345: How to Keep More of Your Money & Build Wealth w/ Emily Bowie

Thank you. Thank you. I'm approaching six figures or they've maybe just crossed that. But I've often heard that it's like, wow, I'm doing so well. I feel like I'm crushing it. But when all is said and done, what I'm taking home, it doesn't feel like I'm crushing it. So like, what can you say to those people? I feel like having good records of what you're actually doing is the first place to start to figure out what exactly is going awry or amiss, right? Because I think it's very common to get. To that point where you're generating the revenue, you're making the sales. But then all of a sudden, when you go to try and pay yourself, you're like, well, there's really not that much there. And why? And the first key step to that is having good books. And so with books, you can do a ton of things, which then identify where the cash is leaking. So the first place most business owners cash leaks is pricing. Oh, I can't tell you how many times. I talked to business owners and they're like, I just don't know where all the money goes. And we sit down and we do a price analysis and they realize, oh, wow, I didn't factor in that a certain percentage of this goes to turning the lights on every day. You know, figuratively, if you have an online business, but, you know, quite literally, if you don't and it's that overhead percentage. But most people don't know about that because they don't have their books together or they're only getting. Their books after everything has happened, which then can put them in another situation. You know what I mean? Yeah. Then that makes a lot of sense. And I know like, you know, pricing is obviously is like a touchy, maybe controversial, emotional. It's an emotional topic for my audience. And usually when people are pricing, they're just kind of pricing on like, oh, this is where I'm comfortable versus actually looking at, well, like when I sell like a program, a service, like what's coming? Yeah. Like, do I need to pay for my client's lab tests? Like, am I sending them a supplement? Like, am I paying a VA to do X, Y, Z? And sometimes people don't do that. And like, why do you think that is? Well, I think it's because it feels complicated, right? So the first thing is pricing is emotional for a lot of people and they are pricing based on how they view their worth and the value of their service. They may be pricing because of what market tells them to do. They may be doing. They may be doing a lot of things, but most of the time they're not like crunching the numbers because they are most likely not numbers people, right? Like I think most business owners don't get into business because they want to be this fabulous business woman or man. They get into business because they're really good at the thing they do and they know they want to make that impact. But then they find themselves at this like crossroads where they have to all of a sudden become an accountant and make sure that their prices are, you know, they're not going to be able to, you know, can withstand the cost of actually providing the service. So one thing I see a lot of business owners do is they only account for direct costs. So that means it's any cost that is related to delivering that service. So when you were talking about sending labs, that would be a great example of a direct cost in order for you to generate that revenue. You had to do the labs to do it, right? If it is you're paying somebody else to. Counsel somebody on what the labs say, they account for those things, but what they don't account for is that the zoom link that you send them costs you every single month, regardless if you make that revenue or, you know, your email platform that you send out all those reminders to those are indirect costs. And that's what normally where your overhead lives is in all those expenses that aren't directly related. And most people don't ever really think about that. When they're creating their price. Okay. This makes a lot of sense. And I've actually struggled with this because like, yeah, the direct costs are actually, they're the easier side of things, right? It's like, I know that I'm going to pay this stripe payment fee. I know that, yeah, I'm going to have to pay for this or buy this lab or send this supplement or there's a shipping cost, whatever. But when it's something where it's like, yeah, it's not directly tied to the sale. And obviously with like a zoom subscription or like, you know, email service provider, like it's typically like a monthly or an annual thing. And it, it doesn't really change unless you're upgrading the subscription. So like, how do you factor that into your pricing? Like, like what's a good way to look at that? So practically speaking, if you look at your profit and loss statement, which is sometimes referred to as your income statement, but it's essentially where it shows top line revenue less your cost of goods sold, which is expenses. And then less your additional expenses, which is your overhead, you would want to take that additional expense. Number and take it in relation to revenue. So it would be, say you had $50 of other expenses and you would divide it by the a hundred dollars