It's Not About The Money

Tyler and Steve discuss the first year of “It's Not About The Money,” including numbers (surprisingly not zero!), popular episodes, favorite episodes, paradigm-shifting episodes, and advice.  Consistency is probably the most important factor, and the barriers to entry may be lower than you think. Pursuing creativity for its own sake has been rewarding.  (00:00) - Tyler gets mistaken for an older p...

What processes could you automate in your business? Steve, a software developer turned tax professional, talks through several automations he’s built recently using Zapier. Tyler gets excited about the possibilities, and the two brainstorm some other ideas to “work on the business” and free up time for higher-value activities. (00:00) - Tyler's annual review retreat (03:05) - What is Zapier? (05:2...

Steve and Tyler have both learned so much from actually starting businesses, rather than just learning about starting businesses. So if you want to start one yourself, how should you begin?  This episode goes through some business ideas that need varying levels of skill and varying amounts of capital. Maybe one will spark an idea for you and inspire you to try something of your own.  (00:01) - Ste...

Steve and Tyler pull back the curtains, open up the closets, and get very vulnerable about how much it has cost to start their businesses.  Tyler proposes a rubric for evaluating expenses, which proves extremely useful: 1) Essential, 2) Have to Have, 3) Nice to Have, and 4) Shouldn’t Have. They break down what exactly is in each of these categories for them, as well as the totals and percentages f...

Sure, that big business expense may land you a tax deduction, but that doesn't make it a good idea.  On this episode, Steve describes how the tax code is a tool to achieve policy goals by incentivizing certain behaviors. This might mean you should have kids or buy a truck, but don't do it just for the tax benefits.  (00:00) - The Dad-a-Base (02:16) - Should you buy that truck for your business? (0...

Steve has had a few weeks trying to implement Getting Things Done and has lots of questions for Tyler, the resident GTD veteran. Capturing actions, weekly reviews, selecting the right ticklers, and the surprising joy of physical file folders for actual pieces of paper.  (00:00) - Pilgrimage to the Ramsey studio (03:29) - Initial capturing (07:03) - Unexpected love for the general filing system (11...

In this episode, we acknowledge that maybe we love the word "budgeting" too much and what we really mean is "making better decisions". Allocating resources (time, attention, money, nutrition) are all about scarcity and opportunity costs. It's about defining your values and the results you want, and then making the decisions that will lead you to those outcomes.  (00:00) - Roller coaster change man...

Boredom typically means your brain is telling you something is not sufficiently meaningful or engaging, and once you recognize that you can decide how to deal with it. On this episode, Tyler and Steve discuss the research into various types of boredom and our brain's responses to them. It's about finding meaning, whether you rediscover it or reintroduce it or find it elsewhere.  (00:00) - Backward...

The desire to create is a core human impulse. Tyler and Steve talk about things they've created that they're proud of, whether it's a family, a business, an early-2000's blog, or a "failed" project.  (00:00) - Plastic bags and double-suspension gallops (05:56) - The desire to create (12:38) - Anyone can create (18:40) - Self as community (22:32) - Trying things that didn't work out (26:34) - Don't...

Steve describes his process for managing work, and Tyler convinces him to read Getting Things Done.  (00:00) - Halloween costume outsourcing (03:19) - What is Steve's process? (11:20) - David Allen's Getting Things Done (14:03) - Tyler's process   Links:  David Allen's "Getting Things Done" https://www.goodreads.com/book/show/1633.Getting_Things_Done   --- Steve Nay:  https://daybreaktax.com/   ht...

Tyler has a breakthrough in saving for his true expenses, and it's about more than just rearranging the financial deck chairs.  What are the benefits of focusing on one goal at a time? Why do high net worth individuals still benefit from budgeting? And why does Steve allocate some of his "fun money" to an emergency fund?  (00:00) - Dog talk (03:06) - Too many goals (06:44) - Doubling down on an em...

Steve has repaired a handful of appliances himself, but others he won't touch without hiring a professional. Why the difference, and what is he really trying to buy?  Whether it's purchasing parts and watching YouTube videos to do the repairs himself (a little money and a lot of time) or outsourcing to an expert (a little time and a bit more money), sometimes he's buying peace of mind, sometimes h...

Tyler is a coach, and now he has hired a coach. Steve asks him about how it works, what he's learned, and how it's making him a better coach to his own clients.  But first! A brief diversion into dog grooming. 🐶  (00:00) - Steve's dog requires grooming; Tyler's does not (02:14) - Tyler hires a health coach (09:44) - What Tyler (the client) has learned about being Tyler (the coach) (14:46) - Busin...

