E84: Handling Large Cash Influxes

03/11/24 • 16 min

The Mills Knows Bills Podcast: Mastering Money and Handling Large Cash Influxes In this podcast episode of the Mills Knows Bills, CEO and Founder Mills Bender has a deep financial discussion with a guest, Doug, who shares his success in building sales teams for Fortune 500 companies and his recently founded individual coaching and consulting endeavor. Mills advice is targeted largely towards variable income earners and his episode focuses on discussing strategies for managing a sudden influx of cash. Mills' suggestions include prioritizing the development of a fully-funded emergency fund, paying off any debt over 10%, and correctly diversifying one's investments. Doug and Mills also discuss the need to delegate roles in business to surpass the seven-figure revenue ceiling. The podcast offers free resources and coaching services to help individuals level up their finances. 00:00 Introduction to the Podcast 01:03 Guest Introduction and Conversation Start 02:22 Guest's Financial Question: Handling Large Cash Influx 04:12 Strategies for Managing Large Cash Influx 08:36 Guest's Reflections and Insights 12:11 Guest's Business and Contact Information 14:38 Closing Remarks and Podcast Disclaimer KEYWORDS: Mills Knows Bills variable income earners master your money paycheck to paycheck guest hosts financial question sales teams small business owners emergency fund outstanding debt large cash influx investing back into the business diversify investments celebrating the win debt payoff

Previous Episode

E83: Sales Taxes Across State Lines & Tax Procrastination from a "VIN HENRY"

Watch this episode & more at: https://www.youtube.com/@MillsKnowsBills E83: Sales Taxes Across State Lines & Tax Procrastination from a "VIN HENRY" In this episode of the Mills Knows Bills Podcast, Mills Bender, founder and CEO of Mills Knows Bills, embarks on a financial enlightenment journey with his business friend, Dimitri. Dimitri, a dance shoe distributor from North Carolina, seeks advice about handling sales taxes collected at events during his travels across states. Mills offers insightful tips and encourages Dimitri to consult CPA who understands the intricacies of performing business across different states. The duo also discusses Dimitri's procrastination in submitting his sales tax and the repercussions of consistent failure in submission. The overall episode promotes financial independence, smart money handling, and encourages listeners to reach out for any queries. 00:00 Introduction to Mills Knows Bills Podcast 00:54 New Season Announcement and Guest Introduction 01:26 Guest Interview: Dimitri's Journey and Financial Question 02:33 Understanding Sales Tax for Businesses 05:25 Consequences of Delayed Sales Tax Submission 07:32 Closing Remarks and Resources 08:32 Disclaimer and Final Words KEYWORDS: Mills Knows Bills Podcast fluctuating income living paycheck to paycheck guest hosts burning financial question taxes collected at events sales tax rate setting aside submitting sales tax bureaucratic minutia failing to submit sales tax penalties adulting free resources financial advice

Next Episode

E85: Solutions for a Real Estate Flipper's Budgeting Challenges

Mastering Your Finances: An Insight Into Variable Income Handling and Real Estate Investment In this episode of the Mills Knows Bills Podcast, host Mills Bender is joined by CEO and Founder of Mills Knows Bills, Mills Bender, and real estate entrepreneur Robert Ortiz. They discuss the challenges and strategies associated with managing variable income within a 90-day timeframe. Mills provides practical advice on setting a budget including accounting for future tax obligations, reinvesting in the business for long term growth, and saving for an emergency fund. Robert shares his non-traditional approach to real estate investment which involves flipping land to builders. He also highlights the potential for new team members, sellers, and buyers or builders to join his operations. The episode concludes with Mills suggesting available resources, including coaching programs and courses, for those interested in improving their finances. 00:00 Introduction to the Podcast 01:04 Guest Introduction: Robert Ortiz 01:54 Rob's Burning Financial Question 02:39 Establishing a Budget for Personal Finances 03:42 Creating a Business Budget 04:42 Managing Extra Revenue and Establishing an Emergency Fund 06:36 Reinvesting Profits for Business Growth 10:00 Rob's Real Estate Investment Strategy 13:15 Connecting with Rob 14:16 Conclusion and Final Thoughts