My guest for this week is Brian Lang.
Brian helps self-employed professional service providers achieve financial freedom.
When providing Outsource CFO Services, Tax Planning, and Personal CFO work he works with real estate Agents & Teams (high-performing), attorneys, architects/designers, digital marketers, consultants, coaches, technology companies.
His philosophy is that your business is the engine to your overall wealth machine. Over time your business should be able to predictably and consistently provide your household the ability to cover the cost of life. It is equally important that a strategy is in place for when $1 of business income is transferred to your personal household. Your personal household must set aside investment dollars. You cannot save yourself to wealth. Wealth is generated from investments. The rich don’t 401k themselves to wealth, and neither should you.
Oh– and he is my business partner in our bookkeeping company!
So… let’s start off with the basics.
What is “bad” bookkeeping?
Well, the cost of this (no pun intended) is huge.
Brian shares his honest thoughts in the episode, and he also reminds us that, “It’s up to you to have a certain amount of knowledge… you have to have a certain amount of knowledge and care regarding your finances… you owe it to yourself to pay attention to the numbers in your business.
Think about it, companies get stale, people get stale– you’re going to want to know your numbers for yourself – which are reflected in your financial statements!
Brian’s HW for you:
Set aside a day each month for you and your household to get together and go over your net worth and cash flow.
Because of this exact tactic, Brian admitted that his networth will increase at such a quicker rate because of knowing his numbers!
However, YOU need to want to know what numbers you need to know. And then, you watch those numbers like a hawk! That desire comes from you, and you alone.
Want to know how to choose the best bookkeeper for you?
Ask your potential bookkeeper
- “Can you give me an example of where you’ve helped someone create a better process for AR to AP or overall accounting?”
- “Do you provide any explanation of cash flow?”
- “Will you close my books once a month?”
Be sure that you are getting financials monthly AND that someone is explaining that to you. Understanding of these numbers is critical.
Finance is a monthly ritual. At least!
Make it your mission today to find a CPA and bookkeeper that’s best for you. My advice? Find one who is also an entrepreneur 😉 To make it easy, simply call Brian.
Brian’s Email: [email protected]