Tracy Bissett is a financial expert who helps entrepreneurs improve their financial literacy. She is the founder of Bessett Financial Fitness Inc. and the host of the podcast Young Money with Tracy Bissette.
In this episode, Tracy discusses the importance of financial fitness for entrepreneurs. She shares her own story of how she got into finance and why she is passionate about helping others. She also offers tips on how entrepreneurs can improve their financial health, such as:
- Tracking their income and expenses: This will help you see where your money is going and identify areas where you can cut back.
- Creating a budget: A budget will help you allocate your money towards your goals.
- Saving for the future: It is important to save for retirement and other unexpected expenses.
- Investing your money: Investing can help you grow your wealth over time.
Tracy also talks about the importance of having a good bookkeeper and accountant. She says that a bookkeeper can handle most of the day-to-day tasks, such as recording transactions and reconciling accounts, while an accountant can provide more strategic advice.
If you are an entrepreneur who is struggling with your finances, Tracy encourages you to reach out for help. There are many resources available to help you get on track, such as financial coaches, books, and podcasts.
Here are some of the key points from the episode:
- Financial fitness is important for entrepreneurs because it can help them achieve their business goals.
- There are a number of things that entrepreneurs can do to improve their financial health, such as tracking their income and expenses, creating a budget, saving for the future, and investing their money.
- It is also important to have a good bookkeeper and accountant.
- If you are an entrepreneur who is struggling with your finances, there are many resources available to help you get on track.
- Tracy Bissett is introduced as a financial expert who helps entrepreneurs improve their financial literacy.
- She discusses her background in finance and her experience working with entrepreneurs.
- How Tracy got into finance
- Tracy has always been interested in money and started making money at a young age.
- She went on to get a business degree and an MBA, and then worked as a banker for 16 years.
- She started her own business, Bessett Financial Fitness, to help young adults and entrepreneurs with their finances.
- Profit First Accounting
- Tracy discusses Profit First Accounting, a method of accounting that focuses on profitability.
- She explains that it is important to focus on cash flow and not just on sales.
- Common financial mistakes entrepreneurs make
- Tracy discusses some common financial mistakes that entrepreneurs make, such as not paying themselves enough and not having a good financial plan.
- She emphasizes the importance of getting professional help from a bookkeeper or accountant.
- How to choose a bookkeeper or accountant
- Tracy recommends getting referrals from people you trust.
- She says that it is important to find someone who is experienced and qualified.
- Tracy's contact information
- Tracy's website is visitfinancialfitness.com.
- She also has a podcast called Young Money with Tracy Bissett.
- Tracy encourages listeners to take advantage of the free resources she offers on her website.
- She thanks the hosts for having her on the show.
Hosted by Michael Smith and Ryan Roghaar
Produced by Ryan Roghaar
Theme music: "Perfect Day" by OPM
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