ACCOUNTANT EXPLAINS: The #1 Money Skill NOT Taught in School but All Business Owners SHOULD KNOW
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- Опубликовано: 1 июн 2024
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There are many reasons you started your business - freedom, flexibility, and financial independence. But have you ever wondered about the road to financial independence? As a CPA, I often get asked by business owners, "Why does school teach you about Calculus but not the vital skills needed as adults, like taxes, investments, and budgeting?"
If you're planning to start a business or you're a first-time business owner, today's video will help you understand how to run a profitable business and how to actually make money. After all, we all started our businesses with the hope of supporting our dream life and gaining the freedom to live on our own terms. So let's jump into what you need to know as a Business Owner when it comes to Finances.
00:00 Intro
00:43 The Basics NOT Taught in School
01:56 Tutorial on Financials
09:14 Thoughts on Chat GPT Taking over Accountant Roles
10:23 How to Calculate Profitability
12:11 How to Increase Profitability
13:38 What to Do with Profits
14:17 Don't Forget about Taxes
Disclaimer: Note this video is not financial nor accounting/tax advice and should be used for entertainment purposes only. Consult with your own financial advisor, accountant and/or tax advisor for advice related to your specific situation.
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WHO AM I:
Gabrielle is a CPA and Tax Expert, as well as the founder of Balance + Wealth CPA, a licensed CPA firm that specializes in Tax. Prior to starting her business, Gabrielle worked as a Tax Manager at one of the Big 4 Accounting Firms for 7+ years, advising Fortune 500 companies. Gabrielle posts weekly videos on personal finance, business finance, and tax tips.
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Budgeting, interest rates, taxes, etc. are in many public schools’ curricula… Kids just don’t tend to be that interested and they don’t retain the material. Trust me, I teach it. It’s in my set of standards and kids just don’t yet understand how the info can be useful in real life.
You're right! I have taught these topics as well in Planning 10. I also gave some bonus informaton on how to get a mortgage. I just don't think a lot of students care to remember or take notes.
Thank you~~!!!
Is a car an asset? Yes, it may get you to work ( although other options may exist) .
Many investors classify one as a liability.
Depreciating asset
❤ Thank you!
you're welcome!
Glad to see your video on my feed. I still watch a few other RUclipsrs.. I've followed trades of a couple RUclipsrs and I'm down so much…210k to 80k. It got addictive. My resolve is the lot are amateurs.
You are not investing, man. Sorry. You are gambling.
Before you make an investment decision, consult a fee only advisere, taking advice verbatim from youtube is like going to the intern to take lessons passed on from the professional.
@@lukeasher2735
how can one get a fee-only planner?
@@henryalexander688 You can find them online, make sure they're registered, have a fduciary responsibility with no disclosures, I work with LOREN LENA WALKER.
Be careful not to be lured into the market too soon i rather be buying low in periods of instability than chasing when market starts to rally, this current situation has opened my eyes to the importance of a good mentor knowing what they doing.
Thats why i didn't go to school
This girl cute
Cash flow is much more important in a roaringly developing industry.
Awesome presentation.
Everyone including the last in these video seem to be overlooking certain things I don’t know why in these times why y’all people are so passive and Nieve about things it really pisses me off first off it’s not best to run a business anywhere because location matters she skipped by too much before u get to talking about liabilities and keeping track on how much u spend and make u need to understand the economy that u are in and find out if they even support individual business owners in the first place countries like the one I’m born raised up in the United States and other countries like the u.k,Canada,South America,Australia,New Zealand the bigger the economy the higher population the bigger and more controlling the government is all of these countries I listed it’s economies are filled with hard workers that have to pay high tax and or people who live off of government benefits no matter both keep people poor and not nothing but create poverty but back to the point so y’all want to consider location first the second thing u want to consider is u want to know what incentives what does the government in a particular country what supportive services do they have in place for who’s trying to run their business there do that government in that country welcome people that already make a lot of capital or that wants to make a lot of capital or are there the type of government who will come after u so u can pay high taxes or because u won’t run your business the way they want u to
Extremely basic and fundamental. Maybe that’s why you don’t need to learn that from school if you can learn it on the internet in under 30 minutes.
😂 don't know you said it in serious or funny way lol
Bitcoin.....
Wrong! Budgeting, taxes, and career and personal planning are taught in highschools! I also taught a bonus lesson on how to get a mortgage. There's a mandatory course called Planning 10 that covers this information. I just don't think most students at this age care to remember or take notes.
Where? Not at any school I went to.
This brings me to the basic question, Why schools don't teach us the taxes and investing basics?
Because they want you to be in debt and obedient
Because students don’t care. This is already been studied, and when young people are it basically has zero impact on future behavior.
If you don’t believe me, think about all of the adults you know who have no financial competency, despite being exposed to lessons .
Basics of taxes, investing, budgeting, and career and personal planning ARE taught in highschools? How do I know? I have taught these things. I believe in teaching real-world skills, so I gave my students bonus information on how to get a mortgage as well. Most were barely interested.
@@Wellspring604 you are one in a million!
Still doesn’t answer the question of WHY ISN’T THIS STUFF TAUGHT IN SCHOOL⁉️
It's kinda like the "healthcare" system. Imagine if everyone's healthy, a lot of industries wouldn't exist.
Basics of taxes, investing, budgeting, and career and personal planning ARE taught in highschools? How do I know? I have taught these things. I believe in teaching real-world skills, so I gave my students bonus information on how to get a mortgage as well. Most were barely interested.