Speaker 1: Episode one seventy Your Guide to Simple Solo Preneurship with
Speaker 1: Laura Adams. Welcome to the Frugal Friends podcast, where you'll
Speaker 1: learn to save money, embrace simplicity, and live your life.
Speaker 1: Here your host Jen and Jill. Welcome to the Frugal
Speaker 1: Friends podcast. My name is Jen, my name is Jill,
Speaker 1: and we are really excited. We're coming off of the
Speaker 1: high of the Future of Frugal Summit and if there
Speaker 1: is one little itty bitty bit of something we missed
Speaker 1: at the summit, I would have to say it would
Speaker 1: be like starting your own business. And so here it
Speaker 1: is today. You can't have it all, you know. That's
Speaker 1: that's for next year. We're also coming off the high
Speaker 1: of have just talked with Laura and we're recording this
Speaker 1: preview after the interview and feel it was fantastic, So
Speaker 1: I'm excited to share it. Yes, and I hope that
Speaker 1: you are ready to just take everything you learned this
Speaker 1: week and just make some of the greatest changes. And
Speaker 1: if you are, then you're definitely gonna want to check
Speaker 1: out our sponsor for this show, Club bf F. We
Speaker 1: are so excited about this. If you love Frugal Friends
Speaker 1: and you found yourself saying I wish I could have
Speaker 1: more of this support, encouragement, community, actionable steps for life change. Well,
Speaker 1: we've heard you talking in your head and we have
Speaker 1: designed Club BFF for you. It is our membership community
Speaker 1: where we will be doing group challenges throughout the year
Speaker 1: in different areas of our spending. And so our hope
Speaker 1: is that if you spend one year of us and
Speaker 1: this Club BFF community is that you're spending will be
Speaker 1: totally transformed, even if you already consider yourself pretty frugal.
Speaker 1: So we are not opening this full scale until October,
Speaker 1: but as a perk of the future Frugal Summit, even
Speaker 1: if you didn't a town. If you're listening to this live,
Speaker 1: you can get in through July at half off an
Speaker 1: annual membership and you will get that price for life.
Speaker 1: But you literally only have three days to do it.
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Speaker 1: f F. Don't wait join us for our first challenge
Speaker 1: and snag this exclusive founding member discount. So excited and
Speaker 1: love the name club. It's like everything of my tween
Speaker 1: years all around up best frugal friends. Adulthood now also
Speaker 1: brought to you by doing it yourself. It's not just
Speaker 1: a concept for refurbishing furniture, fixing the toilet, or just
Speaker 1: washing the dishes. Do we get yourself can also be
Speaker 1: applied to starting your own business or side hustle. Of course,
Speaker 1: you can absolutely rope others in to help you, but
Speaker 1: you can be the boss doing it yourself when you
Speaker 1: want it done right. Also brought to you by the Boss.
Speaker 1: I don't know if that's a rapper's name yet, but
Speaker 1: one day. So if you are interested in solo preneurship,
Speaker 1: side businesses making extra money, this you're going to get
Speaker 1: a lot out of today. But there are a few
Speaker 1: other episodes you can queue up if you are interested
Speaker 1: in those things. The first is episode one, how to
Speaker 1: make more money with a side business. We kind of
Speaker 1: go over these topics, but Laura really dives deeper into them,
Speaker 1: and then also episode eighty five side Hustles for people
Speaker 1: short on time. If you're looking to make some quick money,
Speaker 1: then this might be a better one for you. But
Speaker 1: I think if you're focused on long term, maybe leaving
Speaker 1: your job stuff like that, you're really going to get
Speaker 1: a lot out of today's episode, and then also the
Speaker 1: Bright Future Bundle is still available also through Sunday, and
Speaker 1: Nika from Deptfrey going to be one of our speakers
Speaker 1: has a Mercari Selling Guide which is amazing um. And
Speaker 1: then you also get access to all of the Day
Speaker 1: three talks which are all about earning more so definitely
Speaker 1: Frugal Living Summit dot com, slash a a P. If
Speaker 1: you have not picked up the Bright Future Bundle, get
Speaker 1: that and because it goes away forever on Sunday, Beautiful,
Speaker 1: Let's get into Laura's interview and what she has to
Speaker 1: say about this. Welcome Laura to the Frugal Friends podcast.
Speaker 1: So happy to have you. Thank you so much. I'm
Speaker 1: thrilled to be with. Oh, this is a good topic, Laura,
Speaker 1: and you are an expert to be talking on it.
Speaker 1: I know so many people will be interested. I even
Speaker 1: as I was looking through the questions we're going to
Speaker 1: ask you, like, oh, my brother should listen to this.
Speaker 1: We'll see if he does. But okay, sometimes having these
Speaker 1: episodes to pass off to our own family member family
Speaker 1: absolutely so. Laura, tell us a little bit about your
Speaker 1: solo preneur journey. Yes, it is it's been a long one,
Speaker 1: and it's it's been a winding one. Um. You know,
Speaker 1: I started working for myself really right from the very beginning.
Speaker 1: I've always been doing something on the side, whether it
Speaker 1: was working on flipping real estate, doing projects with my
Speaker 1: husband where we would buy distressed property super cheap and
Speaker 1: you know fix it up and on nights and weekends.
Speaker 1: You know, that's one of the early sort of side
Speaker 1: hustles that come to mind. Then I started doing other
Speaker 1: types of online work, you know, writing, freelancing, you know,
Speaker 1: building a podcast, building a blog, all of that on
Speaker 1: the side, always keeping my day job. You know, I'm
Speaker 1: one of those people that never really had the desire
Speaker 1: to go into self employment full time. Initially. I always
Speaker 1: just wanted it to be a side project. I wanted
Speaker 1: the additional revenue. I wanted the variety too. I loved
Speaker 1: having multiple things to do. I get bored very easily,
Speaker 1: so having you know, extra things to work on made
Speaker 1: a lot of sense for me. And my husband too
Speaker 1: is the same way. So we we worked together and
Speaker 1: a lot of those projects, and then you know, eventually
Speaker 1: we worked up to full time self employment. We had
Speaker 1: our own retail store. We were actually in the floor
Speaker 1: covering business in central Florida for many years, and UM
Speaker 1: turned around years later and sold that business, and then
Speaker 1: we you know, got kind of got back into floor
Speaker 1: covering in different ways, and then I ended up getting
Speaker 1: my m b A. And that's really where I got
Speaker 1: into personal finance. That was kind of the fork in
Speaker 1: the road for me. And I realized that a lot
Speaker 1: of the folks I was in school with, they were
Speaker 1: very smart, they were very very career oriented, doing very
Speaker 1: well in their careers. Some of them were even C
Speaker 1: level executives, they had multiple master's degrees, they were, you know,
Speaker 1: just all kinds of qualified, but yet they were failing
Speaker 1: drastically with their personal finances. And kind of a light
Speaker 1: bulb went off for me, and I realized, you could
Speaker 1: be super educated, super smart, and still not do well
Speaker 1: with your personal finances. And that disconnect is what really
Speaker 1: turned me from kind of the corporate finance world more
Speaker 1: into personal finance answers. And I decided I was going
Speaker 1: to put some of the content that I learned in
Speaker 1: my m b A into podcast format, into blog format.
