July 5, 2023 • 54 mins
What if you had the power to transform your side hustle into a full-time business, bursting with potential and profit? With our latest chat with financial wizard, Hannah Chapman, CFP®, APMA®, CRPC® , this dream can become a reality.
Hannah, a seasoned financial wealth coach and advisor and owner of X2 Wealth Planning, joins me, my co-hosts Kyle Stevie and Monica Tuck, for a deep exploration into the nexus of finance and entrepreneurship.
We delve into the forgotten steps on the path to financial literacy, demystifying the world of investment strategies, and emphasizing the crucial role of mindset in achieving financial success. Hannah generously shares her expertise, arming listeners with tools to feel financially competent and ready to invest.
Our conversation effortlessly flows from the challenges of entrepreneurship to the motivations behind it, never losing sight of the fears about job security. We dissect the critical transition point when a side hustle evolves into a full-time business, emphasizing the importance of reliable financial data to leap confidently into the unknown.
Hannah offers a sneak peek into her journey to financial coaching, shedding light on how her family’s money story influenced her career choice. We also dive into the average income for small businesses in America, and the clever strategies employed to minimize taxes.
Lastly, we weigh in on the practical aspects of scaling a business and outsourcing tasks. Hannah, with her wealth of expertise, breaks down the incremental steps essential for financial growth, and the tipping point for going all-in with a side hustle.
We also take a closer look at Hannah’s CEO program and mastermind program, designed to assist entrepreneurs in mastering their money game. This episode is packed with enlightening conversation, anecdotes, and actionable guidance to help you navigate the complex world of entrepreneurship and finance. You don’t want to miss it!
As you're inspired to embark on your own side hustle journey after listening to this episode, you might wonder where to start or how to make your vision a reality. That's where our trusted partner, Reversed Out Creative comes in.
Specializing in strategic branding and digital marketing, Reversed Out Creative is an advertising agency dedicated to helping you turn your side hustle into your main hustle. With a team of experienced professionals and a track record of helping clients achieve their dreams, they are ready to assist you in reaching your goals.
To find out more about how they can elevate your side hustle, visit www.reversedout.com today and start your journey towards success.
Our blog is also full of great information that we work hard on to provide you with a leg up on the competition. We also recently launched our YouTube Channel, Marketing Pro Trends, which summarizes all of our blog posts.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 2 (00:11):
Welcome to Side Hustle City and thanks for
joining us.
Our goal is to help you connectto real people who found
success turning their sidehustle into a main hustle, and
we hope you can too.
I'm Adam Kaler.
I'm joined by Kyle Stevie, myco-host.
Let's get started, all right.
(00:31):
Welcome back everybody to theSide Hustle City podcast.
We've got Kyle Stevie.
He is remote.
He just recently got kicked outof his little podcast room to.
It looks like maybe the what isthat?
a sun room or living room?
Where are you?
Speaker 3 (00:46):
at Kyle Uh sun room.
Oh, that's awesome.
Speaker 2 (00:50):
Oh, we're getting your vitamin D, but guess who's
back?
Monica Tuck, monica Tuck,welcome back.
Speaker 4 (00:56):
I'm in my summer office.
Speaker 2 (00:57):
Yeah, you're like, you're like our third, you're
like our third co-host.
Now You're like our, you'relike a guest up here.
Yeah, like the Ed McMahon kindof that just shows up.
Speaker 4 (01:09):
With good guests, but I bring my people, that's right
Well well, this time youbrought Hannah Chapman.
Speaker 2 (01:15):
Do you want to introduce Hannah?
Speaker 4 (01:17):
Yes, um, so today, hannah, thank you for coming on.
Um, i really wanted her to comeon.
Hannah is a financial wealthcoach and advisor.
A lot of the time, the coachingcomponent piece is missing and
there's just the advisor role,and her and I got connected.
Now It's been well over 12months ago, she at that time I
(01:40):
was actually working with a verystill dear friend of mine as an
advisor, um, but I realizedlike I needed a lot more
coaching in the middle with mybusiness, and Hannah has been to
come in to like rapidly, iwould say, transform my mindset
and like the direction on thingsof like.
There's just so many wheelsturning on my personal business
(02:00):
finances, personal, the businessI have my finances, my husband
has his finances, i have myspending, he has his spending of
the business spending.
There was just so many layersto it, um, for me to even wrap
my head around of like, how toorganize it all.
She's like really, totallytransformed me and really gotten
us on a path in a gooddirection.
(02:21):
So, Hannah, thank you forcoming on Um, I really think you
could educate a lot of otherson financial coaching and then
also the overarching wealthplanning and advising.
I had the direction.
You can take it there, but thensometimes the missing steps in
the middle that people get lostin um, how you can really come
and collect a lot of pieces inthe middle to get them to really
(02:42):
move forward with investing andnot feel like A financial
illiterate person who has noclue what to do.
That's basically what she'sdoing.
Speaker 5 (02:51):
Thank you, monica.
Um, i so appreciate thatreflection because you know I
what I'm doing.
What I'm doing, you know I'mjust I'm working with each
individual the way that theyneed.
Um, so it's really, it's reallynice to hear the reflection
from you of what's been mostimpactful in our, in our
(03:12):
relationship together beyond,you know, just being friends and
loving you to death.
So there's all that.
But, yes, i am Hannah Chapman.
I am the founder and CEO of Xsquared wealth planning and
expansive CEO on.
X squared wealth planning is anindependent financial advisory
firm and um an investmentmanagement house.
(03:32):
And uh, expansive CEO is moneymindset business coaching.
So I get to really help peopleum with their money mindset,
both in a um you know, workingthrough how you feel about money
, but then also what are thepractical implications when it
comes to not only investing,which is extremely important I,
(03:55):
which most financial advisorswould talk about, but how do
your finances actually work inyour business and how do we
bridge the gap between yourbusiness and your personal
finances, which is kind of whatMonica was talking about too.
Speaker 2 (04:07):
I love it.
See, and guys, you got tolisten to this episode because
I'm pretty sure I bought thestate of Ohio like a tank or an
arsenal or something when wesold our business and I didn't
really have to like, if I wassmart about it I probably would
have moved to Tennessee twoyears before we sold our
business.
But of course, here I am guyfrom the hood.
I have no idea how money works.
(04:28):
Nobody ever taught me thesethings, Nobody ever knew had any
money.
So you know, it just went downlike that.
So Hannah explained to peoplesome of the things that might be
a good thing to think about now.
While they're saying, okay,they're listening here, They're
like Hey, you know what I mightwant to start a side hustle,
(04:50):
Maybe.
That side hustle.
The hope is that it turns intoyour main hustle at some point,
And then the hope after that isis that you're not working in it
until you're 65, that you sellit at some point, build
processes, things like that, Andsomebody else comes in and buys
it.
And then you got to figure outwhat am I going to do now with
this money I got?
Or how do I avoid paying allthese ridiculous taxes?
(05:12):
Or you know how do you plan forthat stuff up front?
What do you tell people whenthey're planning a business to
keep in mind and to look out for?
Speaker 4 (05:25):
Can I chime in first?
Oh, hannah, go ahead, i'm notspeaking on your behalf.
I started my side hustle like10 years ago And I same business
that I'm doing now.
But this is my third iterationof my business model and how I
do things, and my first twoiterations of how I set up
(05:48):
systems and processes and allthat were just totally out of
whack and not to my benefit.
And like now, knowing like thatexactly what you just said, adam
, to be able to like forcesomeone to plan that up front,
if I would have known thisauction was here back 10 years
ago, i think I would probably becatapulting now with my
business.
(06:08):
Then, as far as, like,financials are cranking in,
because I was so busy payingeverybody else before I paid
myself like all these kinds ofthings on a lot of things, and
so now it's like I really doknow how to set up all of that.
So I think for her to chime inon that, but it's like crazy
what a window of opportunity islost and how paying her will
(06:28):
help you so much quicker to nothave to figure this out.
Speaker 2 (06:31):
There you go.
Yes.
Speaker 4 (06:33):
Thank you.
Speaker 5 (06:35):
So, monica, i mean the way that you just framed
that was so good, because a lotof times people don't have that
direct experience, right Likeyou have had, where you have
gone through these differentiterations like a Phoenix
through the flames, right Like,no, we're, we're taking it down
and we're going to build it backup again.
We're going to do it a differentway, and that's a really,
(06:58):
really powerful experience thatnow you can.
You know you're moving forwardwith more, with more confidence
and more peace around yourfinancial picture.
So, for anyone who is starting,one of the main things, one of
the most important things that Iget to talk to people about who
are in that initial stage ofbusiness is starting with sound
(07:21):
financial structures, and sothat looks like literally paying
for QuickBooks, right, like assimple as that, like actually
getting accounting software,actually attaching your accounts
and your credit cards, actuallyhaving separation between your
business finances and yourpersonal finances.
(07:43):
So if you have a side hustlethat you're making enough money
that you should have to paytaxes on it, that needs to have
its own business account.
That is like one of thefundamentals, truly, so that you
are starting to, from the verybeginning, treat your business
like a business and not likeanother little, just little
(08:07):
purse or something Like just alittle bit of money going into
your personal accounts or you'vegot a Venmo and you've got Zell
and people are just kind oflike putting money wherever This
actually happened to me becauseI rent my car out on Turro and
actually I just actually got itout of.
Speaker 2 (08:25):
There was a recall on it so I couldn't rent it for
like three months but I just hadas soon as I put it back up
there.
I had two people this weekorder the car And that can be.
It's not like it's a little bitof money?
I mean, it could be asignificant amount of money just
from that one little sidehustle.
But I have a completelyseparate bank account that I
opened up.
So I went down to PNC.
(08:47):
I opened up a bank account justfor the car.
The money comes out of Turrogoes into that bank account.
The money comes out of it goesto Genesis, rodney J�-Yi.
Wait a minute, you got a PNC,rodney J�-Yi.
Yeah, well, i don't go to fifth.
Well, you know the other one,rodney J�-Yi.
Yeah, rodney J�-Yi.
Speaker 3 (09:03):
The PNC is a big Pittsburgh bank.
Rodney J�-Yi.
Speaker 2 (09:05):
I know that's the only problem, but I started with
Glenway Savings and Loan andPrice Hill when I was five years
old, rodney J�-Yi, as soon asPNC took them over.
Speaker 3 (09:13):
that's just like you're paying for the sealers
right now, rodney J�-Yi.
Speaker 2 (09:17):
I've considered that.
I've considered that It is kindof a sellout move.
So, hannah, i mean that's theright move.
though, right As you go and youopen up a bank account, you,
you, you know the money comes in, it comes out from whatever it
is.
In my case, money's coming infrom Turro, it's going back out
to Genesis Rodney.
Speaker 5 (09:33):
J�-Yi Yes, exactly exactly, because, again, you're
treating your business like abusiness And you are creating
financial processes from thebeginning that will allow you to
grow and scale with more ease.
So if you start, literally ifyou start your business and you
(09:55):
sign up for QuickBooks online,and then in two years you're
like, wow, there's a lot goingon.
I actually don't have thecapacity to do the bookkeeping
anymore.
Now you can hire a bookkeeperand your books are already good.
You don't have to go throughthe nightmare of like, what were
all these things, what werethese receipts for?
Where were things going before?
You actually have insight intoyour own profitability as a
(10:19):
business from the beginning.
And so one of the other thingsthat Monica had mentioned
earlier was, you know, lookingat pricing as well, and looking
at, you know, are the thingsthat you're doing, whether
you're, you know, selling aservice or a product, or you
know manufacturing something.
whatever it is that you'redoing, are you charging an
(10:41):
amount that is actuallyappropriate?
Are you actually making moneyor are you breaking even, or are
you losing money?
You don't know that for like,really, unless you have good
bookkeeping processes in placefrom the very beginning.
Speaker 2 (10:56):
That's one thing I've had to learn.
