September 01, 2020

How Online Trainers MUST Manage Their Money #29

48 minutes

How Online Trainers MUST Manage Their Money (Online Trainer Show #29)

To properly kick off this episode, the crew briefly gushes over how awesome Jamie Foxx and Joseph Gordon Levitt are, as they should. Once the gushing concluded, Ren began the episode by recounting his financial journey, from living in a basement to five streams of income. Carolina followed up with her own quest, emphasizing the importance of getting creative with how you provide services and, consequently, build your income streams. Finally, Jonathan delves into four essential steps for coaches to manage their finances effectively, plus bonus tips that will push you away from basements and toward financial freedom.

In This Episode:

Money and wealth are not the same, and finance education is not taught in school [15:02]
Why most fitness trainers have ZERO financial training [16:29]
How to organize your documents to streamline taxes [23:48]
Jonathan shares what can be written off during tax time, ultimately saving you money [24:33]
What holds you back from bringing more people in is a lack of diverse knowledge, not fitness certifications or gym equipment [30:35]
Jonathan shares a story that illustrates how not watching your finances can cost you thousands per year [32:34]

“Just as important, if not more important, than learning how to make money is learning how to keep and grow money.” - Jonathan Goodman

Hire An Accountant

If you strive to make your money work for you, hiring an accountant is critical. It may cost more upfront, but the money you’ll save through avoiding ripoffs, catching phantom charges, and maximizing your tax refund is worth the investment—YOU are worth the investment.

Educate Yourself

So many coaches find their money running away from them because they lack knowledge in money, not gym equipment or fitness certifications. Dedicating the time to learning the foundations of money management is crucial toward expanding your business and living life on your terms.

Take A Good, Hard Look

Even if someone has the best intentions about money, if they don’t keep a close eye on things, money will inevitably slip away from them. Take an earnest, potentially painful, look at your finances to figure out where you can trim the fat, and your money won’t think twice.

Jamie Foxx's "I Want To Be Your Tennis Ball”:

https://www.youtube.com/watch?v=n_Fr4aM-utk