Shannon's Appearance on "Profit First for Real Estate Investors" with David Richter
Dec 23, 2024In the latest episode of "Keep What You Earn," Shannon joins David Richter on his podcast "Profit First for Real Estate Investors." Together, they dive deep into making financial clarity attainable for entrepreneurs and real estate investors, emphasizing the vital principle of "paying yourself first."
Shannon’s financial journey began with her father’s unique approach to teaching investments, buying her a share in Toys R Us instead of a toy. This early education gave Shannon an edge in understanding business finance, which she now applies to demystify complex financial concepts for her clients. She shifted her communication style to make these concepts more accessible, using analogies like hotel billing to explain tax planning.
A key topic discussed was the principle of "pay yourself first." Shannon and David explored the common entrepreneurial pitfall of prioritizing other expenses over one’s own salary. Shannon emphasized the importance of self-payment to avoid undervaluing oneself, sharing her own experience of setting her salary higher than her employee’s to prevent resentment and ensure her worth.
They also tackled the stigma around the IRS. Shannon urged listeners to overcome their fear of IRS communications by recognizing IRS agents as regular people. Her positive personal experiences with the IRS advocate for respectful interactions, a perspective supported by David. He stressed the importance of maintaining positive relationships in all business interactions.
Shannon’s shift from corporate life stemmed from dissatisfaction with long hours, lack of family time, and workplace politics. Starting her own accounting practice in 2019, accelerated by the remote work shift in 2020, allowed her to help growth-minded business owners understand their financial numbers simply and effectively. Her mission-driven approach targets entrepreneurs committed to personal and business growth, highlighting the necessity of financial literacy.
Overall, Shannon’s insights on "Profit First for Real Estate Investors" emphasize the significance of financial clarity, self-value, and respectful interactions with institutions like the IRS. To learn more from Shannon, tune into "Keep What You Earn" and visit keepwhatyouearncfo.com for her CFO services.
Listen to "Profit First for Real Estate Investors" podcast here: https://podcasts.apple.com/us/podcast/profit-first-for-real-estate-investors/id1526029555
What you'll hear in this episode:
06:01 Realized teaching gift; started firm and podcast.
07:49 Early lesson: Invest in stocks, not toys.
10:23 Realized importance of clear, non-judgmental communication.
16:14 Business thrived remotely during 2020's opportunities.
18:22 Helping growth-minded, goal-focused business owners simplify finances.
22:48 Transitioning to an in-house bookkeeping team.
26:01 Pay yourself first to avoid business pitfalls.
28:11 Increasing salary to match employee compensation.
32:54 Guide growth-minded owners, emphasize paying yourself first.
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Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