Speaker 1: And what I realized is the feedback that I was getting,
Speaker 1: the positive feedback, was more about the personal side. People
Speaker 1: were asking questions about you know, retirement and investing and
Speaker 1: dealing with taxes and you know, just a lot of
Speaker 1: that personal stuff, much more so than the corporate side.
Speaker 1: And so that's when I really decided to kind of
Speaker 1: double down on personal finance content. And that was in gosh,
Speaker 1: two thousand seven, and so I've been podcasting and blogging,
Speaker 1: you know, literally every week since then about some personal
Speaker 1: finance topic. Amazing, Laura, And isn't it something I'm with
Speaker 1: you in that Maybe I guess myth believing if you're
Speaker 1: well educated or you make a lot of money, you
Speaker 1: must be good with money. That's not always the case,
Speaker 1: and oftentimes it's not. I think I talked to the
Speaker 1: financial advisor recently who said that in his line of
Speaker 1: work and as he talked with others in that field, statistically,
Speaker 1: he was seeing that lawyers were the worst at managing finances.
Speaker 1: I'm not really trying to call out lawyers, but I
Speaker 1: mean maybe, but to realize, okay, yeah, this tier of
Speaker 1: people that you think makes a ton of money, it
Speaker 1: doesn't mean that they're making wise choices with it. So
Speaker 1: amazing that you've honed in on that to help people
Speaker 1: not just if you don't make a lot of money.
Speaker 1: Just anybody interacting with money needs to be taught the
Speaker 1: tools for it. That's it, you know. And they were
Speaker 1: dealing with a lot of debt, they were dealing with
Speaker 1: just kind of being unorganized and not really knowing how
Speaker 1: to prioritize their finances. You know. I would see people
Speaker 1: with a lot of credit card debt trying to pay
Speaker 1: off their mortgage early, even though the credit card debt
Speaker 1: was a much higher interest rate. Now that's just an
Speaker 1: example of kind of like, hmmm, they're really not thinking
Speaker 1: this through. You know, there is there is a better
Speaker 1: way to prioritize finances and think about it. And so, yes,
Speaker 1: I do think there are some very successful professionals that
Speaker 1: almost feel like because they are an attorney or because
Speaker 1: they are a doctor, that they're supposed to look like
Speaker 1: a doctor, or they're supposed to drive the lawyer car
Speaker 1: and live in the doctor house and kind of keeping
Speaker 1: up with the Joneses, and it ends up really just
Speaker 1: meeting they are living way beyond their means and they've
Speaker 1: never really created a budget, never really thought about am
Speaker 1: I providing for the future. Yes, I'm providing right now.
Speaker 1: I've got all these great toys and and you know,
Speaker 1: things to show for it right now. But in a
Speaker 1: lot of cases, the successful people that I was in
Speaker 1: school with had not even given retirement a thought. They
Speaker 1: literally didn't even know, you know, what a an IRA was.
Speaker 1: They might be participating at work in a four oh
Speaker 1: one K, but maybe not even maxing it out, maybe
Speaker 1: not even like getting the full match from their employers.
Speaker 1: So just making a lot of mistakes that I could
Speaker 1: tell we're really going to bite them in the end.
Speaker 1: And it was just not not a good path. And
Speaker 1: so my idea was, how can I make content that
Speaker 1: is easy to digest, kind of taking a lot of
Speaker 1: these really complex topics and trying to boil them down
Speaker 1: in a way that's actionable, that's quick and easy to understand,
Speaker 1: that maybe will help people put some plans into motion
Speaker 1: without getting bogged down into the details. Now, if people
Speaker 1: want to get into details and they want to get
Speaker 1: you know, really fine tuned with a financial planner, I'm
Speaker 1: all for that too. But for most people, it's really
Speaker 1: not about complexity. It's really more about how can I
Speaker 1: simplify my finances in order to make sure I'm just
Speaker 1: automatically saving for retirement, I'm automatically putting some money away
Speaker 1: for an emergency fund, et cetera, paying the credit card automatically.
Speaker 1: A lot of those things are just easy systems to
Speaker 1: put into place that can help you have a lot
Speaker 1: more success. Love love love that there's so much in
Speaker 1: your background, Laura. As I'm hearing you talk, I'm like,
Speaker 1: you're my spirit animal, working full time, fixing up houses, podcasting,
Speaker 1: wanting to have your hands, and a lot of things
Speaker 1: like yeah, oh boy, But it's it's evident that you
Speaker 1: didn't start your business that you're in now overnight. There
Speaker 1: was a journey to get there. It's not just a
Speaker 1: snap of the fingers. And it sounds like some different
Speaker 1: decisions along the way, interests maybe changing, identifying where your
Speaker 1: skill set aligns. All that to say, if someone else
Speaker 1: is listening to this saying I do want to start
Speaker 1: a side business or just a business, what would you
Speaker 1: say is a good starting point for them? Yeah, So
Speaker 1: I always encourage people to really just test first, you know,
Speaker 1: thinking about is there a customer base? Is your idea,
Speaker 1: whether it's a product or service, is it a good idea?
Speaker 1: In a lot of cases, people love doing certain things.
Speaker 1: Maybe they love I don't know, teaching, they love doing
Speaker 1: dog walking, they love doing some things, but if they
Speaker 1: truly got into it full time as a business, might
Speaker 1: not love it so much. So in a lot of cases,
Speaker 1: wanting to turn a hobby into a business, it may
Speaker 1: not be the best idea. So I always encourage people
Speaker 1: try it out, give it, you know, give it a
Speaker 1: few months, figure it out and find out will you
Speaker 1: still love it? Because if you don't love it as
Speaker 1: a business, it's probably not going to end up being
Speaker 1: a successful pursuit for you. So, you know, is it
Speaker 1: something you love? Number one? Is there an audience or
Speaker 1: a customer base or a client base that is truly
Speaker 1: willing to spend the money for the good or the service?
