Today we’re going to talk about using your business to build wealth and not just to generate cash. I know money can be somewhat of a taboo topic, but it’s an important one, so tune in and hear me out! Today I had the privilege of talking to Sarah Young, (host of the Profit + Prosper podcast and founder of Young + Co, a Virtual CFO agency) about how you can use your business to build wealth and ensure yourself and your family are taken care of long term. Sarah’s perspective on finances and building wealth is refreshing and inspiring and I’m so thankful she was willing to share with us today!
In our conversation, we talk about how we can start thinking about our businesses not just from the perspective of earning cash, but in terms of actually generating wealth so we can build something long lasting that serves us at a higher level. In order to do this, we need to generate cash flow and then invest that into assets that can produce more cash flow. This sounds simple, but what does this actually look like? Sarah Young shared some great tips and insight on how to build wealth, attain passive income, and get yourself on the path toward financial independence. Sarah is a firm believer that having your finances in order will not only allow you to enjoy your business more, but will actually allow you to enjoy your life more as you gain time freedom and the ability to spend more time doing what you love. Who wouldn’t want that for themselves? Financial literacy is important for both your life and for your business, so I hope after listening you feel inspired and excited about using your business to actually generate wealth.
If you want to chat more about this topic, I would love to continue this conversation with you, over on Instagram!
In this episode we cover:
- How Sarah got her start working online
- How to ensure you’re actually making a profit
- Commodity vs. strategy business models
- Valuing your time and energy (not just your profit)
- Examples of passive income that can produce cash flow
- What it looks like to have multiple income streams
- Stages to achieve wealth – stabilizing, protecting, and investing
- Financial literacy in your business
- and, The biggest financial mistake business owners make
Resources and links mentioned in this episode:
- Visit Sarah’s website, Young + Co
- Connect with Sarah on Instagram
- Listen + Follow Sarah’s podcast, Profit + Prosper
- Ready to add a CFO to your financial team? Book a Call with Sarah!
- Listen to Episode 2 of Profit + Prosper: The First Step Towards a Richer Life | Can You Be Rich & Do Good?
- Are you ready to become a PROFITABLE podcast manager?! Check out my masterclass on how to become a profitable podcast manager without working more than 20 hours per week!
- Join the Podcast Manager Mastermind fb group to connect with other podcast managers
More about The Podcast Manager Show:
With over 90k new podcasts started each month, podcast managers are desperately in need! In the first podcast DESIGNED for podcast managers, your host, Lauren Wrighton, will be sharing exactly how to build a profitable podcast management business without working more than 20 hours a week!
Lauren Wrighton is a podcast strategist who went from making $5 an hour to $50+ an hour in less than 6 months by making a few changes to her business. Now she teaches freelancers how to become profitable podcast managers in her course, The Podcast Manager Program!
Tune in each week to get one step closer to running the profitable Podcast Management business of your dreams!