63% of America’s Are Financially Struggling | How to Get Ahead

Business Coach | Ask Clay & Z Anything

Audio Transcription


During today’s broadcast of the A Look Under the Hood Radio Show with (CPA) Paul Hood and Clay Clark (former U.S. Small Business Administration Entrepreneur of the Year).

MYSTIC STATISTIC – “63% of Americans don’t have enough savings to cover a $500 emergency.” – Forbes

ACTION ITEM: Visit www.HoodCPAs.com  and receive 1 FREE COPY of Warren Buffett’s only authorized Snow Ball – Learn more about the book –



Determine your hard and fixed expenses

AMPLE EXAMPLE – Office space, phone bills, internet, insurance, team salaries, heat and air, water, etc.


Determine your variable expenses per transaction

AMPLE EXAMPLE – Paying contractors for completed work, merit-based pay, cost of good needed to deliver a service or make a product, and advertising, etc.


Determine the number of customers you need per month to just break-even

DEFINITION – Vasectomy – surgical division or resection of all or part of the vas deferens usually to induce sterility



Determine your tax liabilities 

AMPLE EXAMPLE – Payroll tax, income tax, business taxes, state taxes, sales taxes, double tax scenarios, etc.



Determine your hidden and often forgotten tasks

AMPLE EXAMPLE – Shrinkage due to theft, loss due to errors, legal bills, worker’s compensation, employee inefficiencies and turnover, etc.



Determine the number of customers you need per month to achieve your dreams

What can see from the Thrive time show studios in feet box that rocks? It is Tulsa’s number one CPA in every way, but he’s a gentleman to take a look under you Hood with Paul asking me why the weekend baby, my name is Clay Clark and the former USS be a entrepreneur of the Year.

Co-Host of this incredible show and I’m joined, as always with mr. Paul hood to hood, has admit many people call him America’s most beautiful man. Some people call me the most humble man. I would just call him.

Tulsa’S number one account to DePaul Hood. How are you my friend, I am sending how much you play  business coach   It’s a beautiful morning. Well, I tell you what I’m very excited to get into today’s topic, but before we eat before we get into the topic, I got a kind of tea.

It Up YouTube Steve, Currington, you’re at you’re, one of our fabulous guess. Today you been golfing where you, your you’re business coach  golfing and maybe a hit the ball, and it goes off of the Fairway.

And maybe you can grab it out of the woods and you said it in a nice spot, so you’re not hitting it into a tree again again what happened to you played with a guy that did that all the time

I never I’m always business coach  heading to the Fairway, but the guy had a friend right, always somehow find it in a spot, with a nice little going to do to make business coach  sure that this that this ball goes down the

Fairway to make sure that we get to get the ball in the hole. I’M going to just tear business coach   it up here are some fun facts that aren’t actually fun. It also fun fact number one: 63 % of Americans don’t have enough money saved to cover even one emergency.

This is according to Forbes, 63 % of Americans. Don’T even have Saint Paul Hood, you been doing business coach  accounting for a long long time, helping a lot of Paulson’s a lot of people from Claremore people from Bartlesville to get their business coach  financial Futures set to view of accounting proactively.

This is a shocking to you that 63 % of Americans don’t have check, know Clay. It should be shocking, but unfortunately it’s not people aren’t deliberate and what they do for me.

Sweet they just kind of fly by the seat business coach  of their pants. They just you know. What’S tomorrow, going to bring what’s today going to bring actually in and they don’t get their not concerned about tomorrow and then all the sudden emergency comes up, and here we go.

What are we going to do so quiet? You business coach  know it it’s sad, but it’s true. Now here is that there’s a little little survey I was doing now.

I didn’t ask you for permission first Paul, and it is your co-host I never want to cross over the line, but I did is I kind of a man on the street interviews session where I started business coach  interviewing just ran those people I ran into, and I asked Him you know, what do you want to do?

What your big goal and people business coach  always a hundred percent of people I talk to, except for the homeless, guy standing at 169, holding the sign that says. Please business coach   give you money everyone, except for that guy.

They all said they want to be successful. I want to be successful. Is it possible business coach  that everybody wants to be successful yet 63 % of Americans don’t even have saved no matter what age by the way?

And then business coach  you look at the stats that show 8 out of 10 business owners are failing according to Forbes 8 out of 10. So how is it possible? Everybody wants to be successful financially, but yet it appears nobody is Paul, break it down.

Well, it’s it’s, not a lack of Desire. I mean business coach   I want to play professional football. Let you know I just didn’t put in the effort. So it’s really an effort issue, it’s business coach  an issue of of not being delivered and what they do and and making plans and seeking advice. You are colleges, don’t teach people to be successful clay.