of revenue that you generated. And that gives you that percentage of 50% and you would take that number and multiply it against, I know we're starting to get real mathy, but you multiply it against your actual price, right? So your price is now. The price of the service, less the direct costs, you know, are related to providing that service. Then less this percentage of revenue that every time you sell something, you pay 50 cents of that to just run the business in general. And so when people forget that, that's when they have no net margin at the end of the day, because they're looking at it and they're like, well, I sold a hundred dollars and I think I know after. Everything is said and done under cogs, um, cost of goods sold. I have $80 left. Where's the rest of it. But then when I look at my bank account, I only have 30 and it's because they're not factoring in the cost of doing the business in general. Yeah. Yeah. And that's a tough one. I mean, subscriptions are crazy. They, they really like add up and I mean, it's easy to kind of let that get out of control and you forget you're paying for things and you know, so I guess this is something that you're always going to have to do. You're always going to need to be looking at, because I'm assuming like the cost of your subscriptions, like it changes. It's not always the same, right? For sure. So I like to do the rule of thumb of an expense audit at least once a year at the very minimum, but I recommend it pretty much quarterly because we all know what happens is we sign up for this free trial. It starts charging. It's only 15 bucks. We might use it. Then we got another one. That might be used at some point in the future, that type of thing. And those things add up quickly. And if we can nip it in the bud after the first quarter of charges, you just find yourself in such a better position. Software subscriptions are usually a big culprit. Memberships, you know, those group coaching memberships that everybody joins and then don't use, or they got in at like a founder price and then price went up. So they're just like, Oh, I don't know. I'm just keeping it just in case they might. Yeah. I've got one of those happening right now. Same, same. I know the, I know the rules and it's still hard to let go of some of those things. And so if it just becomes a regular practice where you print out your expenses on a quarterly basis and you just go through and say, Hey, can get rid of this. And also if it's a personal expense, get that out of there as well. But then even looking at some of the rules, it's still hard to let go of some of those things. So if you're doing something like a coaching membership, when's the last time you attended a group coaching call? And if you did, did you get value? If you did, awesome. That's a return on investment. It's worth paying for it. But if you've been in this group for three years and you've only attended twice, you may want to start asking yourself, like, is it actually a good utilization of that money? Because that money then could be used for private coaching if that is actually something that's better for you. Versus being in a group. I know for me, I get lost in a group type of thing. I'm, I can perform just well enough to look like I'm good. And I actually need that one-on-one call out to be like, you're, you're, you're phoning it in. You're not doing what you could really be doing here. You know? Yeah. Yeah. No, that totally makes sense. And actually something I did recently was I just put all my subscriptions into Claude and I was just like, can I, is there something cheaper? Can I combine things? Like, do I need this? and it actually helped me because even like with my Google workspace, which is like, I don't, I didn't realize I was paying double when I didn't need to, because I didn't, I mean, Google work, you do anything in Google and you're like in the dashboard and you're like, what is happening here? I don't even know why I'm, what is this is, you know? So, I mean, that's something that helped me. Cause I mean, it's a nice thing about AI tools is it can help you like figure out if like there's a cheaper option somewhere, or even if you could combine things, cause maybe one thing you're already paying for will actually do the thing from the other thing you're paying for or something. And that is very common with subscriptions, right? Like you have two tools that do the exact same thing, but you're paying for both or another good thing to, um, analyze when you go through this, like expense audit is, should I be paying this on an annual basis to save some cash? Or do I need to pay it on a monthly basis because my cashflow is tight. So it kind of brings you to make strategic informed decisions versus just like willingness, just letting it roll for as long as it does, you know? Yeah, totally. And so I want to come back to the thing you mentioned about books earlier, um, in our chat, because, you know, I think what happens is like, we just see our books at the end of the year. Um, a lot of people may be outsourcing their bookkeeping. You know, I, I have a bookkeeper and an accountant and like, I don't want to be doing that myself. Um, but like, how can you look at it