Speaker 1: And you know, can you just give it some time
Speaker 1: on the side, So instead of taking that flying leap
Speaker 1: from that steady ve paycheck, can you try it on
Speaker 1: the side. And in the book that I recently wrote,
Speaker 1: Money Smart Solo Preneurs, I try to give people some
Speaker 1: tips on ways to juggle both. It's not easy. Yes,
Speaker 1: it means you might have to work a little bit
Speaker 1: on in the evenings and on weekends, but for a
Speaker 1: lot of people. That is what you have to do
Speaker 1: to really get started. Get in there, figure out, you know,
Speaker 1: how can you make it work. And I tell a
Speaker 1: story in the book about when I was working for
Speaker 1: an employer also starting podcasting and blogging, and it was
Speaker 1: two thousand seven, two thousand eight. It was, you know,
Speaker 1: a terrible recession was on the horizon, and my employer
Speaker 1: was feeling some of those negative effects, and I knew
Speaker 1: that he was not going to be able to afford me,
Speaker 1: you know, pretty soon we were going to be in
Speaker 1: a situation where he was I was firing a lot
Speaker 1: of our staff that I had hired, you know, a
Speaker 1: year or two earlier. So I knew that I was
Speaker 1: probably going to need to go at some point. But
Speaker 1: I had this other side project that I was super
Speaker 1: excited about, and so I went to the employer and
Speaker 1: I said, is there a way that we could work
Speaker 1: something out, like let me scale back to three days
Speaker 1: a week, and that way you can pay me less,
Speaker 1: you can maybe afford to keep me on a little
Speaker 1: bit longer. But then I would also have time to
Speaker 1: go do my other projects. And so it was a
Speaker 1: win win for me because I really needed more time
Speaker 1: to scale the podcasting and blogging that I was doing,
Speaker 1: and he needed to pay me less money, so it
Speaker 1: was a win win situation. And so that's just one
Speaker 1: example that's not going to apply to everyone obviously, But
Speaker 1: can you figure out a way to maybe get away
Speaker 1: for an hour and a half half in the middle
Speaker 1: of the day for lunch instead of forty five minutes,
Speaker 1: take that hour hour and a half and really focus
Speaker 1: on your side hustle. I've done that too. Maybe you
Speaker 1: book a conference room in your office, or you just
Speaker 1: make sure that you shut everything down, you'd stop looking
Speaker 1: at email, and you just really focus on your business
Speaker 1: during that time in the day. You know, that's one idea.
Speaker 1: Maybe you go to work a little bit earlier if
Speaker 1: you're commuting to an office, or you just start your
Speaker 1: day a little bit earlier at home and say, you
Speaker 1: know what, from this hour to this hour, before I
Speaker 1: even look at my work, I'm going to focus on
Speaker 1: my business. So there may be some ways to juggle
Speaker 1: your schedule. There may be some ways to negotiate with
Speaker 1: your employer that will allow you to really test out
Speaker 1: that business idea and make sure that it is something
Speaker 1: you want to do. For some people, they may like
Speaker 1: the idea of keeping both for other people. They may
Speaker 1: really want to get out of that nine to five
Speaker 1: and they may want to scale up the business quickly.
Speaker 1: So it kind of depends on what your goals are.
Speaker 1: For me, I was very happy doing both for many,
Speaker 1: many years, and you know it worked for me. But
Speaker 1: it just kind of depends on your season in life
Speaker 1: and what your business goals are. Such good tips. Yeah,
Speaker 1: I love I love that the first I mean right
Speaker 1: off the bat, like when you refer to it as
Speaker 1: test like what you want to do, it's such a
Speaker 1: great mindset shift because sometimes we see something and we
Speaker 1: want to do it, and then it doesn't work, and
Speaker 1: we feel like we've failed at starting a business, like
Speaker 1: we're not entrepreneurial or capable of starting aside business because
Speaker 1: you did it once or twice and they all failed.
Speaker 1: But when you look at it as like, first I
Speaker 1: have to test, I have to test a bunch of
Speaker 1: different things to see what's going to a work and
Speaker 1: be what I'm going to enjoy. Some people will find
Speaker 1: something there may be successful at and find they don't
Speaker 1: enjoy it and keep doing it and then sometimes leave
Speaker 1: their job to do it. More So like going through
Speaker 1: this testing phase is a really important mindset shift to
Speaker 1: make when you want to start a business. And yeah,
Speaker 1: I just loved like everything you said with the balancing
Speaker 1: of work, Like that's kind of something where Jill and
Speaker 1: I are different, Like I love being a entrepreneur business owner,
Speaker 1: like full time, that's my thing. And Jill was just
Speaker 1: telling me, she's like, I love having my job. I'm
Speaker 1: very happy doing the podcast and my job simultaneously. So
Speaker 1: it really is truly a spectrum. You don't have to
Speaker 1: be on either end to have like your own thing
Speaker 1: on the side. Yeah, absolutely, and it you know, it
Speaker 1: is something that you do also have to think about
Speaker 1: your goals. As you said, what what happens to a
Speaker 1: lot of people is they leave the nine to five
Speaker 1: and they realize that building a business is hard work
Speaker 1: and they're going to end up maybe working a lot
Speaker 1: more hours. Now, if you love what you do, that
Speaker 1: may not be a problem. But if your goal, if
Speaker 1: your whole reason for starting a business is oh I'm
Speaker 1: gonna work less, I'm gonna work from the beach, I'm
Speaker 1: gonna you know, have all this time off, you may
Speaker 1: actually get more time off with the nine to five
Speaker 1: job and having that structured vacation, especially if you've been
Speaker 1: there a while and you've accrued several weeks of vacation
Speaker 1: per year, you know, that kind of guaranteed break or
Speaker 1: time off, or maybe you're a teacher and you've got
Speaker 1: the summers off. Like having that may actually achieve your
Speaker 1: goal if you can think about it in terms of
Speaker 1: a goal achievement. And we do get bogged down in
Speaker 1: our jobs and we feel, oh my gosh, there's all this,
Speaker 1: you know, inter personal stress and issues going on. If
Speaker 1: we can step back and really think, does this accomplish
Speaker 1: my goal? For some people, it's all about can I
Speaker 1: save for retirement like every week every month? Can I
Speaker 1: have a reliable income? And that's another really big hurdle
Speaker 1: when you work for yourself, your income tends to be
Speaker 1: variable in a lot of cases, very variable, and that
Speaker 1: can really stress out a lot of people if they
Speaker 1: don't have lots of emergency money to back them up,
Speaker 1: and that they hold them back from contributing to a
Speaker 1: retirement account on a regular basis. And then all of
Speaker 1: a sudden, you know, you look back and it's like,
Speaker 1: oh my gosh, a year went by and I didn't
Speaker 1: make any retirement contributions because I just didn't know what
Speaker 1: my income was going to be. Again, that's kind of
Speaker 1: taking a step back for some people. So making that,
Speaker 1: making sure you understand what your goals are and what's
Speaker 1: important to you, and then building your life and your
Speaker 1: business around that, I think is the key to success.
Speaker 1: It's such a good thing to highlight, Laura, And you've
Speaker 1: probably see me. I've just been nodding the entire driving internally.