This is what we’re going to do. The first super move, the you teach at your workshops and which we need for business coach   the for the all the members of the all the listeners out there, all the hoodie in your listing to todayshow.com Hood cpa.com.

What Paul is going to do is he’s going to give you a free financial look under the hood and a copy of Warren Buffett’s only authorized biography business coach  book by the name of snowball.

It’S a massive book filled with financial knowledge, you’re not going to get in college and you can business coach  get it free. All I got is going to Hood cps.com he’s going to mail, you a tangible copy of that book and you could book your reservations for his next.

In person one day financial Workshop, so many people reviewing your finances reactively but Paul helps business coach  you view it proactively.

He helps you get a look under the hood, so many people we don’t want to look at where we’re at financially and so we drift and I’m 40 and then you say: well I tell you what I’m going to go. Get serious I’m going to get caught up you going to cruise.

You business coach  come back from the cruise. You return to the voice mails, then you say all the sudden you’re 60 and then you like what the business coach   heck.

I only got twenty four more years left anyway. Until you just try to give you a peek out survival next thing, you know you’re working at Walmart as a greeter. What’S going on, you’ve got to get serious.

You got to pay attention to what Paul his business coach  teaching here. So whenever one you got to know your hard fixed expenses, Paul Hood people have to know they’re hard or fixed expenses. What does that mean where you fix?

Expenses are weather in business or personal? Your fixed expenses of the things are business coach  going to have in business, whether you you sell

One widget or where thousand and your fixed expenses are kind of like that with that low water line that you, if, if we can lower that water line, you have to sell Last to make money, so it’s going to be fixed expenses business coach   or like your rent, your telephone bill until you have to go through and make a list of those fixed expenses and try to minimize business coach  them and and so that we don’t have to have as much sales.

I want to I want to brag on you there’s a client that recently reached out to me. I’M a lot of people go to thrive time, show.com in the reach out to us for business coaching. They want to learn how to grow their business coach  business marketing sales workflows.

Those kind of things in this person reached out, I need help with my accounting, and I business coach  said you know what I heard and I we work together. My team can help you enter in the expenses, but you need to meet business coach   with Paul.

So I go up there to meet with Paul Hood and his team and they realize they have no idea of what their actual fixed business coach  expenses are.

They did never sat down and entered them all into a spreadsheet that never entered in the cost for office space business coach  for their phone bills, for the internet, for the internet, insurance for the water for heat and air for the printer cost in Paul in business coach   your TV or Your sister telling you got you guys have to do this.

You got to block out the time you got to be disappointed, the business coach   inner it all in and then they come into the coaching meeting with me and they go.

We realize that we have to sell to not business coach  exaggerating 22 more units of their particular product just to break even hear they thought they were living in abundance. They business coach  realize we have to sell 22 more things a month.

Then we do more things we’ve ever sold before. Just to break even is that uncommon. Paul is not uncommon, and part of the issue is where we live in a society where a technology kind of rules are our world and business coach  programs like QuickBooks and Quicken people think those are magic.

You just punch the button, you put it in there and it tells you what you need. The problem is, most people have no comprehension of what they’re putting me in or what the program spits out, and so business coach  we try to break it down and make a very, very simple and just go back to old-school.

This was an Excel spreadsheet or at your a notepad, and because, if you don’t understand your numbers, if you don’t understand what you put in your not going to just and what business coach   what comes back out clay now, if you are just now tuning in you, are listening

To a look under the hood with Paul Hood, Tulsa number one CPA he’s giving away a free copy of Warren Buffett’s only authorized by a biography. It’S a book by the name of snowball business coach  snowman. Oh, what’s the catch, there’s no catch!

All you got to do is go to hood cps.com and fill out that form you need to take a financial look under the hood and specifically talk about you have to know your fixed expenses. Now Steve. I have 5 kids, I have 5 kids business coach   and be fixed expenses.

You know that the fixed expense it cost of getting text Steve. Can you relate to this the cost of getting fixed? What was the New York? Did you? Have you had a vasectomy?

Yet? Yes, it was your voice, your fixed it, so I saw the pain in his face business coach  when he it took him a delayed answer that question. For me, the emotional cost at my fixed expense, I’m still recovering from any time that a guy gets to interact with me and that way we would never want to look him in the eye again yeah.

I was just thinking that you business coach   were talking about. The copious amounts of cereal you must have to buy for your army of children, how I decided to go ahead and have a fixed expense house that my wife kept telling me. I should do no go ahead and get a vasectomy and I’m going yeah.