The hard way is you know ifyou've got everything going into
one bank account, you don'tknow where you need to improve.
You don't know if that businessis even worth running anymore.
You know, depending on what you, what else you've got going on.
If you've got a million thingsgoing on, like I do, i mean,
it's hard to isolate onebusiness unless you set that up
the right way in the first placeAnd you do not want to get
(11:17):
yourself into a situation whereyou're come tax time, you're
sitting here sifting throughstuff and then you got to pay an
account and do all this.
I mean QuickBooks even hasbookkeepers that you can hire as
part of the service which I do,and I have a.
I have a person here who doesour taxes and everything else
and front desk work and all that.
But we still need somebody toreconcile those books every
(11:39):
month and help us with things sothat I can go into the
analytics, i can go into thebalance sheet and see what's
going on, the profit and loss.
All that stuff is accurate.
Nothing's more frustrating thanpaying for QuickBooks and then
none of the numbers in therebeing right.
Speaker 5 (11:54):
Exactly, exactly, and so there's there is a learning
curve to it.
If you're making enough moneyright away that you can hire a
bookkeeper, then that's awesome.
I also want to make sure thateveryone understands I am not a
bookkeeper or an accountant or aCPA.
I'm a wealth advisor.
But it's so important to haveclean books that it's almost a
(12:15):
non-negotiable for my clients,because I work with
entrepreneurs and when theydon't have clean books, we also,
like I, can't help them as welleither.
It's like it's a constantbattle of how much money are you
actually making?
Like we have to have insightinto what the business is doing,
the health of the business, inorder to make any of these
(12:37):
decisions about you know whatmakes sense to make these bigger
financial investments investingin your business, investing in
yourself, investing for yourretirement, investing in more
employees, investing in newequipment Like there's so much
that's tied literally just toclean bookkeeping and accounting
, so that feels like one of thebiggest ones.
Speaker 4 (13:01):
So for me, i started my business I guess I could
speak on behalf of the mom mom'sout there as like a mom cash
business 10 years ago.
It's like how can I make thisbusiness work around my small
children out of my home?
And at that time I was.
(13:21):
It was more just like how can Ido that to make them extra
money for our family while I'mwith the kids and everything.
But then now down the road it'swell, 10 to 12 years later,
it's just kind of switched.
Last year where I was like youknow, no, i need to really and I
should.
Where have I looked at what?
it looked at it differentlyback then and started from
(13:43):
ground zero?
it's like no, plan this as abusiness now make the extra cash
off of the after I plan how thebusiness works and the cash
model and with all of that, withall the financials it just
would have, i could have alignedthat too much better than.
And then, even now, when you sayyou're not a bookkeeper, cpa
and all that stuff, i had tostart thinking about this past
(14:04):
year.
Okay, i didn't have a CPA, ididn't have a financial coach,
and well, i didn't have any ofthat.
I did have the tax person thatI did help help, have helped me
first, but now even this year,like I haven't hired the
bookkeeper this year but I'mhiring the bookkeeper next year.
But like the check-ins with youhas been okay.
(14:26):
Let's take reconcile yourQuickBooks like just like that
to keep them clean.
Where I can right now has beenlike even a good little
in-between until I do hire nextyear the ongoing bookkeeper that
just does it for me every month.
So I think it's like theincremental steps too, of like
some people get overwhelmed withwhat you should be hiring for
(14:47):
financial services.
What can you afford?
who should be hired to do what?
first?
And I think, if you just kindof look at it, as I've actually
found you to be more beneficialto pay for first and then like
you're kind of seeing over thatand then I'm hiring the other
little pieces out as I go- No,thanks, i think that's just
something that helped me.
I think, for you being on thiscall and like other people
(15:10):
listening on here, that I feellike you can get so overwhelmed
with it, but like you can't.
As a small business owner, youcan't hire every single person
all at once, but like what canyou?
but then what can you do?
check-ins with yourself to keepclean books In the meantime
until that person does the jobfor you.
Speaker 5 (15:29):
Yeah, i love that And it's really true, like for
where you're at in your business, like there are some things
that will need more attention.
Like Monica, you can chime inif this was true for you, but
for a lot of times it is themoney mindset And so, like, when
I do start with people inx-squared wealth planning, we do
(15:52):
start with the comprehensiveplan that looks at all the data
for the business, all the datafor your personal, and turn it
into these big beautifulprojections.
But what I know from my 17years of experience in the
financial sector, doingfinancial planning, is that if
(16:14):
we just like leave it at thecharts and graphs, like if I
give you here's all the data,here's your beautiful graph that
shows if you do this, you willget here.
And if you save more, you'llget here.
If you save less, you'll gethere.
If you retire, you know, atdifferent ages, this is what
happens.
That's beautiful and important,but if we don't address how
you're like feeling about thosenumbers, if I don't check in
(16:36):
with you, like when you see thatgraph and understand how you're
feeling about it and whatemotions are coming up, you
won't actually move forward onthose goals.
Adam, you mentioned before,like getting that big check from
selling the business and beinglike oh like, afraid to do
anything with it.
That's the money story comingup right.
(16:57):
If you haven't grown up withmillions of dollars in your
pocket and you suddenly have acheck that's like more than
you've ever seen, your nervoussystem is going to go into a
flight or fight responseLiterally over a crack.
Speaker 2 (17:09):
You get scared, you don't know what to do.
It's like it's wild.
when you get like that big, youknow you have like one big
payday, like what Monica'stalking about is.
you know these, you know youcould go that route.
Maybe you get your big payday.
you know, 20 years, 30 years,after you start your business,
you grow it.
Somebody wants to buy it offyou for a couple million bucks
or whatever.
You know that's that would beawesome.
(17:30):
Then you retire and you'rehappy.
But you know, building up tothat one thing, since you've
seen a lot of small businesses,i just want to set people's
expectations.
Not, you know, there's a lot ofpeople out there that have this
like nine to five job that maynot be as cushy as Kyle Stevie,
who's, you know, bathing in goldcoins over there And it doesn't
(17:52):
need to start any otherbusiness because his company's
taken such good care of him.
But if you're just a regularold schlep who's got a nine to
five job and you're sick of yourboss and you want to start a
side hustle, just let's setpeople's expectations.
What do you think?
maybe the average business youknow, service-based business or
(18:13):
whatever makes the first year,the second year, the third year,
the fourth year I would almostimagine the first year you're,
you're in the negative or you'retrying to build, you're
spending a lot of money onadvertising you're, you're doing
a lot of favors.
And then the second year youstart figuring out I can't be
doing people favors.
You know what?
what have you seen?
first year, second year, thirdyear, maybe up to five years,
(18:36):
just set people's expectationsfor what they can kind of expect
, what the average is.
Speaker 5 (18:41):
So it's going to depend on the industry that
you're in and the what skill orproduct, right, that you're,
that you're selling.
So if you're selling you're, ifyou want to create jewelry and
sell earrings on Etsy, you'relikely going to be a lot lower
than if you, you know, or acopywriter like Monica, right,
(19:03):
and you can use like aprofessional skill in that way
and do like kind of as afreelancer.
So I'll start with that caveat,with the other nuance of if you
love making earrings, then gomake earrings, like absolutely,
if it's something that you wantto do and you're passionate
about, like do that thing,especially if you want it to be
a side hustle.
But, that said, if it'ssomething that you were like, oh
(19:27):
no, i'd like I can actuallymake some pretty good money
doing this, then you're right,there's a lot of upfront expense
that can tend to come withadvertising, setting things up,
setting up the business.
If you actually go through andyou know, set up your business
with the state of Ohio orwherever you're at.
If you're in Kentucky, right,like, go through the whole
(19:48):
process.
There is startup costs involvedthere And if you're, it's going
to depend on how many hoursthat you're spending as well,
right.
So if you're spending 10 hoursa week on your side hustle, you
might expect in the first coupleof years that you maybe you're
going to make 10,000 or less.
I would say for most people itcould, like you said, it could
(20:10):
very well be in the negative aswell in that first year, until
you start gaining some tractionand figuring out who your ideal
audience is, or your idealclient.
And it takes some practice tofigure out who that person is
that is ready and willing andhappy to pay for your product or
service.
And so once you figure out thatpiece, once you get that ideal
(20:33):
client going, then it can startto feel easier.
I have experienced this I know,monica, you've experienced this
as well Like once you like honein on, like oh, this is the
person that really benefits fromwhat I can do for them.
And at that point then maybeyou are seeing you know 15,
20,000 dollars coming in in ayear And then, oh, but now you
(20:55):
actually probably have to pay alittle bit of tax on that as
well.
Until in the first you knowthree to five years, depending
on how much time you can putinto that, you can see it grow.
So there does tend to be like atipping point.
I would say, maybe in that threeto four year range where people
will start to like can I go?
can I go all in?
(21:15):
You're like, i can feel it.
I can feel that I'm morepassionate about my side hustle
than I am about my main job.
I don't like going thereanymore.
I really want to lean all in.
But that's there's like thisinflection point I'm going to
say of I know I can make moneyat this.
What happens if I do it fulltime?
Can I support myself fully?
(21:36):
And that is a that isdefinitely an inflection point
where having good financial datato support that you know, hey,
you're already doing pretty wellwhen you're working 20 hours a
week.
Yeah, let's let's look at whatthat projection looks like.
If you do 40, right, if you goall in and make this your main
job.
Speaker 2 (21:54):
Yeah, what's that point where people are just kind
of okay with things?
I see a lot of small businessowners that once they get to a
certain point maybe at the$100,000 or something like that
a year that they're pocketing,you know, they kind of just the
growth thing isn't there.
Maybe they're a little scaredto hire people to scale up or do
(22:15):
whatever that is to get to thatnext level.
Do you see that a lot?
Do you see, like some of thepeople you work with they're
just kind of like ah, you know,my business is bringing in 350
grand a year, i'm pocketing ahundred of that.
I'm good.
Speaker 5 (22:29):
So I choose to work with people who I call
visionaries.
So those are the people thatare like, constantly thinking
about growth.
Right, so there.
So in my own experience withclients, i do tend to draw more
of those people to me for, like,i can and want to keep growing.
(22:49):
That said the actual average.
I've looked up these statisticsso many times.
The actual average like smallbusiness in America I think
makes right around $60,000 ayear.
Speaker 2 (23:03):
Oh, is that that net, or is that gross?
Speaker 5 (23:08):
Yeah, the figures aren't like super clear there,
but I think that would be net.
You know, that would be likethe income that they're taking
home from their business.
Speaker 2 (23:17):
Yeah, that they're claiming, yeah.
Speaker 5 (23:19):
Exactly Yeah, on taxes.
And what's even moreinteresting than that, in my, in
my actual experience working,you know, in a few different
areas, i have had conversationswith people who they might make
60 or $70,000 gross, but theirgoal is to spend as much of it
(23:40):
down so that they don't pay anytaxes at all.
Oh yeah, and so they're lookingfor like a net zero type
situation.
So they're not paying any taxes, not understanding that, hey,
if you plan for the taxes aheadof time, you can make more money
and pay your taxes easily andstill make decisions that will
help you minimize the taxes thatyou have to pay.
(24:00):
So that's a very it's a veryinteresting question to think
about.
That, you know, like it's noteven that $100,000 mark.
It's like a lot of people wantto get there but it's almost
it's not impossible to get thereby yourself.
(24:21):
But it is a lot harder, right?
If you don't have collaboratorsor if you don't hire help in
some way, shape or form.
It doesn't have to be anemployee, but it could even be,
you know, hiring a virtualassistant at this point, or
hiring, you know, help at hometo, you know, a housekeeper to
help keep the house clean, soyou're not spending time doing
that.
Or hiring a financial coach tohelp you like, go through these
(24:46):
different mental gymnastics ofwhat it means to actually make
money and how to be profitable.
But when you're doing all of ityourself, that's where I tend
to see people having, you know,having a hard time.
Getting to that six figure markis when they're dead set on
like I have to do this all bymyself And that's exactly where.