Speaker 1: On the inside. I've been laughing at especially the vacation thing, like, yeah,
Speaker 1: you have vacations. Don't work for yourself because no one
Speaker 1: choice is ever without consequence, and says, so it is
Speaker 1: good to count the cost to say, will this actually
Speaker 1: achieve what I wanted to achieve? How will it do that?
Speaker 1: Am I willing for some of the downsides of this? Right,
Speaker 1: It's not gonna be without some downsides or consequences. And
Speaker 1: if your business grows the way you want it to grow,
Speaker 1: that could mean needing to then hire people. And now
Speaker 1: you're a boss and do you want that? And bosses
Speaker 1: rarely get to disconnect even when they are on vacation,
Speaker 1: So there are a lot of things to consider with that,
Speaker 1: and it links to this as well, or I'm curious
Speaker 1: your perspective if there's anything to be said about support
Speaker 1: in some of these initial stages. I'm sure a lot
Speaker 1: of times when we're just starting out, we don't necessarily
Speaker 1: have the money to pay somebody to support us in
Speaker 1: the process. But what's to be said about having someone
Speaker 1: to bounce ideas off of or to be some of
Speaker 1: that accountability or checks and balances. What are your thoughts
Speaker 1: around what support might look like in the beginning. Yeah,
Speaker 1: that's such a great question, because I do think that
Speaker 1: people can tap into other folks, whether it's a mentor
Speaker 1: um like. You know, what comes to mind is maybe
Speaker 1: somebody that's wanting to get into let's say, real estate sales.
Speaker 1: You could be an assistant to a very successful agent
Speaker 1: and kind of learn the business, maybe work for a
Speaker 1: relatively low wage or some kind of profit sharing with
Speaker 1: them in order to get some confidence, learn the business,
Speaker 1: get their support, And it really will depend on the
Speaker 1: type of work that you want to do. But in
Speaker 1: a lot of cases people probably tend and I think
Speaker 1: this is especially true for entrepreneur types. We tend to
Speaker 1: be very independent. We want to just like do it
Speaker 1: ourselves and figure it all out. But if you step
Speaker 1: back and think about what are the resources, what are
Speaker 1: the people? Who are the people that I know that
Speaker 1: maybe doing something similar. Maybe they're not competitors, but maybe
Speaker 1: they're doing, you know, something similar. How can I tap
Speaker 1: into them for who's the accountant they use? What you know,
Speaker 1: what kind of advice did they get when they started
Speaker 1: their business? What mistakes would they recommend I avoid. It's
Speaker 1: really easy to just tap into people for virtual coffees
Speaker 1: and you know, picking people's brains and if you can
Speaker 1: maybe help them a little bit, if they've got something
Speaker 1: that they need that you can help provide, they may
Speaker 1: be more willing to kind of collaborate with you. So
Speaker 1: I do think that's a very underutilized resources. Just reaching
Speaker 1: out to people and asking questions. In a lot of cases,
Speaker 1: people are more willing to help you and give advice
Speaker 1: then you think they're going to be. And so I
Speaker 1: would recommend folks have a little bit of you know,
Speaker 1: confidence and just be willing to kind of put yourself
Speaker 1: out there and ask for help. Oh yeah, people love
Speaker 1: talking about themselves, So if you ask them about themselves
Speaker 1: and their business, there golden. Especially if you have something
Speaker 1: to bring to the table, like inventory your skills and
Speaker 1: see what you can bring, because yeah, people will ask
Speaker 1: to pick my brain and be like, but you're not
Speaker 1: even and offered to buy me a coffee or anything.
Speaker 1: Some people do. But then when they're like, hey, like
Speaker 1: I have experience in this, and I would love to
Speaker 1: hear your experience with this, um and I'm like absolutely,
Speaker 1: Like I mean even if I had just one question
Speaker 1: you can answer, It's been like completely worth my time
Speaker 1: and I would love to help anybody out. So yeah,
Speaker 1: definitely find a mentor or something, because your network really
Speaker 1: is your net worth. I know that's overused, but like
Speaker 1: it's so true, really true. Yeah. So many people are
Speaker 1: nervous about starting a side business, and we talked about
Speaker 1: this briefly before we hit record, because they're scared of,
Speaker 1: you know, the organizational pieces, the incorporating the taxes, all
Speaker 1: of the all that stuff. So like what is important
Speaker 1: when you're getting started, and like what's not as important
Speaker 1: the stuff that can maybe wait. This is probably one
Speaker 1: of the most common questions that I get about starting
Speaker 1: a business. It it's what do I need to do?
Speaker 1: Because there are a lot of people who are very
Speaker 1: hesitant to do anything with their business until they've got
Speaker 1: kind of like all of the pieces put together, and
Speaker 1: they are very scared about starting their work until they
Speaker 1: understand everything. Then you've got other people who are just like, boom,
Speaker 1: I'm gonna start, I'm gonna get out there, and they
Speaker 1: don't think about anything. So it's it's funny. It's like
Speaker 1: there are two main types of entrepreneurs, and so the
Speaker 1: folks who are afraid of starting, they are typically wondering,
Speaker 1: do I need a business bank account, do I need
Speaker 1: to incorporate? Do I need some kind of license, what
Speaker 1: are like the logistics and the administrative piece of it.
Speaker 1: And what I tell folks is, in general, until you've
Speaker 1: made some money, you really don't need to do much.
Speaker 1: And I would say the only exception here is if
Speaker 1: you're getting into a business that has some liability. Maybe
Speaker 1: you're going to, let's say, be a eaterer where serving
Speaker 1: food could you know, make somebody sick and they could
Speaker 1: sue you about something. If there's any liability that you
Speaker 1: could face, you may want to incorporate early on. But
Speaker 1: for the majority of folks who are starting some type
Speaker 1: of a service based business, they really don't need to
Speaker 1: do much until they earn about ten thousand dollars. That's
Speaker 1: kind of my break point where I say, okay, you've
Speaker 1: earned ten thousand dollars. This is the point at which
Speaker 1: you're gonna need to really look at do I want
Speaker 1: a business bank account? And in most cases the answer
Speaker 1: is yes, because it's super easy to get in most
Speaker 1: cases free, and an easy way to separate your personal
Speaker 1: and your business expenses. Do I need to incorporate? You know,
Speaker 1: most people are pretty good as sole proprietors. Again, if
Speaker 1: you do want to limit your liability, you could become
Speaker 1: a single member l l C. That's what I am.
