Shownotes
In today's episode, we sit down with Curtis May, the host of The Practical Wealth Show podcast and the owner of Practical Wealth Advisors. With over 35 years of experience in financial planning, Curtis shares his insights on how to proactively manage cash flow to ensure your business thrives. We touch on the importance of concept mapping your cash flow, the pitfalls of co-mingling personal and business finances, and actionable strategies to make your money work for you. Tune in to learn how to separate your business and personal expenses, the significance of profit-first mentality, and why setting aside money for taxes and owner's pay is crucial. Curtis also highlights the importance of liquidity and offers a free resource to help you get started on the right path.
Key Points:
-[0:00] - Meet Curtis May - Introduction to Curtis May and his financial planning expertise.
- [1:00] - Proactive Money Management - The benefits of proactive vs. reactive money management.
- [2:00] - Cash Flow Concept Mapping - How to tell your money where to go.
- [3:45] - Separate Finances - Importance of separating personal and business expenses.
- [4:30] - Profit-First Strategy - Revenue minus profit equals expenses explained.
- [6:00] - Set Aside Funds - Allocating money for taxes and owner's pay.
- [7:25] - Account Allocation - Preventing overspending by using different accounts.
- [8:13] - Financial Discipline - Maintaining cash flow and financial discipline tips.
- [9:14] - Free Liquidity Report - Curtis’s offer for a free report on liquidity.
Links Mentioned:
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