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Leaha Crawford and Rhonda Nolen are business consultants that discuss the current struggles of small business owners and entrepreneurs. Each episode covers steps necessary for smaller businesses and business owners to grow and prosper.
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This is a key when V studios original program The following is a paid program sponsored by Crawford management group and smart time consultants. Please be advised that the voices and opinions you hear do not represent the views of 91.5 Jazz and more the University of Nevada Las Vegas or the Board of Regents of Nevada System of Higher Education.
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Hi, my name is Leah Crawford. And I'm Rhonda Nolan and you're listening to the let's talk with Leah and Rhonda show for all the beautiful entrepreneurs out there. This is for you.
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Good morning in Las Vegas.
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Happy birthday to me. Today is my birthday and I have a special guest with a special co host in the studio with me today I'm saying happy birthday. Happy birthday. Happy birthday. Miss kappa sang Holmes. Good morning. Good morning. Good what Happy birthday to you too. Yes, yes. It's Pisces season is Pisces season spicy season. What you do for your birthday? I had a wonderful time by going out and making this a whole month of Pisces season. That's right. Yes, yes. Yeah. I know. I hated that. I missed the dinner the other night, but it's okay. It's okay. But it's a hard work to do, Pisces season. But today there are a bunch of events going on. Cap please tell him because if you're up listening to us, you're up and about. Let's talk about the events that are happening today. happening today. The events is happening today. We have the links Wellness Expo. That's over at the MLK senior citizens center 2420, North MLK at 10am to 2pm. And also, we have the National Coalition of 100 black women who are having sister nomics and that will be at the ad guy Knowledge Center at 817 North Street in Las Vegas. It is going to be a wonderful day one because it's Leah's birthday, man. It is a lot of events going on with women organizations here in the Valley. So I love it because I the you can basically well the 100 black women is homebuyers. homebuyers. Definitely talking about home buying and just the process of home buying the ad guy center. And I think that starts with time that starts at 11 o'clock 11am To 1pm 11am to 1pm and the Lynx Las Vegas chapter with the Wellness Expo. So they are going to be doing all types of screenings there. They don't want high blood pressure. They're doing a whole bunch of different tests. And because I think the Southern Nevada Health District is partnering with them. I can tell you they're going to have a bounce house. They want to have food there for the first 200 People shots out to Christie means because I know she's been working hard on this expo. It's a way for you to get the free screenings. You know, especially if you you know just you need to know you need to know you need to know you need to know need to know because knowing is half the battle and UnitedHealthcare is going to be there as well. Right I know de Yong is doing the food and her food is a mate is absolutely amazing. So even if you're just going in for children knows him because they have a bounce house there. So it's a whole event going on from 10 until two today on my birthday at the Martin Luther King Senior Center and it's on a corner of MLK and carry and carry up MLK and carry diagonal from the Pearson center. So if you see the Pearson center is diagonal rebuild and death diagonal, I think statue was there too. Yes, MLK statues? Yes, you will see it right. So you want to get some screenings, they would love to have you. But today, I am excited because today is my birthday. And my birthday is during tax season. So for the past umpteen years of me doing taxes, my birthday is in the middle of the season, so I really don't get to go anywhere. I just get to maybe go out to dinner. Go home and debrief. You know, I want to ask you some questions about taxes. Okay, but let's talk about it. Okay, so when is the last day to file taxes? So the last day to actually file without incurring any penalty with an extension is October 15. But everybody thinks April 15 April 15. April 15 is the first filing deadline. So what we encourage people to do is file an extension. If you believe that you owe you want to pay by that date. You want to pay by that date, pay some kind of deposit or something if you believe that you will. We like to get people's information and like right now we're gathering information and we're asking our clients just bring the information in probation in and then if we believe you're going to owe, like if you owe last year, then let's make some type of payment. If you're in a payment arrangement, you want to make sure that you file because if you don't file you get knocked out of the payment arrangement. Right. And for people that might owe for the first time, you know, there are some things that we can do to help abate the penalties. But we try to communicate with our clients a lot, I have a lot of conversations right now, because I'm calling people, get your stuff, get your stuff and get your stuff in. So that we can make sure that we at least file an extension. If you do, oh, get a payment send to the IRS. And if you get a refund, we still follow the extension anyway, just to help to build the discipline. And we're gonna talk about discipline, again, unhealthy habits. So why would you want to be compliant?