Speaker 4 (25:07):
Go ahead.
I'm sorry, keeping earth, youknow.
I feel like.
I feel like that's exactlywhere I landed in your lap,
cause like I was likecomfortable making an average
amount out of my expenses andall that.
But then I'm like, no, i wantto go further than this.
But then it's like all theother stuff, that life and work
(25:28):
and everything.
It's hard to do it all And thenand I'm not going to be the one
to do it all and just figuringout how to juggle all of that
and what makes sense to pay outfor what and what should I be
keeping percentage wise oncertain things?
and all of that is just likethere's so many little wheels at
turn to even get you to movethat needle.
Speaker 2 (25:47):
Well, and I also, monica, I think there's people
like you who are like, hey look,i'm going to pay you You
mentioned it, i think you'regoing to pay yourself last kind
of.
And I've got people that haveleft and they've gone and done
their own thing And they'redefinitely pay myself first but
they have like unreasonableexpectations on what they were
going to make, like they thoughtthey were just going to be
doing work all day, like, oh,i'm going to go do design
(26:09):
websites all day and blah, blah,blah.
Well, no, you're going to spendhalf the day in QuickBooks.
You're going to spend part ofthe day chasing down clients to
pay their invoices.
You're going to be writingemails that you're not making
money on.
You're going to have meetingsdiscovery meetings that you're
not making money on.
You're going to be writingproposals.
You're going to be doing allthat Maybe 10, 20% of your day.
You're actually going to bedoing billable work.
(26:31):
And somebody like you you couldgo in the private sector right
now or go, you know, go work ata business, a PNG or one of
those with all the skills youhave and make over $100,000 a
year.
Why would you want to be likean entrepreneur?
I mean, at this point you'regood, but you know you struggled
for a while is what it soundslike.
(26:52):
Well, why do that?
Why not just, you know, be cooland go, and you know, go work
at Proctor and get your littlestock options and do all that.
Make yourself 100 plus a year,200,000 a year, whatever it is
For you personally, why keepgoing and doing this?
Why keep fighting andreinventing your company?
Speaker 4 (27:14):
Freedom and purpose.
Because I can have the freedomto work my business around my
life anywhere that I want.
I have 100% control of that.
I can have time with my kidsfor anything that I need.
I can run out in the middle ofthe day My home-based office
it's still out of my home.
I can go up to school for theparties.
I can do all of that and stillcome.
(27:35):
It's still a mind game, likeanyone has, even in working for
a larger company or not.
But then the purpose too ofbeing able, my ideal client, who
I serve, which are independentstartup scaling business owners
And you hear a lot of the timetoo, even here in Cincinnati.
I mean, i get people all thetime.
(27:55):
Am I too little for you to workwith or will you work with me,
or are you gonna take on biggerclients and not me?
And I feel like a lot of thetime here in Cincinnati too that
size person feels lost and theyneed someone to help and guide
them.
And I feel like it's my dutyand my calling, my purpose, to
help startup scaling businessowners, because if I wasn't
(28:18):
helping them, who?
the number of people, thenumber of people doing that goes
down, because then people wannago back to the corporate agency
world or they wanna go to thebig corporation and take the job
, or then I'm helping the PNG orI'm helping agency and
everything in that.
Where the little guys feel likethe one on one, attention gets
(28:39):
lost And it's the freedom andpurpose of who I serve and why I
serve them And it works aroundmy life as being a mother.
Speaker 2 (28:48):
And is that a pretty common answer, Like do you think
that's something that you hearfrom a lot of entrepreneurs?
Speaker 5 (28:55):
Oh yeah, the freedom.
The freedom is the mostimportant part for most
entrepreneurs, i think, and forme that I was part of a larger
group for almost 14 years, so myentire career has been in
(29:15):
finance and I grew up in anentrepreneurial household.
My parents were entrepreneurs.
They owned two differentbusinesses When I was growing up
.
My aunt's, uncle's,grandparents, on both sides all
entrepreneurship small businessownership runs through my family
And yet I was terrified of thefluctuations that we experienced
(29:36):
.
Money was not talked about.
it was just like it was juststress really.
When I was very, very young Andthe story that really came up
around money over and over againthroughout my entire family
except for one uncle and hisfamily who were really
(29:58):
successful was that beingself-employed is really
difficult.
Money is hard to make and hardto hold on to.
It's gonna be a struggle for areally long time.
That was the story, that wasthe family's story, and so I
wanted stability.
I wanted to work at a bank andthat's where I started And that
felt like bankers hours and itfelt really stable.
(30:21):
Then I moved into financialservices and that also felt
really stable for a long time,and it wasn't until I started
budding up against the feelingsthat were put in place for me at
the place where I was.
It was like you're probably notever gonna be a partner here
And we don't really wanna talkto you about what your equity
(30:42):
portion is gonna look like orwhen you can buy your book or
when you might have more of asay over how you would do your
own work.
And when I started realizinglike, oh, this box is like
getting tighter and tighteraround me and I can't even be
myself and go out and getclients in a way that feels good
to me And I'm building abusiness for somebody else right
(31:06):
That?
all the work that I'm doing.
I see how much they're makingbecause I'm part of the team
that looks at all of that Andyet my portion is like this tiny
sliver and I'm doing so muchwork And I know there are so
many people who are experiencingthat same thing and whatever
industry they're in, whereyou're pouring out your heart
(31:27):
and you know you're doingsomething that you're really
good at.
But it's not even about notfeeling the appreciation.
It's about, like you know,you're building for someone else
rather than building foryourself, and building for your
own family and building for yourown, like Makka said, on your
purpose and in a way that willbenefit your family.
(31:49):
And so when I saw So clearly, ididn't want to see it for a long
time.
But when I finally looked at itand realized that I was not
going to be able to build abusiness that really supported
me and my family the way that Iwanted to doing the thing that I
love doing, it was so clearLike I had to go.
(32:10):
There was no other option thateven made sense.
I interviewed at a few otherplaces just to make sure, but it
was like, yeah, no, i haveideas And I have something
special about me that I know isin there that I want to bring
out and that I want to helpothers in a different way that
(32:30):
doesn't exist, that I don't seein my industry yet, and so I'm
going to be the one that goesand creates it.
And so a lot of my clients arethat same way.
They've felt burned, they felttraumatized in some way shape or
form from an employer, fromsomeone in their own office who
(32:51):
was somehow in competition withthem.
Oh yeah, like where they're justreally like office drama that
you're like, wow, we don't haveto do this.
Speaker 2 (32:59):
Yeah, why am I putting up with that?
Yeah?
Speaker 5 (33:01):
Right, and that's a lot of times that's one of the
triggers to go.
But then, once you're out,you're like, oh man, never again
, i will never work for someoneelse again.
I hear that so often, and thatdoesn't mean you can't ever
shift.
But the freedom that you feelwhen you're like, oh, i can, i
can do this, i can supportmyself, i can do the thing I
(33:23):
love and do all the other stuffthat doesn't like you're saying
it's not in your wheelhouseright this second.
You have to do the invoicing,you have to do the emails.
You got to do all that stuff,but I can actually do the thing
that I love also and make moneyat it.
That's the piece that peoplelatch onto.
Speaker 2 (33:40):
Well, i can't even imagine going and working for
somebody anymore, like I'munemployable, i think, at this
point.
Speaker 4 (33:47):
I say the same.
I say that same word all thetime.
People are like how are youunemployable?
I'm like, i'm just unemployable.
I have no one.
Speaker 2 (33:55):
I don't think I mean outside of graphic design.
I don't think there's one thingin, maybe, marketing strategy
There's not really anything thatI would put my finger on and
say that I would go and look for.
Like what job would I go do?
I don't even know.
Like I was struggling the otherday figuring out.
When somebody says to me, adam,what do you do, i'm like I
don't know.
Like a million different things.
(34:16):
I don't want to rattle off like10 things.
I need a list on a businesscard that I could just hand them
or something.
But I said at the end of theday I'm like a side hustle
expert.
Like that's what I am.
I do side hustles.
I got a bunch of them And I dothem a lot of times just to kind
of be the first kid in the pooland tell everybody else how
warm it is.
You know, and that's justthat's kind of my role, that's
(34:38):
kind of how I see myself Andthat's why I do the Turro thing,
that's why I got this podcast,that's why I just created a
YouTube channel, the Etsychannel.
You know all this stuff that Ido And you know you talk about
this idea of people hating thefact that they're making other
people rich.
Kyle here is almostsingle-handedly made Ken Oaks a
billionaire.
I mean at least half of hiswealth.
(34:59):
Kyle is probably because of you, i would say.
Speaker 3 (35:03):
You're going to get me fired.
I have never once said that andI will never say that.
We probably have the onecompany that's you're so close
to being an entrepreneur insideof the actual employment that it
doesn't.
We don't have the same issuesas we would have, like a
proctoring gamble or Kroger orsomewhere along the lines where
(35:27):
you're capped at what you canmake at each level And you're,
if you don't achieve that level,you're pretty much looking for
another job that you can get tothat level.
I've never had to experiencethat aspect of it.
Speaker 2 (35:38):
Because you're kind of your own boss when you're
doing the sales stuff there.
Speaker 3 (35:43):
Right, I mean you're, you suffer the losses If your
paperwork's not done correctly.
you know you your percentage ofthe loss and you get your
percentage of the game when youdo it right.
Yeah, i've never, it's neverbeen anything like that.
But as you guys have all talkedabout, i mean I didn't have
that kick in the butt like God Igot this place at the box is
(36:05):
closing in on me.
But I mean I watched it happento my parents and I watched them
.
you know they were raised bybaby.
they were raised by depressionera babies and their baby
boomers and they were taught.
you know we're lower, we'reworking class to lower middle
class people.
That's just who we are.
This is what we do.
We just find a safe place towork and you just work and you
work And I watch.
you know my mom kind of getsplayed around at Delta And my
(36:28):
dad go from job to job with whathe was doing with the meeting.
You're job, job.
you get a few jobs You had tohave And I thought, well, this
isn't any safer than going outand trying to do something on
your own.
I mean, either way you're at,you're at the mercy of fate, you
know.
but my fate is, customers won'tlike my pitch and I won't get
(36:51):
any customers.
Your mercy is they'redownsizing because they didn't
get the quarterly earnings thatthey thought they were going to
get And now their stock pricesstarting to go down 15%.
So your job is on the choppingblock.
Speaker 2 (37:04):
Yeah, that's what I was always afraid of, especially
in advertising, monica.
So it's so, your, your.
It's probably one of theeasiest industries to just get
let go from, because thefluctuations are so crazy around
so much.
Yes, yes.
Speaker 4 (37:20):
Everyone.
It's just not consistent at all.
Not at all.
I know it's funny that.
Going back to what Kyle was justsaying, my story is a little
different.
So I was raised by my dad, butmy grandpa was a business owner.
My dad was a business owner.
It's a little different one,but they were very.
(37:41):
They were small town businessowners, local, small town,
lightly used car dealership, andmy grandpa was like a cash
quarter.
He was that era like where youlike put all this cash in like
shoeboxes under his bed Becausemy grandma has been living off
of it for I don't know how longafter my grandpa passed away,
(38:04):
but he never.
And but I now I know the valueof cash like as inflation goes
and all this, it's like, not,it's nothing gonna be like it
used to be for the cash quarter,nope, and My dad, i feel like
kind of got stuck in thatmindset.
But then he got stuck in theinflation like and so he never
really came out of that And thenhe never really knew how to
balance the business, thepersonal, and he was doing it
(38:27):
all so much himself that Heactually had to sell the
business to get out of so manydebts that he got into to to
finally get on the other sideand With that, when I started I
was naturally an entrepreneur,because I've been an
entrepreneur since I was 23, butI never I was fall.
I thought.
I thought the money story I was.
