When we were young, we were often told that making money and saving it is important. However, you might have developed frustrations and disappointments about the reality of your financial capacities as you grow older.
In this episode, Justin Krane discusses what first-time investors and seasoned business owners need to understand about making money and investments. He talks about the common mistakes people make with their money and how to deal with them.
Many business owners have difficulty figuring out the best marketing strategy for their business model. Seeking a financial advisor, according to Justin, helps you to navigate your expenses, savings, and other assets better.
Whether you are a business owner or you just want tips on making money and dealing with it, this podcast episode is for you.
Here are three reasons why you should listen to the full episode:
- Discover how Justin changed his perspective on financial investments.
- Explore the world of investment to gain insights into making money growing your business.
- Learn more about effective financial planning, automation, and other tips to avoid making investment mistakes.
- Money, You Got This by Justin Krane
- Money. You Got This. The Podcast with Justin Krane
- Check out previous interviews on the Best Business Podcast
- Connect with Justin: Email | Krane Financial Solutions
- Justin discussed how he started as a financial advisor for the brokerage firm Paine Webber & Co.
- At that time, he felt as if he was just helping the rich get richer. He didn’t feel like he was helping people.
- After 9-11, Justin realized that he needed to make the best of himself.
- Justin became a Certified Financial Planner. He went on to evolve into financial life planning.
- For ten years, Justin was unhappy about his career. Listen to the full episode to find out how he turned his life around and decided to help other people financially.
Justin’s Experience in the Business World
- Justin’s primary obstacle when he started was thinking that he wasn’t good enough.
- Over time, Justin began to develop his confidence and competence.
- He realized that there’s a benefit to the niche he’s in.
- Justin provides financial advice and planning to business owners.
- He looks at his client’s sources of revenue, profitability, and tax planning, among others.
Common Mistakes Business Owners Make
- Many people are poverty thinkers, not prosperity thinkers.
- Poverty thinkers perceive the glass as half-empty.
- In contrast, prosperity thinkers would see the glass as half-full. Prosperity thinkers know that they should be investing.
- The biggest mistake business owners can make is that they’re not investing enough in their marketing.
- You should consider investing 5-15% of your sales in marketing.
Advice on Marketing
- Justin shares that business owners should try to make a three-to-one rate of return on their marketing.
- If you are new to investments, you need your money to come back quickly. If you are a seasoned business owner, you can try exploring higher ROIs.
- Justin emphasizes the value of knowing how your business model works, especially for seasoned owners.
- Additionally, you have to know your marketing dynamics—what you are selling and their prices.
- Lastly, figure out your numbers and find out if marketing a specific way is worth it or not.
Lessons from Justin’s Experiences
- If you’re not a numbers person, look for someone who can help you make sense of your numbers. You need to track them so you can grow them.
- Once you know what your goals are, it’s easier to make financial decisions.
- It’s okay to take small and medium-sized risks consistently.
- Justin also learned that people buy what they want and not what they need.
- He learned that he could make a difference in people’s lives by educating them about their finances. By doing so, Justin was also making money.
On Making Money Work for You
- Justin learned prosperity thinking. That is, he can create the kind of life he wants for himself.
- You have to believe that down the road; you will succeed.
- In money and in running a business, you have to believe that things will work out.
- It’s okay to fail. What you need to do is be conscious of what you’re thinking and doing.
- You need to continue working on yourself. Find out what you don’t know and do the work to learn it.
How Can Business Owners Get Started?
- Focus on how your financial advisor leads you and what they ask about you.
- They need to ask questions to get to know you. It’s only through knowing you and what you value that financial advisors can give the right advice.
- The financial advisor needs to make you feel safe and comfortable enough to discuss your financial issues.
What Business Owners Should Prioritize
- Firstly, you should observe if your business is generating enough money.
- A lot of times, people are not aware of the opportunities to create more profit.
- Secondly, Justin explains the importance of automation.
- Automating your money can save you from inconveniences, such as forgetting to pay bills or saving cash.
- For example, have separate accounts for taxes and for retirement. If you’re saving up for a house, have another account for that as well.
Justin’s Goals and Plans for the Future
- Justin shares that he wants to move to a bigger house with his wife and three kids.
- Justin’s goal is to continue work and grow his business.
- He will also focus on creating more scalable and leveraged things to help more business owners.
- He also wants to carry on with his routine of exercising and meditating.
Justin’s Final Words
- Justin believes that many people are too focused on saving to live a life they want at 85.
- Justin believes that you have to save and spend.
- For him, the word ‘budget’ is too restrictive.
- People should be able to do the things they enjoy to be happy.
- Along the way, you just need to create a plan to save your money and automate your savings and spending.
5 Powerful Quotes
“I think that you got to get out of your own way. And you have to be really—you have to own who you are and take action.”
“So the biggest mistake that I think that business owners make is they’re not investing enough in marketing in their business because they think that investment is really an expense.”
“We begin to spend money, and invest money, and just do stuff with our money. [However,] we need to know what the money is for, and we need to know what our values are. And if we know those two things, we’ll be congruent. And it will be so much easier to make financial decisions.”
“You can’t connect the dots looking forward; you can only connect them looking backwards. So, you have to trust that the dots will somehow connect in your future.”
“I believe that the word ‘budget’ is too restrictive. And I want people to go out and buy the cup of coffee, get the latte, get the shoes, take a vacation, do that stuff because you’re going to be happy, just create a plan to save along the way.”
Justin Krane is the founder of Krane Financial Solutions. His company is dedicated to creating and designing financial plans to help entrepreneurs and small business owners. Justin uses a unique system developed from financial psychology to help his clients identify, clarify, and reach their goals.
Justin is a Certified Financial Planner and a Certified Investment Management AnalystSM. He is a well-known expert in helping people plan their business money and their personal money. Because of this, he has been invited as a speaker and panellist at different events. He has also been mentioned in CNN Money, CBS, The Wall Street Journal, Entrepreneur Money, Fox Business News, Yahoo Finance, and bankrate.com.
In 2016, Justin published Money, You Got This: Easy to Implement Money Strategies So You Can Take Control of Your Business Finances and Create Your Dream Life. Justin also hosts a podcast about being financially happy called Money. You Got This.
Enjoyed This Podcast?
It’s important to identify and clarify your money goals. Justin reminds us that money gives us peace of mind and financial freedom to do what makes us happy. And so we must know how to make the best use of it. If you enjoyed the podcast, be sure to subscribe and share it with your friends!
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- Do you already have a successful business, meaning you’re up, running, and paying your bills with some profit left over?
- Are you interested in growing your business, automating/streamlining things, and staying one step ahead of your competition?
” /> If you can answer YES to all these questions, please reach out to me through https://www.members.bestbusinesscoach.ca/problems-we-fix/ and describe your situation, goals, and the best time/way to contact you.