Log in

goodpods headphones icon

To access all our features

Open the Goodpods app
Close icon
The Zack Arnold Podcast - How to Optimize Your Finances As a Freelancer or Small Business Owner | with Sylvia Inks

How to Optimize Your Finances As a Freelancer or Small Business Owner | with Sylvia Inks

04/26/18 • 51 min

The Zack Arnold Podcast

If you work a demanding creative job and you love doing creative work like I do, then you can most likely identify with how much I hate dealing with money, finances, bills, and paperwork. While I understand all of them are “necessary evils” to running a business and being successful, on an emotional level I feel like when I’m reconciling transactions, creating invoices, or organizing paperwork to do my taxes, I’m simply wasting my time because I’m not creating.

Any time when I’m not “making cool stuff” is time I’m wasting.

Luckily I no longer have to manage mounds of unfiled paperwork, paying bills, or reconciling transaction thanks largely in part to crossing paths with my guest today Sylvia Inks. She’s the founder of SMI Financial Coaching where she’s a business and financial coach who helps entrepreneurs and small business owners learn the financial skills necessary to succeed.

Even though you may have never thought about it this way before, even if you just jump from one freelance job to the next, YOU are a small business. So this episode is especially helpful for those who work with multiple clients even if you don’t technically have a “business” with your own employees.

Sylvia and I dive into all of the necessary steps to organize your finances so you spend less time wading through paperwork and more time creating things you love.

If after this interview you are inspired to get your financial life organized, Sylvia has created an amazing guide where you can follow along one simple step at a time to organize your business finances and make your life easier. Click to download her 'Ultimate Guide to Organizing Your Business Finances.'

Want to Hear More Episodes Like This One?

» Click here to subscribe and never miss another episode

Here's What You'll Learn:

  • Shifting your focus from being freelance to viewing yourself as a small business
  • Preventing the "week of pain" before taxes are due
  • Finding the expenses that you didn't know you could write off
  • Making your finances as simple as possible with helpful software
  • Taking control of your finances, not just to save money, but to find money you didn't think you had
  • Getting into the mindset that time spent organizing your finances is not a waste of time
  • Using Shoeboxed to digitize your important paperwork
  • The distinctions between an accountant and a CPA

Useful Resources Mentioned:

Small Business Finance for the Busy Entrepreneur

Freshbooks Invoice and Accounting

SMI Financial Coaching

Ultimate Guide to Organizing Your Business Finances

Quickbooks

Xero Accounting Software

Due

Shoeboxed

Sylvia's Folder Structure

Our Generous Sponsors:

This episode is made possible by Ergodriven, the makers of the Topo Mat, my #1 recommendation for anyone interested in moving more at their height-adjustable workstation. Listen, standing desks are only great if you’re standing well, otherwise you’re constantly fighting fatigue and chronic pain. Not like any other anti-fatigue mat, the Topo is scientifically proven to help you move more throughout the day which helps reduce discomfort and also increase your focus and productivity. And they’re really fun and a great conversation starter.

Guest Bio:Facebook|Twitter|LinkedIn

plus icon
bookmark

If you work a demanding creative job and you love doing creative work like I do, then you can most likely identify with how much I hate dealing with money, finances, bills, and paperwork. While I understand all of them are “necessary evils” to running a business and being successful, on an emotional level I feel like when I’m reconciling transactions, creating invoices, or organizing paperwork to do my taxes, I’m simply wasting my time because I’m not creating.

Any time when I’m not “making cool stuff” is time I’m wasting.

Luckily I no longer have to manage mounds of unfiled paperwork, paying bills, or reconciling transaction thanks largely in part to crossing paths with my guest today Sylvia Inks. She’s the founder of SMI Financial Coaching where she’s a business and financial coach who helps entrepreneurs and small business owners learn the financial skills necessary to succeed.

Even though you may have never thought about it this way before, even if you just jump from one freelance job to the next, YOU are a small business. So this episode is especially helpful for those who work with multiple clients even if you don’t technically have a “business” with your own employees.

Sylvia and I dive into all of the necessary steps to organize your finances so you spend less time wading through paperwork and more time creating things you love.

If after this interview you are inspired to get your financial life organized, Sylvia has created an amazing guide where you can follow along one simple step at a time to organize your business finances and make your life easier. Click to download her 'Ultimate Guide to Organizing Your Business Finances.'

Want to Hear More Episodes Like This One?