more? Like, should you be looking at like the monthly reports that you get, or is there a different way you can kind of track this outside of that? I think. I think it's really important that they are done timely. So they should really be done by like the 10th, 15th of the next month, because you're already two weeks into a bad decision if there was one, right? Like, you know what I mean? And so I would say the 10th, the 15th. And then when you look at it, don't just look at this month's performance, look at it over the last few months. So then you can start seeing trends. You can catch expenses that, you know, went from a free trial, to being charged, or you can start to see where you're like, wow, I'm spending a lot of money on office expenses. What am I actually spending it on? Those types of things. So that month over month view is super helpful when you're reviewing a profit and loss. Then the other thing I would challenge you to do is often your bookkeeper will send you a balance sheet. Nobody knows what to do with a balance. Oh yeah. I don't, I'm like, oh my God, I make, my partner is good with numbers and I'm like, give me, give me the Kohl's notes. When you get that balance sheet, the number I want you to look at is your cash. And if that cash varies very much from that net income number, then you need to start asking questions and start looking at things. So can you explain that? Like, what do you mean by that? So in general, it, let's say before you become an S-corp business, say you are just a normal S-corp business. You're just a normal S-corp business. LLC, sole proprietor, you pay yourself through distributions. That cash balance should be- So just, can I just stop you for a second? So LLC, because I'm in Canada, so I just want to make sure I understand like maybe what's somewhat equivalent. So LLC is when people are like a sole proprietor. Is that kind of what I'm getting? Okay. Yes. And they elect to be viewed as a, it basically keeps your business separate from your personal. So if something were to go awry, they could only go after the business. Oh, okay. So that would be for my Canadian people, like we have, you're either a sole proprietor, which is all one, like it's like business and you were all the same or you get incorporated and that's when it separates. So that sounds like that would be similar to what you're talking about. Yeah. Okay. So if you're a sole proprietor, you will pay yourself distributions. You'll just transfer money out of your business into your personal account or whatnot. So that total number plus what's in your cash account should equal your net income. Okay. That's the simplest way to explain it. So if it doesn't, that means you are having cash leaks somewhere. You could be having timing issues because you're purchasing everything on like a credit card. So the expense hits in the month, but the cash doesn't leave until the next month. It could be numerous different things, but that's usually my sign to somebody like, Hey, you need to look at it a little bit deeper. You're missing something. If you're a S corp, your, which is how your LLC is going to look like, you're going to have to look at it a little bit deeper. You're selecting to be taxed where you actually run yourself on payroll. Okay. That looks different because that's actually incorporated in your profit and loss statement. So then your net income should really similarly look like your net income plus your, or your net income minus your cash. And then any kind of additional distributions you've done to yourself or done given to yourself, those then should be equal. So it's not, you're a full payment to yourself because your W-2 is captured on your profit and loss. It's just when you do additional distributions to yourself on above and beyond your paycheck every month. Okay. So if that net income in cash is like, you know, there's variability and it's not near the same, like what do people need to start looking at first? How in debt are you? Okay. That's usually a key sign that you're probably in debt or you're kind of line of credit or loan or credit cards in a way that you're not paying off on a regular basis. Um, that would be the first thing. And then that opens the lever to do the expense audit, check your pricing, do all of those things. Cause all of those things can kind of true you up. Um, and I think from there it's like knowledge is power, right? So if you know it's, there's a discrepancy between the two, it's typically that it's there. You just don't know. And so what is there if that makes sense? Yeah. Yeah. Okay. That makes sense. Um, so do you have any examples of like maybe people you've worked with where you, yeah, you found some of these like hidden cashy leaks or yeah, some like big discrepancy where you were able to resolve it and actually create a lot more wealth for someone maybe without changing that much, if you know what I mean? Yeah, for sure. So pricing is probably the easiest and best way to attack it. And so my biggest caveat to this is, people get nervous talking about pricing cause they're afraid to like go throw a higher price tag on it. But I've always encouraged people. If you're already taking a hit with it being currently priced, raise