Steve discusses an iPad purchase and its accompanying sheet music adventures. Tyler finds a surprise bank account. An acquaintance buys a house for cheap.  Having cash available is doubly beneficial--it protects you from unexpected risks and it lets you take advantage of unexpected lucky opportunities.  (00:00) - Esoteric spreadsheets (05:37) - What is optionality? (10:16) - Risk and luck (13:19)...

Steve and Tyler discuss Morgan Housel's 2020 book, "The Psychology of Money". It distills a lot of financial wisdom into an easy-to-read anthology of advice and, especially, cogent explanation.  Embrace risk but beware of ruinous risk. Get the goalposts to stop moving. Be wealthy versus rich. Don't let your ego stand in the way of accumulating wealth.  (00:00) - Lemonade stands (01:19) - Psycholog...

Should Steve outsource his lawn maintenance? What did Tyler think of hiring house cleaners? And why is that so different from going to a car wash? Today, we talk about outsourcing in business and in life, and the tradeoffs of time and money it entails.  (03:44) - Outsourcing in personal life (07:33) - Tyler hires a house cleaner (11:29) - Meal kits (13:22) - Outsourcing as leverage (16:30) - Steve...

What characteristics make a good side gig? How do you strike a balance between your day job and your side project? How much is enough?  (00:00) - Japanese curry (03:31) - Flexibility (07:32) - Remote work (10:27) - Choose how many clients to take on (13:21) - Low barriers to entry (16:56) - Keeping it intentionally small (20:55) - Low capital investment (25:00) - Skills for your primary career (27...

Today we review that classic personal finance book, Dave Ramsey's Total Money Makeover. Credit cards, sustainable journeys, Murphy repellant, budgeting, and behavior. https://www.goodreads.com/book/show/78427.The_Total_Money_Makeover   (00:00) - Credit cards (02:20) - Total Money Makeover (07:02) - 20% knowledge, 80% behavior (12:18) - Making the journey sustainable (17:47) - Emergency funds (21:4...

Jeremy Wells, EA, CPA is the owner of JWellsCFO and recently launched a new business called The HVAC CPA focused on the particular needs of HVAC business owners. In this episode, Jeremy talks about his journey into accounting, how he selected this niche, and how he becomes the trusted advisor his clients need.  Jeremy Wells, EA, CPA:  https://twitter.com/JWellsCFO   https://www.jwellscfo.com/   ht...

Should you find a niche in your business? When is it too early? How should you figure out the "right" niche? And will Tyler change his mind about it?  (00:00) - Recovering grammar nerd (02:54) - Should you even niche? (15:11) - Horizontal vs. vertical niches (17:00) - Steve's current niche (17:55) - Tyler's current niche (22:57) - To niche or not to niche? ---  Steve Nay:  https://daybreaktax.com/...

Do the best things in life come from planning or from serendipity? Tyler and Steve explore this question and give some ideas about how to welcome more serendipity into your life.  (00:00) - Fitness (02:31) - "Everyone has a plan until they get punched in the face" (04:21) - Spontaneity (07:42) - Building your network (18:17) - Social media (21:01) - Reading books (23:15) - "Successful careers are...

Tyler mentions it often, and it's high time we had a proper discussion about it. The book is "The Prosperous Coach" by Steve Chandler and Rich Litvin. From getting better at selling to working with extraordinary clients, there's something in this book for every business owner, whether or not you consider yourself a coach per se.  (00:00) - Gardening (02:30) - The Prosperous Coach (05:38) - People...

What are some good tools if you want to get started keeping the books of your business?  Steve and Tyler discuss YNAB and QuickBooks: their strengths and weaknesses, their similarities and differences, and ultimately which one you might want to choose for your business.  (00:00) - iOS automations (02:50) - Two bookkeeping tools: YNAB and QBO (05:13) - What is YNAB great at? (09:55) - What is Quick...

What is bookkeeping? Why do you need it as a small business owner? How do you get started?  In this episode, Steve and Tyler dive into these questions and give you practical tips, whether you're just starting out, you are doing the books yourself, or you're ready to hire a bookkeeper.  00:00 Cashflow problems as a factor in business failure  01:35 What is bookkeeping?  07:31 How do you start keepi...

Once you've found prospective clients, how do you get them to decide to hire you?  On this episode, Tyler and Steve discuss two sales techniques and what works and doesn't work about each of them for their particular businesses.  00:00 An embarrassing sales call  02:15 The CLOSER method  09:20 Aspects of the CLOSER method that resonate with Steve and Tyler  13:52 Following up with a prospect after...