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January 17, 2025 17 mins

In this episode of Full Throttle Finance™️, we introduce our new educational course (which is live on our website), 'Revving Up for Financial Success,' designed specifically for professionals in the motorsports industry. 📚 We discuss the course content, including fundamental financial concepts, best practices, and advanced topics like budgeting and forecasting. The episode also touches on the importance of shifting mindsets, creating strong financial workflows, and practical tips for DIY enthusiasts. Tune in to learn how this course can help you make small but impactful changes to improve your financial performance. 👊✊💨 Tune in every Friday as we continue to break down finance with a motorsport twist. Whether you’re DIY-ing your finances or considering professional support, Full Throttle Finance™️ has the resources to help you drive better financial performance. 🏍️💨

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Episode Transcript

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(00:07):
Hello everyone, and welcome back toFull Throttle Finance, a financial
literacy podcast geared towardsdissecting complex financial topics
into small, relatable discussions.
I am Felicia, and I am your CEO atClean Bee Consulting, and with me is
Allison, who is our senior bookkeeper.
And together, we focus on revving upthe financial foundations for athletes,

(00:30):
entrepreneurs, And leaders in business,regardless if you're operating from
an established program already, or ifyou are just getting started, we are
here to help you make small shifts thatdrive better financial performance.
And if you missed our last episode,we talked about how we got into
the two wheeled lifestyle andelaborated more about what we're

(00:51):
doing with the full throttle financeprogram at clean Bee consulting.
And just saying we'reon a time crunch here.
got snow outside.
It's,
I'm so jealous.
in five years and I need to go play at it.
Yes, you do.
Today we're talking about ourvery first full throttle finance
educational course called revving upfor financial success, which is now

(01:12):
live for purchase on our website.
Felicia, do you want to give abrief overview of the course?
Yeah, so this episode we're going todive deep, but I wanted to start with
just giving you like a super top leveloverview about this course, right?
So from the beginning, thedriving force behind Full Throttle
Finance has always been financialeducation and financial literacy.

(01:34):
I wanted to make coursesthat were user friendly.
That move at your own pace, thatwere friendly to the wallet, and most
importantly, that they were relatableto people in the motorsport industry.
And so this is the first of twodifferent courses that we are planning
to release this year, and Revving up forfinancial success is a course that is

(01:56):
really geared for race professionals.
So think race teams, think racers,all types of racing, to motorcycles,
cars, go karts, you name it.
This should apply to youand your race organization.
And it really appeals to thosewho are DIYing or maybe who handle
their own administrative workflowsinternally, and don't have a finance

(02:19):
professional in their corner.
per se.
Essentially the course is going to walkyou through all of the basic fundamental
concepts surrounding like your bestpractices, think software systems and
receipt management systems, financialreporting, balance sheets, income
statements, cash flows, uh, payrollcontractors versus employees, and touches

(02:41):
on even some advanced concepts likebudgeting, forecasting, and strategizing.
It's priced at 125 for the course, andit includes over an hour, actually,
of video recorded consulting content.
It also includes downloadablecheat sheets and a lot more.
Working tools that you can usealongside the educational content

(03:03):
to make sure that you're reallyunderstanding and grasping the concepts.
And the best part about it too isthat you will get lifetime access.
And if there are any new updatesthat correlate to any of the content
that come out from the IRS or fromstates, we'll also be updating
the course with any updates.
Applicable updates that would changethe course content as time allows.

(03:27):
Yeah.
It's designed to make it to where youcan go back in, take small pieces and
implement them into your business.
At any point then you can go backinto it over and over and get
everything out of it that you want
so, Allison, tell me, as a bookkeeperyour job usually revolves around
categorizing bank transactions andreconciling bank statements and preparing

(03:50):
financial report packets for clients.
So, tell me how you felt when I waslike, hey, We're going to make a course.
Here's my outline.
Do you want to make something fun?
I
It's funny.
I was really excited.
I'm actually quite the creator myself.
I like painting and crochetingand all that kind of fun stuff.
So it was really cool.
To have that like creative sideat work that I could tap into.

(04:14):
That doesn't really usually alignwith my traditional bookkeeping tasks.
So getting the chance to build somethingthat not only educates and engages
people, but like a really fun opportunity.
And I love knowing that the finalproduct will make financial topics
more approachable for business owners.
You know, just from somebody who'sdone a lot of like online homework
and a lot of online schooling.
I know that, the combination of addingour hobbies into something You know,

(04:37):
educational, we can make it a lotmore digestible and a lot more fun
always say I'm creative with processes,but I'm not like creative with designing.
So really having you on board tohelp me with the make it pretty
part of the workflow is superhelpful for me as a business owner.
So tell me like, whatwas your favorite part?

(04:58):
Part of the course design process then.
So I really enjoyed doing the pictures.
I thought it was really fun whenyou go into a course and they're
just like straight school, you'rejust like, I don't know about
you, but I immediately check out.
And so when it's like pretty and then youcan go in there and then there's a nice
video and then there's an, the descriptionof everything, you can either choose to
follow along with the video or you canchoose to watch the video just by itself.

