Gain Time & Financial Freedom

Business Coaching

Get 1-on-1 business coaching guaranteed to grow your business by 30% this year.
Learn More

Business Podcast

Listen and subscribe to our podcast hosted by business owners that have grown 13 multi-million dollar businesses.
Learn More

Business School

Watch 1,000+ videos on how to start/grow a business taught by mentors such as NBA legend David Robinson, Michael Levine, and many others
Learn More

Business Conference

Join our 2 day extensive business conference led by Forbes Council Member and SBA Entrepreneur of the Year, Clay Clark
Learn More

Business Coach: A Road To Wealth

Business Coach Tulsa World Business1The following is a transcript that gives an overview of accounting with Clay Clark, US Small Business Administration Entrepreneur of the Year, Business Coach, and Tim Redmond on, a premiere Ohio business college.

Clay:               Tim Redmond, thank you for being here sir from the bottom of this business coach heart.

Tim:                Yeah, it’s great to be here again Clay, I am excited about … I am excited about this topic!

Clay:                Well I think that financial planning and accounting, and these sorts of things are things that a lot of people maybe don’t get excited about, but that we have to know. We are talking specifically today about financial planning 101; getting on the road  to riches. Here is the idea. The first principle is waking up to reality.

Tim:                Right.

Clay:                Tim, being completely financially in the hole is something that most people are very familiar with. In fact, on October 21st, US Today had an article where they said that, this is crazy statistics here. They said that for people that are 10 years away from retirement, the median savings is $12,000. So people who are 10 years away from retirement, they only have $12,000 saved. I have learned this information as a business coach.

Tim:                Wow!

Clay:                One third of the people between 55 and 64 haven’t saved anything. This is sad to me as a business coach.

Tim:                Okay.

Clay:                So in your mind, what is going on where most people are living completely in the toilet financially? What is happening?

Tim:                Just a little bit of background on where I’m going to come from, because I think as I begin to talk, if people can know a little bit of my background.

Clay:                Yeah.

Tim:                I am a CPA.

Clay:                Yeah.

Tim:                Okay, and so don’t turn me off right now because I said that, because we know what a CPA stands for, right?

Clay:                Uh…?

Tim:                Constant pain in the abdomen.

Clay:                Abdomen. Abdomen region.

Tim:                Or another body part. What I have done, is I’m really not active as a CPA per se, but I’m active in business coaching.

Clay:                Yeah.

Tim:                Teaching clients financials.

Clay:                Yeah.

Are your businesses’ finances secure for the future? Learn the blueprint to financial success at, a superior Ohio business college or find a business coach.

Tim:                Teaching them how to read it, how to have a healthy relationship with money and cash is so so important. So why, why do people mess up so much in this area? I think there’s just a lack of knowledge of what to do.

Clay:                Yeah.

Tim:                Another thing is there’s such negativity that they see with finances that they almost run the other way. They’ve seen their parents fight over it or get divorced over it. They’ve seen business partners betray them, and so they’ve got a lot of emotion on this thing, and it’s almost like it’s this radioactive thing that, they know they ought to learn more about it, but it’s like this radioactive thing that’s created so much pain in their lives.

Clay:                So do you think most people just don’t look at their financial statements till they’re 55 or 65? What’s going on?

Tim:                I think there’s a number of reasons why people re in such a mess financially. I think, first of all, the way they were raised, they really haven’t learned about managing finances.

Clay:                Okay.

Tim:                They haven’t learned it from their parents, or they … What they’ve seen really, is not only a lack of knowledge, but they’ve seen a lot of pain attached to cash and money, and money shortages. The parents fight about it all the time, their parents may have gotten a divorce over it, business partner may betrayed the mom or dad, so they hear about all this negativity about finances, so what they want to do is they want say: “Listen, that’s a really painful area, I don’t want to learn about it, I don’t watch it, I want to stay away from it, but hey I want this, I want this.” We’re very impulse, compulsive, there’s no discipline. So we live in the moment, and we find ourselves on less than $12,000, and we’re just 20 years from dying.

Clay:                (Laughs) Okay well, talk to this business coach about principle number 2 here. Buying assets and stop buying liabilities. So principle 1, we just need to wake up to the reality.

Tim:                Right.

Clay:                The second is we got to start buying assets and stop buying liabilities. Now, Tim, Dave Ramsey, I love this guy, best selling financial planning, he’s a best-selling author, financial planner, radio-show host, just great guy.

Tim:                Yeah, great guy.

Clay:                He says: “Most of the things we buy are wants, and we call them needs, but they’re wants.” So Tim, in your minds, what kinds of things are most of us confusing as needs, but they’re really wants? Because you coach a lot of clients, you see them just go through massive amounts of cash.

Tim:                Right. I look at there’s two kinds of things you buy. One of the things you buy, you buy it to make you money.

Clay:                Okay.

Tim:                So, if you want to buy a computer because you’re a writer or you’re a graphic artist, or you want to do something on that computer, you want to do data management or analysis or whatever, you can do that. Or you can buy a computer, same thing, you can buy a computer, and spend the whole day playing on Facebook and surfing the Internet and doing nothing to make money. So what people do, Clay, is we buy a bunch of stuff, clothes, which I’m glad you’re wearing clothes now, that’s a good thing.

Clay:                Yeah, it’s a good thing.

Tim:                We have to buy clothes, I’m going to say that’s a need, but when we go into buying things with money we really don’t have, it’s money we’re going to make some day because I know I’m going to get a paycheck on Friday, so I  might as well spend that money now, because I need that new dress, or that new suit, or that new shirt, or ‘these are the coolest jeans and they’re only 350 bucks!’

Clay:                Only 350 …

Tim:                ‘They’re normally 500 bucks! I mean I’m saving 150 bucks!’ So it always makes me nervous when my wife tells me how much she saved. (Laughs) That’s like half the equation. How much did you spend? You know? Anyway, the idea here is when we buy stuff that doesn’t make us money, those are expenses, when we buy stuff that we can buy money with it, those are the good kind of assets, and I think that’s what Dave Ramsey and other people are making that differentiation.


Let us know what's going on.

Have a Business Question?

Ask our mentors anything.