I'm not saying that I was gonnafall right back in my dad's
(38:48):
trap, but I felt like I wasgonna fall right back in the
same cycle because the Financiallike literally planning and
coaching and everything to getme to where I needed to be, to
think about taking the cash thatI need to now, at age 42, in
order in the next 20 to 30 years, be you know, living a somewhat
nice lifestyle with mygrandchildren that I had to.
(39:11):
Really.
That's really what made methink about it too, because it's
like I Can't, it's not like itcan be a cash order, living that
type of mindset.
I don't want to go back andwith Hannah and the money minds
mindset stories Her stories aresimilar to mine in many ways
that it's just like how do youlike have someone there to like
Sort all this out and reallyhelp you think ahead of how to
(39:34):
plan the business to make moneyand be profitable?
Speaker 2 (39:37):
Yeah, totally makes sense.
Hannah, explain to me the this,i guess, the stages a business
like Monica's or somebody's goesthrough.
You're at that beginning stage.
You're working by yourself,you're doing everything yourself
.
Then you decide to hire somepeople.
Maybe you're making a littleextra money.
You're like I'm gonna bring onan assistant.
(39:58):
Then you're like, hey look, ican afford to hire another
person to take over some ofthese tasks that I do To make
money.
Now you're making money off ofother people's time, not your
time, because times of commodityand you've only got so many of
it, so many hours, in a day,that you can actually bill for
your hours.
But what is the point where youreally see these businesses
(40:19):
take off?
Is it when?
is it when they hire like asalesperson, when they bring
somebody on to to really getserious about sales?
They're not just pulling,they're not just pulling leads
in from their personal network.
They find somebody or you knowService that they can bring on
that actually helps them findthings like when is that point
(40:41):
where where it stops being?
It stops being a personalbusiness and actually starts
turning into like a real thing?
Speaker 5 (40:51):
so you, you went straight to it and There's also
a nuance as to what you need.
But it's when you start toreplace yourself, right, so that
you're not spending, you're nottrading your time for dollars.
So when you can get out of thespot where you are trading your
(41:12):
time for dollars and that's theonly thing That actually brings
money in, that's when you startto scale.
So the reason I say it dependson what side you're at is
because for I'll give an exampleone of my clients They're
(41:32):
building an awesome business andone of the one of the partners
is Amazing at sales, like that'swhat he does, but he's also
like the operations of the team.
So do they need to hire asalesperson?
No, they just needed to hiresomeone to replace the tasks he
was doing so that he could goout and sell more.
(41:52):
And the same the other partnerfor her it was, you know,
getting out of the Day-to-daytasks.
That even I mean.
I think they ended up hiringsomeone at a good, like thirty
five dollars an hour, like a,like a good job, to take the
things off of her plate, becausewhen she builds clients it's at
a hundred and fifty dollars anhour, right, so taking those,
(42:16):
those tasks that are important,that the, the customers and the
clients need done, but that canbe done by someone else and done
well, so that you can be inyour zone of joy and genius,
which is typically at a muchhigher rate.
So when you stop trading all ofyour time for those you know, 10
(42:36):
, 15, 25, 35, $50 an hour tasksLike that's kind of, that's kind
of how you accelerate So youget the lowest prior, lowest
dollar tasks off your platefirst, right.
So start paying someone for thestuff that you can get off your
plate easily.
Or automating is another way todo it right.
Automate the things might cost$10 a month, right, to automate
(42:59):
something if you have the rightsoftware.
Or pay someone like Monica todo like a strategy session and
get things in place.
So your marketing and your allof that stuff is on autopilot,
right.
You pay for the lower Dollartasks that are lower than what
you can actually charge if youare doing the thing that you're
best at most of the time, and sothat's where I have seen the
(43:23):
most gross, the most rapidly aswell.
So it's when people hang on tothose lower dollar tasks because
they're like, oh, i want tosave the business money.
So I'm not gonna hire someoneto do these things.
They're literally spendingtheir time on a piece of the
business.
That is not Their zone ofgenius, it's probably not even
(43:43):
their zone of excellence.
It might be their zone ofcompetence Yeah, you can do this
, but Just barely right.
Or they might even be doingthings in their zone of
incompetence, which is like youreally shouldn't be doing that,
like if you really shouldn't bedoing your bookkeeping, then I
got that you should be for me,monica's pride, not for you
either.
Speaker 2 (44:02):
We're creative people .
We're both the same E&T.
No, and I will screw somethingup, and I know that.
So let me, let me just not Dothat and just give that to
somebody else to do.
And you know, i always tellpeople in my wife's shins are in
business too.
I, you know, the thing is, iswork on your business, not in
your business, right, and that'swhat she's learned to do.
(44:24):
but she has a problem in Monica.
I bet you have the same problem.
I have the problem.
People want to work with you.
They're coming in, they want towork with you.
They're like I want Monica, iwant Melissa, i want Adam.
I don't want to work with someShlep that I don't know.
I came in here to work with you.
How do you combat that?
Speaker 4 (44:46):
How do I?
or Hannah, oh, how would you?
Speaker 2 (44:50):
recommend.
How would you recommend peoplerespond to that?
Speaker 5 (44:54):
You phrase your team so much.
You present yourself as we.
You present yourself as, yeah,this is what I do in the
business and then you're gonnaget, you know, this person
that's gonna take care of allthis stuff and you're gonna get
this person that's gonna helpwith all of this stuff.
So you present it as a packagethat you are more powerful
(45:18):
because You come with theseawesome people that are here to
support your clients fully like,and that's that is the.
That is the most powerful wayfor people to be introduced to
your team is not like, oh, nowyou're gonna hear you know from
my assistant and you're like Badmouthing anything or like
(45:39):
complaining about someone.
Right, like when you, when youas the leader of a company, when
you want to Elevate yourself tothe CEO spot and you have, you
know, team members with you, themore that you cherish and
praise and Present that likeunified front to your clients,
(45:59):
the more your clients will thenreceive that it's not just you,
it's you plus The teams.
Your face might still beimportant for a while until you
grow big enough to where you canlift all the way out, but it is
a a growing process from it'sjust me to now it's us, now It's
a bigger us, and now you canlift out right.
(46:19):
So it's like growing throughthose stages.
Speaker 4 (46:22):
I've also figured out to To Definitely exactly what
you're just saying.
However, don't lift out so muchuntil you're really ready to
lift out, because when you dolift out, people still want your
face so much.
And if you still have time tospare to do, if it's your level
of genius in the areas, thenthat's why even now there's more
(46:45):
execution that I'm taking backon.
With copywriting.
I'm like, actually people wantthat of me and they don't want
me to take my toes out of that.
That I do the strategy and I dothe copy, but then I delegate
out the rest And I just learnedlike, and I enjoy and it's
things I enjoy and they mightuse in a genius.
So I have learned to just stayin those areas, because then
also, too, the money that I havecoming back to the business now
(47:08):
to continue the growth of thebusiness Now, when I take on
what I can as far as executiongoes, it works for me for now
Like figuring out exactly how todo that.
Speaker 3 (47:19):
I love it.
Speaker 5 (47:20):
Well and with the, with the added Piece of that,
you actually enjoy it that youget into like a flow state, like
that's I mean, that's the wayyou've spoken about it to me.
Right is that when you are,when you're taking on the
copywriting and you're like Likegetting yourself into someone's
voice, that it actually itflows really easily.
And if you have to disjointyourself and like give it to
(47:41):
someone else, it's you're stillspending time trying to
communicate that rather thanjust like letting it flow.
Speaker 4 (47:49):
And so I find my creativity to.
I feel like it stops mycreative process And what I need
to do to feel like I finishedout the full creative process
with the With them business orbrand, right Yeah.
Speaker 5 (48:02):
And so that honoring your energy, honoring where your
energy is flowing, is just asimportant as the other pieces,
right, and so that's that'ssuper important.
There's a lot of shoulds thatwe get into when we think about
hiring or we think about youknow.
So if anything is like well,people say I should be not doing
(48:22):
this, so I'm not going to, butI really love it, that's a
conversation you need to thinkmore deeply about.
Like, if anyone is shooting onwhat you do, or you need to do
this because that's what workedfor me, or you should do that
because everyone's doing it,that doesn't mean it's the right
path for you.
Speaker 2 (48:38):
specifically, Yeah, yeah.
Well, hannah, this has beenawesome.
I want to.
I want.
a lot of people are going toeventually need your wealth
management services, but atfirst, i mean just you're
consulting the things that youdo with your expansive CEO
method, the some of the servicesyou offer.
(48:59):
You've got that CEO program.
You got the mastermind.
You've got classes that yourpeople can sign up to teach
these sessions, these livesessions that you're doing.
Talk a little bit about thatand how people can can reach out
, how they can find you and howthey can get started.
Speaker 5 (49:15):
Yeah, thank you for that question, adam, because I
do find there there are peoplewho are ready for to jump in
with the comprehensive wealthplanning and investment
management Right.
And so if that's where you'reat, if you're already making
multiple six figures, sevenfigures in your business and
ready to like know more abouthow you can feel at peace with
(49:36):
your finances, x squared mightbe the right place for you.
But there is an entire segmentof people and business owners
who haven't got those financialstructures in place yet or are
noticing all of the moneystories I call the money stories
that are coming up that arereally blocking them from making
(49:57):
progress in in their businessand with their finances.
And so I created expansive CEOto be that, that initial
structure place for the innergame of money and the outer game
.
So literally talking about whatyou want to create and where
are you right now financiallyAnd what do you want to be doing
(50:20):
and how do you want to feelwhile you're doing it.
And also, where are you pricingyour, your offers, where, how
are you niching to your idealclient, how are you budgeting
for your personal and yourbusiness?
And so we go through in theexpansive CEO program, we go
through all of those pieces andwe talk about how you're feeling
(50:41):
about your money, what's comingup and what are you actually
implementing with your financesas well.
So that's a really, really goodprogram where it'll be
available as six modules, thatyou'll go through the modules
and then have live sessions togo through all your questions,
(51:04):
to go through your specificneeds with me, and it's just a
really it's a really awesomeprogram that I'm excited to be
offering.
And then the mastermind is forpeople who are ready to like
continue that, continue thatconversation, to be in weekly
communion, basically with otherother business owners who are at
(51:26):
a similar place to you andsupport one another and talk
about expansion and alignmentand discovering what you want to
do next and all of that.
So, yeah, that money mindsetwork paired with the actual
implementation is where, where Idifferentiate myself really on
(51:46):
both sides with x squared andwith expansive CEO, we have to
look at the intergame and theouter game together always.
Speaker 2 (51:53):
Well, yeah, and I just get the sense just from
listening to you You're an easyperson to talk to, you listen,
you have really good advice, butit's condensed into a form that
people can understand.
So, if you don't have an MBA,you didn't go to Harvard
University and you're trying torun a small business, it almost
seems like you're one of thepeople that would be great.
(52:15):
I don't feel any like ego fromyou, like I do with some of
these financial people.
I mean you, you, you donate aportion of your profits to women
, helping women, which is reallycool, and I think you know
you're, you're, you're doing thethings that you should be doing
as an advisor And I appreciateit And I, monica, thanks for
(52:38):
having Hannah on the show today.
That's awesome.
And, hannah, do you want toleave us with anything in
particular?
Speaker 5 (52:44):
Yeah, i would.
I love connecting with peopleon social media and online And
if anything felt like, oh, ireally want to know more, i want
to get to know you.
You can go to my website.
You can go to either one eitherex squared wealth planning
That's X than the new world towealth planning dot com or
expansive CEO dot com, and youcan book a virtual coffee with
(53:06):
me on either side, and we canhave 25 minutes just to talk
about your situation a littlebit, get to know each other.
And if I am a super connectorthat's one of the reasons I met
Monica I love connecting withpeople And you know, if I, if I
can help you, i'll tell you, andif I know someone else who
might be able to help you, i canprobably connect you there as
well.
So, love connecting with people.
(53:28):
And the last piece is that Ialways say that there is enough.