it by $5, $10, something manageable until you can feel like you're behind that number and then you can raise it again. And so what I used to do when I first started out, I was doing a lot of personal finance coaching. So I, I used to do a lot of personal finance coaching and I used to take a lot of money and I would always have that like problem because most of these people are having money problems and me charging for things. It was really difficult for me to like go higher because I can barely afford this anyway. But when I did it, I would just, the next client, I would say, Hey, actually my fee is this. And then the next one, it would just be in 10, 15, $50 increments until I could feel like, okay, I see how this is benefiting them. I can see the return they're getting. Yeah. And it's something I've never really, like, I definitely, you know, I've thought about those per unit costs, but yeah, I've always wondered how to kind of factor in the subscriptions because you're right. A pricing is so emotional and people have, I mean, there's just a lot of baggage that comes with money and charging and, you know, all these different perceptions of like what's affordable and what's fair and, you know, people pricing based on what they see someone else pricing. But then like, we don't know what that person's lifestyle is. Like, we don't know what, you know, expenses they have. And so I've always wondered how to kind of factor in the we don't know what their costs are because everyone's costs to run the business is going to be a little different. Right. A hundred percent. And I think about this and I know this might not be as comparable to maybe your audience, but I have a client that very profitable business. Right. And he had an idea of what his labor rate was, but it was wrong. And so every time he did a proposal, it was about 10 to $15 short of what it needed to be. And so he was underpricing how much it actually cost him to provide that service. And then on top of it, he didn't have the breakout between the cause, like the cost of goods sold and the overhead. So he was just saying, generally, this is how much I mean, we were able to find on a very already profitable business, $1.4 million in costs that were not accounted for. So then when he went into his proposal process, he was like, I don't know what to do. I don't know what to do. I don't know process. Now he factors in a percentage for overhead to make sure it's covered. He runs his labor cost again to make sure it's the same. And so those are very like tactical, practical things you can do to really just kind of tune into is my price at the right point that I can turn the lights on tomorrow. Because the truth is, if you don't raise your prices, and you're taking a loss every time you sell a service, one, you could build resentment for providing the service. Yeah, to you might not be there next week, to be able to provide it because there will become a time where it's costing you way too much to run the business. And you're not able to justify continuing on. And sometimes people find themselves in a very tough spot where they're taking personal cash and fronting payroll, they're taking personal cash to do a whole nother realm of needing help within the business. And I think it speaks to like, what is fair pricing? Cause I always talk about like, you know, people like I want to price fairly, but I'm like fair pricing is pricing based on reality. In my opinion, like, it's not like just pulling a number out of your ass because you think it's fair. It's like, no, it's like, I'm, it's the same. Like if I were to start a skincare line, I wouldn't just say, Oh, I want to charge this random price for this moisturizer. Like I would have to look at like the manufacturing costs, like the cost of marketing, like all of those things, the cost of shipping, like whatever it is like to come up with the price. Right. Well, and I think it's so easy when it's a product based thing or your service requires a product because you can justify increasing, but think about how much education goes behind your service you provide, or, you know, whether it be, you had formal education or you invested in a course and you are essentially short cutting people to their end goal. And that's what they're investing in. They're investing into your experience, how much you've invested into things, all of that. So that's another way I help people kind of get over that hump of changing the pricing because I'm like, how much would you have paid to know and learn all the things you had to learn to now be able to teach people how to shortcut that? Because that's how, what you're doing for people. Yeah. And I think people don't nearly credit themselves enough for that. And my audience are like highly educated. You know, a lot of them have PhD. Or masters, or they've done like five different, like types of health coaching certification and continuing education here in this course and that course. And like, they have all these letters behind their names and it's sometimes it's tens of thousands, if not a hundred thousand plus dollars worth of education. Yeah. And I think we sometimes will price based on our identity and what we view our worth is, and