Three ESSENTIAL Money Skills VS Money MISTAKES Tradesmen Make
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- Опубликовано: 12 июн 2024
- This video is about a way of looking at money skills. There are three money skills and they are distinct from each other. Just because you have one, does not mean you will be successful. As a matter of fact you need to have all three skills to experience true financial security. In this video we take a dive into how these money skills apply to tradesmen and trade business owners.
SOME OF MY FAVORITE FINANCIAL BOOKS
The Psychology of Money - geni.us/fMmY (Amazon)
The Millionaire Next Door - geni.us/o5wHtpN (Amazon)
The Millionaire Mind - geni.us/qm2gQa3 (Amazon)
The Richest Man in Babylon - geni.us/axTZE (Amazon)
The Compound Effect - geni.us/ImpFdG (Amazon)
The Total Money Makeover - geni.us/sbLrRn (Amazon)
Rich Dad, Poor Dad - geni.us/dafCd (Amazon)
Margin: Restoring Emotional, Physical, Financial, and Time Reserves to Overloaded Lives - geni.us/hnl1AI (Amazon)
Amazon List of My Favorite Business Books: www.amazon.com/shop/insider_c...
(0:00) Thanks For 2020
(1:46) 3 Money Skills
(4:11) Reflecting On 8 Years In Business
(5:26) Growing Trade Skills Faster
(6:50) Skill 2 - Keeping Money
(7:52) Delayed Gratification
(9:59) Quickbooks Pro Is My Most Powerful Tool
(12:52) Shifting Emphasis From One Money Skill to Another As We Evolve
(14:40) Trimming Our Financial Fat
(15:36) Debt is Dumb, Cash is King
(16:26) Must Have Financial Margin to Skill 3 (Money Growth)
(17:09) Margin Is the Foundation of Growth
(17:26) Savings Rate
(20:17) Encouragement to Employees
(22:09) Book Recommendations
My Favorite Tools - Insider Carpentry Amazon Site - www.amazon.com/shop/insider_c...
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SOME OF MY FAVORITE FINANCIAL BOOKS
The Psychology of Money - amzn.to/3aVshnw
The Millionaire Next Door - amzn.to/3hB5DlO
The Millionaire Mind - amzn.to/37WMtUe
The Richest Man in Babylon - amzn.to/37XIkz7
The Compound Effect - amzn.to/3aPX317
The Total Money Makeover - amzn.to/38NHqVm
Rich Dad, Poor Dad - amzn.to/3aUawFe
Margin: Restoring Emotional, Physical, Financial, and Time Reserves to Overloaded Lives - amzn.to/3pBG8Uc
Amazon List of My Favorite Business Books: www.amazon.com/shop/insider_carpentry?listId=1GAVXN7JKCZL0
What an awesome video. Most people avoid talking about money. I've not always been the best at handling money. I made so many mistakes along the way. As you were talking about delayed gratification, I was reminded of a question a friend asked me once. "Why would you want to pay $120.00 (or more) for a $100.00 item??" He explained if you put everything on a credit card & don't pay it off each month, that is what you are doing. That one simple question has stuck with me for years. When I was needing a new washer & dryer, I didn't want to pay for it out of my paycheck but I also didn't want to pay more than I could buy it for. I ended up setting up a sub-account at my credit union & set up a direct deposit to put in a flat amount each paycheck. When I had the money, I bought what I wanted and I got both of my goals. Along that same line, when I was making my house payment, I'd add $50 - $100 extra & have it applied to the principle. If I didn't have the extra money, I didn't add it. I still saved 3-5 years off the term of the loan.
Years ago, when my brother-in-law was starting his cabinet shop, I watched what he did & he was doing exactly what you were talking about. He would not hesitate to buy used tools (if they were a good buy). Until he found what he was needing & saved for it. There's one story I always loved about how he got what he needed. He always knew what tools were worth. At one point, he was looking for a shaper. He went to a tool auction. The shapers went for more than he was willing to pay so he was out of luck. He noticed there was a 12" Rockwell table saw with some blades & accessories. He had the identical saw. He was able to get the saw for like $400. He took the saw home, cleaned it up & checked it out. He kept the accessories & blades. He then checked with a local company and they offered to give him like $800.00 on trade-in on a shaper. That was certainly "growing his money".
