Avoid These Money Mistakes! [RR 967]

Update: 2024-06-28

Description

Thanks to our Partners, AAPEX, NAPA TRACS, and Automotive Management Network

'Business by the Numbers' Podcast host Hunt Demarest discusses common financial mistakes, emphasizing the importance of building long-term wealth through prudent financial management and investment. The conversation covers managing personal and business expenses, the impact of government programs, and the necessity of maintaining financial reserves.

Hunt Demarest, CPA, Paar Melis and Associates, Hunt's previous episodes HERE

Business by the Numbers Podcast

Show Notes

Watch Full Video Episode

The Brakes for Breasts initiative (00:00:01 ) https://www.brakesforbreasts.com/

Rich vs. Wealthy (00:03:09 ) The distinction between being rich and being wealthy and the financial habits of wealthy individuals.

Money Mistakes and Business Finances (00:04:55 ) Common money mistakes made by business owners and the importance of long-term wealth building.

Personal and Business Expenses (00:06:09 ) The impact of blending personal and business expenses and its effect on financial statements.

Year-End Financial Review (00:09:14 ) The importance of assessing business finances at the end of the year and avoiding unrealistic financial judgments.

Impact of Government Programs (00:10:33 ) The impact of government programs on business profitability and the potential consequences of misusing funds.

Business Trends and Demand (00:11:53 ) Analysis of business trends, demand, and the need for realistic profit expectations in the automotive industry.

Cash Flow Management and Reserves (00:13:59 ) The importance of cash flow management, emergency funds, and the role of credit lines in business financial planning.

AAPEX 2024 Registration (00:17:37 ) https://www.aapexshow.com/

NAPA TRACS Shop Management System (00:18:47 ) http://napatracs.com/

Labor Rate Tracker (00:19:53 ) http://LaborRateTracker.com

Managing Credit Lines (00:20:48 ) Discussion on managing credit lines, including the importance of using and managing credit effectively.

Cash Management and Financial Statements (00:21:49 ) Insights into managing physical cash, reconciling financial statements, and the importance of accountability.

Overspending and Budgeting (00:23:59 ) Discussion on avoiding overspending, budgeting investments, and making decisions based on return on investment.

Insurance and Protection (00:26:42 ) Importance of having the right insurance coverage and protecting assets and future liabilities.

Return on Sales and Advertising (00:27:46 ) Explaining the concept of return on sales and the importance of evaluating advertising spending based on return on investment.

Bookkeeping and Financial Timeliness (00:29:30 ) The impact of timely and accurate bookkeeping on business performance and decision-making.

Cash Flow and Long-Term Planning (00:34:53 ) Emphasizing the importance of cash flow, reserves, and long-term planning for business sustainability and retirement.

Joining a Networking Group (00:37:07 ) Encouragement to join a networking group and the value of continuous learning in the aftermarket industry.

Thanks to our Partners, AAPEX, NAPA TRACS, and Automotive Management Network

Set your sights on Las Vegas in 2024. Mark your calendar now … November 5th-7th, 2024. AAPEX - Now more than ever. And don’t miss the next free AAPEX webinar. Register now at http://AAPEXSHOW.COM/WEBINAR

NAPA TRACS will move your shop into the SMS fast lane with onsite training and six days a week of support and local representation. Find NAPA TRACS on the Web at http://napatracs.com/

Get ready to grow your business with the Automotive Management Network: Find on the Web at http://AftermarketManagementNetwork.com for information that can help you move your business ahead and for the free and informative http://LaborRateTracker.com

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