This episode is brought to you by the new podcast, go and see hosted by Malcolm Gladwell. It's a six part series focused on Lexus and their philosophy of gin change in Bhutto, which means go and see for yourself. Find out how it japanese T ceremony influenced the engineering of a car window, how the sound of an engine is tune like a musical composition to elicit emotions how you're standing samurai warriors eyes led to a suspension, innovation Gladwin, means that no detail has left behind and that a car company can learn more about cars by studying people. Followed logo on his journey starting March Fifth, wherever you liked to listen and visit Lexus dot com. Last curiosity for more stories like these hello, what's up, welcome to a brand new weak, Christine Your host outside us all school bring new. Today's classroom episode

beginning of every week. We have a classroom episode, looking specifically at a topic in which, from January to December, actually starting a new and company reading project now in recent classroom episodes we have considered at the three elements of every compelling offer and promised to pitch in the price we have looked at some different ways to find time. Work on your hustle, a common challenge for many of us. Two things of course- and this week I'd like to look at just it ready a really sexy topic or a series of topics just thrilling. Ok, so we can look at business licences, bank accounts and record keeping like I said. These are the things that People really excited when you think about you know: why am I making extra money why my trying to create another source of income to give myself security confidence options, a possibility of something different in the future? It's all because I really like bookkeeping right. Ok, well, but for some reason you think these topics are boring.

But here's the track. If you get a few easy things right in the beginning, you a few things right and the beginning, it will be much less stressful going for then you don't really have to think about them again. Ok, unless you really want to you know, nobody, whose really into that sound those who are not into them, who think that's kind of boring. I'm going to give you eight recommendations in this episode again. The whole point is to keep things simple, so you can focus on what really matters. Psi course bookkeeping now over here in my world, my new book, the money tree comes out in fifteen days. I M very excited about this. It's a story of finding the fortune in your own backyard, a very different. A book and one that I feel proud of really hope. It is going to help a lot of people and if you have not presented your copy yet I be very grateful for that. You can create a the money tree,

From your local bookstore from Amazon from Apple books, audible wherever you get your books- and I just mentioned this- because promoters help out a lot on their kind of considered a sign of strength for the book. So it's not very expensive. If you get a chance to priority it, that would be awesome and I'm grateful, but either way on with the show. Let's talk about you now first things first year when I think about logistics, all this kind of stuff, I think resourcefulness, is your most important skill. Resourcefulness is the ability to avoid getting stuck and to find your path forward. This is the most valuable thing you can learn and for example, I mention business licences earlier, while if you don't how to get a business licence where you live go online and you type in business, license pollock by your state province or country and you'll probably see some information there. Now, I'm not saying it's always that simple, you know it may depend on your business model and

but often it is, and in some cases you may not even need a licence. The same principle: applies for many other issues you encounter. You know, you're, not gonna, be the first person to figure out how to pay taxes on the money you make right. Many many people have been down this road and also remember it's a good problem to have. If you compare it to the alternative, the alternative is not making any extra money in which you have to pay taxes. So, like my framework for LEO says, everything is figure out of all,

Stuff is not that difficult, but I do want to give you a few recommendations that just about everyone should follow right, so eight recommendations, our energy, six, practical ones in two that are a bit more psychological, but still helpful. Nonetheless, number one get a bank account. That's just for your site. Hustle get a dedicated bank account on there's little to no difference between what most banks called business or personal accounts are. The main thing is to have a separate bank account, get the option that easier for you and then make sure all of your income is going into that designated bank account just makes life much easier later than having to try to separate things when it comes to doing your job, says or potentially turning over your books to a professional, or whatever else happens. Next, if you expect to make income in twenty twenty are, whenever you listening to this episode, then you should have a bank account not too difficult. Similarly, you want to get a separate credit card or debit card, whatever it's good for you that you use only for expenses associated.

Your hustle and my little bonus Tipp here as a long time, traveller travel hacker one of the people who originated that concept many years ago, make sure you're earning miles or points for that. There are a lot of small business card offers these days, especially if you're in the United States, where you can earn a lot of miles and points and the qualification requirements to have a business are very small. Like it's very basic. It just means you could have a business licence like we said you could have opened a bank accounts. You could expect to make you know some amount of money freelancing this year, so they really want. You know as many people as possible to have these cards at least as many possible cardholders possible. So it's not that difficult to get that either. I got some recommendations on my site. Cards for travel, dot. Com number three be fast with invoicing. If you're doing a service business where invoicing is part of a process of pursuing a product can be too have to worry about that which is great. But if you have invoicing, if you're sending people a bill, be quick with it,