I’ve got about 20 years experience in finance, which is where I make my living. I’m a woodworker at heart and have been in business part time for that for the last few years mainly just to do something I’m truly passionate about. I was lucky enough to find you through another RUclipsr about a year ago and have enjoyed your videos, so I’ll start with thanking you for sharing your skills.
I don’t want to take anything away from what you’re doing with regards to your p&l statements. Sounds like you’ve got a good head on your shoulders. I’d just share one piece of advise to help you with your goal of improving with step #3 of growing your money. If you aren’t already, take some time to learn about about balance sheets and how leveraging the information on them to build upon what you’re already doing with your p&ls. Learn about ROE (return on equity) and I think that will help you utilize your intelligence to make progress towards part #3 and overtime gaining some autonomy that you talk about as you get older.
Best of luck in the future and thanks again for your videos!
I wish I had discovered your wisdom 20 yrs ago! Now I’m going on 50 and making a new start of it. To all the young kids seeing this video, pay close attention to what Spencer is saying and put his advise into practice and you will do well!
Well done Spencer. I am a 77 year old retired business owner/beancounter and admire you skills as a Craftsman as well as your ability to craft a very well presented seminar in the principles essential to become a successful Business Man and Citizen of this nation. Keep up the "Most Excellent Work". May the Peace of the Lord be with you.
Well written & 👍 true
Even the best craftsmen will fail and many do without proper money skills to help them succeed . This has probably been your most valuable video yet for those looking to be self-employed .
Thanks for another great year of content and I wish you great success for the future.
Totally agree 👍
Someone else said it in the comments and I'm going to second it... your regular videos are terrific but this might be your most valuable one yet. I worked in finance for 40 years and you are setting a great example. Make the money, save the money, grow the money. Investigating how your business did in the past and present, if looked at with a clear eye, can only help your business in the future. Keep up the great work. Many thanks.
As a financial advisor for over 21 years, I applaud your attention on this part of your business. Well done.
My favorite part about this guy is his production speed and quality work . Quality is amazing and he is a 1 man team!! Just fantastic . From start to finish 1 man team.
If I was to be at this guys level here in California I would be a millionaire 😅💯
You are one of the most talented carpenters I've come across in my personal life or on YT. And now I find that your financial advice is spot on too! (I teach my kids these concepts and recommend many of the same books!) Well done my friend!
Hi, Spencer. I've been watching your videos for the last 2+ years now and I have to tell you that while your "how to" videos have been an enormous help to me (and I'm sure countless others) this video has been by far the most valuable one you've put out. You've shown us the "other side" of the contracting business that most young bucks don't take into account when going out on their own. Thanks for educating us all over the years. Keep up the good work, man and thank you.
Your best video yet!
This is spot on, and for many of us, more difficult then learning our craft.
I'm 65 and trying to slow down some now...still addicted however to the gratification of doing the work. Have been doing what you do for 46years, and self employed for 39 years. Financial, I am in great shape.
You are ten years ahead of where I was at your age!
Music to my ears...."we hear you do good work, but are expensive" (skill capital)
Best advice....NO DEBT!
and...I own nothing that says Festool 😀
You are a blessing...I hope you realize it.
Thanks sir. 👍 but I don’t know about this no festool business. 😂
Festool made in China! Thanks for the smile
Find a financial advisor who does NOT work for one of the big companies, they are not going to find investments in your best interest all the time. Great video for not just tradesman, we all need to improve our skill sets to be better employees and set ourselves up for going out on own. Thanks - sharing this.
Hello Spencer after viewing the whole video wanted to compliment you hugely on your encouragment to the younger guys especially the fact that seeds take time to germinate in this world of instant gratification, and how supportive emotionally you are to them with building their skill sets in that 1st 8 years you were in the trades take care
Businessmen AND businesswomen amigo
This video answered a lot of questions I have being in my first year of business. I appreciate the invaluable knowledge you so kindly share. This channel continues to help me grow in every aspect of my life . Thanks brother 💪🏼
Absolutely the best video of yours I have seen. That doesn't mean your other videos are bad, this video just shows how sincere you are. I really appreciate your experience and I know your parents are truly proud of the man you are.