(05:21):
And it makes things a lot more fun.
Yeah.
I, I think it was just rewardingto break down the complex topics
in a bite size practical lessons.
What was it like taking all of thesefinancial concepts that you have gone to
school for, that you've been working withother businesses and other industries
for nine years doing, what was it liketaking all of that information and

(05:43):
turning it into something fun for othersby relating it to motorsport content?
it was interesting , you know, talkingmore about your hobby , cause I
think that's the fun thing is likemotorcycles is a, is a hobby for me.
A lot of people, it's their job,but I think at the end of the day,
we all go into it because it's fun.
And so it was really fun to bridgethe gap between the two worlds.

(06:04):
I enjoy, which is justfinance and motor sports.
I would say the challenge of translatingthe strategies into something
racers and motor sports teams.
Uh, could relate to made the process alot more exciting because it was like,
let's take something that is goingto be not so fun for them and make it
into something they can actually getinto and actually understand and enjoy.

(06:27):
It's less like homework, right?
Like, it's more.
trying to take tools that canchange your mindset and that can
drive success in your business andin, everything that you're doing.
So Felicia, let's start with why you feltit was important to create educational
content for motor sport professionals.
and what was your inspirationfor taking this route?

(06:49):
Both of my parents were educators,and a very big portion of my own
professional career for the last 15years has revolved around homework.
Training others.
So creating educational courses aboutthe fundamentals through relatable
content really just allows me tohelp more and more programs and

(07:11):
help them get on the right track atwhatever speed works best for them.
They're not waiting on me.
I'm not waiting on them.
There's not a whole lot of back and forth,but you still get that time to sit with me
and sit with my brain and get all of thesame tidbits that I would give a , normal
consulting client who's coming on boardto, do consulting services with us, right?
Right.

(07:31):
So the educational contenthas all flowed very naturally.
And because it is intertwinedwith motorsports, something that
I'm seriously passionate about.
I continue to get inspired each and everysingle day, thinking about different
ways that we can make these boring toother people, but very fascinating to

(07:51):
us topics, like make them suck less.
For the standard Joe, there's a lotof inspiration that went into creating
the courses and then there's a lotof inspiration that just happens
every single day that keeps us going.
Trying to be innovative with this contentand the materials that we put out there
for professionals to take advantage of.

(08:13):
Well, and then, of course,we talked numerous times
about shifting your mindset.
Can you explain how someone mightimplement that into their business?
Yes, we talk a lot about shifting themindset and I think that that's a
really, really, really big, importantacknowledgement to make if you want
to move forward in your program.
Things like taxes, mandates,laws, they're not going anywhere.

(08:37):
If anything, they're going toget more complex over time.
And generally, those types of topicsaren't viewed in the most positive light.
But again, They're not goinganywhere, if anything, they're
just going to get more complicated.
So I always go back to the very simplephrase, turn lemons into lemonade.
Train your brain to shift its mindsetaround the negative connotations that

(09:01):
generally come with the burdensomeaspects of running a business.
You need to try and figure out ways thatyou can spin negatives into positives.
So think of it in terms of spendingmoney at the most basic level, right?
It's money that is exiting your account.
You don't have it anymore, right?
It's going and it's being spent.

(09:22):
And we generally look at thatas a negative thing, right?
Like we don't have that money anymore.
And so what we do when we tryto shift the mindset is to.
Let's stop looking at it as justspending money, and let's look
at it as a business deduction.
You have a tax bill atthe end of the year.
Every time that you spend dollars that goback into your organization throughout the

(09:45):
year, whether or not that's buying a newmachine, buying parts, paying your people,
no matter what it is, start looking atit as if it were a business deduction
that's lowering your tax bill, and notjust I have to pay this bill or I have
to pay these people because we have to.
So it's shifting that mindsetto start thinking of things in a

(10:08):
little bit more of a positive way.
When you can train your brain tosuccessfully do that, you start
looking at income differently.
You start looking atspending money differently.
And you really start to make your moneystart working for you, which allows
you to do more with your budgets.
And at the end of the day, I don't knowabout you, but I sure want to figure out

(10:28):
ways that I can spend my money the way Iwant to spend it and ship less of it off
to the government at the end of the year.
So
Felicia, we've made financialreporting and strong workflows
a core part of what we offer andteach at Full Throttle Finance.
What led us to prioritize these areasand how do you think having a clear,
consistent financial process canhelp race teams and athletes grow

(10:48):
their programs more effectively?
to grow or to truly maximize all ofthe resources that you have at hand, it
comes down to Very basic fundamentals.
You need to know the details of how yourmoney is earned, and you need to know
the details of how your money is spent.