Speaker 1: That basically means that I have a corporate structure, but
Speaker 1: I pay taxes as a sole proprietor, so I pay
Speaker 1: pull the the income out of my business and it
Speaker 1: gets reported on my personal tax return super easy. And
Speaker 1: that's you know, just one option in the book Money
Speaker 1: Smart Solo Preneurs, I kind of go through all of
Speaker 1: the different business entities that are common and show you
Speaker 1: what are the pros, what are the cons And you know,
Speaker 1: that's pretty easy to do once you've hit that ten
Speaker 1: thousand dollar in revenue mark. And also maybe looking at
Speaker 1: do I need an accountant. Do I need somebody to
Speaker 1: help me figure out business deductions? Do I need somebody
Speaker 1: to help me stay organized? If you're not somebody that
Speaker 1: likes record keeping, you definitely may want to get a
Speaker 1: little help with this, at least in the beginning. A
Speaker 1: bookkeeper can set you up, can just make sure you're
Speaker 1: you've got a system in place that's going to be
Speaker 1: easy to maintain going forward. You just don't want to
Speaker 1: miss any of those deductible business expenses because they're very
Speaker 1: valuable and if you're not tracking them, you're not kind
Speaker 1: of allocating what is personal what is business, you're not categorizing,
Speaker 1: You're gonna miss them. There's no you know, no way
Speaker 1: around it. That's going to cost you money. So all
Speaker 1: of these things, the bookkeeping, the legal thinking about your
Speaker 1: corporate structure, all of that is really going to set
Speaker 1: you up for, you know, just a good system going forward.
Speaker 1: And as far as licensing, in most cases, you're not
Speaker 1: going to need a business license unless you're doing something,
Speaker 1: let's say with alcohol or construction or something that is
Speaker 1: really regulated at the state or local level, and that's
Speaker 1: really easy to figure out, and you can go to
Speaker 1: your state website and it will tell you what types
Speaker 1: of licenses you may need based on the work you're
Speaker 1: going to do and goods you may need to collect
Speaker 1: sales tax if you're selling goods and you need to
Speaker 1: collect sales tax. So that's another area of con start
Speaker 1: if you're selling goods. I mean in theoretically, like, if
Speaker 1: you're testing until you hit ten thousand, then your business
Speaker 1: can pay for all of these expenses, so you don't
Speaker 1: have to worry about not being able to afford to
Speaker 1: start a business. You can really, in this day and age,
Speaker 1: bootstrap it, make the money from your business and have
Speaker 1: it pay for itself. Don't incorporate and get these tax
Speaker 1: id numbers and all of that. Don't waste your time
Speaker 1: with it if it's not something you know you want
Speaker 1: to do for at least several years moving forward. Like
Speaker 1: That's why I think the testing phase is so important,
Speaker 1: because you don't want to do all this work just
Speaker 1: to decide you don't want it, and then you have
Speaker 1: sunk cost and you keep at it for much longer
Speaker 1: than you should because you sunk all this money into it. Exactly.
Speaker 1: That is the point for sure. And I do think
Speaker 1: that if you know, if you if you hit that
Speaker 1: ten thousand mark quickly, you know, fantastic, As you said,
Speaker 1: then you can afford to reinvest the money back in. Now,
Speaker 1: let's say you work for a whole year and you've
Speaker 1: made the ten thousand. You know, you may say, well,
Speaker 1: if that's not going to be enough for me going forward,
Speaker 1: you can re evaluate, or if you're at the point
Speaker 1: where you're ready to scale, you can reevaluate. And in
Speaker 1: some cases, even the mixing of the personal in the business,
Speaker 1: if you're an organized person, may not be a problem.
Speaker 1: And I actually did this for many years. When I
Speaker 1: first started, I was putting personal and business expenses in
Speaker 1: the same bank account, but I was very meticulous about
Speaker 1: categorizing them so I could easily at the end of
Speaker 1: the year run a report that showed here all my
Speaker 1: business expenses, here's my business income. Give that to my account,
Speaker 1: and they could easily tell you know what needed to
Speaker 1: be reported. So if you are really good and you're
Speaker 1: using a good bookkeeping system, then you know that's probably
Speaker 1: not going to be an issue. There's no law that
Speaker 1: says you have to have a business bank account, but
Speaker 1: I can tell you from experience that it definitely will
Speaker 1: help you. Truly think about your business in a new
Speaker 1: way and and really separating those financials. There's a lot
Speaker 1: of benefit there. Particularly maybe you're thinking about selling the
Speaker 1: business down the road, that may be an area where
Speaker 1: you know, if if that's something that even comes to
Speaker 1: mind for you at all, you definitely want to be
Speaker 1: separating all those financials so you can show somebody what
Speaker 1: you're earning, what your expenses are, and be very clear
Speaker 1: about that. But for most folks just starting out and
Speaker 1: testing an idea, you know, I think just starting slowly,
Speaker 1: as you said, Jen, not really getting overwhelmed with the
Speaker 1: administrative part of it is the key to having the
Speaker 1: confidence to just get out there, you know, try to
Speaker 1: get that first customer or client serving them. When you
Speaker 1: get started, what you'll find is you may pivot. You
Speaker 1: may say, well, I thought I was going to offer
Speaker 1: this product, but really they need me to do this
Speaker 1: thing over here, and so that will help you refine
Speaker 1: your offer and make sure that you are serving the
Speaker 1: clientele that that you think you want to serve, or
Speaker 1: maybe you need to switch it up and figure out, gosh,
Speaker 1: you know, I've got the skills to do this other thing.
Speaker 1: Let me you know, now, pivot and focus on that.
Speaker 1: For the person who wants to utilize this little startup
Speaker 1: business too and has the goal eventually leaving their job
Speaker 1: because they've earned what's possible for that to happen. What
Speaker 1: should they be doing in order to prepare for that
Speaker 1: exit strategy? What are some of those steps they would take? Yes,
Speaker 1: so definitely the emergency savings is key. You know, we
Speaker 1: might be at the point where we're ready to leave
Speaker 1: the job and go full time, but that doesn't mean
Speaker 1: that the business is going to run smoothly from here
Speaker 1: on out right, And in many cases, the income is variable.
Speaker 1: It's gonna fluctuate wildly from month to month, so you
Speaker 1: want to be sure that you can get through the
Speaker 1: lean times. And so for most of us, what that
Speaker 1: means is just having that emergency fund, and it could
Speaker 1: be a personal savings, that could be business savings that
Speaker 1: you're accumulating and having enough to at least get you
Speaker 1: through a couple of months that could be bad. You know,
Speaker 1: really lean months, do you have enough to get through
Speaker 1: and still make sure that you can invest for retirement
Speaker 1: and and hit the financial goals that you want for
Speaker 1: you and your family. So that really means starting now,
Speaker 1: building that emergency fund. Now, so let's say if your
Speaker 1: goal was to have three months of emergency, maybe you
Speaker 1: want to go to six, or maybe even you're just
Speaker 1: starting out and you're you don't even have one month
Speaker 1: of of saving yet, you might want to make a
Speaker 1: goal to get that one month done and then rapidly
Speaker 1: begin to raise that savings rate over time. So think
Speaker 1: about in you know, the kind of the worst case scenario,
Speaker 1: would you be okay? Would your family be okay? Insurance
Speaker 1: this is another area a lot of self employed people
Speaker 1: struggle with, especially leaving the full time job, is what
Speaker 1: do I do about health insurance? You know? What do
Speaker 1: I do about life insurance? Disability? All these things these
Speaker 1: kerks that we we have with the nine to five job.
