Why is he a good friend of yours? Why would you want him, as a cpa, says right here on page 25, real talk with paul hood, because paul’s real, you know – and I think you get to a place in or maybe paul has got no place in his business where he knows what is good for a client and he’s not afraid to tell him what they need to hear and when you’re not you’re near like me or you, you need somebody in your life. That’s going to tell you got spinach and you’re too so to speak and give you that advice that you need to hear that a lot of people are going to tell you – and I think paul does a good job of communicating that to his clients. I’m going to I’m going to make sure that you understand this thrive, the drive nationhood nation, the 1170 folks. As long as you get this idea, the stock market right now is over 25,000 they’re opening up drilling off the coast of florida. The economy is booming. Tax cuts just got pushed 12 %, 11 % effective leave for corporations you’re going to, regardless of your political view, you’re going to experience a massive boom in the next three to four years that we haven’t seen since reagan is going to be a big boom, and you want to make sure that you’re setting aside it’s a small amount of your income to it to experiencing exponential effect of compound interest working for you. I would encourage you, I’m a directly asking every listener to do this during the break. I want you to go to hood cpas. Com cpa.Com. I can’t find it will. The thing is: if you don’t whisper, I can hear you better. What do you say? I just can’t find hood cps.Com once you get their schedule, a one-hour consultation with paul hood for a look under your financial schedule at one-hour consultation, and I promise you that one.
Our meeting will save you. Thousands upon thousands, thousands upon thousands of dollars just for taking a one-hour consultation and he’s going to give you a free copy of warren buffett’s book of warren buffett’s only authorized biography book called snowball. But to get that book in to get that financial wisdom, you’ve got to go to hood cpa today and schedule that consultation well, this promotion is still happen to look under the hood with paul hood. Have you ever found yourself running out of money before the end of the month? Are you saving enough for retirement? Are you getting ahead financially tulsa? If you need to look at your financial hood, you come to the right place. It’s a look under the hood with tulsa’s number one cpa and every way back to the hood with paul hood, we’re breaking down specifically how you can get financially ahead in the year 2018. That’s next move were talking about your paul hood is increasing your income by 3 %, increase your income by 3 %. I want to give an example of a real business coach client, I’m really working with that. We increase their income this year dramatically. I miss just example: the kind of stuff you’ll do with your clients, so this is again if you have a business coach. This is the kind of stuff that I obsess on late on. This is the kind of stuff that paul hood is your account and focuses on. I need an accountant and a business. A business coach helps you build a scalable business model and helps you identify your biggest limiting factors, but a certified public accountant has invested many years and actually studying just accounting and they’re going to make sure you have a and irs compliant tax strategy. To minimize your your your taxes to maximize your investment strategies are going to help you and they actually will they’re kind of like a buffer between you and the irs apakah. You can’t explain it real, quick what a cpa it does before. I can talk about increasing the business coach income. What is why do you need a cpa to kind of communicate with you? You know if you was the average taxpayer. Why would you just not want to file your taxes yourself? Why would you want to have an expert cpa? Do this for you, when you want to have a proactive cpi just a little bit further, but it’s yeah is, you know, we’ve studied and we taking test, and it’s there’s actually a 1 % pass rate for the first time of that exam is one of the toughest exams to take, but a couple things: 1: we we dat’s the same reason you would need a doctor, looks at you and you need a dentist.
You need a business coach, you don’t know what you don’t know and I’m saying that shopping. I need a dentist. We can just do it ourselves. I brush my teeth every other day, hey paul. Can I take a trip to that. You’ve been scamming me for years. Just for you, buddy buddy clay has that kind of relationship with another man. I would like to put their hands on my child. Jealous jealous dentistry game, is over you’re done out here, but there’s a price to pay. You know whether she could you have chuck. Do your dentistry or like to talk to you about that? Actually, it’s going to happen, you’re going to pay the piper, and so with the cpa. You know we’re trying to look for things. You know it’s the tax code actually there’s. Actually, when I’m doing a tax return. My tax software clay cost me ,000 every single year and I’m sure the average employee pays that my god. Yes, I was right, so somebody who thinks they can get online and do this and do that. The problem is is attack when you’re done your tax return. Most tax returns, there’s actually three parallel calculations going at one time, parallel calculation, dentistry south. What time, if somebody does their own tax return, they bring it to me and majority the time I can show them that we’ve saved them. You know up words of 3 to 10 times what they pay us, so here’s an example example super inch up, I’m going to I’m going to be up at it. One example and I’m going to ask you as rhetorical you you tell me if this is. If this, if you seen this, are you guys wearing phone doctors, phone off locations and I didn’t start, the company alex eiser started the company, but I’m the business coach for those guys and it turns out shop that if you can get your phone fixed, they come to do same-day fixes see you bring your phone in your apple phone, even cracked screen or ipad broken. You need it fixed quickly. Yeah. You know that you bring your phone in. You know. Charles dropped, your phone there, charles coli, with colaw fitness business coach in beaver, dropped.
