BIZ Academy Podcast

Embark with me, Wyatt Yates, on a transformative journey through the evolving landscape of business ownership in our first episode under the new banner of the Biz Academy Podcast. After three years of financial coaching and a significant rebrand from Rugged Financial to Biz AccountPros, we've become a beacon for business owners in need of outsourced accounting expertise. As your guide, I'll share the personal saga that led to expanding our horizons and how my solo venture blossomed into a team driven by a mission to streamline your business operations with the latest technology and expert accounting professionals. Prepare to uncover the secrets of business growth, from startup struggles to scaling success, and learn how to harness the power of informed decision-making for your enterprise.This episode is not just an introduction; it's a pledge to arm you with a wealth of knowledge gleaned from nearly two decades immersed in the small business world. Whether you're nurturing the seeds of a new venture or cultivating an established commercial garden, our discussions will be packed with enlightening insights and strategies, tailored to both the budding entrepreneur and the seasoned business owner. I invite you to join us in tackling the exhilarating challenges of small business management, where we'll share stories, impart lessons, and offer actionable tips that promise to fuel tangible growth and success for your business journey.

Inflation in the U.S. is at a 40 year high of 7.5% in January 2022. However, most people's bank accounts are experiencing a much higher number. The reason is, there are some major misses in how the BLS calculates the CPI number that is the gold standard in inflation. In this episode, we discuss the 6 biggest issues with how we calculate inflation that ends up giving us a lower number than what most people are experiencing. 

This is part 1 of our 3 part series on inflation. Inflation measured by the Consumer Price Index (CPI) hit a 30 year high in October 2021 at 6.2%. However, depending on your situation you may be experiencing higher or lower price increases with your spending. How is that possible? Why are you experiencing a different number than what the news channels are telling you?In this episode, I dive into the reasons behind how what you are experiencing is most likely different than what you are hearing. How is inflation calculated? Who calculates it? What is missing from the calculation? Do your spending patterns match the average spending patterns used in the calculation of inflation? What areas of consumer spending are experiencing the highest increases in prices? Listen to find out.