Man thank you so much for this video. This is my first year self employed, started business in the year of the corona which as you can imagine has been hard. Everything I've learned about business has been from RUclips and books over the past two and a half years, which gave me the confidence to get my GC license. Thank you for all you have done and shared because nobody in my community is there to teach me and I have no one I can turn to in real life for construction or business advice. RUclips and Instagram is the conduit which has made me what I am today. I look forward to all your videos, please keep it up, I hope one day I can teach and share like you do
Great year end review looking forward to 2021. And would like to give special thanks to you for all that you do for everyone out there.
Outstanding exposition on finance. Your skills as a carpenter/ craftsman are equalled by your financial philosophy. Great video. I look forward to your videos for the year ahead. Have a great new year.
Thanks for being a great instructor. Keep the videos coming.
Appreciate all of your content. Learned a lot from watching. Thanks and have a great new year! 🤙
Glad to be one of those new subscribers. Love the channel and have learned a lot.
Too busy for any book learnin'! Thanks for all of your informative advice and videos. Great job and have a happy new year!
I’m an old framer wanting to transition into finish carpentry. I had subscribed to your channel a couple of years ago and just want say I appreciate you taking the time to produce these videos. It helped me tremendously on some of my trim projects. Thank you!
Thanks for your content this year . Can't wait for the new projects next year . Keep up the good work .
I watch all your videos start to finish and I really appreciate you taking the time to make them, and I've implemented lots of your tricks and tips on my jobs.
This is such and important topic. So many guys I know have struggled with finances, myself included. Keep up the great work!
Thanks for sharing! It was perfect timing for me to hear these lessons!
Happy new year to you too and thank for sharing your experience with us, and thanks for this new approach of carpentry insider .
Thanks Spencer. Great work, interesting topics and a very enjoyable channel to watch overall. Happy New Year and all the best for 2021.
Great video Spencer!
Although I’m only two years in the trades business....I have 20plus years in business and understanding ones profit and loss statements is critical! Tracking revenue, expenses and your profits and comparing them year over year will help you understand your growth rate!
Happy new year Spencer and I look forward to watching more of your vids in the new year!!
More great advice, sir! Thanks so much for all the time you put into teaching guys like me. Your videos have been a great help to me and my business in many ways. Happy new year!
Well done. I thoroughly enjoy your approach to your craft and to life in general. Keep up the good work.
Thanks for taking the time to share.
I automatically like your videos before even watching them because I know they always provide me with high quality value. Happy New Year!
thank you so much for being no. 1, relatable. i am in my 4th year of business in carpentry and your videos are an inspiration. you are economical with your time on jobs and your finances without sacrificing quality of life or work. very admirable. thank you for all that you do and pass on to us.
Nice comment dipshit. Totally agree.
Some great information like always. Hope you and your family have a Happy New Years!
Thank you for the information. I have learned a lot watching your videos. Many blessings to you in the new year.
Great stuff Spencer! Thanks
Love to see the business content! Hope you and your family are doing well!
Great channel bro. Appreciate what you do. I've learned a ton
Thanks for sharing that brother, great advice!
Excellent video!! Thanks for a great year of videos!!
Thanks for the videos Spencer! Congrats on all things brother!
Awesome video. Been in business for 2.5 years and was just questioning my financials and how I can make it to the next level. Looking forward to more videos on this topic! Thanks for all your knowledge
Super timely video for me as I have just begun to focus on ramping up my focus on growing a design and build business with my wife...thanks so much for all your videos. Super helpful!
Congratulations Spencer on your accomplishments and keep up the great work and content.
Amazing video man. Really appreciated this. Being debt free is life changing and allows you to do so much more than you can imagine.
Thank you for this. It’s fundamental stuff easily overlooked but can’t be ignored. Great work Spencer!
Love your channel bud, absolutely everything about it. We have very similar bookshelves and I'm also a big Dave fan. I'm kind of like you, I don't 100% follow his advice (although we are debt free) but love listening to his podcast just for a little extra motivation sometimes. Happy New Year & keep up the great work!