Speaker 1: A lot of self employed people don't know that they
Speaker 1: can go to healthcare dot gov, go to the marketplace
Speaker 1: and shop for plans, and if your income is below
Speaker 1: a threshold, you qualify for premium subsidies which make it
Speaker 1: cost less. Now, is it cheap? No, Insurance is still
Speaker 1: expensive unfortunately, even with premium subsidies and a lot of cases,
Speaker 1: but you can definitely get a lot of help there,
Speaker 1: especially if you're starting out and your income is not
Speaker 1: that high yet, you're going to qualify for some additional
Speaker 1: help there that will reduce your premiums making it affordable
Speaker 1: for you and your family. So don't assume that just
Speaker 1: because I'm going to be self employed that I can't
Speaker 1: have health insurance and I can't have life insurance. You
Speaker 1: can shop life insurance, term life is super affordable. I
Speaker 1: call it your self employed benefits package. You have to
Speaker 1: create that for yourself. So with the health, the life,
Speaker 1: even disability coverage, really thinking through what are you giving
Speaker 1: up when you leave the job, and then how can
Speaker 1: you replace that on your own? I mean, once you
Speaker 1: start to think about leaving the health insurance I think
Speaker 1: is the biggest thing hurdle take it over personally. We
Speaker 1: use like health care sharing because that was even cheaper
Speaker 1: than the marketplace. But like we're you know, lucky enough
Speaker 1: to be very healthy and we have our son still
Speaker 1: on regular insurance. But like it can work, A ton
Speaker 1: of people make it work. So if there is a
Speaker 1: business that you have and you do like I also
Speaker 1: see this other end of the spectrum where there are
Speaker 1: people that are holding onto their job by a thread
Speaker 1: for these benefits when really they could be taking their
Speaker 1: business like so much further if they just like let
Speaker 1: go of that thread. Yeah, and don't forget about Cobra too.
Speaker 1: If you leave a job that has group coverage, you
Speaker 1: do qualify for Cobra for it typically eighteen months. It's
Speaker 1: not going to be cheap, but it is going to
Speaker 1: give you that full coverage that you're used to, the
Speaker 1: exact same coverage. So maybe you're in a situation where
Speaker 1: you know you're thinking about starting a family, or you
Speaker 1: know you really need some good coverage, you can at
Speaker 1: least maintain that and know that you know it's there
Speaker 1: for you. I would say shop it. Always shop the
Speaker 1: Cobra against all of the other options, because you're probably
Speaker 1: you probably can find a cheaper option, but you know,
Speaker 1: just know you've got multiple options, maybe getting if you're married,
Speaker 1: you might get on a spouse's plan. If you're young,
Speaker 1: if you're under age six, you could get on mom
Speaker 1: and dad's plan if they're willing to keep you there
Speaker 1: for a little while. You know there are options. Short
Speaker 1: term policies are typically cheaper, they don't have as many
Speaker 1: kind of built in benefits for you, but they are
Speaker 1: there to kind of bridge the gap between let's say
Speaker 1: coverage at work to the point where you're ready to
Speaker 1: get your own plan. So there are options out there,
Speaker 1: and I just would encourage people to do a little homework.
Speaker 1: Don't go without insurance. It's it's not worth it, absolutely yes,
Speaker 1: speaking of options and things that are worth it, and
Speaker 1: you shouldn't go without the bill of the week. That's right,
Speaker 1: It's time for the best minute of your entire week.
Speaker 1: Maybe maybe was born and his name is William. Maybe
Speaker 1: you've paid off your mortgage, maybe your car died and
Speaker 1: you're happy to not have to pay that bill anymore.
Speaker 1: Bills Bufalo Bills, Bill Clint, this is the bill of
Speaker 1: the week, all right, Laura. We invite every week either
Speaker 1: a listener or our guest to share with us their
Speaker 1: bill of the week, and so we would love to know.
Speaker 1: Do you have a bill for us? A bill for you?
Speaker 1: I gosh, I would I would love to bill you
Speaker 1: for your expertise and maybe and maybe I would ask
Speaker 1: you to give me some advice on you know, what
Speaker 1: are your biggest tips for starting a business or even
Speaker 1: starting a podcast. If somebody out there is interested, I'm
Speaker 1: gonna I want to bill you for that. Oh my gosh,
Speaker 1: that's the first a very unique I respect it. So
Speaker 1: I would say we start our podcast started in such
Speaker 1: a unique way that we neither of us intended it
Speaker 1: for it to be a business, and now it has
Speaker 1: grown into our i mean, my main business, and so
Speaker 1: I would say there definitely has to be some room
Speaker 1: for setting barriers up so you can be consistent with
Speaker 1: whatever you're doing, like not just podcasting, but I mean
Speaker 1: I think having our shows edited for us and just
Speaker 1: being very light on other things where people maybe we're
Speaker 1: going heavier on it made it possible for the thing
Speaker 1: to be sustainable for us while we both had full
Speaker 1: time jobs, and before it could be a full time
Speaker 1: thing for at least one of us. So it may
Speaker 1: cut down on some profit at first, but when you're
Speaker 1: still around while the other guy has burned out, then
Speaker 1: you will be thankful. I love that. Yeah, consistency is
Speaker 1: the key, and I do think, you know, for me,
Speaker 1: being part of a podcasting network put a lot of
Speaker 1: pressure on me because it was like, all right, there's
Speaker 1: a deadline here, there's you know, there are people who
Speaker 1: are counting on your content, and that really that accountability.
Speaker 1: So I love what you said, Jen, because if you
Speaker 1: don't have that external accountability, if that accountability has to
Speaker 1: come from you internally, you've got to deliver, you know,
Speaker 1: and really be tough on yourself and make sure that
Speaker 1: you're creating consistent content, because yeah, I think that is
Speaker 1: one of the biggest ways to have success with especially
Speaker 1: with podcasting. Your sponsors will rely on that, right, They
Speaker 1: want to see that you've got a particular schedule that
Speaker 1: you're keeping up with it. So I love that. Yet,
Speaker 1: consistency is stuff, and that's so true with a lot
Speaker 1: of things in life, right, investing, producing, I mean just
Speaker 1: so many aspects. I mean, you know, even just exercising,
Speaker 1: having a schedule to stay healthy, and all of that
Speaker 1: comes down to consistency. Yeah, for those of us who
Speaker 1: are not backed by large venture capital firms, we have
Speaker 1: to go small and steady. That's a key love it, Yeah,
Speaker 1: And I would say self knowledge is a big component,
Speaker 1: especially if you're going to be entrepreneurial in your pursuits.