There's enough for everyone,there's enough for all of us to
do the thing that we love, andthere are enough people out
there who need what you can doto build a life, to build the
life that you really want tobuild.
Speaker 3 (53:47):
I love it.
Speaker 2 (53:48):
Well, Hannah, thanks so much.
Monica again, Thanks for beingon the show and being our Thank
you.
Yeah, our third co-host here.
Speaker 4 (53:56):
Thanks everyone.
I'll be back again soon.
Speaker 2 (53:58):
Yes, all right guys, i got to check out the calendar.
Speaker 4 (54:01):
who's coming next?
Speaker 2 (54:02):
There you go, sure, there you go, keep sending them.
Speaker 4 (54:04):
Thank you, hannah, thanks guys, bye, see you, bye.
Speaker 2 (54:08):
Thanks for joining us on this week's episode of Side
Hustle City.
Well, you've heard from ourguests, now let's hear from you.
Join our community on Facebook,side Hustle City.
It's a group where people shareideas, share their
inspirational stories andmotivate each other to be
successful and turn their sidehustle into their main hustle.
We'll see you there and we'llsee you next week on the show.
(54:29):
Thank you.
Welcome to Side Hustle City and thanks for
joining us.
Our goal is to help you connectto real people who found
success turning their sidehustle into a main hustle, and
we hope you can too.
I'm Adam Kaler.
I'm joined by Kyle Stevie, myco-host.
Let's get started, all right.
(00:31):
Welcome back everybody to theSide Hustle City podcast.
We've got Kyle Stevie.
He is remote.
He just recently got kicked outof his little podcast room to.
It looks like maybe the what isthat?
a sun room or living room?
Where are you?
Speaker 3 (00:46):
at Kyle Uh sun room.
Oh, that's awesome.
Speaker 2 (00:50):
Oh, we're getting your vitamin D, but guess who's
back?
Monica Tuck, monica Tuck,welcome back.
Speaker 4 (00:56):
I'm in my summer office.
Speaker 2 (00:57):
Yeah, you're like, you're like our third, you're
like our third co-host.
Now You're like our, you'relike a guest up here.
Yeah, like the Ed McMahon kindof that just shows up.
Speaker 4 (01:09):
With good guests, but I bring my people, that's right
Well well, this time youbrought Hannah Chapman.
Speaker 2 (01:15):
Do you want to introduce Hannah?
Speaker 4 (01:17):
Yes, um, so today, hannah, thank you for coming on.
Um, i really wanted her to comeon.
Hannah is a financial wealthcoach and advisor.
A lot of the time, the coachingcomponent piece is missing and
there's just the advisor role,and her and I got connected.
Now It's been well over 12months ago, she at that time I
(01:40):
was actually working with a verystill dear friend of mine as an
advisor, um, but I realizedlike I needed a lot more
coaching in the middle with mybusiness, and Hannah has been to
come in to like rapidly, iwould say, transform my mindset
and like the direction on thingsof like.
There's just so many wheelsturning on my personal business
(02:00):
finances, personal, the businessI have my finances, my husband
has his finances, i have myspending, he has his spending of
the business spending.
There was just so many layersto it, um, for me to even wrap
my head around of like, how toorganize it all.
She's like really, totallytransformed me and really gotten
us on a path in a gooddirection.
(02:21):
So, Hannah, thank you forcoming on Um, I really think you
could educate a lot of otherson financial coaching and then
also the overarching wealthplanning and advising.
I had the direction.
You can take it there, but thensometimes the missing steps in
the middle that people get lostin um, how you can really come
and collect a lot of pieces inthe middle to get them to really
(02:42):
move forward with investing andnot feel like A financial
illiterate person who has noclue what to do.
That's basically what she'sdoing.
Speaker 5 (02:51):
Thank you, monica.
Um, i so appreciate thatreflection because you know I
what I'm doing.
What I'm doing, you know I'mjust I'm working with each
individual the way that theyneed.
Um, so it's really, it's reallynice to hear the reflection
from you of what's been mostimpactful in our, in our
(03:12):
relationship together beyond,you know, just being friends and
loving you to death.
So there's all that.
But, yes, i am Hannah Chapman.
I am the founder and CEO of Xsquared wealth planning and
expansive CEO on.
X squared wealth planning is anindependent financial advisory
firm and um an investmentmanagement house.
(03:32):
And uh, expansive CEO is moneymindset business coaching.
So I get to really help peopleum with their money mindset,
both in a um you know, workingthrough how you feel about money
, but then also what are thepractical implications when it
comes to not only investing,which is extremely important I,
(03:55):
which most financial advisorswould talk about, but how do
your finances actually work inyour business and how do we
bridge the gap between yourbusiness and your personal
finances, which is kind of whatMonica was talking about too.
Speaker 2 (04:07):
I love it.
See, and guys, you got tolisten to this episode because
I'm pretty sure I bought thestate of Ohio like a tank or an
arsenal or something when wesold our business and I didn't
really have to like, if I wassmart about it I probably would
have moved to Tennessee twoyears before we sold our
business.
But of course, here I am guyfrom the hood.
I have no idea how money works.
(04:28):
Nobody ever taught me thesethings, Nobody ever knew had any
money.
So you know, it just went downlike that.
So Hannah explained to peoplesome of the things that might be
a good thing to think about now.
While they're saying, okay,they're listening here, They're
like Hey, you know what I mightwant to start a side hustle,
(04:50):
Maybe.
That side hustle.
The hope is that it turns intoyour main hustle at some point,
And then the hope after that isis that you're not working in it
until you're 65, that you sellit at some point, build
processes, things like that, Andsomebody else comes in and buys
it.
And then you got to figure outwhat am I going to do now with
this money I got?
Or how do I avoid paying allthese ridiculous taxes?
(05:12):
Or you know how do you plan forthat stuff up front?
What do you tell people whenthey're planning a business to
keep in mind and to look out for?
Speaker 4 (05:25):
Can I chime in first?
Oh, hannah, go ahead, i'm notspeaking on your behalf.
I started my side hustle like10 years ago And I same business
that I'm doing now.
But this is my third iterationof my business model and how I
do things, and my first twoiterations of how I set up
(05:48):
systems and processes and allthat were just totally out of
whack and not to my benefit.
And like now, knowing like thatexactly what you just said, adam
, to be able to like forcesomeone to plan that up front,
if I would have known thisauction was here back 10 years
ago, i think I would probably becatapulting now with my
business.
(06:08):
Then, as far as, like,financials are cranking in,
because I was so busy payingeverybody else before I paid
myself like all these kinds ofthings on a lot of things, and
so now it's like I really doknow how to set up all of that.
So I think for her to chime inon that, but it's like crazy
what a window of opportunity islost and how paying her will
(06:28):
help you so much quicker to nothave to figure this out.
Speaker 2 (06:31):
There you go.
Yes.
Speaker 4 (06:33):
Thank you.
Speaker 5 (06:35):
So, monica, i mean the way that you just framed
that was so good, because a lotof times people don't have that
direct experience, right Likeyou have had, where you have
gone through these differentiterations like a Phoenix
through the flames, right Like,no, we're, we're taking it down
and we're going to build it backup again.
We're going to do it a differentway, and that's a really,
(06:58):
really powerful experience thatnow you can.
You know you're moving forwardwith more, with more confidence
and more peace around yourfinancial picture.
So, for anyone who is starting,one of the main things, one of
the most important things that Iget to talk to people about who
are in that initial stage ofbusiness is starting with sound
(07:21):
financial structures, and sothat looks like literally paying
for QuickBooks, right, like assimple as that, like actually
getting accounting software,actually attaching your accounts
and your credit cards, actuallyhaving separation between your
business finances and yourpersonal finances.
(07:43):
So if you have a side hustlethat you're making enough money
that you should have to paytaxes on it, that needs to have
its own business account.
That is like one of thefundamentals, truly, so that you
are starting to, from the verybeginning, treat your business
like a business and not likeanother little, just little
(08:07):
purse or something Like just alittle bit of money going into
your personal accounts or you'vegot a Venmo and you've got Zell
and people are just kind oflike putting money wherever This
actually happened to me becauseI rent my car out on Turro and
actually I just actually got itout of.
Speaker 2 (08:25):
There was a recall on it so I couldn't rent it for
like three months but I just hadas soon as I put it back up
there.
I had two people this weekorder the car And that can be.
It's not like it's a little bitof money?
I mean, it could be asignificant amount of money just
from that one little sidehustle.
But I have a completelyseparate bank account that I
opened up.
So I went down to PNC.
(08:47):
I opened up a bank account justfor the car.
The money comes out of Turrogoes into that bank account.
The money comes out of it goesto Genesis, rodney J�-Yi.
Wait a minute, you got a PNC,rodney J�-Yi.
Yeah, well, i don't go to fifth.
Well, you know the other one,rodney J�-Yi.
Yeah, rodney J�-Yi.
Speaker 3 (09:03):
The PNC is a big Pittsburgh bank.
Rodney J�-Yi.
Speaker 2 (09:05):
I know that's the only problem, but I started with
Glenway Savings and Loan andPrice Hill when I was five years
old, rodney J�-Yi, as soon asPNC took them over.
Speaker 3 (09:13):
that's just like you're paying for the sealers
right now, rodney J�-Yi.
Speaker 2 (09:17):
I've considered that.
I've considered that It is kindof a sellout move.
So, hannah, i mean that's theright move.
though, right As you go and youopen up a bank account, you,
you, you know the money comes in, it comes out from whatever it
is.
In my case, money's coming infrom Turro, it's going back out
to Genesis Rodney.
Speaker 5 (09:33):
J�-Yi Yes, exactly exactly, because, again, you're
treating your business like abusiness And you are creating
financial processes from thebeginning that will allow you to
grow and scale with more ease.
So if you start, literally ifyou start your business and you
(09:55):
sign up for QuickBooks online,and then in two years you're
like, wow, there's a lot goingon.
I actually don't have thecapacity to do the bookkeeping
anymore.
Now you can hire a bookkeeperand your books are already good.
You don't have to go throughthe nightmare of like, what were
all these things, what werethese receipts for?
Where were things going before?
You actually have insight intoyour own profitability as a
(10:19):
business from the beginning.
And so one of the other thingsthat Monica had mentioned
earlier was, you know, lookingat pricing as well, and looking
at, you know, are the thingsthat you're doing, whether
you're, you know, selling aservice or a product, or you
know manufacturing something.
whatever it is that you'redoing, are you charging an
(10:41):
amount that is actuallyappropriate?
Are you actually making moneyor are you breaking even, or are
you losing money?
You don't know that for like,really, unless you have good
bookkeeping processes in placefrom the very beginning.
Speaker 2 (10:56):
That's one thing I've had to learn.
The hard way is you know ifyou've got everything going into
one bank account, you don'tknow where you need to improve.
You don't know if that businessis even worth running anymore.
You know, depending on what you, what else you've got going on.
If you've got a million thingsgoing on, like I do, i mean,
it's hard to isolate onebusiness unless you set that up
the right way in the first placeAnd you do not want to get
(11:17):
yourself into a situation whereyou're come tax time, you're
sitting here sifting throughstuff and then you got to pay an
account and do all this.
I mean QuickBooks even hasbookkeepers that you can hire as
part of the service which I do,and I have a.
I have a person here who doesour taxes and everything else
and front desk work and all that.
But we still need somebody toreconcile those books every
(11:39):
month and help us with things sothat I can go into the
analytics, i can go into thebalance sheet and see what's
going on, the profit and loss.
All that stuff is accurate.
Nothing's more frustrating thanpaying for QuickBooks and then
none of the numbers in therebeing right.
Speaker 5 (11:54):
Exactly, exactly, and so there's there is a learning
curve to it.
If you're making enough moneyright away that you can hire a
bookkeeper, then that's awesome.
I also want to make sure thateveryone understands I am not a
bookkeeper or an accountant or aCPA.
