W+M 004: Part 2 Interview with Jen Turrell

This is the second half of the Words and Money interview with Jen Turrell, a personal finance trainer helping women business owners gain control of their finances. In this episode we talk about what you need to know when going into business for yourself, the profit and operating expenses of our personal lives (get the Profit First For Your Personal Life handout, below), and everything from paying off debt, paying taxes and interest, and of course, kinky handcuffs.

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The details of our chat:

What you need to think about when starting on your entrepreneurial journey
Taxes for self-employed and small businesses and finding someone to talk to (CPA)
The Profit First Formula: Sales – Profit = Expenses (get the download from the button, below)
The profit and operating expenses of our lives
Sustain Goals – Maintain Goals – Next Level Goals – Dream Goals
Jen answers my Quick and Dirty Q&A
We get a little sidetracked talking about taxes, interest, and debt… oh, and kinky handcuffs.
Then we close out with a fun fact: “This past summer, for the first time ever in history in the United States, the majority of wealth tipped over to being in the hands of women.”

“A lot of people think personal finance is about cutting, but you can only cut so far. It’s just like dieting. You can only diet so much until you rebel and it doesn’t work anymore.” – 8:32

“For most people, the actual profit of their lives is what goes into their retirement and investment accounts.” – 8:58

“There’s a lot of guilt with going into your life with all of this debt.” – 23:51

“The average American pays 54.4% of their income of combined taxes over their lifetime. […] Of that remaining 45%, 35% of that, or 17.25% of total, goes to interest for most people. Which leaves you 28.5% of all the money you make to build your life, have a retirement, have savings, pay your health insurance, pay everything—it’s less than a third.” – 26:03

“Debt is a tool, but it’s a tool the way handcuffs are a tool. You can use them for fun things, but if you lose the key, which in this case would be your liquidity, you’re stuck, and it doesn’t matter if it was fun getting into it.” – 27:12

“Debt is so easy to get stuck in, and so hard to get out of.” – 27:30

“I do think for most people, getting completely out of debt, at some point in their life, should be a goal.” – 27:35

“Women are starting more businesses. More women are graduating from college. We are on the tipping point of being in control of more wealth than men in the United States.” – 28:45

“We have so much power to help women worldwide. We just have to figure out how to harness it for ourselves, and then for the rest of the world.” – 28:57