Episode Details

Have you ever worked really hard but not seen the results of your efforts?

On today's episode, Tom Krol breaks down the habits he sees in entrepreneurs who earn a lot of money but struggle to keep it. From knowing your net worth and understanding your numbers to managing debt, taxes, and everyday spending, Tom shares what financially successful entrepreneurs do differently.

Listen and enjoy the show!

You’ll Learn How To:

• Track your net worth and cash flow
• Build better habits around saving and spending
• Take control of your business and personal finances
• Make purchasing decisions based on numbers

What You’ll Learn in This Episode:

• (02:09) The difference between gross and net
• (03:54) Why wealthy people know and measure their net worth
• (04:47) The financial trap of only looking at monthly income and expenses
• (05:40) How much should I live off?
• (07:06) Money management should be done by husband and wife together
• (07:35) Watching your net worth grow can improve your confidence
• (08:01) Struggling entrepreneurs don't know their KPIs and P&L
• (10:11) Don't try to play games with the IRS
• (11:29) How to make purchasing decisions based on cash flow and net worth
• (12:51) Basic terminology every entrepreneur should understand
• (14:16) Slow down before spending company money
• (15:41) Why wealthy people feel good about saving money
• (17:00) The beginning of financial freedom

Who This Episode Is For:

• Entrepreneurs who are just starting to make money
• Business owners who are not keeping enough of their money
• Founders who need to get better at managing their numbers
• Anyone who wants more financial freedom

Why You Should Listen:

Tom shares practical lessons on net worth, spending, saving, debt, taxes, and financial discipline that can help you stop running in circles and start building real wealth.

Resources: 

• Apply now for Coaching Inc.’s private mastermind at coachinginc.com