Organizing Personal Finances as an Entrepreneur

Shanna Skidmore joins me on the podcast to chat about her system for organizing personal finances and what business numbers you should be reviewing at the end of the year.

Disclaimer: I am not a financial expert and the information shared during this episode is for informational purposes only and not for purposes of providing accounting or financial advice. You should contact a financial expert or accountant to obtain advice with respect to any particular financial issue or problem.

We start the conversation, however, discussing her time away from her business from mid 2019-mid 2020. The short version of the story is that after her biggest launch ever in 2019, she walked away from her business with the intention of not returning. We talk about that season, her experience being away from her business and what she learned from it. This was one of my favorite conversations of 2022, largely because of the first half of our conversation. So if you have the time, I highly encourage you to listen to the entire episode because there’s just so much good stuff to be found in what Shanna shares around her experience closing up shop.

But, if you are here for the financial stuff, I’ll put a timestamp in the episode description so you know where to jump. Shanna’s content is top-notch, I took a full page of notes just based the financial portion of our conversation, and Krista and I are planning on completing the activity she shares during our year-end review.

As always, links and resources are in the show notes, including Shanna’s Year-End Review activity. Check it out at daveyandkrista.com. And if you enjoyed this episode, please consider leaving a review at Apple Podcasts. It really helps.

Find it Quickly (In the Episode):

0:00 Intro and catching up
34:46 Personal finance or business finance is one of the least talked about subjects
36:44 Start creating your budget by finding your bare bone minimum expenses
40:58 Then you can add in the lifestyle expenses
43:13 What tips do you have for living in the want?
46:20 Determine your values first
48:10 What approach do you take to year end review from a business standpoint?
49:40 Compare revenue and expenses year to year
51:31 Pro tip: Talk to your CPA in November for tax prep
54:41 Evaluate and ask yourself if your work brings joy

Resources Mentioned in this Episode

Shanna Skidmore
Ted Talk – The Power of Time Off
End of Year Financial Checklist (free printable)
Quickbooks
Wave Accounting
Shanna Skidmore newsletter