Paul Hood (CPA) and business coach Clay Clark (Former U.S. SBA Entrepreneur of the Year) break down how casualness with your finances causes casualties.
See below for the business coach transcription
My name is clay clark on the business coach former ussba entrepreneur of the year. The host of the daily thrive time show on talk radio 1170. You can hear it every single day from 12 to 2, and it is always my pleasure to join you on your saturday mornings with paul hood as we break down yet another episode of a look under the hood with paul hood causes casualties in your financial life. Casualness causes casualties, but before we do that before we do that, how are you I am outstanding, play it’s a beautiful, cold cold. I still say the human body was not made to live in temperatures below 70 degrees. If there’s not beach and son and and a nice cool, breeze and 75 degrees, and above I’m out, I need to stay in bed. How often do you travel tocoastal regions? You know not often enough, because I’ve chosen to put success right now in the things were doing kinda like what we talking about. Casualness causes casualties, coonan and I lost cabos in san diego. I have been to san diego. Do you love that? Whether you know I love it during the day at night, you freeze, you tell off it’s still, not here., I don’t know if I go to put a sweatshirt on, I want a fireplace that’s all I’m saying, and we would business coach san diego been a couple times. My oldest son played for oklahoma state and went to a bowl game. Then he playoff football. What was this boy? Who played football at oklahoma, state, oklahoma, state, oklahoma, state everybody out there were talking about this causes casualties casualness causes casualties. Well, what does that mean? Well, specifically, for paul hood and at the guys at hood, cpas what they dois a sit-down with each and every client to help them make a budget in the budget is simply telling your money where to go and not having a budget is wondering where your money went so super move number one could go through several super moves today, but super move number one when you ride in your book here I’ll look under the hood and it tells it says your super move number one on page numbers 16 and look under the hood. Look, it says: tell your money where to go apartment, page 17 of the look under the hood. It’s just tell your money where to go. What does that mean what plate? You know you, what you have to be deliberate in life, especially with your money?
It’s so easy for money to just slip out of your business coach pockets. I don’t know if it grows legs or what, but it just goes, and you have to be very deliberate and tell your money where to go. You have to budget one of things. I teach my clients, especially on an individual basis, is december. Simple is carrying a little notepad around with you, and if you set a budget and princess it say we have an entertainment budget. Andyou know the 29th of the month and the newest movie just came out and everybody wants to go, see it and you look at your budget and we’ve already exceeded our budget for entertainment. So if you, if you’re delivering, you tell your money where to go, you wait 2 or 3 days till the next month to go, see that movie that’s the power of a budget. In the end, I’ve been deliberate and telling your money where to go. I have found for me as an entrepreneur one of my biggest challenges. I’ve always been able to generate a lot of money. I’ve just always been able to do that. I can always just generate whatever I want. If I ever want to buy something, I can always generate enough revenue and I’ve always had sore that optimistic mindset and I’m 37 and I’ve never been able to not achieve the cold. I was just figure out what the goal was and go get it, but my wife is so good. That’s why she handles that. The of the personal finances for, if you’re absolutely right, she’ll say you know what I know you went to mathis brothers and I know you talked to carl no car. All the is my if you’re looking to buy any ferneric chop what you want to do as you want to get out there to mathis brothers, and you want to see carl one, because he looks just like jamie foxx into better reason. He knows exactly what he’s talking have you ever been to mathis brothers? It’s been a long time, but I have been to mathis brothers. Now that you bring it up. I think I think it should be a place where you take my daughter to I’m not buying furniture. That often I love that place so much. I thought about asking my visit my church of cohoes to church services at mathis bus of the atmosphere that looks just like jamie foxx. That’s your place. They can go heal and then find faith places so much calmer. So much retail, there’s so much to corl system. Failed system processes – it’s unbelievable to scalability of that place, is just as beautifulall the time I texted me. He said I’m sure he says it to himself. You know he’s got some new a dog face pillows and you want to see him cuz. He knows that if it’s like a lava lamp on the shape of a duck or like a moose head over there with the elephants about behind you there to be seated table down there with the elephant legs there are.