I'm a wealth advisor.
But it's so important to haveclean books that it's almost a
(12:15):
non-negotiable for my clients,because I work with
entrepreneurs and when theydon't have clean books, we also,
like I, can't help them as welleither.
It's like it's a constantbattle of how much money are you
actually making?
Like we have to have insightinto what the business is doing,
the health of the business, inorder to make any of these
(12:37):
decisions about you know whatmakes sense to make these bigger
financial investments investingin your business, investing in
yourself, investing for yourretirement, investing in more
employees, investing in newequipment Like there's so much
that's tied literally just toclean bookkeeping and accounting
, so that feels like one of thebiggest ones.
Speaker 4 (13:01):
So for me, i started my business I guess I could
speak on behalf of the mom mom'sout there as like a mom cash
business 10 years ago.
It's like how can I make thisbusiness work around my small
children out of my home?
And at that time I was.
(13:21):
It was more just like how can Ido that to make them extra
money for our family while I'mwith the kids and everything.
But then now down the road it'swell, 10 to 12 years later,
it's just kind of switched.
Last year where I was like youknow, no, i need to really and I
should.
Where have I looked at what?
it looked at it differentlyback then and started from
(13:43):
ground zero?
it's like no, plan this as abusiness now make the extra cash
off of the after I plan how thebusiness works and the cash
model and with all of that, withall the financials it just
would have, i could have alignedthat too much better than.
And then, even now, when you sayyou're not a bookkeeper, cpa
and all that stuff, i had tostart thinking about this past
(14:04):
year.
Okay, i didn't have a CPA, ididn't have a financial coach,
and well, i didn't have any ofthat.
I did have the tax person thatI did help help, have helped me
first, but now even this year,like I haven't hired the
bookkeeper this year but I'mhiring the bookkeeper next year.
But like the check-ins with youhas been okay.
(14:26):
Let's take reconcile yourQuickBooks like just like that
to keep them clean.
Where I can right now has beenlike even a good little
in-between until I do hire nextyear the ongoing bookkeeper that
just does it for me every month.
So I think it's like theincremental steps too, of like
some people get overwhelmed withwhat you should be hiring for
(14:47):
financial services.
What can you afford?
who should be hired to do what?
first?
And I think, if you just kindof look at it, as I've actually
found you to be more beneficialto pay for first and then like
you're kind of seeing over thatand then I'm hiring the other
little pieces out as I go- No,thanks, i think that's just
something that helped me.
I think, for you being on thiscall and like other people
(15:10):
listening on here, that I feellike you can get so overwhelmed
with it, but like you can't.
As a small business owner, youcan't hire every single person
all at once, but like what canyou?
but then what can you do?
check-ins with yourself to keepclean books In the meantime
until that person does the jobfor you.
Speaker 5 (15:29):
Yeah, i love that And it's really true, like for
where you're at in your business, like there are some things
that will need more attention.
Like Monica, you can chime inif this was true for you, but
for a lot of times it is themoney mindset And so, like, when
I do start with people inx-squared wealth planning, we do
(15:52):
start with the comprehensiveplan that looks at all the data
for the business, all the datafor your personal, and turn it
into these big beautifulprojections.
But what I know from my 17years of experience in the
financial sector, doingfinancial planning, is that if
(16:14):
we just like leave it at thecharts and graphs, like if I
give you here's all the data,here's your beautiful graph that
shows if you do this, you willget here.
And if you save more, you'llget here.
If you save less, you'll gethere.
If you retire, you know, atdifferent ages, this is what
happens.
That's beautiful and important,but if we don't address how
you're like feeling about thosenumbers, if I don't check in
(16:36):
with you, like when you see thatgraph and understand how you're
feeling about it and whatemotions are coming up, you
won't actually move forward onthose goals.
Adam, you mentioned before,like getting that big check from
selling the business and beinglike oh like, afraid to do
anything with it.
That's the money story comingup right.
(16:57):
If you haven't grown up withmillions of dollars in your
pocket and you suddenly have acheck that's like more than
you've ever seen, your nervoussystem is going to go into a
flight or fight responseLiterally over a crack.
Speaker 2 (17:09):
You get scared, you don't know what to do.
It's like it's wild.
when you get like that big, youknow you have like one big
payday, like what Monica'stalking about is.
you know these, you know youcould go that route.
Maybe you get your big payday.
you know, 20 years, 30 years,after you start your business,
you grow it.
Somebody wants to buy it offyou for a couple million bucks
or whatever.
You know that's that would beawesome.
(17:30):
Then you retire and you'rehappy.
But you know, building up tothat one thing, since you've
seen a lot of small businesses,i just want to set people's
expectations.
Not, you know, there's a lot ofpeople out there that have this
like nine to five job that maynot be as cushy as Kyle Stevie,
who's, you know, bathing in goldcoins over there And it doesn't
(17:52):
need to start any otherbusiness because his company's
taken such good care of him.
But if you're just a regularold schlep who's got a nine to
five job and you're sick of yourboss and you want to start a
side hustle, just let's setpeople's expectations.
What do you think?
maybe the average business youknow, service-based business or
(18:13):
whatever makes the first year,the second year, the third year,
the fourth year I would almostimagine the first year you're,
you're in the negative or you'retrying to build, you're
spending a lot of money onadvertising you're, you're doing
a lot of favors.
And then the second year youstart figuring out I can't be
doing people favors.
You know what?
what have you seen?
first year, second year, thirdyear, maybe up to five years,
(18:36):
just set people's expectationsfor what they can kind of expect
, what the average is.
Speaker 5 (18:41):
So it's going to depend on the industry that
you're in and the what skill orproduct, right, that you're,
that you're selling.
So if you're selling you're, ifyou want to create jewelry and
sell earrings on Etsy, you'relikely going to be a lot lower
than if you, you know, or acopywriter like Monica, right,
(19:03):
and you can use like aprofessional skill in that way
and do like kind of as afreelancer.
So I'll start with that caveat,with the other nuance of if you
love making earrings, then gomake earrings, like absolutely,
if it's something that you wantto do and you're passionate
about, like do that thing,especially if you want it to be
a side hustle.
But, that said, if it'ssomething that you were like, oh
(19:27):
no, i'd like I can actuallymake some pretty good money
doing this, then you're right,there's a lot of upfront expense
that can tend to come withadvertising, setting things up,
setting up the business.
If you actually go through andyou know, set up your business
with the state of Ohio orwherever you're at.
If you're in Kentucky, right,like, go through the whole
(19:48):
process.
There is startup costs involvedthere And if you're, it's going
to depend on how many hoursthat you're spending as well,
right.
So if you're spending 10 hoursa week on your side hustle, you
might expect in the first coupleof years that you maybe you're
going to make 10,000 or less.
I would say for most people itcould, like you said, it could
(20:10):
very well be in the negative aswell in that first year, until
you start gaining some tractionand figuring out who your ideal
audience is, or your idealclient.
And it takes some practice tofigure out who that person is
that is ready and willing andhappy to pay for your product or
service.
And so once you figure out thatpiece, once you get that ideal
(20:33):
client going, then it can startto feel easier.
I have experienced this I know,monica, you've experienced this
as well Like once you like honein on, like oh, this is the
person that really benefits fromwhat I can do for them.
And at that point then maybeyou are seeing you know 15,
20,000 dollars coming in in ayear And then, oh, but now you
(20:55):
actually probably have to pay alittle bit of tax on that as
well.
Until in the first you knowthree to five years, depending
on how much time you can putinto that, you can see it grow.
So there does tend to be like atipping point.
I would say, maybe in that threeto four year range where people
will start to like can I go?
can I go all in?
(21:15):
You're like, i can feel it.
I can feel that I'm morepassionate about my side hustle
than I am about my main job.
I don't like going thereanymore.
I really want to lean all in.
But that's there's like thisinflection point I'm going to
say of I know I can make moneyat this.
What happens if I do it fulltime?
Can I support myself fully?
(21:36):
And that is a that isdefinitely an inflection point
where having good financial datato support that you know, hey,
you're already doing pretty wellwhen you're working 20 hours a
week.
Yeah, let's let's look at whatthat projection looks like.
If you do 40, right, if you goall in and make this your main
job.
Speaker 2 (21:54):
Yeah, what's that point where people are just kind
of okay with things?
I see a lot of small businessowners that once they get to a
certain point maybe at the$100,000 or something like that
a year that they're pocketing,you know, they kind of just the
growth thing isn't there.
Maybe they're a little scaredto hire people to scale up or do
(22:15):
whatever that is to get to thatnext level.
Do you see that a lot?
Do you see, like some of thepeople you work with they're
just kind of like ah, you know,my business is bringing in 350
grand a year, i'm pocketing ahundred of that.
I'm good.
Speaker 5 (22:29):
So I choose to work with people who I call
visionaries.
So those are the people thatare like, constantly thinking
about growth.
Right, so there.
So in my own experience withclients, i do tend to draw more
of those people to me for, like,i can and want to keep growing.
(22:49):
That said the actual average.
I've looked up these statisticsso many times.
The actual average like smallbusiness in America I think
makes right around $60,000 ayear.
Speaker 2 (23:03):
Oh, is that that net, or is that gross?
Speaker 5 (23:08):
Yeah, the figures aren't like super clear there,
but I think that would be net.
You know, that would be likethe income that they're taking
home from their business.
Speaker 2 (23:17):
Yeah, that they're claiming, yeah.
Speaker 5 (23:19):
Exactly Yeah, on taxes.
And what's even moreinteresting than that, in my, in
my actual experience working,you know, in a few different
areas, i have had conversationswith people who they might make
60 or $70,000 gross, but theirgoal is to spend as much of it
(23:40):
down so that they don't pay anytaxes at all.
Oh yeah, and so they're lookingfor like a net zero type
situation.
So they're not paying any taxes, not understanding that, hey,
if you plan for the taxes aheadof time, you can make more money
and pay your taxes easily andstill make decisions that will
help you minimize the taxes thatyou have to pay.
(24:00):
So that's a very it's a veryinteresting question to think
about.
That, you know, like it's noteven that $100,000 mark.
It's like a lot of people wantto get there but it's almost
it's not impossible to get thereby yourself.
(24:21):
But it is a lot harder, right?
If you don't have collaboratorsor if you don't hire help in
some way, shape or form.
It doesn't have to be anemployee, but it could even be,
you know, hiring a virtualassistant at this point, or
hiring, you know, help at hometo, you know, a housekeeper to
help keep the house clean, soyou're not spending time doing
that.
Or hiring a financial coach tohelp you like, go through these
(24:46):
different mental gymnastics ofwhat it means to actually make
money and how to be profitable.
But when you're doing all of ityourself, that's where I tend
to see people having, you know,having a hard time.
Getting to that six figure markis when they're dead set on
like I have to do this all bymyself And that's exactly where.
Speaker 4 (25:07):
Go ahead.
I'm sorry, keeping earth, youknow.
I feel like.
I feel like that's exactlywhere I landed in your lap,
cause like I was likecomfortable making an average
amount out of my expenses andall that.
But then I'm like, no, i wantto go further than this.
But then it's like all theother stuff, that life and work
(25:28):
and everything.
It's hard to do it all And thenand I'm not going to be the one
to do it all and just figuringout how to juggle all of that
and what makes sense to pay outfor what and what should I be
keeping percentage wise oncertain things?
and all of that is just likethere's so many little wheels at
turn to even get you to movethat needle.
Speaker 2 (25:47):
Well, and I also, monica, I think there's people
like you who are like, hey look,i'm going to pay you You
mentioned it, i think you'regoing to pay yourself last kind
of.
And I've got people that haveleft and they've gone and done
their own thing And they'redefinitely pay myself first but
they have like unreasonableexpectations on what they were
going to make, like they thoughtthey were just going to be
doing work all day, like, oh,i'm going to go do design
(26:09):
websites all day and blah, blah,blah.
Well, no, you're going to spendhalf the day in QuickBooks.