we need to be more objective in looking at what the person is actually doing. And I think that's what we need to be more objective in looking at what the person is actually going to get on the other end of it and think about like what you would have paid to get there because truly to me, going through health issues galore and like dealing with a lot of what comes into going into this perimenopause of life and you know, all of those things, when I finally got an answer, I was like, I would have paid somebody some good money to get me here so that I didn't have to take three years to figure out none of these other things. Yeah. It's like what value do you put on like this facilitation of transformation, right? Like it's, it's big, you know, it, it can change people's life and people are willing to pay for that. And so people have to value themselves correctly, I think. Absolutely. Yeah. Okay. Let's talk about like, um, tax strategies. I know this will probably be mostly relevant to our U S people, which is the majority of our audience. So how can people like use tax strategies to keep more of their money? Because I think we all hate. Giving the government money. Absolutely. I'd much rather keep my money so that I can grow my money, you know? Yeah, exactly. So one of the things that would be really relevant is knowing when it's time to do that S corp election. So S corp tax election is really relevant to somebody who is netting. So that is revenue minus all your expenses, both cost of goods sold and overhead that net income of 75%. to 100K is usually where I say it is good for you to consider doing an S-corp transition. Now, depending on what state you live in, they got different rules. They sometimes tax entities at a different percentage rate. So it doesn't make sense. This is why we always say talk to an expert. But the thing is, once you become that S-corp, you have so many more levers you can pull to bring in taxable, tax advantageous money into your household that you didn't have as a sole prop. And so I think it's really important to talk to that because a lot of people on the internet will say that net income of like 40 to 60K is sufficient. And we don't agree with that because we care about your cashflow. And we have seen where business owners converted to S-corp status. Too soon. And it hindered their cashflow and ultimately required them to unbecome an S-corp so that they could financially continue on their business. And I just think about all the opportunity costs there of like the fact that you didn't have the cash to continue to grow and scale like they would have had they waited another year. Because it can be one of those vanity metrics in the business world to be like, I'm an S-corp now. It's like this, I've made it kind of things. And truly, it doesn't always make sense until you are in a good cashflow spot because you have to prepay things like payroll expense and stuff like that, that you don't have to do when you're just a sole proprietor. Okay. Yeah. And that makes sense. It's very similar to how it is in like Canada as well. Like it's like, it's about the same, like once you're kind of netting that amount of, and that's what I, my accountant who, you know, helped me incorporate, I said, he's like, we're kind of looking at this and he's like, I'll take a look at your stuff and just see. And he was sort of like, well, if you were incorporated this year, you would have saved $8,000. I was like, okay, let's do it. So the cool thing about that, and a lot of people don't know this, you can do a late election S-corp conversion where you can backdate it to the beginning of the year. This is where having a professional is super important because they know how to fill out the documents and make sure you have all the required stuff. And they can help you run the back payroll. That's another thing that a lot of people miss. And the back payroll is just so you can pay those payroll taxes you should have paid throughout the year. If you were an S-corp throughout the year, if that makes sense. That makes sense. And just, just a question, this might be an ignorant question, but like, what if people don't have employees and they have contractors? Like, is it, are they still paying payroll? Like, how does that work? So you can, you're, you would be the person that's on payroll. Okay. Okay. I get it. Yeah. That makes sense. Okay. So if they were an employee, then that employee could be on payroll as well, or that's a whole nother like list of things that I would tell you, you should consider before making a contractor an employee, but it all relates to cashflow at the end of the day. But what we're talking about right now would just be the business owner themselves putting themselves on payroll. Okay. Yeah. That totally makes sense. I just wanted to clarify that. So are there any, so that's like the main, is like determining like when you move into this different tax structure, um, and not doing it too early, like sort of doing it at the right time. So, you know, for anyone in the audience, who's not there yet, these are just things for you to think about. And then hopefully there's some people in the audience who are like, Oh yeah, maybe I should go look into