Financial Freedom Podcast with Dr. Christopher H. Loo, MD-PhD #506 - Unlocking Financial Freedom: A Deep Dive into Bookkeeping, Real Estate, and Business Structure with Caryn Silvius (Olive Branch Book)
Description: In today's episode, we're thrilled to have Caryn Silvius (Olive Branch Book), a seasoned bookkeeper with over 15 years of experience, who has navigated her way from small hydraulic cylinder repair shops to major CAD engineering companies. Caryn is not just a bookkeeper; she's an entrepreneur at heart. She joins us to share her insights on the importance of bookkeeping, creative ways to track investments, and how to structure your business for maximum profitability and security.
Key Takeaways:
The Importance of Structuring a Business: Caryn explains why a well-structured business is the cornerstone of financial security and how it can protect you personally.
Investment Tracking: Caryn delves into why investors should consider hiring a bookkeeper to track their investments, even when they already have a manager.
Creative Ways to Track Real Estate Investments: Caryn shares some innovative methods she's developed to make tracking investments easier and more effective.
How to Become More Profitable in Business: Caryn reveals her top tips for increasing profitability, including why understanding your Profit and Loss statement is crucial.
Questions Caryn Answers:
- What are some of the biggest struggles business owners have?
- What is the difference between a balance sheet and a profit and loss?
- Why does Caryn believe that in the investment realm, investments should be treated as income and expenses rather than assets?
- How would Caryn structure multiple businesses for a investor or someone like herself who holds many different companies?
- Why should you have more than one business bank account?
- How can debt be utilized as an asset in your business?
- What are some ways a business owner can become more profitable?
- Why should investors track their investments with a bookkeeper when they have a manager?
- What are the differences between a bookkeeper and a manager?
Whether you're a seasoned business owner or just starting out, this episode is packed with actionable advice that you won't want to miss. Tune in now!
Disclaimer: Not advice. Educational purposes only. Not an endorsement for or against. Results not vetted. Views of the guests do not represent those of the host or show. Do your due diligence.
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