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Because being not compliant, I'll give you an example. Again, I deal with a lot of different a lot of people. And one of our things is tax resolution. With tax resolution, we have to be past six years have to be file. So for this year, is 2023 2022 2021 2020 2019. And 2018. client came in had not done this taxes, and years. And I'm like, Okay, no, we only have to go back to 2018. Lo and behold, he got refunds to somebody years. So you forfeit the refund, because you have three years to claim your refund. Wow. So we encourage people just go get the taxes done, go get the text, you can use a professional or you can do it yourself. You know, there are a lot of software's are ways for you to go in and prepare the tax return because the IRS will prepare your return because they do this to the IRS will sell will prepare to return. But they don't do that a lot of times when you get refunds. Wow, don't do that when you get refunds. But if you Oh, they you know, they calculated and doing but not when you get refunds. So leaving money on the table, you're not being compliant, if you're not being compliant, or you know, and this is a discipline and everybody people are talking about it. You know, people are just not gonna do it yet. And no, just just do it. Just do it. So Leah, what is financial health? So let's talk about it. financial health, financial health. We talk about mental health, we talk about physical health, my wellness sphere today, we're dealing with Jim, your, your physical health, your financial health is how you handle your money I hate how do you handle your resources? So are you healthy? You know, do you when you earn money? Are you responsible? When earning your money, that's how we measure your financial health. I normally go through a list of questions that we ask people and we score them, like do you do this? Or do you do this? Or you don't do this at all? Or sometimes you do it? Sometimes you don't. And we ask about 10 questions. And with these questions, we can determine basically, if you are financially healthy with that we talk about discipline. The reason why we talk about discipline and financial health is when you look at people that are very successful, a lot of times they are very disciplined, they set the intention and they do the work. You know, same thing with your money. If you are getting a paycheck, right, and you get paid every other every other week, every week, however you get paid, how are you handling your money with that? Are you setting goals. So one goal could be you want to buy a house, right? And to do that, you know, you just can't decide today that I'm gonna buy a house and on Monday you have a house, it's a process. So you set the goal, and then you back it up, and you do the steps in order to reach the goal of buying a house. Because buying a house can take as long as three, four years. I've seen people get it done in a couple of months. But I've seen people you got to get it done because you got to have a well, if you're getting financing, if you're not the person that has the money, I'm just gonna go ahead and buy the house like I bought my shoes. But most of us have to go get financing and we have to be prepared in order to get someone to say that I'm going to give you this huge set of money, huge amount of money to provide his house, his house, right? So you got to show that your credit worthy, you have the income capacity to handle the payments. So you got to set the goal and then do the work in order to achieve the goal. Do you budget again with the paychecks, you know, you get paid $1,000 a month? Are your bills 700 Or are they 1200? Right? Because if they're 1200, then there are some things that you either need to get rid of, you know not do anymore, or you need to earn more money. Yeah, your debt to ratio, your debt to income ratio, right. Well, that's that's that's basically just just your income, just your debt to income ratio. Building an emergency fund. So we talked to people about that and being financially healthy, you want to have an emergency fund. What does that mean? For some people it's $500 a month. For some people that are homeowners it might be three to $5,000.03 to five $1,000 Not not a month that you want to have in this emergency fund. Why is it important to set up this emergency fund stuff happens, stuff happens. And you want to be able not to be stressed out behind stuff happening. And you just want to get there. So you want to set get to get this emergency fund set what that dollar amount is, I know what my dollar amount is, I have access to it, have access to it. Because if something breaks down, I don't need to worry about how I'm going to pay it, I just need to figure out where I'm going to get it done. Right, go get it done. Okay, that style that's paid for now, let's move on. And I'll work to rebuild the fun. And it takes away the stress. It takes home stress, stress, stress and anything, right. Because stress can mess with your mental health. Stress can mess with your physical health. But you have to do the things financially not to be stressed. You know, with financial health, I talk about insurance. If something happens, you know, you look around the valley everyday is three to four accidents, car insurance, even though you're supposed