switching over. Is there anything else? So with that, that conversion in itself will save you money because it moves your money into different taxable buckets, just making that conversion. But when you become an S-corp, you get to have, so many additional levers you can pull that aren't available to you for a sole prop. So one of which is an accountable plan where basically you can reimburse yourself for personal expenses that you incur that we say are relevant to the business. So you have to have all the proper documentation. You need to track it throughout the year. It's a total legitimate way to bring tax-free dollars into the home above and beyond what you're making through payroll and shareholder or owner distributions. And then also, and I don't know if this applies in Canada or not, but we have something called the Augusta rule where in Augusta, Georgia, they have all their houses that they rent out for the masters. I think it is, it's a golf tournament. Oh, okay. Yeah. It's very popular in the States. And so they did not want to have to pay taxes on that money. And so there was an opportunity where business owners can rent their home back to themselves and create a tax covered income coming into their home. So they can rent their home to themselves. They just need to have proper documentation of how much it would cost to rent in the local area. And they can only do it 14 days out of the year. They have to make sure it was for a reasonable business cause that they did it. But it's just another way for you to assess what makes the most sense for you to get more money in the home without having it being taxed too. And it's all in the tax code, which is great. I think it's just an awareness thing. Yeah. It sounds like you should be looking into if there's any like funny rules like that in like the state. Yeah. There's a lot of rules that you have to follow that you're in because I'm sure it varies depending on where you live. Absolutely. And I just think this is where when you become an S-corp, that's usually your sign that it is time to at least do one year of tax strategy. And I want to clarify what tax strategy is versus like tax preparation. So tax preparation is you've done all your books throughout the year and you hand it off to either your CPA, your EA, or whoever prepares your taxes. And they go and just report compliantly to the government basically that you've done what you were supposed to do. And then. you owe money or you don't. A tax strategist is actually helping you figure out what you can do based on what your situation is. And they're not always the same person. So a lot of tax preparers don't know tax code well enough or don't have as much experience with it and how to utilize it in business. So a tax strategist usually will refer to them as such. So when you talk to your CPA, or your tax preparer, whoever is doing the taxes for you, you ask them that question. It's like, are you a tax strategist? Can I come to you to see how I can get my taxes down? And then they'll say yes, no, or maybe you should talk to somebody else. Okay. Yeah, that's really interesting. So I have a friend. She's in Australia. So it's obviously a totally different place. But she's been able to write off all sorts of kind of lifestyle taxes. She's been able to kind of write off like beauty things and healthy food because she's a health coach and her she's tax lawyers. And they're like, well, essentially, you're like a model on Instagram. So you can write off like this, that and the other thing. And so she's been able to get her taxes down, just incredibly low just by doing that sort of thing. Is there any opportunity for things like that in the US? It is totally dependent on your industry and what your related expenses would be reasonable for the job. In the US specifically, they have this like rule, if it could be considered a personal expense or some kind of like pro for you as a person, then you can't write it off. Right. And so it really is up to the discretion and probably the risk adverseness of your CPA as to what they would be comfortable letting you claim on the return. I think the biggest thing is if your tax preparer says you can write off all this stuff, and then they're like, you can write off all this stuff and then they're asking you to sign the return that you prepared it and they didn't prepare it, then that's probably a sign you might be writing too much off. Right. Because we laugh about it, but like, I have seen some things. Yeah, I bet. But like, I think it's one of those things that it's important to kind of know what feels like a red flag, what seems reasonable, whatnot. Like you don't have to be the expert in it. That's why we hire the expert. But you should be the expert in it. And that's why we hire the expert. And that's you should have some kind of like, handle on what you're looking at. And that usually is the biggest red flag. And we literally just had a client that came to us and was like, yeah, they had me sign it. And I'm like, what? We're like, let's review that return first. And then we'll come back, you know? Oh, my God. Do you see people try to write off like some crazy things? Yes, all the time. And so that's the thing is that, the