Speaker 1: Knowing what your strengths are, where your growth edges are,
Speaker 1: what happens to you when you feel stressed, the type
Speaker 1: of support that you need, what you know you really
Speaker 1: want to focus in on, and where you want to
Speaker 1: have others kind of do some of the mundane tasks.
Speaker 1: Some of that comes in time as you work towards
Speaker 1: starting your own business, but having a pulse on that
Speaker 1: and doing a really decent introspective dive even before starting
Speaker 1: this to know where are the potential pit falls and
Speaker 1: how am I going to factor that in and care
Speaker 1: for myself and my business and others well as a
Speaker 1: result of that. Yeah, that's terrific. You can't lose yourself,
Speaker 1: you know. You have to continue building a life as
Speaker 1: you build a business. And if you sacrifice you know,
Speaker 1: the family and friends and the relationships, you will look
Speaker 1: back and say, you know, was it worth it? You know,
Speaker 1: And and it's tough. Building a business is tough. You
Speaker 1: do have to make sacrifices. But I think trying to
Speaker 1: be as balanced as possible along the way, it was
Speaker 1: what you ultimately want as an entrepreneur. Right. Nobody wants
Speaker 1: to look back and say, oh, you know, all I
Speaker 1: did was I was working my business NonStop. Even if
Speaker 1: you love it. You know, even if you love it,
Speaker 1: you still have got to remember the rest of your
Speaker 1: life and being healthy with relationship send you know, eating
Speaker 1: good food and moving your body, sleeping, well, all of
Speaker 1: those are just foundational to happiness. Yeah, and knowing that
Speaker 1: it's okay to not be good at all of the things.
Speaker 1: I was just Jen and I just had a big
Speaker 1: tist meeting last night, and I'm like, I don't like
Speaker 1: realizing that I'm not good at things. It's not a
Speaker 1: comfortable feeling for me. And and I'll learn and I'll
Speaker 1: problem solves and I'll do the thing proficiently, but also
Speaker 1: giving grace to say it's not something I'm good at.
Speaker 1: And to own a business doesn't mean I have to
Speaker 1: tight fist do everything and be good at all of it.
Speaker 1: That's so true. It's a little soapbox. Yeah, I mean definitely, Laura,
Speaker 1: thank you for billing us. I love it if you
Speaker 1: have a bill of the week that you want to
Speaker 1: share with us, whether it's a bill you want to
Speaker 1: give to us, or anything related to bill. You know
Speaker 1: the Drill Frugal Friends podcast dot com slash bill. We'd
Speaker 1: love to hear it. And now time for the lightning round.
Speaker 1: So this is the part of the show where we're
Speaker 1: going to build you for your expertise now, but we
Speaker 1: are all going to go around and share knowing the
Speaker 1: mistakes you would make. What's a word of advice you'd
Speaker 1: give yourself personally when you were just starting out. Oh man,
Speaker 1: it would definitely be worry less. It would definitely be
Speaker 1: um trust in the process and trust experts to just jill.
Speaker 1: Just to what you were saying, you know, don't think
Speaker 1: you have to do it all that. There are experts
Speaker 1: out there. That's the reason they're experts. They are focused
Speaker 1: on certain tasks, and you know, give more up to
Speaker 1: them and don't worry about doing it all yourself. Wholl
Speaker 1: worry less? And we don't. We don't gain anything by worrying.
Speaker 1: I mean nope, there's no real action that comes out
Speaker 1: of that. You lose some sleep, and sleep is sacred.
Speaker 1: What about you, Jen, So mine would be too focus
Speaker 1: on your one thing, not somebody else's. And I feel
Speaker 1: like I've been quoting this line NonStop, but like I
Speaker 1: love the one thing by Gary Keller, and I tell
Speaker 1: people in your spending, like find your one thing or
Speaker 1: your two things or something that you can focus on,
Speaker 1: Like what's the thing that you can do that makes
Speaker 1: everything else in saving or earning money easier or unnecessary?
Speaker 1: But I wasn't necessarily finding what I wasn't looking for,
Speaker 1: what my one thing would be. I would look at
Speaker 1: what other people's things are and and try to replicate
Speaker 1: those while not being true to what I actually wanted
Speaker 1: to do and didn't want to do or what would
Speaker 1: work for my audience, because they're different from somebody else's audience.
Speaker 1: And so I would say, like, keep your focus on
Speaker 1: your one thing and then don't get distracted by shiny
Speaker 1: object syndrome. But it's shiny shiny mine is similar to
Speaker 1: something we've talked about already and maybe just another facet
Speaker 1: to it, but finding ways to try it out before
Speaker 1: investing big. And I know we talked about in investing
Speaker 1: kind of with your time, but I would also add
Speaker 1: investing with your money. And I think that there's so
Speaker 1: much advice out there to say, oh, yeah, you gotta
Speaker 1: sink at least five to ten grand into your business
Speaker 1: at the start to really make sure it's set up
Speaker 1: on the right foot, and that just it hasn't been
Speaker 1: my experience. It's not the advice that I would give
Speaker 1: to other people. I think there are ways to try
Speaker 1: to do what it is that you want to do
Speaker 1: in the future for your side business. That does not
Speaker 1: cost a lot of money upfront to try it out
Speaker 1: before you invest big, whether it's financially, emotionally, with your
Speaker 1: time and build up to that, I think it's very possible.
Speaker 1: You don't have to buy all of the things because
Speaker 1: you may find out that you don't like it or
Speaker 1: you don't like that version of it, So don't spend
Speaker 1: a ton of money at first. Love it well, Laura,
Speaker 1: it has been so fun talking with you and hearing
Speaker 1: all of your expert advice on this. We hope it's
Speaker 1: been helpful to our listeners. We know it. We know
Speaker 1: it's helpful to us. So where can people get more
Speaker 1: from you? And we know this is just the tip
Speaker 1: of the iceberg. So what else do you have for
Speaker 1: folks if they want to hear more? Oh? Yes, definitely
Speaker 1: visit Laura d Adams dot com. That's my site. I
Speaker 1: podcast weekly on The Money Girl podcast, and would just
Speaker 1: you know, love to connect with any of your listeners.
Speaker 1: I've been really honored to be on your show today.
Speaker 1: You guys are really fun. This has been a great conversation,
Speaker 1: so I appreciate you bringing me in absolutely, thank you
Speaker 1: so much for hanging out with us. My pleasure. Thanks Laura.
Speaker 1: It was such an honor to have her here because
Speaker 1: she really is I mean, she may have asked us
Speaker 1: about podcasting, but she is a podcasting stalwart, Like she
Speaker 1: has been in this industry for a really long time
Speaker 1: and is someone that like should be looked up to
Speaker 1: by all podcasters, especially female podcasters, especially female finance podcasters.