I could business coach  do that. I should do that. I’M going to do that, but I never did you know and then that I was at Walmart one time does the guy behind me with, like, I want to say, like nine kids, when I looked at Vanessa, I said we we have to do this.

Was it Daryl basket? No, it was business coach  not there after I will. After I Schedule II build out the first time I bailed out the second time and third time I just had to base to get myself mentally and I’m in a really good place.

That was not a fun thing and bring this up one, because it’ll get stuck in your head and probably business coach  ruin your weekend. But two is that so many people they don’t want to face the pain of their fixed expenses.

They don’t want to look at it. I don’t want to talk about something else. You can’t talk about something else and you need I’m asking you I’m business coach  asking you to also do you have an accountant, it’s helping you out proactively.

Do you have an account? You have somebody in your life. It’S looking at your finances and your financial future with your best interest in my new product somebody’s trying to help business coach  you financially get where you want to go out how high on a scale of 1 to 10.

How would you rate your satisfaction with your current account if 10 is awesome and one is hearable? If you have, if you scored your account and anything less anything less than a 7?

I highly r business coach  ecommend that you schedule your appointment with Paul Hood At The Hood CPA schedule appointment to meet with you and your legion of awesome over there Hood cps.com.

What can I expect to get out of that? First, that first consultation with you well business coach   first back to our vasectomy piece of advice. I guess I don’t really want to tell you.

I have never been so happy to see a bag of frozen peas and my life, the Frozen side of it really helped out weights for a week after I broke all those rules, and I had to give the business coach  whole thing.

I just everything that I did during my vasectomy process. Don’T do that? Don’T do that? Don’T do that played in any way. We will give away our time. You do now right one hour, one hour free time, so all you got to do is just call us or go online to our website business coach  hood cps.com and I will sit down with you. We want to know we want to get.

We want to know your story, we want to know what makes you happy. What makes you sad where your strengths, what your weaknesses are and we’re not going to charge you for business coach   where to give away our time playing one hour of power for a free consultation, free financial, look under the hood super move number to are breaking down today on

The Paul Hood look under the financial Hood show variable expenses. You got it all your variable business coach  expenses per transaction. If you’re using fancy words like a variable, you think of how many syllables that has Steve air ball very well.

That’S like talking Oklahoma, burble, burble, burble, burble, that your variable expenses are something that you’re not you’re, not business coach  sure. How does that work? What are variable expenses are the things that the expenses at Barry based on sale.

So if you have stuff there, 10 % of sales and as sales rise, your variable cost per dollar rise, and what you do is the difference between yourselves business coach  and your variable. Cost is your gross profit and when you’re gross profit equals your your fixed expenses than you break, even you know Lobby.

How do you do that? Well, um. We have computers and we have school books and things like that know. It’S you know it. It business coach  sounds.

You know it’s a lot of words, but the bottom line is, is variable, cost move up and down as your cells move up and down and fixed costs are kind of that that low water mark, and so we have to measure both and we have to identify

Which are very more fix, clay business coach  and here’s an example of restaurants in franchise restaurants out there and let’s just say that you’re you’re working with a sandwich shop, okay in the customer, comes in and pay for a sandwich.

Well, what is the cost of the bread? What is the cost of the meat? What is business coach  the cost of the cheese? What is the cost of the vegetables? What is the cost of the condiments? What does it cost to add all that up, and then you say what what does it cost to pay?

The employee, who took the order and who made the sandwich and what does it cost to business coach  insure that person and what does it cost to hire that person? You realize that sandwich maybe cost .20 to make.

When I call you have to know those small numbers, that’s exactly right and you know you bring up restaurants and really a restaurant. If you, if you can business coach  control your labor cost and your food cost, you can be successful and it takes a very special person to do that.

But those are variable costs those things you really really have to maintain on a daily basis, your fixed cost. You need to kind of set them, you fight for business coach   him and and there they are, but variable cost for something up: a fight on a daily basis.

To maintain to maintain that that spread between that your sales clay, if you’re, just the financial Hood, show with Paul Hood Tulsa number one CPA, as always he’s given a copy business coach  of a copy of Warren Buffett’s, only authorized biography of book by the title of snowball.

You get your free coffee today by just registering Hood cpa.com claim that free book at Hood CPAs, it’s Clay, Clark, CPA, the break, more awesome, proactive Financial business coach   knowledge.

You do not get in college. 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 look under your financial Hood, you come to the right place. It’S business coach   a look under the hood with tonsils number. One CPA and every way home, alright Tulsa welcome back to a look under the hood with Paul Hood.