» Click here to subscribe and never miss another episode

Here's What You'll Learn:

  • Shifting your focus from being freelance to viewing yourself as a small business
  • Preventing the "week of pain" before taxes are due
  • Finding the expenses that you didn't know you could write off
  • Making your finances as simple as possible with helpful software
  • Taking control of your finances, not just to save money, but to find money you didn't think you had
  • Getting into the mindset that time spent organizing your finances is not a waste of time
  • Using Shoeboxed to digitize your important paperwork
  • The distinctions between an accountant and a CPA

Useful Resources Mentioned:

Small Business Finance for the Busy Entrepreneur

Freshbooks Invoice and Accounting

SMI Financial Coaching

Ultimate Guide to Organizing Your Business Finances

Quickbooks

Xero Accounting Software

Due

Shoeboxed

Sylvia's Folder Structure

Our Generous Sponsors:

This episode is made possible by Ergodriven, the makers of the Topo Mat, my #1 recommendation for anyone interested in moving more at their height-adjustable workstation. Listen, standing desks are only great if you’re standing well, otherwise you’re constantly fighting fatigue and chronic pain. Not like any other anti-fatigue mat, the Topo is scientifically proven to help you move more throughout the day which helps reduce discomfort and also increase your focus and productivity. And they’re really fun and a great conversation starter.

Guest Bio:Facebook|Twitter|LinkedIn

Previous Episode

undefined - From 'Dad Bod' to...American Ninja Warrior?

From 'Dad Bod' to...American Ninja Warrior?

Click to Download Audio

[Dad•bod] ( noun ):

  1. A male body type that is best described as "softly round."
  2. The type of physique a man "earns" when the increasing pressures of work life , married life, and especially fatherhood no longer allow him the time or drive to maintain a hard , toned figure. As a result, what was once a sculpted, chiseled frame digresses into a soft , flabby heaping pile of “I Don't Give A Shit Anymore.”
  3. A male who is usually over 30 years old that used to be jacked or in good shape, or an ex-athlete who is now an average Joe Blow with kids. Usually also hairy.

Yup. Urban Dictionary1 pretty much nailed it, but they missed one small detail: They didn’t provide a photo. I’ll spare them the research.

This was me just 3 months ago, the only day in my life I’ve ever tipped the scale over 200 pounds. And that one single day was more than enough to remind me I’m way closer to forty than thirty, and “getting back into shape” isn’t going to get any easier the longer I put it off.

January 1st, 2018: 200.7 pounds, 38” waist, 25.3% body fat

It was this very moment when I decided “Tomorrow” is no longer a day of the week on MY calendar.

Given I spent ten years of my teens and early twenties obsessively training for a black belt in martial arts (and living in the weight room), and knowing it was only a few years ago that I crushed P90X2 and completed my first Spartan Trifecta, the only question that continually ran through my mind when I saw “200.7” on the scale was:

“How the hell did I get here?”

It didn’t take long to do the math.

  • 15 years of 12+ hour days living behind a computer (under constant stress...in the dark)
  • Thousands of afternoon snacks in front of the television watching raw footage or reviewing cuts (because after a hard morning, “I deserved it”)
  • 7 years of sleep deprivation after having two kids (they’re now 8 and 6, so I finally have sleep under control again)
  • Only prioritizing exercise when I was training for events instead of turning it into a lifestyle choice and a regular weekly habit
  • A lifetime of being a workaholic and prioritizing my career ahead of my well being

Worst of all...2017 was not kind to me. I frequently refer to it as “The Lost Year.”

According to my public profile I crushed it: I edited the pilot, finale, and two additional episodes of the limited TV series Unsolved: The Murders of Tupac & The Notorious B.I.G., I achieved the lifelong dream of becoming a member of the American Cinema Editors (ACE), and I rebranded from ‘Fitness In Post’ and launched ‘Optimize Yourself’ shortly after running a successful 5-day fitness challenge with over 1100 participants on six continents (I still can’t win over Antarctica).

I found myself in the fetal position thinking, ‘My family would be better off without me.’

What you won’t learn about me on my IMDB page or Facebook is that I spent half of 2017 battling the second worst case of burnout I’ve ever faced that included months of writer’s block, debilitating social anxiety, and more than one occasion of suicidal depression where I found myself in the fetal position thinking, “My family would be better off without me.”

Regular exercise and proper diet were distant memories in 2017. I spent six straight weeks between projects binging seven seasons of Shark Tank with a never-ending bowl of popcorn in one hand and Oreo’s in the other. And my daily fitness goal was attempting a 15 minute walk around the block without stopping to rest from exhaustion. (I failed more than I succeeded.)

Listen here to learn more about how I dug myself out of the dark hole of depression by learning how to “rewrite my story.”