tax code is available for you to utilize. You just need to have the right people on your team to know how to use it correctly. So you don't have to do the crazy stuff people do that find themselves in situations, we'll say later in their life. It's one of those things that a lot of people are scared to get started with it because they don't know enough about it. Right. And that's where I say, hey, just go hire somebody that is really keen on educating you alongside helping you do it. Because I think that's huge. And I know being in this space, not everybody is as big on education as we are. And I think you can only make better, more strategic decisions if you have an idea of why we're doing things, not just saying, you got it. Just tell me what I owe. Totally. I mean, yeah, that makes sense. It's good to understand. And I think it's hard because you mentioned at the beginning, we're kind of adverse to numbers. And I think women especially tend to have this mindset, I'm bad at math. I hate when people say that because I'm just like, no, no, no. You can be good at this stuff. It doesn't need to be complicated, but you do need to be comfortable looking at your numbers. So before we wrap up here, when it comes to just building wealth, is there any mindset that people need to have? Because I think because money is an emotionally charged thing, I think it's important to have that mindset. And I think when it comes to building wealth, building generational wealth, is there any sort of shift that women need to have when they think about this? So I would say hands down, knowledge is power and the numbers are just data. Instead of making them mean anything else other than, hey, I'm just collecting data on what has happened, what could happen in the future, so on and so forth. I think really shifting that mindset to be like, hey, this is just data. I'm just collecting data on what has happened, what could happen in the future, just painting part of the picture. Because the numbers don't tell everything. So if you have great margins, but you have a miserable life, we don't want that either. So I think it's really important to say, to keep numbers in their rightful place in your decision making. But in order to do that, you have to look at them. So one of the things I recommend to everybody is to have a money Monday moment where they sit down. And they just look at their books. They look at what they've generated for the week. Maybe they look at key performance indicators that they know will help them determine what to do that week, whatever it is. But start normalizing looking at it and not leaving it until the end of the month or the end of the year. Because that in itself, awareness literally changes your behavior overnight. And then from there, you can feel more confident. To say, I'm not bad with numbers. I just didn't know what the numbers were. Yeah. And I think that changes everything. Because once you see that you can do it, then so many things are available to you. Your eyes kind of open and you're like, oh, these opportunities were all sitting here. I just couldn't see them yet, you know? Yeah. I mean, I'm going to take your advice on that for sure. So you have a freebie that I'm going to put in the show notes for this episode of five cash leads and five missed tax deductions. Can you tell the audience a little bit about that? Why they should grab it from you? Yes, please grab it. These are the most missed deductions we see when we're reviewing prior year returns. Go check those out. They can make a world of difference in how much you owe in taxes. And then the cash leads, a lot of what we cover today is detailed out a little bit more in this freebie. But we're talking about pricing, how compensation structure can mess you up as well. Especially if you start growing a team. We talk about the expense audit and that important of keeping your personal and your business apart. This freebie is a really good guide to things you can do today to fix your situation, right? I think often we get off these podcasts and we're like, oh, this is great information, but like, what do I do now? This is essentially a checklist you can go through and say, okay, I'm going to do my expense audit. Hey, I'm going to look at my, can I raise it by five, $10? Will that help with margin? You know, those types of things. Okay. Awesome. So I'll make sure that's in the show notes for this episode. And if people want to connect with you and like, you know, get in touch with you or just like binge your content, how can they, how can they do that? No, you can find me personally on Instagram at Emily, the Bowie, B-O-W-I-E. And our firm is Thorne Advisors. It's T-H-O-R-N-E Advisors. And we talk all things tax, cashflow, money mindset. I talk about just very relevant things. My business partner goes in the weeds of like things you need to know about taxes all the time. Okay. Awesome. Well, thank you so much, Emily. This has been super enlightening. I really appreciate you being here today. Thank you for having me. Awesome. Thank you so much everyone for listening to today's episode. I will see you next Monday, same time, same place where I help you become wealthy AF. Subtitles by the Amara.org community