Tulsa’S number one CPA and you heard it in every way. My name is Clay. Clark on the host of The Daily Thrive time show business coach  and Paul Hood when evidently Edward, that are tough for me to say, writing invited me to co-host the show with him and I’m honored to be here with him on the show and one of the things that I can save from first-hand knowledge with Paul.

Is it he’s pass business coach  about helping you financially get to where you need to go, not helping you financially to start to view your finances proactively is more of like a front dashboard as opposed to a rear view mirror, and I think so many people what happens if You get to the end business coach  of the quarter.

You get to the end of the year. You get to the end of the whatever, and then you say all I owe taxes. It’S almost like a weird game of like it’s like that: they’re hiding Easter eggs in it.

When your kid they’re hiding Easter eggs in you’re so excited to find the business coach  magical egg, and it’s kind of like that in Reverse for a lot of business owners, their taxes they’re, like I’m afraid to open up the egg to see what’s in it cuz.

It might be taxes I owe so. If you find yourself in a position where your finances are anything less than proactive, you business coach  need to reach out to my main man, Paul hood, to hood CPA, calm and is always he’s giving you a free copy of Warren Buffett’s.

Only authorized biography of by the title of snowball going to get snowball for free from Paul Hood. All you got to do business coach   is go to Hood cps.com in to fill out the form, a Subaru, never three

Paul Financial super move that you can use that. Every single person listing needs to know you have to know the number of customers you need per month to break even or the number of weeks business coach   in your paycheck.

You need to break even if you have a job, but you got to know the number of weeks needed to break even financially Paul break that down for us.

Well, it’s it’s kind of like Easter egg hunt. If you are delivered – and you can you identify – and you measure business coach  it it’s it’s kind of like of Easter Bunny, sending you a message as to where the eggs are hidden, and so you don’t have to guess. You’Ve got to know you if we qualify how many people you need to see how many cells you need to make.

Then you set that goal and business coach   that’s our minimum goal in and what you want. You start to measure that then you can move forward to seeing how much money do I want to make and then then the measurement becomes fun because then you sure you’re hitting your goals.

No I’ve heard business coach   this over and over from from from successful people. They’Ll say you measure what you treasure, so I want to start with you Steve.

You have a very successful mortgage company total lending Concepts really listening today, who’s looking for a mortgage business coach   Highway. Looking to do, I think about this. For a second, the rates are incredibly low.

This is the absolute best time in American history. If your, if your, I am 36, if you are old enough to remember buying a house on the year that I was born 1980, if you remember business coach   1979

1978, if you remember Jimmy Carter, if you remember the interest rates, then if you remember that it would be Ridiculous to not look into buying a home right now, if you’ve ever thought about it, but Steve current.

Don’T ask you this: why is it so important at business coach   total lending concepts for you guys to measure anything you care about Weatherby, sales or accounting? Why do you have to measure stuff well for just like with any company?

We have a lot of employees, we have a lot of cost and if you’re not measuring business coach   it – and you don’t know you, you may just have a very slow sinking ship. You know you’ve got enough being in the mortgage business.

We have to have enough cash reserves to to meet certain federal guidelines and that type of stuff. But you know over time we can business coach   just slowly not paying attention slip, away, lose a little money here, lose a little money there and I think a lot of businesses.

You do that. If you’re, not watching your numbers, you got to know whether you’re, making profit or not and now in the what happens. Next. business coach  Is you end up living in a van down by the river in a red band cast from the Thrive time show world headquarters, which is on the Left Coast of the Arkansas River?

In so it’s nothing wrong with the river empties. You can just park right out there with no business coach  repercussions. I mean you can just park there, but Paul for listeners out there they’re Rare Bird who’s listening. It says you know what I want to be proactive.

I want to take a look under the hood financially and I don’t want to live in the van in the down by the business coach  river that is red according to Steve, the Red Band in by the river. What is the first step to becoming financially proactive?

How do they get in touch with you walk us through? What is that first step? Look like? Are you kidding me, aren’t you, you can’t pick up the phone, it’s business coach  really difficult pick up the phone, but yes, it is and there’s numbers on the phone and you dial, 918-747-7000.

So the last three digit for the same 7000 crying out loud, Paula, trying to write this down on my on my Abacus. Give me a second pass me that Steve was my business coach  at your sketch I’m trying to write down the number

Steve 16.32 % in April of 1980, that I will mortgage rates were 6.32 %. You mentioned at your sketch play so tell Matt, and Technology will talk about all kinds of stuff.

Today, my youngest son, we used to say business coach   these are Caleb, isms, famous Caleb, and one day he brought in at your sketch to us and ask how how you turn this thing on. He was six seven years old, nice, nice, oh yeah.