You're going to spend part ofthe day chasing down clients to
pay their invoices.
You're going to be writingemails that you're not making
money on.
You're going to have meetingsdiscovery meetings that you're
not making money on.
You're going to be writingproposals.
You're going to be doing allthat Maybe 10, 20% of your day.
You're actually going to bedoing billable work.
(26:31):
And somebody like you you couldgo in the private sector right
now or go, you know, go work ata business, a PNG or one of
those with all the skills youhave and make over $100,000 a
year.
Why would you want to be likean entrepreneur?
I mean, at this point you'regood, but you know you struggled
for a while is what it soundslike.
(26:52):
Well, why do that?
Why not just, you know, be cooland go, and you know, go work
at Proctor and get your littlestock options and do all that.
Make yourself 100 plus a year,200,000 a year, whatever it is
For you personally, why keepgoing and doing this?
Why keep fighting andreinventing your company?
Speaker 4 (27:14):
Freedom and purpose.
Because I can have the freedomto work my business around my
life anywhere that I want.
I have 100% control of that.
I can have time with my kidsfor anything that I need.
I can run out in the middle ofthe day My home-based office
it's still out of my home.
I can go up to school for theparties.
I can do all of that and stillcome.
(27:35):
It's still a mind game, likeanyone has, even in working for
a larger company or not.
But then the purpose too ofbeing able, my ideal client, who
I serve, which are independentstartup scaling business owners
And you hear a lot of the timetoo, even here in Cincinnati.
I mean, i get people all thetime.
(27:55):
Am I too little for you to workwith or will you work with me,
or are you gonna take on biggerclients and not me?
And I feel like a lot of thetime here in Cincinnati too that
size person feels lost and theyneed someone to help and guide
them.
And I feel like it's my dutyand my calling, my purpose, to
help startup scaling businessowners, because if I wasn't
(28:18):
helping them, who?
the number of people, thenumber of people doing that goes
down, because then people wannago back to the corporate agency
world or they wanna go to thebig corporation and take the job
, or then I'm helping the PNG orI'm helping agency and
everything in that.
Where the little guys feel likethe one on one, attention gets
(28:39):
lost And it's the freedom andpurpose of who I serve and why I
serve them And it works aroundmy life as being a mother.
Speaker 2 (28:48):
And is that a pretty common answer, Like do you think
that's something that you hearfrom a lot of entrepreneurs?
Speaker 5 (28:55):
Oh yeah, the freedom.
The freedom is the mostimportant part for most
entrepreneurs, i think, and forme that I was part of a larger
group for almost 14 years, so myentire career has been in
(29:15):
finance and I grew up in anentrepreneurial household.
My parents were entrepreneurs.
They owned two differentbusinesses When I was growing up
.
My aunt's, uncle's,grandparents, on both sides all
entrepreneurship small businessownership runs through my family
And yet I was terrified of thefluctuations that we experienced
(29:36):
.
Money was not talked about.
it was just like it was juststress really.
When I was very, very young Andthe story that really came up
around money over and over againthroughout my entire family
except for one uncle and hisfamily who were really
(29:58):
successful was that beingself-employed is really
difficult.
Money is hard to make and hardto hold on to.
It's gonna be a struggle for areally long time.
That was the story, that wasthe family's story, and so I
wanted stability.
I wanted to work at a bank andthat's where I started And that
felt like bankers hours and itfelt really stable.
(30:21):
Then I moved into financialservices and that also felt
really stable for a long time,and it wasn't until I started
budding up against the feelingsthat were put in place for me at
the place where I was.
It was like you're probably notever gonna be a partner here
And we don't really wanna talkto you about what your equity
(30:42):
portion is gonna look like orwhen you can buy your book or
when you might have more of asay over how you would do your
own work.
And when I started realizinglike, oh, this box is like
getting tighter and tighteraround me and I can't even be
myself and go out and getclients in a way that feels good
to me And I'm building abusiness for somebody else right
(31:06):
That?
all the work that I'm doing.
I see how much they're makingbecause I'm part of the team
that looks at all of that Andyet my portion is like this tiny
sliver and I'm doing so muchwork And I know there are so
many people who are experiencingthat same thing and whatever
industry they're in, whereyou're pouring out your heart
(31:27):
and you know you're doingsomething that you're really
good at.
But it's not even about notfeeling the appreciation.
It's about, like you know,you're building for someone else
rather than building foryourself, and building for your
own family and building for yourown, like Makka said, on your
purpose and in a way that willbenefit your family.
(31:49):
And so when I saw So clearly, ididn't want to see it for a long
time.
But when I finally looked at itand realized that I was not
going to be able to build abusiness that really supported
me and my family the way that Iwanted to doing the thing that I
love doing, it was so clearLike I had to go.
(32:10):
There was no other option thateven made sense.
I interviewed at a few otherplaces just to make sure, but it
was like, yeah, no, i haveideas And I have something
special about me that I know isin there that I want to bring
out and that I want to helpothers in a different way that
(32:30):
doesn't exist, that I don't seein my industry yet, and so I'm
going to be the one that goesand creates it.
And so a lot of my clients arethat same way.
They've felt burned, they felttraumatized in some way shape or
form from an employer, fromsomeone in their own office who
(32:51):
was somehow in competition withthem.
Oh yeah, like where they're justreally like office drama that
you're like, wow, we don't haveto do this.
Speaker 2 (32:59):
Yeah, why am I putting up with that?
Yeah?
Speaker 5 (33:01):
Right, and that's a lot of times that's one of the
triggers to go.
But then, once you're out,you're like, oh man, never again
, i will never work for someoneelse again.
I hear that so often, and thatdoesn't mean you can't ever
shift.
But the freedom that you feelwhen you're like, oh, i can, i
can do this, i can supportmyself, i can do the thing I
(33:23):
love and do all the other stuffthat doesn't like you're saying
it's not in your wheelhouseright this second.
You have to do the invoicing,you have to do the emails.
You got to do all that stuff,but I can actually do the thing
that I love also and make moneyat it.
That's the piece that peoplelatch onto.
Speaker 2 (33:40):
Well, i can't even imagine going and working for
somebody anymore, like I'munemployable, i think, at this
point.
Speaker 4 (33:47):
I say the same.
I say that same word all thetime.
People are like how are youunemployable?
I'm like, i'm just unemployable.
I have no one.
Speaker 2 (33:55):
I don't think I mean outside of graphic design.
I don't think there's one thingin, maybe, marketing strategy
There's not really anything thatI would put my finger on and
say that I would go and look for.
Like what job would I go do?
I don't even know.
Like I was struggling the otherday figuring out.
When somebody says to me, adam,what do you do, i'm like I
don't know.
Like a million different things.
(34:16):
I don't want to rattle off like10 things.
I need a list on a businesscard that I could just hand them
or something.
But I said at the end of theday I'm like a side hustle
expert.
Like that's what I am.
I do side hustles.
I got a bunch of them And I dothem a lot of times just to kind
of be the first kid in the pooland tell everybody else how
warm it is.
You know, and that's justthat's kind of my role, that's
(34:38):
kind of how I see myself Andthat's why I do the Turro thing,
that's why I got this podcast,that's why I just created a
YouTube channel, the Etsychannel.
You know all this stuff that Ido And you know you talk about
this idea of people hating thefact that they're making other
people rich.
Kyle here is almostsingle-handedly made Ken Oaks a
billionaire.
I mean at least half of hiswealth.
(34:59):
Kyle is probably because of you, i would say.
Speaker 3 (35:03):
You're going to get me fired.
I have never once said that andI will never say that.
We probably have the onecompany that's you're so close
to being an entrepreneur insideof the actual employment that it
doesn't.
We don't have the same issuesas we would have, like a
proctoring gamble or Kroger orsomewhere along the lines where
(35:27):
you're capped at what you canmake at each level And you're,
if you don't achieve that level,you're pretty much looking for
another job that you can get tothat level.
I've never had to experiencethat aspect of it.
Speaker 2 (35:38):
Because you're kind of your own boss when you're
doing the sales stuff there.
Speaker 3 (35:43):
Right, I mean you're, you suffer the losses If your
paperwork's not done correctly.
you know you your percentage ofthe loss and you get your
percentage of the game when youdo it right.
Yeah, i've never, it's neverbeen anything like that.
But as you guys have all talkedabout, i mean I didn't have
that kick in the butt like God Igot this place at the box is
(36:05):
closing in on me.
But I mean I watched it happento my parents and I watched them
.
you know they were raised bybaby.
they were raised by depressionera babies and their baby
boomers and they were taught.
you know we're lower, we'reworking class to lower middle
class people.
That's just who we are.
This is what we do.
We just find a safe place towork and you just work and you
work And I watch.
you know my mom kind of getsplayed around at Delta And my
(36:28):
dad go from job to job with whathe was doing with the meeting.
You're job, job.
you get a few jobs You had tohave And I thought, well, this
isn't any safer than going outand trying to do something on
your own.
I mean, either way you're at,you're at the mercy of fate, you
know.
but my fate is, customers won'tlike my pitch and I won't get
(36:51):
any customers.
Your mercy is they'redownsizing because they didn't
get the quarterly earnings thatthey thought they were going to
get And now their stock pricesstarting to go down 15%.
So your job is on the choppingblock.
Speaker 2 (37:04):
Yeah, that's what I was always afraid of, especially
in advertising, monica.
So it's so, your, your.
It's probably one of theeasiest industries to just get
let go from, because thefluctuations are so crazy around
so much.
Yes, yes.
Speaker 4 (37:20):
Everyone.
It's just not consistent at all.
Not at all.
I know it's funny that.
Going back to what Kyle was justsaying, my story is a little
different.
So I was raised by my dad, butmy grandpa was a business owner.
My dad was a business owner.
It's a little different one,but they were very.
(37:41):
They were small town businessowners, local, small town,
lightly used car dealership, andmy grandpa was like a cash
quarter.
He was that era like where youlike put all this cash in like
shoeboxes under his bed Becausemy grandma has been living off
of it for I don't know how longafter my grandpa passed away,
(38:04):
but he never.
And but I now I know the valueof cash like as inflation goes
and all this, it's like, not,it's nothing gonna be like it
used to be for the cash quarter,nope, and My dad, i feel like
kind of got stuck in thatmindset.
But then he got stuck in theinflation like and so he never
really came out of that And thenhe never really knew how to
balance the business, thepersonal, and he was doing it
(38:27):
all so much himself that Heactually had to sell the
business to get out of so manydebts that he got into to to
finally get on the other sideand With that, when I started I
was naturally an entrepreneur,because I've been an
entrepreneur since I was 23, butI never I was fall.
I thought.
I thought the money story I was.
I'm not saying that I was gonnafall right back in my dad's
(38:48):
trap, but I felt like I wasgonna fall right back in the
same cycle because the Financiallike literally planning and
coaching and everything to getme to where I needed to be, to
think about taking the cash thatI need to now, at age 42, in
order in the next 20 to 30 years, be you know, living a somewhat
nice lifestyle with mygrandchildren that I had to.
(39:11):
Really.
That's really what made methink about it too, because it's
like I Can't, it's not like itcan be a cash order, living that
type of mindset.
I don't want to go back andwith Hannah and the money minds
mindset stories Her stories aresimilar to mine in many ways
that it's just like how do youlike have someone there to like
Sort all this out and reallyhelp you think ahead of how to
(39:34):
plan the business to make moneyand be profitable?
Speaker 2 (39:37):
Yeah, totally makes sense.
Hannah, explain to me the this,i guess, the stages a business
like Monica's or somebody's goesthrough.
You're at that beginning stage.
You're working by yourself,you're doing everything yourself
.
Then you decide to hire somepeople.
Maybe you're making a littleextra money.
You're like I'm gonna bring onan assistant.
(39:58):
Then you're like, hey look, ican afford to hire another
person to take over some ofthese tasks that I do To make
money.
