Episode 95: The Biggest Decisions and Best Advice for Your Business

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[@stevemank7032]

As a successful 30 year business owner, the very BEST advice I followed was given by my grandfather who also taught me how to properly shake another man’s hand. He told me, “do what you say you’re going to do”. I’m still amazed at how many business people can’t seem to grasp this simple axiom. IMHO, having and running a successful business must start with this one key thing!

[@ChristmasLightsTonight]

A family member is a very successful wealth advisor with Baird. His advice for how much to contribute (as an employee): "Do it until it hurts." That is, just like Matt said, crank up the dial on your contribution until it's painful, and it will be so worth it.

[@BitsOfInterest]

Across all your investment accounts (IRA, 401(k), brokerage account) if you can get to 25% of your gross income you can retire after doing that for 20-25 years. Edit: if you want to work until 65 you can also do 15% for 40 years, but I prefer to have the option to retire before it gets hard to find another job in my late 50's.

[@coreychurchill8889]

Love this video. I like these sit down videos about tips

[@scottt.4596]

Great content! Great advice 👍🏻 Thank you 🍻 QUESTION: would you two mind sharing how you compensate yourselves? Not amounts, obviously, but do you pay yourselves salaries, salaries plus bonus etc? Does the rest of the profit stay in the business?

[@sparksmcgee6641]

Most people dont know that GC workmanship coverage isnt included in a standard general liability policy.

[@adamr1637]

Excellent advice.

[@sparksmcgee6641]

Put some of your business into the 401k for employees. The numbers for ROTH is better than traditional. Run the numbers from 30 years in thw past or take into account taxes on Social Security once in retirement. The account manager in thier 20's or 30s trained to tell you otherwise are wrong.

[@dennishill6070]

Morning Gentlemen, As I have experience gallore in the area I'll thro my viewpoint into the mix here and by the way the dashboard idea is a great one. As a General Contractor here In Florida for many years I wore the hat of a contractor for much too long and suffered for it (as this hat was way to narrow to actually run a business) and fortunately I recognized at some point that I should be wearing the hat of a business manager and am the license holder for that business. What happened when I made this seemingly small change in what I was being there was dramatic change and it boils down to this; being a GC takes care of the production division primarily but in my case neglected the executive Division, Sales Division, Treasury was a disaster, Qual was in for me personally but neglected subs and employees so there was insufficient inspection to verify that others had done quality work and no training program for employees and all this created a PR situation where the companies PR was out and this affected the marketing part of the business. The change was dramatic and I can comment on that separately. Wearing a hat means taking rsponsiblity for that area and when I grasped that concept Treasury started to look like framing a balloon wall with all the hardare properly installed. And that's easy of course. Thanks, D

[@sparksmcgee6641]

You need to hire your kids and set up ROTH accounts instead of college funds. You can take out IRA money for education. If they dont go to college they can keep the money for retirement.

[@MrKnnthc93]

Disability insurance as well

[@watda011]

Matt l was wondering why you sold that investment property for a 300k loss and not rent it out until the market rebounded and then break even? If you held out 2.5 yrs and sold in 2012 l wonder what the value was in 2015 when you finally paid off that 300k. I bet you could have broken even in 2015 and only paid out the small shortfall in repayments between the rent and mortgage. I know there was no guarantee it would rise but holding onto it for 2.5 yr you would of seen the bottom and cover stage.

[@sparksmcgee6641]

Cash flow and the encumbrance. He was maxed out on debt. Once that debt was gone he had resources to develop the company and take on more jobs. Most jobs you need 6 figures to operate, if you don't have the cash, then a credit line is an option. But that isn't an option with maxed out debt.

[@mikejf4377]

Matt, term life insurance is not as great as you think. Turn 80 and it disappears and all that money is gone that you paid for that cheap costing TERM Insurance. Just look around for a better insurance.

[@jesusgutierrez4013]

Good morning how are y'all doing i would love to work for you matt

[@seamusmcgrath8250]

👍👍👍

[@mikev.1034]

👍👍

[@bobainsworth5057]

Gentlemen , eye candy , that's why pics work if the client can't visualize what your proposing they make it up in their own minds from those pretty pictures. Why does the electrician make the switch and outlet cover screws facing the same way?

[@manillafresh57]

So this is what happened to Roy after Pam left him for Jim.

[@Billliamm]

Another cop making up rules to try and write a ticket... Imagine that.

[@MegsCarpentry-lovedogs]

Really appreciate both of you. Also keeping things real and transparent. Many thanks Atlantic Canada, province of Prince Edward Island. ☺🇨🇦 Female DIY'er 👷‍♀🪚🛠