137 - Top Financial Mistakes Online Coaches Make and How to Avoid Them w/ Emily Carlson

137 - Top Financial Mistakes Online Coaches Make and How to Avoid Them w/ Emily Carlson

Author: Justin Green, CFP® June 6, 2024 Duration: 50:15

In this episode of the Dollars and Dumbbells podcast, host Justin Green, a financial planner for online coaches, creators, and entrepreneurs, shares a conversation with Emily Carlson, a former nutrition coach turned content creator coach.

They discuss three major financial mistakes online coaches commonly make:

  • Focusing on revenue instead of profit
  • Lack of preparing for taxes
  • Not paying themselves enough
  • and other practical tips on better money management to help online coaches build sustainable and profitable businesses

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00:00 Introduction and Guest Overview

02:14 Meet Justin Green: Financial Advisor for Online Coaches

04:04 The Importance of Profit Over Revenue

09:21 Mindset and Budgeting for Coaches

10:44 The Pitfalls of Outsourcing Too Early

11:39 Choosing the Right Business Mentor

18:00 The Reality of Fast Cash Frameworks

23:27 Understanding Taxes for Coaches

27:14 Implementing a Simple Operating System

27:33 Setting Aside Taxes First

30:29 The Importance of a Rainy Day Fund

31:18 Paying Yourself as a Coach

34:51 Building a Sustainable Business

47:13 Balancing Risk and Management

48:41 Final Thoughts


Justin Green, a CERTIFIED FINANCIAL PLANNER™, noticed a gap between the physical wellness online coaches promote and the financial health of their own businesses. That’s the space where Dollars and Dumbbells-Profit and Wealth Tips for Online Health and Fitness Coaches lives. This isn't just generic business advice; it's a focused conversation for creators in the health and fitness space who are ready to move from passion project to sustainable wealth. Justin, drawing from his work at Assist Financial Planning, digs into the specific money decisions coaches face. You’ll hear practical discussions on managing irregular cash flow, structuring your business finances efficiently, and making sense of investing so your profits work for the long term. The podcast unpacks often-overlooked areas like tax strategy, appropriate insurance, and even estate planning, because building a legacy is part of the goal. Through interviews and solo episodes, the content is designed to translate complex financial concepts into actionable steps. Tune in for a straightforward resource that addresses the unique intersection of personal training and personal finance, helping you build a resilient business that supports the life you want.
Author: Language: English Episodes: 100

Dollars and Dumbbells - Profit and Wealth Tips for Online Health and Fitness Coaches
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