Your love is buddy. The dog face pillows and you got to come in here and look at that. You are going to go already. Have enough pillows. I never my my my spine feel just fine. I don’t need their pillow istudy. Face. Pillows. I swear. I want to get all these pillows open immediately, and so I look at my wife. I look at him. I look at my wife. Look at him I’ll get car off at carl. I’m in you can have one that you can buy like eight and get one free or are they all the same dog? Is the dog but they’re at their a thrive time? Show office is right now, but that’s what it comes down to it comes down. To is your wife telling you, you can only buy one dog faced pillow at mathis brothers, that’s right in any person’s life, business! Financially! There’s money coming in! There’s money going out and we you know if you’re a business owner. It is a lot of times not that complicated, especially if they have a business coach like it thrive time show to increase your income, but I’ve had businesses come in that make multi-million dollars on the gross side and don’t make anything on the net side cuz. They don’t control the outflows. I know that there’s a negative one, cuz they’re, not controlling their expenses when they come in there very positive, because we help them control where their money go. So we help themdo you like vanessa and say clay one dog pace pillows. All you get this month. For 17 years, I’ve been listening to her until it’s working out well, but I’m telling ya guitar, that’s a tough place that that’s a different story right over there. I’m a supposed to enter into the belly of the beast. You can’t get out that whole area over there. This is too much I go in there and I’ll see. What’s up, I go into the pool guy right in the birth of a nation, and I go to guitar center to buy my one up light. You know my to uplights my three: I buy the pin spot the disco ball out in the office. Cuz we’re going to office doesn’t have a disco ball with a pen spot, so I go in there and they said hey. You know what, when we only got like nine left, you know we got. These three-wheel. Have nine here total, so I mean I don’t know nextis coming in, but you know if you want to get 6 more and now I guess I know the amazon prime. I can get whatever I want, but there’s isn’t that pressure that sense of urgency that I was up selling I’ll, take it bird.
I really want to get 6 more lights. I know we only need 3 to have nine and she says: that’s it. You’re going to get three, that’s what you get to have today and that’s it and I’m getting a pen spot she’s like then you know you. If you don’t get to go to mathis this weekend, I won’t buy anything but I’ll. Just try me woman. Just try me to hood cpas todayand to schedule a one-on-one consultation jump. You got to schedule a consultation with paul paul. I got a question for you, sir. All of the clients two guys work with is this is isabel. Is a pretty normal thing for people to not have a very good budget or a budget at all? I have yet to have a client. Well, maybe one in a thousand. It comes up as a budget now and having a budget. This is just the first step controlling it, holding yourself following like vanessa and yeah, I’m following it, and waiting to see that movie for 3 days, because you’ve already exceeded your business coach budget. That’s the key! The budget, the strength of the budget is having it hold. You accountable to to spending the money that you set aside for that for that. That might in the world about j, paul getty. I want to see that movie and she says what what matinee do you want to see or do you wan na wait for to come out on amazonand? I look at her and I’m picking listen. My plan was to take you to a movie to get you a glass of wine at the warren theater and then to attack you when we get help to produce another child and what you just did you took all the romance right out of my hand and hold what you did is you just said my plan was to go to the warren theater. Can you say yes, she’ll take to adult beverages, white boys like seven pounds, so she beverages? Then it’s going to be it’s going to happen and get it on amazon or wait for the matinee, and it happened that just happened. That just happened single listener. I mean literally there to be thousands of people right now if you’re listening right now during the break. I want everybody to do this. Let’s, let’s hold paul accountable, he should have counted. What’s hold you accountable account accountable. Let’s see how many of us, let’s flood the system, what’s crash, the server request, a copy of what pop in – and we was talking about. If you want to be different, think differently, look at the people around you and if they don’t have what you want, then you need to do something. Different warren buffett talks different. He he sees the world differently and you talk about a budget. The dude with when became a billionaire, he drove an 8 year old car and leave on a ,000 house, so yeah go to hood cps.Com hood cpa s.Com. The little form. What we’re doing is an hour of my time.