I have learn so much watching your videos ,keep on doing what you are doing
thank you for passion and execution of sharing knowledge. You're the real deal!
Appreciate the thanks, but I need to thank you. Your videos provide value to me personally, both to gain knowledge from and as good entertainment. Your style of video is no nonsense, honest, and unique. Keep them coming.
Wow! I’m on a mission this year for paving a way to becoming self employed. This is very insightful and priceless content. I love the content. Keep it up!
This is great man. I've heard you mention that you are trying to put out more content like this in 2020 and I couldn't be more excited! I'm in year one (10 yrs behind you) and am so thankful. Hope you and the family are feeling better!
Awesome, looking forward to sharing lessons that will help you navigate the path faster.
Great work my friend!!! Enjoy your work.
great videos ,your easy to follow and I been doing carpentry for 40yrs
Great job.. happy new year
Thank you! Appreciate your craftsmanship!
Bravo!! Great job on this video!!!
thank you for sharing your skills and a very Happy 2021 to you
You are skilled and wise beyond your years. Paying down debt is so important for accumulating money for your future. Please be safe in your work, as I have seen you in precarious situations using one hand and filming with the other. Very informative for this wood work enthusiast. Best of luck.
It took me a lil time to learn how to make my money behave. The financial freedom feels amazing and calming. Virtually debt free other than a mortgage. Being a carpenter and learning the trade and being very proud and having an eye for it became rewarding. I have seen many people come and go who should not be involved in the trade. I admire your ability to understand that efficiency is key to being successful. Saving time without sacrificing quality is key to a healthy business. Congrats to you.
Just finished my second year in business and cannot ever imagine working for someone else. Im a one man show, increasing profits year by year. Biggest thing was purchasing of tools and equipment like Spencer said. It takes time!
So awsome!!!! Thank you,,,, for training the trades Men !!! Keep passing the trade brother, hats off
Thanks bother. Excellent work ... just like your finish work!
Great information! I am slowly updating my tools and equipment to make myself/business more efficient and profitable. I always watch your videos and find myself thinking about efficiency and quality. I am always looking at things in different ways. I have never been one to look at, compare myself to, or worry about competitors. I focus on my work and the relationships I build with Clients. which I can always get better at all the above. it has been a long hard road to get to where I am. I struggle with motivation, The GC & PM I work with mostly drain me almost daily. but I still put my 110% into everything I do and try to do it to the best of my ability. THANK YOU SPENCER ALL THAT YOU DO FOR ALL OF US.
Keep fighting the good fight my friend. 👊👊
With you on Dave Ramsey ... Love you’re work
Hell of a carpenter and an even better all around solid dude!! Keep up the great work I have 23 yrs experience and learn something from every video you produce brother.
I'm a tradesman from the UK..
U have basically just outlined my past employment to date I'm 8yrs this year self employed...best thing I ever did..however u are so right about the alternative focuses about being tradesmen....all the problems.
Excellent...keep up the good work and look after yrslef and yr family..
Cheers Liam
Spencer, this is some excellent content! I went to a 4 year university and obtained a degree in business, and then spent 10+ years in the trades. Nobody wants to talk about ROI or the time value of money. But you’re starting to touch on it, and you explain it in a way that’s very beneficial.
Thanks for sharing, and maybe you could create a paid subscription page where aspiring contractors could join for a small fee that would allow a limited number of questions. Similar to a Dave Ramsey radio show!
I’d surly sign up for it!
Thanks again,
Paul
Happy Haven Construction LLC
SLC and PC Utah
I rewatch your videos. Especially these past few days. We just had our third girl so I've had a little time to binge watch carpentry videos. I would love to hear more about the business side from your perspective and your mentors. Mentors are important for the young tradesmen. I'd love to go on my own when I'm ready, but that seems like I still have miles ahead of me. I want to make clients happy, it's not just about the money for me. I love carpentry, I find it fun.
Congratulations! You have a great Channel. I hope you keep it up.
Thank you for sharing this Spencer as this is not talked about enough. Also, I know there are many people out there who are struggling with the business side of our craft (me included).
Thanks loved it!