In this episode, I discuss life insurance. What is the purpose of life insurance? Do you need it? What type of life insurance do you need? How much life insurance should you have? Listen to find out.Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, I discuss the value of a Financial Advisor. Do you need a Financial Advisor? Are they really worth the extra expense? When does it make sense to hire a financial professional to help you? How do they get paid? What are some things you need to watch out for to make sure you are protected and served properly? What types of Financial Advisors are there? Do wealthy people use Financial Advisors? Listen to find out.Action Steps:10 Questions to Ask Your Financial Advisor-1) What does your typical client look like and do you have experience working with clients like me?2) How do you get paid? Are you fee-only or do you receive commissions from the investments and products you recommend?3) How much do you charge and do you have an investment minimum?4) What services do you offer?5) How often do you meet with your clients to review their plans and investments?6) How do you communicate with your clients? Is there a preferred method? Is there a limit to how much I can contact you?7) What are your qualifications?8) Who is your custodian?9) What is your investment philosophy?10) Do you have any current clients that I could talk to?Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, I discuss what it means to be a millionaire. How many millionaires are there in the US? How do you determine who is a millionaire? What does the typical millionaire look like? What is their occupation? Where did they go to school? How long did it take them? Can you become a millionaire? Listen to find out.Action Steps:Calculate your Net Worth. Total up all your assets, everything you own, and then subtract all your liabilities, everything you owe. The number you get is your Net Worth. Then make it a habit of calculating your Net Worth every year to see how you are progressing. Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, I discuss how much you need to save and invest for retirement. How do you calculate how much you need in retirement funds? What factors impact how much you need to save and invest for retirement? What one thing should you watch out for that can drastically reduce how much you have in your retirement accounts? Listen to find out.Action Steps:1) Determine Your Retirement Goal Number. Take the annual income you need in retirement and multiply it by 25 to get your goal number.2) Figure Out How Much You Need to Contribute to Reach Your Goal. Go to this retirement calculator and enter in your current information and then change the monthly contribution amount and rate of return to see how much you need to contribute to reach your retirement goal number from Step 1.Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, I discuss why waiting to save and invest for retirement is a bad financial habit. How much does delaying paying yourself cost you? What are the 3 reasons you cannot follow this mindset of investing later? Listen to find out.Action Steps:Go to this retirement calculator and enter in your current financial data and age to see what you will have in retirement savings at age 67. Then change the age number to 10 years from now to see what you would have if you waited 10 years. What is the number? How much more will you have to contribute if you wait 10 years? That is the power of starting now.Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, I discuss why every parent has at least thought this at one time or another. What are your responsibilities as a parent? Should your kids be your financial priority? Does having kids change your financial priorities? Listen to find out.Action Steps:Look at line items in your budget that you are spending money on that you use your kids as a reason to justify the expense. Are these expenses a need or a want? Are these expenses necessary or discretionary? Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, I discuss the benefits of starting early with saving for your children's education. What type of tax-advantaged plans are available for education savings? When should you start saving for your kids' education? What changes were made to these plans with the 2017 Tax Cuts and Job Act?  Listen to find out.Action Steps:Set up an Education Savings Account or 529 Plan to start saving and investing for your kids' education.Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, I discuss the value of a college education. Should you get a college degree? Can you be successful without a college degree? What is the most important aspect of a college education? Listen to find out.Action Steps:Write down one skill you want to develop or thing you would like to learn. Then start working on it. Get that book, take that class, and/or start developing that skill.Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, we discuss the student loan forgiveness program. What percentage of borrowers actually have their loans forgiven? Can you count on loan forgiveness to eliminate your student loan debts? Is there a better way? Listen to find out.Action Steps:Go back and listen to Episode 6 and follow the action steps in that episode to tackle paying off your student loans before you would even be eligible to file for loan forgiveness.Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, I discuss what investing in yourself means. What are the three reasons you should believe this myth in regards to your personal finances? What ways can you invest in yourself to increase your income? Listen to find out.Action Steps:Write down one way you can invest in yourself to increase your earning potential. Then start doing it today.Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, I discuss how we all have fallen victim to lifestyle creep in some way. What is lifestyle creep? How can you avoid and minimize it? Listen to find out.Action Steps:Identify areas in your spending where you have fallen victim to lifestyle creep. What changes can you make to either eliminate or reduce these?Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, I discuss this common myth that dooms couples with their finances and relationship. Are couples that combine their finances happier? Are couples that combine finances less likely to break up? How does combining finances improve your relationship? Listen to find out.Action Steps:1) Combine your finances with your spouse and eliminate all individually held checking and savings accounts.2) Have fun money that each spouse gets to spend on whatever they want each month with no questions asked. Use cash for your fun money.Resources:Pooling Finances and Relationship Satisfaction Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, I discuss this common self-talk that gets people in trouble with their personal finances. What can you do when this type of self-rationalization occurs to make sure you stay on track with your financial goals? Listen to find out.Action Steps:Implement the 24 hour rule.Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, I discuss the 3 reasons both spouses need to be involved in your personal finances and what it should look like. Listen to find out.Action Steps:Have a weekly spouse meeting to go over your schedule, goals and finances.Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, I discuss what you typically will pay in realtor commissions when you sell your home. Should you try selling your home yourself? What are the pitfalls when trying to do it yourself? Listen to find out.Action Steps:If you are looking at selling your home, find a good real estate agent to help you with the process. Vet them. Check their references. Negotiate their commission. Follow their expert advice on how you can get maximum value for your home. They aren't tied emotionally to your house. They will give you an honest estimate of value.Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, I discuss how large of a mortgage lenders will approve you for and why they are willing to do so. Is this amount too much? Who should determine what you can afford? What is a good metric to follow when budgeting for housing costs? Listen to find out.Action Steps:Calculate your current housing costs. Make sure you add in all the costs associated with keeping a roof over your head (mortgage payment, taxes, insurance, HOA fees, utilities, and maintenance). How close are you to having your total housing costs be at or below 25% of your gross pre-tax income? Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, I discuss the benefits of homeownership that lead to the existence of this myth. What has home value appreciation been historically? What are the tax benefits of homeownership? Is your home really an investment? Listen to find out.Action Steps:Change your mindset about your home. View only things that generate income and cash flow as investments.Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, we discuss when it is the smart financial decision to rent versus buy, the benefits of renting, and the additional costs of homeownership. Should you rent or dive into homeownership? Listen to find out. Action Steps:If you are currently renting and considering buying your own home do the following: (1) Get your financial house in order by paying off your other debts and saving up an emergency fund; (2) Save enough money to cover at least a 10% downpayment, preferably 20%; and (3) Make sure you plan to stay there at least 3-5 years.Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, we discuss the hidden fees and catches behind these types of debt offerings. What is the biggest hidden fee you are most likely missing? How much is your auto loan costing you over your lifetime? Listen to find out. Action Steps:1) If you have a 0% interest credit card, pay it off before the interest-free period is up and do not miss a payment.2) If you have an auto loan, figure out how you can pay it off as quickly as possible. You should be able to pay it off in less than 2 years.3) Don't fall for the 0% interest or low interest loan hype ever again. Don't use debt to buy depreciating assets.Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, we discuss the best way to get out of debt.  Why you need to take into account human behavior and emotion when tackling the goal of getting out of debt. Does this money myth work? Is it the method I used to pay off $300K in debt? Listen to find out.Action Steps:1) If you have consumer debt, use the Debt Snowball Method to get out of debt. First, make a list of all your debts from smallest to largest balance. Then start tackling paying off your debt following the Debt Snowball method.2) Look at your monthly budget...where can you make sacrifices to allocate even more money to your debt snowball payments? Start small, make a 1%-5% cut and then increase it each month.Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, we discuss the 50/30/20 Budget Rule. What is this budgeting rule? Where did it come from? Should you follow this budget rule when doing your budget? What do you need to consider when you are making your budget?Action Steps:1) Compare your current monthly budget to the 50/30/20 budget principle. How does your current budget compare? Are you over or under in one of the three categories?2) Look at your current budget. Does it reflect your financial goals? Where do you need to make adjustments to your budget to have it keep you on track toward your financial goals?Subscribe to get our Financial Tip Friday emails here, https://mailchi.mp/f645a5adc403/join-our-communityVisit our website www.RuggedFinancial.com

In this episode, we discuss what a budget is and what it is not. Learn how a ketchup bottle explains your personal finances and find out how millionaires budget.Action Step:Create your first budget if you don't have one already. Give yourself some grace it typically takes 3 months to fine-tune and get the hang of budgeting.Subscribe to get our Financial Tip Friday emails hereVisit our website www.RuggedFinancial.com

In this episode, we discuss the origins of this myth. We also look at the intent of this verse in scripture and how you can learn from it to improve your views of money.Action Step Questions:Why do you want more money?What good could you do with that money?What value or values in your life will you place ahead of money?Subscribe to get our Financial Tip Friday emails hereVisit our website www.RuggedFinancial.com

In this episode, we get to the truth behind the money myth of money is a scarce resource. We look at what money is, why we have money, how much money there is in the United States, and how you can get more money.Action Step Questions:How are you currently adding value to other people's lives?How many other people can do what you do?How can you improve yourself to get more money?Subscribe to get our Financial Tip Friday emails hereVisit our website www.RuggedFinancial.com

In this episode, we discuss why it exists, introduce you to your host, and walk you through what type of content you can expect from the podcast going forward.Sign up to receive our Financial Tip Friday emails hereVisit our website www.RuggedFinancial.com