Now you're making money off ofother people's time, not your
time, because times of commodityand you've only got so many of
it, so many hours, in a day,that you can actually bill for
your hours.
But what is the point where youreally see these businesses
(40:19):
take off?
Is it when?
is it when they hire like asalesperson, when they bring
somebody on to to really getserious about sales?
They're not just pulling,they're not just pulling leads
in from their personal network.
They find somebody or you knowService that they can bring on
that actually helps them findthings like when is that point
(40:41):
where where it stops being?
It stops being a personalbusiness and actually starts
turning into like a real thing?
Speaker 5 (40:51):
so you, you went straight to it and There's also
a nuance as to what you need.
But it's when you start toreplace yourself, right, so that
you're not spending, you're nottrading your time for dollars.
So when you can get out of thespot where you are trading your
(41:12):
time for dollars and that's theonly thing That actually brings
money in, that's when you startto scale.
So the reason I say it dependson what side you're at is
because for I'll give an exampleone of my clients They're
(41:32):
building an awesome business andone of the one of the partners
is Amazing at sales, like that'swhat he does, but he's also
like the operations of the team.
So do they need to hire asalesperson?
No, they just needed to hiresomeone to replace the tasks he
was doing so that he could goout and sell more.
(41:52):
And the same the other partnerfor her it was, you know,
getting out of the Day-to-daytasks.
That even I mean.
I think they ended up hiringsomeone at a good, like thirty
five dollars an hour, like a,like a good job, to take the
things off of her plate, becausewhen she builds clients it's at
a hundred and fifty dollars anhour, right, so taking those,
(42:16):
those tasks that are important,that the, the customers and the
clients need done, but that canbe done by someone else and done
well, so that you can be inyour zone of joy and genius,
which is typically at a muchhigher rate.
So when you stop trading all ofyour time for those you know, 10
(42:36):
, 15, 25, 35, $50 an hour tasksLike that's kind of, that's kind
of how you accelerate So youget the lowest prior, lowest
dollar tasks off your platefirst, right.
So start paying someone for thestuff that you can get off your
plate easily.
Or automating is another way todo it right.
Automate the things might cost$10 a month, right, to automate
(42:59):
something if you have the rightsoftware.
Or pay someone like Monica todo like a strategy session and
get things in place.
So your marketing and your allof that stuff is on autopilot,
right.
You pay for the lower Dollartasks that are lower than what
you can actually charge if youare doing the thing that you're
best at most of the time, and sothat's where I have seen the
(43:23):
most gross, the most rapidly aswell.
So it's when people hang on tothose lower dollar tasks because
they're like, oh, i want tosave the business money.
So I'm not gonna hire someoneto do these things.
They're literally spendingtheir time on a piece of the
business.
That is not Their zone ofgenius, it's probably not even
(43:43):
their zone of excellence.
It might be their zone ofcompetence Yeah, you can do this
, but Just barely right.
Or they might even be doingthings in their zone of
incompetence, which is like youreally shouldn't be doing that,
like if you really shouldn't bedoing your bookkeeping, then I
got that you should be for me,monica's pride, not for you
either.
Speaker 2 (44:02):
We're creative people .
We're both the same E&T.
No, and I will screw somethingup, and I know that.
So let me, let me just not Dothat and just give that to
somebody else to do.
And you know, i always tellpeople in my wife's shins are in
business too.
I, you know, the thing is, iswork on your business, not in
your business, right, and that'swhat she's learned to do.
(44:24):
but she has a problem in Monica.
I bet you have the same problem.
I have the problem.
People want to work with you.
They're coming in, they want towork with you.
They're like I want Monica, iwant Melissa, i want Adam.
I don't want to work with someShlep that I don't know.
I came in here to work with you.
How do you combat that?
Speaker 4 (44:46):
How do I?
or Hannah, oh, how would you?
Speaker 2 (44:50):
recommend.
How would you recommend peoplerespond to that?
Speaker 5 (44:54):
You phrase your team so much.
You present yourself as we.
You present yourself as, yeah,this is what I do in the
business and then you're gonnaget, you know, this person
that's gonna take care of allthis stuff and you're gonna get
this person that's gonna helpwith all of this stuff.
So you present it as a packagethat you are more powerful
(45:18):
because You come with theseawesome people that are here to
support your clients fully like,and that's that is the.
That is the most powerful wayfor people to be introduced to
your team is not like, oh, nowyou're gonna hear you know from
my assistant and you're like Badmouthing anything or like
(45:39):
complaining about someone.
Right, like when you, when youas the leader of a company, when
you want to Elevate yourself tothe CEO spot and you have, you
know, team members with you, themore that you cherish and
praise and Present that likeunified front to your clients,
(45:59):
the more your clients will thenreceive that it's not just you,
it's you plus The teams.
Your face might still beimportant for a while until you
grow big enough to where you canlift all the way out, but it is
a a growing process from it'sjust me to now it's us, now It's
a bigger us, and now you canlift out right.
(46:19):
So it's like growing throughthose stages.
Speaker 4 (46:22):
I've also figured out to To Definitely exactly what
you're just saying.
However, don't lift out so muchuntil you're really ready to
lift out, because when you dolift out, people still want your
face so much.
And if you still have time tospare to do, if it's your level
of genius in the areas, thenthat's why even now there's more
(46:45):
execution that I'm taking backon.
With copywriting.
I'm like, actually people wantthat of me and they don't want
me to take my toes out of that.
That I do the strategy and I dothe copy, but then I delegate
out the rest And I just learnedlike, and I enjoy and it's
things I enjoy and they mightuse in a genius.
So I have learned to just stayin those areas, because then
also, too, the money that I havecoming back to the business now
(47:08):
to continue the growth of thebusiness Now, when I take on
what I can as far as executiongoes, it works for me for now
Like figuring out exactly how todo that.
Speaker 3 (47:19):
I love it.
Speaker 5 (47:20):
Well and with the, with the added Piece of that,
you actually enjoy it that youget into like a flow state, like
that's I mean, that's the wayyou've spoken about it to me.
Right is that when you are,when you're taking on the
copywriting and you're like Likegetting yourself into someone's
voice, that it actually itflows really easily.
And if you have to disjointyourself and like give it to
(47:41):
someone else, it's you're stillspending time trying to
communicate that rather thanjust like letting it flow.
Speaker 4 (47:49):
And so I find my creativity to.
I feel like it stops mycreative process And what I need
to do to feel like I finishedout the full creative process
with the With them business orbrand, right Yeah.
Speaker 5 (48:02):
And so that honoring your energy, honoring where your
energy is flowing, is just asimportant as the other pieces,
right, and so that's that'ssuper important.
There's a lot of shoulds thatwe get into when we think about
hiring or we think about youknow.
So if anything is like well,people say I should be not doing
(48:22):
this, so I'm not going to, butI really love it, that's a
conversation you need to thinkmore deeply about.
Like, if anyone is shooting onwhat you do, or you need to do
this because that's what workedfor me, or you should do that
because everyone's doing it,that doesn't mean it's the right
path for you.
Speaker 2 (48:38):
specifically, Yeah, yeah.
Well, hannah, this has beenawesome.
I want to.
I want.
a lot of people are going toeventually need your wealth
management services, but atfirst, i mean just you're
consulting the things that youdo with your expansive CEO
method, the some of the servicesyou offer.
(48:59):
You've got that CEO program.
You got the mastermind.
You've got classes that yourpeople can sign up to teach
these sessions, these livesessions that you're doing.
Talk a little bit about thatand how people can can reach out
, how they can find you and howthey can get started.
Speaker 5 (49:15):
Yeah, thank you for that question, adam, because I
do find there there are peoplewho are ready for to jump in
with the comprehensive wealthplanning and investment
management Right.
And so if that's where you'reat, if you're already making
multiple six figures, sevenfigures in your business and
ready to like know more abouthow you can feel at peace with
(49:36):
your finances, x squared mightbe the right place for you.
But there is an entire segmentof people and business owners
who haven't got those financialstructures in place yet or are
noticing all of the moneystories I call the money stories
that are coming up that arereally blocking them from making
(49:57):
progress in in their businessand with their finances.
And so I created expansive CEOto be that, that initial
structure place for the innergame of money and the outer game
.
So literally talking about whatyou want to create and where
are you right now financiallyAnd what do you want to be doing
(50:20):
and how do you want to feelwhile you're doing it.
And also, where are you pricingyour, your offers, where, how
are you niching to your idealclient, how are you budgeting
for your personal and yourbusiness?
And so we go through in theexpansive CEO program, we go
through all of those pieces andwe talk about how you're feeling
(50:41):
about your money, what's comingup and what are you actually
implementing with your financesas well.
So that's a really, really goodprogram where it'll be
available as six modules, thatyou'll go through the modules
and then have live sessions togo through all your questions,
(51:04):
to go through your specificneeds with me, and it's just a
really it's a really awesomeprogram that I'm excited to be
offering.
And then the mastermind is forpeople who are ready to like
continue that, continue thatconversation, to be in weekly
communion, basically with otherother business owners who are at
(51:26):
a similar place to you andsupport one another and talk
about expansion and alignmentand discovering what you want to
do next and all of that.
So, yeah, that money mindsetwork paired with the actual
implementation is where, where Idifferentiate myself really on
(51:46):
both sides with x squared andwith expansive CEO, we have to
look at the intergame and theouter game together always.
Speaker 2 (51:53):
Well, yeah, and I just get the sense just from
listening to you You're an easyperson to talk to, you listen,
you have really good advice, butit's condensed into a form that
people can understand.
So, if you don't have an MBA,you didn't go to Harvard
University and you're trying torun a small business, it almost
seems like you're one of thepeople that would be great.
(52:15):
I don't feel any like ego fromyou, like I do with some of
these financial people.
I mean you, you, you donate aportion of your profits to women
, helping women, which is reallycool, and I think you know
you're, you're, you're doing thethings that you should be doing
as an advisor And I appreciateit And I, monica, thanks for
(52:38):
having Hannah on the show today.
That's awesome.
And, hannah, do you want toleave us with anything in
particular?
Speaker 5 (52:44):
Yeah, i would.
I love connecting with peopleon social media and online And
if anything felt like, oh, ireally want to know more, i want
to get to know you.
You can go to my website.
You can go to either one eitherex squared wealth planning
That's X than the new world towealth planning dot com or
expansive CEO dot com, and youcan book a virtual coffee with
(53:06):
me on either side, and we canhave 25 minutes just to talk
about your situation a littlebit, get to know each other.
And if I am a super connectorthat's one of the reasons I met
Monica I love connecting withpeople And you know, if I, if I
can help you, i'll tell you, andif I know someone else who
might be able to help you, i canprobably connect you there as
well.
So, love connecting with people.
(53:28):
And the last piece is that Ialways say that there is enough.
There's enough for everyone,there's enough for all of us to
do the thing that we love, andthere are enough people out
there who need what you can doto build a life, to build the
life that you really want tobuild.
Speaker 3 (53:47):
I love it.
Speaker 2 (53:48):
Well, Hannah, thanks so much.
Monica again, Thanks for beingon the show and being our Thank
you.
Yeah, our third co-host here.
Speaker 4 (53:56):
Thanks everyone.
I'll be back again soon.
Speaker 2 (53:58):
Yes, all right guys, i got to check out the calendar.
Speaker 4 (54:01):
who's coming next?
Speaker 2 (54:02):
There you go, sure, there you go, keep sending them.
Speaker 4 (54:04):
Thank you, hannah, thanks guys, bye, see you, bye.
Speaker 2 (54:08):
Thanks for joining us on this week's episode of Side
Hustle City.
Well, you've heard from ourguests, now let's hear from you.
Join our community on Facebook,side Hustle City.
It's a group where people shareideas, share their
inspirational stories andmotivate each other to be
successful and turn their sidehustle into their main hustle.
We'll see you there and we'llsee you next week on the show.
(54:29):
Thank you.
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