I would encourage you dont Savior invoicing, for one day at the end of the month. That's what some people do in their starting, I think I'll, just easier I'll, just wait until then, do that when you do the work, are you make the sale send the bill? I think it's just important, because it's not that you know people are going to rip you off. It's not that so many people out there are dishonest. It's just that they forget. If they get the bill weeks later, they might have this internal resistance. You know depending it, even though, of course they know you did the work for trying to figure out. You know how do I save income for taxes and such general rule here set aside ITALY

Twenty five percent of your site, us all income for that you may want to have an additional bank account for it. If you're putting a small business checking, account can often come with a small business savings accounts, in which case you just gotta, move that money over or are you just? You know understand that twenty five percent of it is being safer taxes again, you're situation may vary, but unless you are exempt for some reason, dont forget to set aside money for your annual or quarterly donations to the government number five legal structure. We talked about this in a recent question. Recent listener question operating as a soul

Brighter is perfectly acceptable for many side hustles. If you need to incorporate our, if you just want to eat and often do that yourself online for much less money, that it would cost to hire an attorney again, I can't give legal advice. Your situation may vary, but I can tell you what a lot of other people have done now last in terms of practical recommendations to more psychological ones, coming up, but practical recommendations right from the beginning set up a very simple accounting system. This should be cheap or free can grow with you if the hustle takes off but just have some means of tracking your income and expenses, some people are spreadsheet people they really like to do it all themselves, that's cool! If that's you otherwise check out fresh books or quick books or wave just a few options there and full disclosure. I think two of those three have been sponsors of the show in the past, but there are others as well. Fresh books, quick books and wave by the way wave is not the same thing as ways it doesn't like. Take you on a detour, doesn't take you like all over the city. You know, under the guise of providing

optimal rout, I can for the day when ways comes out and are like. Actually, we were just messing with everybody, like you thought you were going to this fast route by calling you know all these random streets but but the whole time we were laughing at you. It could happen. You never know. In a moment: you'll get your assignment for the weak, along with two more recommendations. First speaking of sponsors, I'd like to thank our sponsor today for making this serious completely free, so here's a shot out to them. The most important time is right now, if you ve got a small businesses so produce your own podcast whatever it is, you do these moments happen all the time their happening right now having a business card that shows how professional you are in your pocket, ready to hand out is the first step to making something happened.

This two percent want you to be able to own the now in a situation which is wireless, there's we'll get free shipping on all business cards, any style, inequality just go to this, to print dot com and ensure promo code hustle for free shipping on all business cards, any style in quantity limits to time offer only now at this two percent dot com, promo code, hustle support for this podcast comes from octet. What's your mother's maiden name What's the name of your first pet, we have another question: why are security solution still asking the same verification questions its twenty twenty? It's time you, business, which is to a security solution that not only is bill for this decade, booking guide you into the next one with an identity, centric approach to security October, was organizations to choose any technology in a great it rapidly and deliver a security solution that provides a seamless experience without making a harder for your employees, often not only push. Security forward, but it pushes your business forward as well

so we ask you one last question: what's your favorite security solution learn more about how you can improve your security are shared with the leader and identity, driven security at Oxford, DOT, com, slash the answer: that's ok, tee a dot com, slash the answer all right before we sign up for the day to recommendations that are somewhat psychological, but still very helpful. First, one, which is, I believe, number seven of our whole list, is, if at all possible, set aside some kind of dedicated workspace, even if it's a small one to work on your project, Even if it's a small one in your home or apartment just a little bit of an area where you go to- and you like, this is my space, where I'm working in for my twenty minutes, They are my hour a day or how much time you have just create some kind of ritual and modify it as you need

but the idea is to create a pattern in a routine that would make it easier to work on your hustle and then also. Lastly, once you're making money pay yourself. First. Don't plan to reinvest all your profits in the business that. You might want to reinvest some, but actually can ask yourself if I'm reinvesting the profits, are they really profits right? The whole point of profits is something that you're going to take for yourself in getting paid is, How're. You are right, eight recommendations. There will include them all in the show its page. Each classroom. Preacher will also include an assignment this week's assignment. If you expect to produce income this year from you know some source, apart from your job, make sure you have a dedicated bank account for that income. Part too, is to track your expenses using one of those systems I mentioned. The most important thing is to find some way to do it Works for you, our rights and make sure you got your bank account makes you got someone check your expenses. If you are already well beyond this lesson, good for you, that's great, went to keep rolling along, I'm pretty soon gonna be delving.

Marketing all kinds of things to make money and then to make more money and then to just create a strong founded. In your business, so you can do all those things that are important to you like, of course bookkeeping right, because that's what it's all about. I check and our notes for every classroom episode at Satisfy school dot, com classroom and this one specifically has been episode. Eleven. Seventy eight! Thank you! So much. I'm really excited to be on this journey with you can wait to tell you more about the book, my tour of that kind of stuff, but mostly I want to make sure that I'm bringing you something that's helpful to you every single day. So thin for your that much more is coming up. My name is crystal about. This is side of this war. From the onward project.