Your phone before, yes, I have dropped my phone and I’ve learned to where you put a case around that phone broke in your phone, where you needed the information back quickly. Yes, clay. Can you the dude is like eight foot tall? Can you imagine dropping a phone from that height? It’s not going to recover. Going to recover here’s the scenario guys like charles coley he’s an entrepreneur guys like eric chopping entrepreneur. They go into the phone. Doctors may say you know what I know you can fix it in about an hour a day. I appreciate that, but is there a way to get it faster, and so we introduced a rush program where you can pay an extra to have your phone fixed within an hour, so it goes to the top of the line boom for a rush. It’s like an airplane that everyone wants to fly first class, but there’s about 10 to 16 seats that, due to the plane that selfie, big aluminum tube is is filled with passengers. But if they didn’t offer first class, then people wouldn’t be able to pay extra. There’s a lot of people are willing to pay 2 times what it cost to fly coach on an airplane to get first class cuz. They want that extra legroom. They want that extra expense. Guys. Like my partner david robinson, he said vitali kind of beat it fit on a plane unless its first time seriously can’t do it and cell phone doctors introduced a premium package. I suggested hey, let’s introduce a rush program, an extra and these guys have had massive massive profitability increases by just asking a simple question: would you like for us to rush that today and most of the entrepreneur say?
Yes, I do want to rush my eyes fixed now. The average person out there says no, but the average entrepreneur says yes about 1 and 4 1 and 5. People are saying yes, I’ll pay an extra for that extra speed and that has increased their gross revenue by north of 3 %. Just that one question it took it and outside set of eyes to look at it in to introduce a best practice system. How do you help the average entrepreneur increase their revenue by 3 % and processor charges in three and a half percent that they don’t like that, and so what they do is they create an invoice in the invoice will say you know cuz you’re, not really supposed to charge somebody if they’re paying with a credit card, so they remove, was mr. Customer we’ve already discounted your your invoice by three and a half percent if you’ll pay with check or cash, and I would credit card for you. Otherwise, we have to increase it and I said well how about we go the other way. How about you just increase all your face by three and a half percent, and if they pay with credit card you’re, even if they pay with cash or check, then deposit. You taking a positive, a negative entered into a positive business coach boom. We increase in income by three and a half percent. I want. I want to get charles cole I’ll take on this and so charles having a t, I don’t know blindside you here with a tough tough question. Okay, it’s going to come early morning and I want to give you an attitude too tough, of a question cuz. You know when you get on the radio is what happens? Come an outer body experience the first time you’re on radio you’re like oh, my gosh, I don’t want to sound mildly retarded and charles cola has a very successful three locations of kohl off at you.
Don’t want to paint it guy. This statue into the corner he’s a massive going to be good personal training business I work with years ago, and they would ask the client. Do you use credit card or check in the client said? I want to use credit card and it said: okay we’re going to go in and add you know 3 % to your bill. If you want to use credit card – and I did just like paul said – I said – wasn’t just raise your prices – 3 % cuz. It’s going to irritate people at the department of motor vehicles in all over the tag agency. They do that and that’s where I got that move and I said: that’s not removed so charles at colaw fitness. You just opened up your newest location, where’s, your newest location of colaw fitness. We just open one in topeka kansas. How big is this facility? It’s a little over 20,000 square feet in square feet in the most people, pay on a credit card and most people come in there with bags of coins or how do they pay? You tip well that yes, but most people have some sort of credit card or I paint the bank draft. If I wanted a relationship right off the bat, so you don’t do that. No two members, yes and you would I mean the thing is: is we going to start this whole business coach situation so relationship with you know customer where you’re going to say, hey we’re going to charge you more just to use your card for convenient. If that’s it, it’s a horrible choice and carson. Most people are going to be repeat, buyers, bryant, and so you immediately start off of the bad relationship. I got a question some clarification, charles, so I believe anything north of oklahoma is canada. Do they exercise in canada? I didn’t know kansas can’t get. The exercise on heart is ice fishing up there we can get the day we opened. It was so cold up there that my truck gelled with a diesel truck of it didn’t now for some ever had a diesel truck canada. So it literally like an hour before we open our grand opening. We had like a thousand people signed up, so I can’t get there, I’m stuck in the middle of the road. Should you hitchhike? It was awesome, I’m never putting another trip up north. How long have you worked with paul and how long is paul hood pin your cpi just colaw fitness, you have thousands of members, you guys are obviously very successful. People can google colaw fitness can see your success up there? How long have you used paul hood as your cpa, saying business?
I say you never really know somebody until the 12th year. So really your relationship was that qualify to be a good. Maybe I don’t know. I just know that 1338 relationship they have offering paul hood, ate a great thing for all the listeners out there and you’re being bombarded. We have hundreds of people out there who are requesting a free copy of warren buffett’s book snowball t up the offer. What what how does somebody get a copy of warren buffett’s book snowball if they want to get their hands on that sweet? Sweet book will call you when we’re trying to help people choose cuz. It really is a choice to be successful. The choice to to make the decisions and hold yourself accountable and one of the ways that we found is okay. You find somebody else’s success, successful and you duplicate them in the end of warren. Buffett’s book is amazing how you might have to bring a four-wheel business coach dolly to get it out of my office and it’s a huge, but it’s massive you just great and so go to hood cps.Com hood cpa s.Com fill out the form get a free hour of of time with me, what’s the book time was the world class cpa. That’s at least a couple hundred dollar value get a free copy of warren buffett’s book snowball, it’s all there for free. All you got to do is go to hood. Cpas. Join us next week as we take another look under the hood. It’s been great. Having other show will see you next week and I look under the hood with paul