to have it, you know, what is the right amount of insurance for you. And we talk about that being having a relationship with an insurance agent, and being able to have your deductible ready if you need and have your deductible ready. So that can be part of your emergency fund. And knowing what your deductible is, because for some people, it's 100 is 500. To set that whatever it is, just make sure you got that ready. Because if something happens to that car, you want to run them to check, hey, go take that, because I need my car fixed. And I need it back today. And I need a bet. Well, as soon as you can get the parts, right, because the parts might have to come from overseas. Right? Right. The other thing after you get there, then you want to build a six month or so when you have the budget and you know what your minimum costs are you multiply that times six. And that's the number that you want to build in a six month reserve. And for me talk to a financial officer where you want that money to sit, do we recommend you sit in it in a regular bank account? No, no, you want to do something with that money, but you want to have access to that money, right? You want that money to grow, but you wanna have access to it? Because we've seen what happens when you lose a job. Right? Right, you lose a job and you sit near, you know, no income is coming in. And then you might worry about how am I going to pay my bills, because you didn't put it in a fun, it's about five years for you to be able to touch it without penalty. Right? So the thing about it is, is that if you if you have that reserve, we have that reserve that gives you some time, okay, strategize. What's the next job? What's the next time I want to open up a business? I might want to do something different, but how am I going to bring income into my household? You know, you talked about the debt to income ratio, that's a real factor which a debt to income ratio, you know, you want to be 35 35% or less, they say 30%. But I said 35, you know, so if your credit card bill, if your credit card limit is $1,000 you just want to have about 350 You don't because you want it you want a good credit score. And if it's not there, it's things you need to do. Right in order to get ready to build the discipline. Maybe you don't need to buy those shoes, maybe you don't need to buy those clothes. You know, maybe you need to rotate the stuff in your closet, you know go I got girlfriends you know, sometimes we swap even just want to be discipline, haven't good conversation. Know your credit score. Some people believe some following is a well you don't want to credit score, no, no your credit score, no your credit score, you can follow it, follow it. And most credit card companies, they have tools on the site for you just to see where your credit score is. And you can see when you make payments, if the credit score goes up, when you're late on a payment credit score might go down. You want to be there because if you especially if you're looking to buy a home, you want to monitor your credit score, build a discipline.
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live below your means. BINGO, BINGO, BINGO, hit it on it, hit it on a nail, hit it on the nail live below your means. That's a simpler way to I mean, an easy way to say it. You know, if you just start now, you might have roommates, you might not be able to live on your own. That's okay. You don't have to stay there. I have roommates at one time. And from roommates you know I went to government I had a government program set aside units in DC where we got a unit for a reduced costs still living below my means you know and car small car at first because I just need to transportation to get from A to B but there were times when you know some people you have to catch the bus. That's okay. Living below your means because as you become more disciplined, it carries over into all aspects of your life. You know, you might start off, you know, one of one of the rap songs that you know, you might start off as the cook and then end up being the manager. You know that's earning more money, earn more money, you do something different but building the discipline along along the way and then really assessing your circle for the people you're talking to Who are the people surrounding you and giving you advice? Who are the people surrounding you and giving you advice? Because all advice is not good advice. That's true advice. But you're listening to the less talk will be around to show I and Leah Crawford. And I am Cappy saying home sitting there for Rhonda Nolan. Yeah, but and talking about financial health. That's just one of the things that we go through with our clients when they come in, especially with the tax resolution, because there was some things that happened along the way. And we need to figure out, you know, what happened? Not more, so to beat you up, but to uplift you, and to say, you know that, well, let's do something different. Let's try something different. What we've seen is they come in the first year, a lot of people, you know, we clean it up, they may oh, by the second or third year, again, small refunds, or what they owe was a lot less than what they owe before, but it's just correcting certain behaviors, correcting certain behaviors. So Leah, what does we talked about