Free come on now, it’s in this time of the year is really bible tax season to work out a top-level cpa, typically about you, know to an hour for a top-level cpa to sit down and do some financial planning with him know. Paul is beyond just a cpa financial planning, so what you’re doing is you’re getting a free consultation, an hour of his time and you’re, getting the only authorized biography that warren buffett has ever put out there. You know that there’s so many books out there written about warren buffett, but how many of them did he actually sit down with the author and say I’m willing to give you a tell-all, I’m willing to go to walk you through my life, the good and the bad, the dirty laundry controversial stuff about stealing golf clubs. You can hear about how much he loved bridge and he refused, and the man reviews to use a computer and he became a billionaire without a computer. How do you do that first and how we can rule wall street without going to wall street? Absolutely you can learn about how he’s decided to go with the multi wife system, from nebraska nebraska in oklahoma or texas, or kansas, but nebraska so yeah you can come and get that fill out. That form will give you a free book. We have a warehouse we’re having a stock up play. A thousand people outside house ins of books bring my books all the time and I’m telling you this. We’ve got to apply the pressure for you to get your free treasures 1 hour of paul’s time, and you get a copy of the snowball book. All you got to do is go to hood cpas and fill out the form. Now, why do people are saying? I’m? Never used it before never used it to improve my life. I don’t know. If I have the time I don’t know I might have carpal tunnel, I don’t know if I can push to the paint shop. Why shouldn’t somebody go to hood cpas and fill out that form? Well. First of all, it’s only see four five, six, seven, eight letters c pas.. It’s really not that hard and you’re going to get to replace the button. Do you push it down all the way? Dark master, but I break into a business coach point: don’t worry about carpal tunnel wrist brace I’ve requested. So many is your fine if you got the solid wrist strength right, so here’s the deal I english.Com and it clicked the button fill out. The form request your snowball book today, but it’s quite clark to listen to look at the head with a comeback more about getting you financially back on track. 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 it, look on 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 call her job.. I am so excited to be your own. This glorious weekend morning with the man the myth, the legend tulsa’s, never won cpa in every way. It’s none other than paul her chubby. Could you describe the visual splendor that we’re seeing inside looking at so good? What time is it going to snow today we’re going to talk about sticking to your a budget, so super move number to, as we talked about looking under your financial hood, to make sure you’re looking good, you got to stick to your budget now dave ramsey says a budget is telling your money where to go instead of wondering where it went paul. Why does soap most people struggle? So much was sticking within a budget I mean, according to the federal reserve, the average american has less than saved people of all ages. All incomes are struggling to stick within the budget. Why? Why? I think it’s two things. One is a discipline and one in the second is belief. You know back in the day clay you know you, you got married, you had 10 kids and bic. You had 10 kids because you needed to work. There was no choice. You had to do certain things and today we have life so easy that you, you know you just it’s easy to slip and not be disciplined and successes is all about being disciplined. It’s it’s not complicated; it’s not that really that difficult and so on, then also just believe. Oh okay, understanding that if you delay gratification, that, if you that, if your deliberate in your success, if you in a short-term pain, is long-term gain, those type of you know things that we hear all the time just got to believe that that’s what’s going to lead to success as friends and partners, his name is lee cockrell cker e l, l e cockrell used to be the business coach executive vice president of walt disney world resorts twin, managed over 40,000 employees. Think about that for a second managing 40,000 employees. That would be like mind-boggling. That would be like you, you get to work and you work at wrigley field and you get out to the pitcher’s mound and you get on the mic and you say attention everybody inside the stadium and 5000 other people welcome to work. Today I mean that’s how many people were talking about some massive amount of people – and I remember sitting down with him in his living room in orlando florida, asking him how he was able to deal with 1 million customers a week in orlando 1 million views. But 1 million actual paying customers and 40,000 employees, and I said how do you get it all done? I’m just cuz I’d that point I grow in a company where I managed hunt hundreds of people, I managed hundreds of people not 40,000 and lee said to me.
He said nothing that doesn’t diesel biscuit anything to get scheduled, gets done, clay anything that gets scheduled gets done, but nothing that you don’t schedule ever gets done, but I thought the recordable there was anything that gets scheduled gets done, which leads us to our next point. Point number three: as we talked about looking under your financial, I just want to say to a buddy out there listening that step, one you know making your budget, that’s actually the easy part. Some people feel like that’s the hard part just I actually have to somehow. I got to find all my expense. I got to actually put them all down. I got to see what I’m spending so I can make a budget but point to is the hard part right like making budget easy? Okay, no point to is a hard part and, like clay was saying, write it down you’re actually going to have to block out time. Does national think you actually need to block out a time a specific place at a specific time? What click? What italian restaurant yesterday with my wife – and this is what we were doing right – this is what we actually did we to be at the people say really you do this yet so on in my wife works in the office, and she micromanage is that budget make sure that every dollar gets to the right place and she pulled me aside of rugby new to you – check the members of team. But she said I want to switch to biweekly paycheck for payroll in weekly, and the size of this particular company has gotten to a level where I want to do by weekly, because it’ll save x amount of dollars on payroll expenses, x-men a time on expenses, and so we have enough velocity and volume, this particular company that I want to do that, and I also would like to hire another full-time teacher to work with the kids 2 days a week, so that way they can have a little more development. We homeschool our kids, the meeting there school tomorrow home, but we still have professional teachers that work with them and she said like to have one more teacher that can help a couple of our kids on these specific things, and we talked about the financial ramifications of doing both and paul, we actually have the rigor in our schedule to do that. We put it in the schedule and we make it enjoyable thing where we went out to dinner. We brought our notepads with us and in the people at the restaurant was pretty funny.