Speaker 1: So it was just like a pleasure to have her.
Speaker 1: And she is a like a fountain of wisdom that
Speaker 1: I just drank from. She does speak so expertly and eloquently,
Speaker 1: and even though we have started our own business together,
Speaker 1: you and I, Jen and Eric and I have started
Speaker 1: our own businesses, there's still so much more even in
Speaker 1: that what fifty minute interview that that I gained from it.
Speaker 1: So enjoy it. I can't recommend her enough. Definitely visit
Speaker 1: and get more from her at her podcast. Yeah, and
Speaker 1: absolutely Money Smart Solo Prenewer is her book where she
Speaker 1: goes through everything we talked about and it really expounds
Speaker 1: on it. I was telling her, I was like, I think,
Speaker 1: actually I need to read this book because it just
Speaker 1: there's a lot of things. I was one of those
Speaker 1: people that dove in and just started like my business
Speaker 1: and got and built the plane while flying it. So
Speaker 1: there are still things I'm learning that I need to
Speaker 1: put into place. And to have it all in one
Speaker 1: book is really nice to start out. It can like
Speaker 1: ease some of your fears and empower you. So definitely
Speaker 1: check out her book. I will say it's a good
Speaker 1: thing your husband is an airplane mechanic. It's probably rightful
Speaker 1: for building the plane while you fly it. If anyone
Speaker 1: can do it, it would be you. In Travis, he
Speaker 1: he recommends to not do that, but I don't listen.
Speaker 1: I just keep flying. So the regulations say, BLA gets
Speaker 1: to me on the ground. Yeah. Well, thank you for
Speaker 1: riding this airplane while it's still being built. And thank
Speaker 1: you for your kind reviews along the way on iTunes
Speaker 1: and Stitcher, like this one from premed Diva just happens
Speaker 1: to be five stars titled bird Box, and I'm not
Speaker 1: sure of the relevance, but it was a great review.
Speaker 1: I was terrified to open my eyes to finances in general.
Speaker 1: I'm so thankful to you gals for opening my eyes
Speaker 1: and showing me it doesn't have to be so scary.
Speaker 1: Prior to you guys, I was blundering around, blind to
Speaker 1: my mistakes and places to make gains. The episode on
Speaker 1: student debt actually relieved me of shame I had about
Speaker 1: my own debt. Thank you, and that is the goal.
Speaker 1: That's the goal, yep. If we can eliminate shame, bring
Speaker 1: about freedom, help make this topic attainable. We have done it,
Speaker 1: and it were gonna keep doing it. We're gonna keep
Speaker 1: doing it. We're here all of the Prema divas who
Speaker 1: have debt and we're going to show you ways to
Speaker 1: pay it off and separate you from it and then
Speaker 1: the physically there. We also want to thank our friends
Speaker 1: who share these episodes on social media. So when you
Speaker 1: share the latest episode and tag us on Facebook or Instagram,
Speaker 1: we're giving you our month. We're adding you to our
Speaker 1: monthly drawing. That's what it is. And for every five
Speaker 1: tags and reviews we get each month, we give away
Speaker 1: a copy of the Frugal Friends work Book, which is
Speaker 1: even more content to help you in your finances. Yes,
Speaker 1: and this month you're going to have the choice between
Speaker 1: Frugal Friends Workbook or the All Excess Pass goes Away.
Speaker 1: And yeah, you'll get access to it essentially after it
Speaker 1: goes away. If you already bought one, we'll give you
Speaker 1: a refund whatever, or you have both a workbook and
Speaker 1: in all access. But we're really doing it for you
Speaker 1: this month because it's July. It's adult summer camp and
Speaker 1: why that's how we're living. So keep leaving us reviews
Speaker 1: on iTunes or Stitcher and sending the screenshot to Frugal
Speaker 1: Friends Podcast at gmail dot com, and don't forget to
Speaker 1: share on social media and tag us at Frugal Friends Podcast.
Speaker 1: See you next week. Frugal Friends is produced by Eric
Speaker 1: Sirian Jill Whirlwin. Week. As we're recording this, we have
Speaker 1: not actually experienced it. I just want to make that clear.
Speaker 1: We've not yet been through it. But I'm gonna you
Speaker 1: know what, I'm just going to assume that I'm ecstatic.
Speaker 1: It's the twenty three and things are looking bright. The
Speaker 1: future of frugal is bright. We're about to launch Club BFF.
Speaker 1: We're on top of the world. We're friends, we're frugal,
Speaker 1: we live in St. Pete. What else is there? It's July,
Speaker 1: it's adult souther gip. I love that I'm still stoked
Speaker 1: on Club BFF because I feel like it's super different
Speaker 1: than most most membership groups like we're doing of course
Speaker 1: it is because we're we don't do things because we're weird.
Speaker 1: And it's like six week challenges, but not challenges where
Speaker 1: you're going all out. It's almost a challenge in simplifying
Speaker 1: a challenge in opting out maybe where you're just focusing
Speaker 1: on one thing during a challenge instead of everything. And
Speaker 1: as we go through checking these boxes off in our spending,
Speaker 1: by the other side, you're going to be an intentional spender.
Speaker 1: I hope that is our goal and that you can
Speaker 1: really say, like, maybe I see myself as frugal now,
Speaker 1: but I really want to be a more refined version
Speaker 1: of frugal and I'd like to help those around me
Speaker 1: be more frugal, and I don't know how to do that.
Speaker 1: This is how we're hoping to do that, so that
Speaker 1: you can you can better it in yourself, more self discovery,
Speaker 1: and you can also help friends. You know, you don't
Speaker 1: just have to say like, oh are you you're buying
Speaker 1: the appetizer and the drink. You can like have informed
Speaker 1: questions to be like what do you love most the
Speaker 1: appetizer or the drink? What do you love about these things?
Speaker 1: And teach people how to embark on their own journey
Speaker 1: of self discovery empathetically. And I think that that's why
Speaker 1: you can't get that outside of membership. It is about
Speaker 1: the community. So much of what we've already done and
Speaker 1: built you can't do. You can do a challenge on
Speaker 1: your own, but they're no fun unless you've got other
Speaker 1: people to check in with who are doing the same things,
Speaker 1: realizing new things about themselves, pushing you in new ways,
Speaker 1: giving you new ideas and creativity. Like there's we can
Speaker 1: go so much further together. And I think this provides
Speaker 1: just like the greenhouse for growth. Yeah, it's going to
Speaker 1: absolutely be a greenhouse. And I mean so much through
Speaker 1: so much goodness, so much starshine. This I mean and
Speaker 1: this half off deal will never be seen again. So
Speaker 1: if you are on the fence, please join us. You
Speaker 1: have nothing to lose except for bad spending habits. I
Speaker 1: see what you did there, Like twist love this one.