financial health, but what does financial health have to do with mental health? Are they kind of combined together what you think? I believe? So? Why do you think so? And then I'll give you my answer. Why do you think so? I believe so. Because if you're stressed, if you're you're going and your mind is not right, you're not thinking of how you're going to spend your money, you become an emotional spender. And so I truly believe that mental health has a lot to do with allowing you to get to your discipline, allowing you to be healthy, allowing you to be healthy and financial health. It's all combined together. Well, the thing about it is we had to bring a specialist on to really talk about it. But it does have a lot to do with it. Because if you have mentally unhealthy, mentally dysfunctional, you do because imagine you don't you know, you don't have the money, you got credit cards, and you just go and spin and spin and you have no idea how this stuff is going to get paid. Is that healthy? No, it's not healthy. Is that healthy? Doesn't it create stress, because now because bill collectors call you. And they want to continually call you, they call you every day, you owe us this, and you owe us that you owe us this, you owe us that. And that creates a certain level of stress. It creates a lot of stress creates a lot of stress, like someone told me you know, a long time ago, go through your closet, clean, clean your closet out, and you've got a whole wardrobe and you don't have to buy nothing. You have to buy anything. And I was like, but I want, you don't have to buy anything. Right? What are you buying? What are you buying it for? No. Are you happy with you? So part of it too, is are you happy with you? And that's a mental health? That's mental health? Are you happy with you being self aware? Are you happy with you? Are you can you look in the mirror and what you see back you like, and if you don't guess what, that's the one thing you can change. That's the one thing you can change is you, you change you and change your outlook. Because when you change your outlook, things change, things change and having people to surround you and support you that are good for you like and making sure that you bring the people that have that positive energy as well. Well, well think about a cat when you walk into a room. Do you light up a room? Yes. Or do you light up a room? Yes, it do. But part of it is your self awareness and your disposition. So you don't I mean, if even if someone has sat around you, when you come into the room, you're bubbly, you giggling and even having hard conversations. Those heart ones, the heart ones, that's when you can see because it's having a heart healthy conversation. That is real, that is real and authentic and authentic, a healthy, authentic, real conversation. And that's the growth point. Because what you take away from that, what you incorporate, and change is important, because Okay, not all hard conversations and hard things are meant for you. Right? Right. Certain things you can say good. Okay, I'll go with that certain things. It's like you want to keep that? That's you, not me. You just projected how you feel. Right? But sometimes those hard conversation people showing you you, right, and this okay? Because maybe it's something that you need to change in. I know I like my circle, because we have our conversations regularly all the time. regularly, regularly all the time. But it's one of those iron sharpens iron. Iron sharpens iron and having the heart to want the best for the person that you're talking because there's no the thing about it is when I travel, I'm not trying to pay for y'all. I need y'all to pay for yourselves. I need you out of a job. We all say we go when everybody can put the bill right everybody and if you can't fit the bill, that's okay. You just can't go on this trip. And it's okay when your T shirt says it will bring you a t shirt and we're not gonna judge No, we're not going to the restaurant you can just don't go but don't sit there. If it's not in your budget, that's okay because there's no judgment, no judgment. No judgment is no judgment. But at the same time, I want to be around people that understand and are self aware, that are okay with who they are. And they're not comparing, or competing or competing with each other. Correct. We're uplifting each other. We're congratulating each other we want and we find something we're connecting each other. So it's, it's, it's about being around a healthy circle. And part of financial health is auditing. Yes, that's correct. Auditing is Oh, auditing your auditing your circles, auditing your circle and consistently auditing your circle, right? Because I know for me, when I cut all my hair off, somebody said, Leah, why do you cut all your hair off? I said, because like, I read everything that doesn't serve. Oh, and they were like, Oh, you covered everything that doesn't serve me and and allows you to have more time when you get up in the morning and enjoying your day enjoying your day. But you have been listening to the less talk for Lee and Rhonda show. I have the beautiful campus sitting home sitting in for Rhonda Nolan. I just want to tell you that cap, thank you. Thank you before the show ends, I want to thank you for getting up with me this morning. Michelle Heisey season. Yeah, but I can't say though, if you are at Crawford Management Group. This is part of what we do with our clients. So we're more than just a tax resolution