They go. Are you guys managers or are you guys cuz they’re? Always words are being business coach audited? People go. I need to try one of every advertise it right now in italian restaurant for dinner, with a clipboard and a list of what appears to be financials, a financial numbers of the point I was trying to make. You guys had a plan. You knew when you were going to do it where you were going to do it and, most importantly, what you needed you just that stuff with you exactly. This is why I was going to go. Look under the hood. Is you want to come into automating your savings or you want to make a one-time decision that can happen over and over and over? You only be asked, you know ever on a daily basis. Do you want to save money? Do you want to save money? Cuz you’re, sometimes your willpower will be low, but you automate your savings. It’ll just happen to paul out of people, don’t realize the government is automating your savings for social security. They are by taking it out of your check before you see it. The government does a lot of things wrong and also do some a few things right, but one thing they do is they realize taxpayers aren’t going to save the money needed to mail in a check later, so we’re going to automate that deduction paul break down the importance of automating your savings, absolutely thomas edison, said it like this and play well. First off I go there, you know you and your wife went out to eat you working your business, going to guess what that’s a tax deduction. So you know people that know about whether spending money and make them tax deduction. But you know one of my favorite quotes and clay. You know I love quotes of thomas edison said vision without execution is hallucination. Execution is hallucination, that’s powerful, that strong vision without execution is hallucination paul break that down. For you know, if you make it very practical, you know you have the vision play you, you would see, and you see the like. We talked about on the other segment about the dog face pillow, you have the divisions, do you have the vision and your wife has to has to be the person on the ground and has to execute see? This is how we’re going to do in this is how we can be practical work and put in play, and a lot of people want to be wealthy. Lot of people want to save. A lot of people want to be financially everything, but they executed and the reason I don’t execute is cuz. There’s always another expansion and time flies so fast, and so, if you automate you saving, this is whether you’re at work and you do a 401k. They take it out of your paycheck before you actually get it or if your business owner, we teach business owners to take 3 % right off the top 3 %, 3 % percent right off the top. Before you pay your business expenses before you pay, your 3 % of just seems to be a good number. So there’s some psycho psychologie there that to where we want to be able to save and see the results and so have success down the road.
But we don’t want it to you notice to take your business, and so they say it’s a good little mix right there that provide success and what happens clay’s 10 years from now. Your business is going to be in the same shape with you save or not, but you can have six figure sitting in the bank. The most important thing I can say about this automating your savings is the fact that you don’t even know you’re missing it. That’s the most likely brought the most important you have to do it right off. The top like paul was saying, and then it’s not even a thing. It’s not even a big deal. You don’t know that you’re. You know all me we’re running tight on the budget. Okay, well, like play said we going to see a matinee or we wait until next week. That’s what you got to do my wife and I we automate anything in our life that we want to get done. We’ve been self-employed entrepreneur, I’ve been so people understand the context. I have been self-employed since I was 16, I’m 37. This is my 21st year being self-employed and a lot of people don’t have any success in the weather for thor 50 or in business. I was the entrepreneur of the year for the city of tulsa for the metro chamber of commerce. I was 20, I just turned 20, but I’ve been doing it for years and so people like you, still have acne problems view. My so would you know my wife a recently we talked about the last night and she says I would like to travel again once a month or we can go to a different city. So we are, we put in our calendar to do it and then southwest airlines has low fare specials and what we did back in the day. We love doing this by the way is we don’t care where we’re going? We just want to go to someplace new. That’s on sent, it could be, it could be. Kansas city could be milwaukee. Oh my gosh, there’s so much fun stuff to see here actually pronounce milly walk a butt. The weather today caitian with her at savings, whether it’s time with a date time with your wife. When it’s working out, you want to put it into your calendar, you have to do that and I just encourage everybody out there. If you are not where you want to be financially, why I’m asking this question on a scale of 1 to 10? If 10 is the most proactive accountant and tax planning in financial planning, you could possibly find your you’re saying my current tax planner and financial planner is at 10. This person helps me really stay, proactive attend is the best, and one is the worst. How proactive is your current accountant or tax planner and, if you’re, giving them a number anything under 8? I encourage you to schedule a one-on-one consultation with business coach paul hood at hood cps.Com if you schedule a consultation with paul hood with hood cpas. Com he’s going to give you a free copy of warren buffett’s called snowball. What’s the warren buffett book snowball in a one-hour consultation with paul hood, it’s all free. Perhaps your financial life deserves a second look schedule. Your consultation today at hood cpas will check you next week. We’re checking with you next week the same time here for look under the hood with paul hood will see you next week, so freaking bad