So then what business does an out of shape television editor with a killer “Dad bod” have thinking he can legitimately compete against some of the top athletes on the planet on the show American Ninja Warrior?

If you’re not familiar with...

Next Episode

undefined - The Four Types of Creative Jobs (and The Secret To Knowing Which Is the Perfect Fit For You)

The Four Types of Creative Jobs (and The Secret To Knowing Which Is the Perfect Fit For You)

If you intend to climb the career ladder straight to the top, step #1 is understanding the four different types of creative jobs. Only once you understand where your job fits in can you then reframe your perspective to get the most out of every opportunity (or know if it’s time to bail out).

Imagine for a moment you’ve wanted to be a doctor your whole life, and the first year of medical school is finally here.

After getting a toy stethoscope for your fifth birthday, you spent the next eighteen years dreaming of wearing the white coat, helping others in need, and writing the letters ‘M.D.’ after your name.

Yet despite knowing that being a doctor is the only true career path for you, you’re frustrated, anxious, and depressed.

Why?

You feel like all the work you’re putting in could potentially be a total waste of time because you haven’t seen enough results yet....you want to be a doctor NOW.

“What if medical school isn’t right for me? I should just become an independent doctor instead.”

“Maybe I should network with medical directors at local hospitals to see if there are any openings. I know I have the skills and can prove myself today.”

“I deserve the white coat. Why hasn’t someone discovered me yet?”

Wait a second...no medical student has ever been pulled out of their first year of medical school and given a white coat and a degree because they were “discovered.”

While no one would disagree that becoming a doctor is incredibly hard, it’s also simple (not to be confused with easy). It’s common knowledge that becoming a doctor requires everyone to follow the same path, and following that path combined with hard work and good grades almost guarantees a career in medicine.

Success Rarely Has a Defined Path

Unfortunately following a single defined path is a luxury you don’t have if you work in a creative field (especially filmmaking).

You may have gotten your first camera at five years old and spent every moment since learning the crafts of directing, editing, cinematography, etc. Yet despite the fact that in your mind you are a “filmmaker,” your current job title says otherwise.

Let’s say you’re an assistant, and your job duties include fetching the director’s coffee, pickup up the producer’s dry cleaning, and getting lunch for the grumpy editors who never talk to you.

In short: You’re a gofer.

You’re confident you have the skills to be a successful filmmaker, but you feel like all you do is spin your wheels, stuck in the exact same place.

Not knowing whether or not your efforts at your current job will pay off has left you frustrated, anxious, and depressed. You’re confident you have the skills to be a successful filmmaker, but you feel like all you do is spin your wheels, stuck in the exact same place.

Even worse, you recently read a story about director Ryan Coogler who’s first feature film right out of film school Fruitvale Station won him the grand jury prize at Sundance, and now he’s directing Marvel’s Black Panther!

Ryan Coogler and Michael B. Jordan, two guys way cooler than me and you.

Knowing there are real people not much older (or even younger) than you who are light years ahead in the same career is demoralizing, especially when you have no clue if your current job is leading you to the promised land...or completely wasting your time.

Resentment creeps in, your performance suffers, and what was formerly an “opportunity” has become an “obligation.”

What if simply understanding where your current job fits into your own unique career path completely changed the way you approach your duties day-to-day and you suddenly had 100% confidence that this was the exact path leading to your dream job.

Imagine having the same level of clarity as a first-year medical student that you were in the right place and all that mattered were your results.

Would your mindset change?

Your mood?

Your performance?

If you intend to climb the career ladder straight to the top, your first step is understanding the four different types of creative jobs. Only once you understand where your job fits in can you then reframe your perspective to get the most out of every opportunity (or know if it’s time to bail out).

The ‘Paycheck’ Job

The ‘Paycheck’ job is unfortunately the most common simply because the vast majority of jobs in the world are things that need to get done that most people just don’t want to do. It pays the rent and keeps you from starving, but that’s about it.

  • You aren’t passionate about the work you do
  • You aren’t building your professional network
  • You aren’t learning new skills
  • You definitely aren’t climbing the ri...

Episode Comments

Generate a badge

Get a badge for your website that links back to this episode

Select type & size
Open dropdown icon
share badge image

<a href="https://goodpods.com/podcasts/the-zack-arnold-podcast-80416/how-to-optimize-your-finances-as-a-freelancer-or-small-business-owner-4300985"> <img src="https://storage.googleapis.com/goodpods-images-bucket/badges/generic-badge-1.svg" alt="listen to how to optimize your finances as a freelancer or small business owner | with sylvia inks on goodpods" style="width: 225px" /> </a>

Copy