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accounting service, we really dig into our clients and really get to know our clients. And because we want every we want our clients to be financially healthy, and successful and successful. But financial health yield success. Right? Correct. Right. And it also know, we talked about, you know, having, you might have health challenges, that's okay. Let's go ahead and let's go and let's handle that. Let's handle that. You can have mental health challenges. Okay, let's go on, let's handle that. You know, I refer clients to doctors, to lawyers to you know, and I refer them to people that can help them get to where they want to go. So we're more than just that accounting service. You know, someone came in our office yesterday, they had a whole issue and not just that they're not listening. And they wanted to do it their way. I gave them a way to do it. They wanted to do it their way. And we and we sat there for about 30 minutes and talk through their whole way. It was like, oh, maybe that wasn't right. I'm not not gonna push it on you. But let's think it through. So judgment. So I believe that you allow experts to guide you and always go in with an open mind. Because you want that person who is doing the work and is an expert, to give you the best scenarios for you to be successful. And you have to go in and bring people who know what they're doing. And stop looking at social media thinking that you find out everything on social media. You wonder what you say like shot a hole, Esquire shots out shot at the shot, it talks about it all the time shot, it says, You know what, I come back I I compete with Tik Tok Esquire, more than anybody else. I compete with Tik Tok Esquire. And I do too. So people get advice, or they they look at the social media, and don't get me wrong, social media has some good stuff out there. It's some good stuff out and some of it is wrong. But how do you incorporate it, because they don't always connect all the dots for you. But we call them SMI. He's such a subject matter expert series. So when you're talking to a subject matter expert, understand that they are processing it a little bit different from how you're processing, processing it. I give you an example talking to an attorney. So when talking to an attorney, they process differently, because they're thinking about all the things that can happen, you know, depending on on the scenario, and then they're gonna lay it out for you. Do you take their advice, our that's what they do, because they're experts, right? I know, some of my business owners, I'm not their only accountant, they have two or three of us working with them. And they do that because if I say something, then they go back and check it with that person and that person, and then they go back and make the decision. Now it is a little bit more costly, because they have to pay, they pay all these people for their time. But they understand that you might miss something. So I want to make sure that I'm covering all angles, all angles, you know, we talked about as business owners haven't bail. And I'll just go over real quick because we're almost out of time. But if you're a business owner, you need bail. You need bail. That's great. You need a banker. You need an accountant, preferably a CPA and insurance person, somebody that can handle almost anything and a lawyer. And you want to have these core people, hopefully they know each other, right? You want to have these core people in your business, because with these core people, any question you have one of them can answer because they have, especially when you got once they have experience like for me. I've been in business here for 17 years, but I've been doing accounting for 30 Right, right. I've been ignoring accounting for 30 I understand this. You know, I understand it. And when people chatting on ends, I do get clients like no Lea. Well, I heard I can do it this way. Okay, well, let me look into that. Let me look at it because what even though I have not enough a lot of knowledge, I always research before speaking because tax changes all the time regulations change regulations change all the time. So I take the time with our clients to give them good answers for the time period that we are talking about. That brings us to the end of our show. Real quick though. The lynx is having their Wellness Fair today at the Martin Luther King Senior Center, and 100 Black women in Las Vegas is having their home buying seminar at at Guy Yes. And the links event is at 10am to 2pm and the 100 black women is at 11am to 1pm so you can go to both because they right down the street from each other right down the street right down the street from each other you can go to the Wellness Fair get some checkups go see about buying a house and go back to the Wellness Center booth no before they the Wellness Expo before they end because they right down the street from each other right. All right. That is our show for today and fall in next week. We're gonna talk about no elections, and it's serious. It's serious. Until next week Las Vegas Peace and blessing ICC ICC season
Transcribed by https://otter.ai