Thx for making ur videos .... always enjoy watching ur skill .... great videos
So generous with your time... Thanks
Lots of great info here, listened to it all. Thanks from a guy just starting out in the trades.
Yup.good sound advice. 4 years in business and have nothing to so for it but a lot of tools. I already was thinking that I really needed to rethink on how I'm doing things. Great advice. I am encouraged.
Probably the most important thing that trade schools and employers never teach you, how to be profitable
Great comment about delayed gratification. I have recently started my own business and that was a timely reminder. Thanks mate 👍🏼
Love your channel.
I've been doing this type of work for 38 years and I've learned a ton from you!
I'm "self taught"
Basicly Self taught, and what I've been thought taught is hit or miss as far as being correct and proper technics.
But what has really helped me is the tools and tips.
I was of the mindset that you just do it, just hold those two pieces of trim together like a man, you don't need no clamp, etc. And so i did.
But
Now I'm like why struggle when you can just get the proper clamp and you don't have to struggle so much and do the same task. (Work like gentlemen)
Anyway
Thanks!
I'm now investing in tools to make my job easier and more productive.
Addressing the maintenance and accuracy of my tools.
And buying tools i need to help myself (and my family)
I could go on
Thanks!
Blessings!!!
Very good insight ...Bob
Great insightful video Spencer. You speak with conviction and are very humble in your outlook. That is why I think you are so successful in your business. I just love your work and how you go about it. especially for a one man band some of the stuff you do is incredible.
More great videos in 2021 please
Enjoyed the video, certainly good principles to live by.
Great video Spencer.
My biggest problem is pricing jobs correctly and charging for the "can you just do this whilst your here" jobs or the "can you just change this or that a little". I'm sure a video on this would be helpful for a lot of your subscribers.
Wow, thanks for sharing.
How do you have time for anything else in your life? 😊 I'm nearing retirement, I've never owned a business or worked for myself and probably never will but, I still cannot stop watching such craftsmanship and knowledge.
Keep up the great content. Happy New Year!
Really good video, I appreciate your talent and explaining things simply with great tips. I am a contractor and do a lot of remodeling in high-end homes. I've picked up a few tips from your videos and gotta say my wife and I are like yourself and your wife. We are close to being debt free and feels Fantastic to be able to help people and not worry about bills because we decided to help someone. Keep up the great videos and work!
Excellent Spencer, to hear you mention.. 'all the lies weve been told' .. (just the tip of the iceburg : ), people are waking :D God Bless you and your family, your vids are always inspiring
thank you so much for your time and effort you put in into educating likeminded young craftsman
keep up the good work
Thank you for the videos and for teachings. Your very good at what you do and very patient. I've been in the field my whole life. An you've explained things that I never understood before. Thank you and cant wait to watch a d learn more .
Such great advice couldn’t have said it any better
As a follow-up, it would be great to hear your perspective on the trade-offs of working alone vs. with a hired hand.
That would be a great video topic. I’ll add it to the list.
They say the best person to do the job isn’t always the best person to manage the job. 🙋♂️🙋♂️🙋♂️🙋♂️🙋♂️🙋♂️🙋♂️
I’d like to hear your thoughts on any topic related to the business side of a trade business.
Thanks for the great videos
Exceptional video Spencer. Something more young people in the trades should really be considering from the outset. Quality content as usual
I’m going n the opposite situation. I was a money manager for 35 years while running finish carpentry gig on the side. I’m running carpentry full time. I love your input. Wish I had done this a long time ago.
Thank you sir!🏆
Absolutely fantastic advice thank you all the best 👍
I watched this video immediately after the “I own 5 tracksaws” vid. 😆
Solid advice here for sure. Have a productive and profitable 2021 everyone!!
Hey man keep busy your bout to “GROW MONEY “ YOUR TRANSPARENT & GENUINE!!!💯
That’s some good watching time congrats on everything on your RUclips channel .
Excellent Advice!
It is great to hear about the financial side of business. I know I need to put a lot more time in the office doing paperwork, and keeping track of my finances.
100% your videos have helped me become a better Carpenter. Keep the videos coming on the business aspect of it, and I know it will help me grow in the management areas also. Thanks!! God Bless
Thanks for the tips man. I appreciated that