Solo de Facto

Understanding Your Finances - Chelsea Williams - Episode # 022

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Chelsea Williams is the Founder/Financial Guru at Core Solutions Group, Inc. She sees that while law school is helpful, it doesn’t do everything to necessarily prepare you for running your own solo practice. She sits down with host Kory Underdown to talk about the importance of financial literacy when it comes to running your business.

 

Takeaways 

  • Law school is a great place to start but it won’t always teach you the things you need to know about running a law firm because that requires you to be an entrepreneur. 
  • Financial literacy is incredibly important. You won’t learn that from school, but it’s an important skill to have. 
  • There are 5 key financial players; Your bookkeeper, your tax preparer, your CFO, your banker and your financial planner. 
  • Human relationships are so important for business. Take your employees out for lunch once in a while, send them good business referrals, etc
  • When you receive money, set some aside and let it grow in interest. That is the fastest way to leverage compounding interests. 
  • Outsourcing for bookkeeping is a great solution so that you can save money on it and always receive the services. 
  • Parkinson’s Law says that with every increase in revenue, expenses will also rise to either meet or exceed that revenue increase unless a specific force is placed against it.

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    Quote of the show: 

     

    12:15 “What matters is establishing the habit, the habitual action of when you receive you set aside to invest, because there is nothing more powerful that will get you to wealth than compounding interest. And that is what an investment is,it's leveraging compounding interest.”




    Links

     

    • LinkedIn: https://www.linkedin.com/in/chelsea-m-williams-%F0%9F%92%B5%E2%9A%96%E2%8F%B1-8303b45a/
  • Website: https://www.yourcoresolution.com



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