It's Not About The Money

By Steve Nay and Tyler Smith

Solopreneurs and small business owners: learn about leadership, operations, entrepreneurship, productivity, taxes, client creation, marketing, bookkeeping, and more.... more

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FAQs about It's Not About The Money:

How many episodes does It's Not About The Money have?

The podcast currently has 57 episodes available.

It's Not About The Money episodes:

August 17, 2023Should you outsource your chores?
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 hires a billing platform
(17:52) - Steve doesn't hire a lawn company
(22:16) - Life is about tradeoffs
Links:
Tax Strategy Digest episode, "Marketing The Right Way": https://www.linkedin.com/pulse/marketing-right-way-paul-ranieri/

---
Steve Nay:
https://daybreaktax.com/
https://www.linkedin.com/in/nsteven/

Tyler Smith:
https://www.tylersmith.io/
https://www.linkedin.com/in/tylersmith-io/
...more
28min
August 10, 2023Why coaching and taxes make good side gigs
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
(27:29) - Try it out!
---
Steve Nay:
https://daybreaktax.com/
https://www.linkedin.com/in/nsteven/

Tyler Smith:
https://www.tylersmith.io/
https://www.linkedin.com/in/tylersmith-io/
...more
30min
August 03, 2023Book Club: Total Money Makeover
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
(21:40) - 12% returns?
(24:14) - Living on the financial edge with credit cards
(29:05) - Murphy repellant
(29:49) - The role of a budget
(32:29) - The heart of a teacher
---
Steve Nay:
https://daybreaktax.com/
https://www.linkedin.com/in/nsteven/

Tyler Smith:
https://www.tylersmith.io/
https://www.linkedin.com/in/tylersmith-io/
...more
36min
July 27, 2023Finding a niche in HVAC, with Jeremy Wells
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/
https://thehvaccpa.com/
https://podcasters.spotify.com/pod/show/cpaadvisoryshow
(01:11) - Jeremy's path into accounting
(09:33) - Deciding to become a CPA as well as an Enrolled Agent
(19:22) - Doing things differently in the industry
(24:25) - Niching and developing expertise
(29:45) - Starting The HVAC CPA
(43:55) - Venn diagram of finding a niche
(46:56) - Book recommendations
(51:03) - Don't try to be everything to everyone
Links:
David C. Baker, the "expert for experts": https://www.linkedin.com/in/dcb/
The CPA Advisory Show, episode "Our Top Books to Learn and Deliver Advisory Services": https://podcasts.apple.com/us/podcast/our-top-books-to-learn-and-deliver-advisory-services/id1627272813?i=1000570577451
Building a Second Brain, by Tiago Forte: https://www.goodreads.com/book/show/59616977-building-a-second-brain
Time's Up!: The Subscription Business Model for Professional Firms, by Paul Dunn and Ronald J. Baker: https://www.goodreads.com/book/show/63352831-time-s-up

---
Steve Nay:
https://daybreaktax.com/
https://www.linkedin.com/in/nsteven/

Tyler Smith:
https://www.tylersmith.io/
https://www.linkedin.com/in/tylersmith-io/
...more
58min
July 20, 2023To niche or not to niche
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/
https://www.linkedin.com/in/nsteven/

Tyler Smith:
https://www.tylersmith.io/
https://www.linkedin.com/in/tylersmith-io/
...more
25min
July 13, 2023Optimizing for serendipity
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 not planned. They develop."
(25:24) - Boredom and creativity
Links:
Jason Daily: How To Become The Luckiest Accountant https://share.transistor.fm/s/2b8e607a
Video from Jason with more actionable advice, which I didn't discover until after we recorded: 4 Ways To Become a Luckier Accountant https://www.youtube.com/watch?v=GZeE3qpsteE

---
Steve Nay:
https://daybreaktax.com/
https://www.linkedin.com/in/nsteven/

Tyler Smith:
https://www.tylersmith.io/
https://www.linkedin.com/in/tylersmith-io/
...more
30min
July 06, 2023Book Club: The Prosperous Coach
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 don't buy hours of coaching
(11:38) - Coaching and the business of coaching
(17:17) - Talk about your accomplishments
(21:39) - Extraordinary clients
Links:
The Prosperous Coach: https://www.goodreads.com/book/show/18934115-the-prosperous-coach

---
Steve Nay:
https://daybreaktax.com/
https://www.linkedin.com/in/nsteven/

Tyler Smith:
https://www.tylersmith.io/
https://www.linkedin.com/in/tylersmith-io/
...more
27min
June 29, 2023Bookkeeping: YNAB vs. QuickBooks
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 QuickBooks great at?
(12:47) - Setting aside money for taxes
(16:57) - Equivalent concepts in YNAB and QBO
(20:15) - What does your tax pro need from your books, really?
(26:07) - Handling (or not) merchant fees in YNAB
(29:17) - QBO gotchas
(32:32) - Steve and Tyler's recommendations on which to pick: YNAB or QBO (or both?)
(37:21) - Pricing
Links:
Tyler's thorough review of YNAB: https://www.tylersmith.io/blog/ynab-vs-everydollar

---
Steve Nay:
https://daybreaktax.com/
https://www.linkedin.com/in/nsteven/

Tyler Smith:
https://www.tylersmith.io/
https://www.linkedin.com/in/tylersmith-io/
...more
40min
June 22, 2023Bookkeeping: What is it? Why do it?
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 keeping the books for your business?
11:09 Okay, you have a separate business account. Now what?
14:41 Common bookkeeping mistakes
20:02 What are the benefits of good bookkeeping?

Links:
"What to do when you can't afford a bookkeeper" from "By the Books" podcast: https://www.youtube.com/watch?v=Sdv0qO4kUVQ

---
Steve Nay:
https://daybreaktax.com/
https://www.linkedin.com/in/nsteven/

Tyler Smith:
https://www.tylersmith.io/
https://www.linkedin.com/in/tylersmith-io/
...more
27min
June 15, 2023How to close clients
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 the call
16:51 "Send a gift and a note"
22:18 Tyler tries a CLOSER script
23:26 The "Creating Clients" approach
34:25 Steve gets nervous talking about pricing
40:23 What to do if a client is driving the bus

---
Steve Nay:
https://daybreaktax.com/
https://www.linkedin.com/in/nsteven/

Tyler Smith:
https://www.tylersmith.io/
https://www.linkedin.com/in/tylersmith-io/
...more
44min

FAQs about It's Not About The Money:

How many episodes does It's Not About The Money have?

The podcast currently has 57 episodes available.