(11:09):
And this is true across all businesses.
It's not just race teams and racersand motorsport professionals, right?
I'd say about 90 percent of the clientsthat come to us for consulting services,
they come to us because they're notgetting usable data from their current
financial reporting, and Maybe theyhave clunky or outdated workflows

(11:31):
in place that are really stoppingthem from being able to modernize.
And so it's leaving them runningbusinesses with blinders on.
They don't feel confident making decisionsbecause they don't really know how
that decision is going to impact them.
It's an easy fix for us because we'reprofessionals and this is what we do.

(11:52):
It's our job.
We get in there.
We revamp their chart of accounts.
We throw together metric reporting.
Um, Databases for them.
We create cohesive financial workflowsthat take burdens off of the business
owners plates, but again, that's becausewe're professionals and we do this over
and over and over again with the data.
Every client that comes through our doors.

(12:13):
,But because we do that and because we keep.
that consistent monthly and sometimeseven weekly right cadence for our clients,
they've grown to rely on those metrics
if and real time data allows them to makespur of the moment business decisions
one that can be essential to theirdevelopment or might be very helpful in

(12:36):
landing sponsorship deals or getting aloan, getting a line of credit to help
with cash flow, things along those lines.
So we're able to keep that consistencyfor our clients because we built
the strong workflows and put themin place that keep us on track.
And so with all of that being said,none of that's too crazy, right?
It's all coachable.

(12:57):
It just might be coachable at adifferent pace for different individuals,
which is exactly why we created thiseducational platform and these courses
for the DIYers is to show you whatyou should have and to teach you
how to get to that point, right?
Yeah.
So I think for me personally,I, I always like to DIY things.

(13:18):
And so sometimes you'll get into DIYin it and you're just like, wow, the
professionals really do this better.
And it was way more costeffective to let them do it.
So Felicia, if someone decides they,they want to invest in this course,
what would you say the biggest takeawayyou want them to walk away with is?
You don't have to make all of the changesat once right start small with one change

(13:41):
Implement it, get it working, then comeback and do that with another concept
over and over again until you've builtworkflows that are working for you.
And you can think of it just like if youwere to go out to a brand new racetrack
that you've never been to before, right?
You're not going to throw a whole bunchof changes at your race vehicle right off

(14:01):
the bat because how do you know what'sworking and what's not working for you?
You make changes systematically.
And maybe even take some of those changesaway if they're not working for you.
You should really treat your ownfinancial workflows in the same manner.
And that's what we teachthrough this course too.
Felicia, I think sometimesprofessionals don't know what

(14:21):
they don't know, and that is okay.
If someone goes through this courseand realizes that managing their own
finances not be the right fit, how dowe want to shift their mindset that
this can actually be a really positivestep forward in their business growth?
You did the best that you couldwith the information that you had on
hand when you made those decisions.
So give yourself grace first and foremost.

(14:44):
You are not a finance professionaland you do not need to do this alone.
But you do want to make sure thatyou have the right tool for the
job, especially if you want to moveforward, if you want to progress,
if you want to grow your business.
So ask yourself these questions.
Is learning how to become a financeprofessional really the best use of your

(15:07):
own skills, abilities, and brain power?
Or is there something else inyour program that your brain
would be better suited for?
Spent focusing on if you get throughthis course and you feel like you're in
over your head Reach out to us directlyso that we can discuss ongoing support
with you What we're going to do iswe're going to take the 125 dollars

(15:27):
that you paid for the course And we'regoing to directly discount it off
your first consulting invoice, right?
The whole purpose of clean b consultingand full throttle finance is not to
make money off of our clients It's tosupport our motorsport Professionals
in whatever capacity that might be.
So the coolest part too, is that evenif you end up coming on as a consulting

(15:50):
client, if because you found our coursemade you realize that you were not the
right tool for the job, you're going tocontinue to have access to this course.
Like forever, basically.
And these concepts aren'tgoing to go away, right?
If you come on as a client of ours,we're going to be talking financial
reports with you every single month, mostlikely, if not more frequent than that.

(16:13):
So really the point of it is that we justwant to support motorsport professionals
in whatever capacity that looks like.
And if that includes bringing usinto your corner, we are so happy
to make that transition with you.
And I'm going to kind of just wrap up.
And leave it at that, I think.
Right, Allison?
I think that's a , good stopping point fortoday's episode of Full Throttle Finance.

(16:36):
We really appreciate you tuningin and taking steps to strengthen
their financial foundations.
If you found today's insights valuable,be sure to join us again next week.
We are through the honeymoon phase.
Finally, you have learnedabout Clean Bee Consulting.
You've learned aboutFull Throttle Finance.
We talked about our course.
So next week is going to actuallybe our first episode that is geared

(16:59):
around financial motorsport content.
And we were like, so, so, soexcited to get that going.
So don't forget, we now have our firstcourse, Revving Up for Financial Success,
available for purchase on our website.
And you can learn moreat cleanbeeconsulting.
com that's C L E A N B E E consulting.

(17:20):
com.
And that'll be under theFull Throttle finance tab.
And of course, if you're interested inworking with us directly, you can still,
schedule a consultation on our website.
Be sure to subscribe and join usnext week as we continue to break
down finance with a motorsport twist.
We'll see you next Friday.
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