He want to know how to turn the seriously give me a call go to my website. Hood cps.com business coach  register will set up a free time and then cashing free means.

It doesn’t cost you anything come see me check it out here from Bill Gates, the co-founder of Microsoft, knowing your numbers is a fundamental precept of business.

Download number for this is the business coach   final moving to talk about today on this incredible edition of a look under the hood with Paul Hood. You’Ve got it on your tax liabilities.

Why doesn’t sound very fun? You got to know your tax liability, much taxes, yet don’t like it. When I talk about it, can we turn business coach  the station? You could turn the station, but you know you need to hear this.

Tax liabilities fall Hood. Why does everyone have to know about it and what percentage of clients by default have any idea of where they’re at with their tax liability on what we do?

You business coach   know I don’t have a problem taking care of your neighbor, just like the good book says, but it is huge and it’s actually proven that 50 % of your games in your Investments go to taxes and people don’t understand, don’t realize they think of income taxes.

Well, you know, you business coach  got property taxes, you got personal property taxes, you got payroll taxes it just it the sales tax. Is it never ends, and you know all of those things we have to quantify and there are specific strategies to minimize.

I you know there is there’s nothing wrong with business coach   minimizing your taxes. You would like Donald Trump said, you know it’s, it’s. The tax laws are there. Why would I take advantage of them and that’s where we specialize, because again it is the largest grain on what you do.

The government is, in my eyes, business coach  are kind of a lazy business partner, but he’s got to get his piece, but if we can, if we can strategize to minimize his peace clay phone number five, you want to make sure that you have the hidden.

You want to have those hidden costs that you what you want to business coach  identify your hidden costs or expenses talk about these are the things that people, don’t they don’t plan out into their performa shrinkage due to theft, loss due to heirs legal bills, workers compensation,

there’s. So many things were business owners or people business coach  listening to the show they don’t factor in those hidden expenses. What are some of the Hidden expenses that you’ve seen just destroy people financially,

if they’re not proactive about their accounting, but most the time it has to do with spoilage or theft or waste business coach   of time at a big one, that people don’t really qualify as hard to Quantify is your employees, employees sitting there?

You know they’re on their the Facebook, the Google machine or whatever the Google and when they’re supposed to be working for you and you business coach  walk up, and I don’t know if you’ve ever done, this clay I’ll walk up every now.

I have, I have great staff: do you walk up and all the sudden you something to minimize, don’t know, that’s a move in and so you’ve got to those of the harder things to quantify, but you business coach  put things in place and send it base pay.

Those type of things to do to minimize that lost time now, if you’re listening today and you feel like you financially, are not where you want a beer, maybe maybe maybe maybe answer this question on a scale of 1 to 10, 10 being business coach   the best and 1 Being the worst, how happy are you with your current accountants performance? Is your accounting being used as a as a front as as the front dashboard, or is it being used as the rearview mirror?

If you feel like your proactive in your ear, accountant business coach   is not proactive and reactive. Perhaps it’s time to take another look under your financial Hood with Tulsa’s number one seed, PA Paul hood, and if that’s you,

I encourage you to go to hood cps.com and fill out the form because he’s going to send you a copy of business coach  Warren Buffett’s. Only his only I do realize how many people have wanted to write a book about him and how many people have, but it is the only authorized biographies ever done.

It’S called snowball he’s going to give you a free copy of that book at all. You have to business coach  do is schedule your free one-on-one consultation with Paul Hood today, goodbye going to hood cps.com. If somebody has not read Warren Buffett’s book snowball, why would they want to get a copy of this book?

Well, Warren Buffett. You know Clay is, is somewhat business coach   successful. Essay, my someone just to say on the average anytime your net worth has a bee that begins with a be like billion, so he’s got some unique things in your mind. I’Ve always been taught.

If you want something different, you listen to different business coach  people, you don’t listen to average people and his book is amazing.

It’S huge, but it’s amazing the things in the thought sisters to try to get in side of his head. It’S one thing in the book: you’ve read it when I did not deserve a specific quote in the book. He says business coach  you need to be greedy when other people are fearful and fearful when other people are greedy.

That concept is so foreign to most people, and if you want to get your hands on Warren Buffett, snowball book, all you got to do is go to hood cps.com and claim your business coach   free book today fill out the form.

There’S no catch. You got to do it. Go to hood CPAs today, quick Clark, I’m a business coach, that’s Paul Hood, Tulsa’s, number one CPA and we’re going to see you next weekend same time, every Saturday and every Sunday we l business coach  ook forward to seeing you every Saturday every Sunday, my boy, that’s Paul Hood! You listening to a look under the financial Hood with Paul Hood.


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