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The Futur with Chris Do

229 - Don’t trade time for money — with Paco de Leon

The Futur with Chris Do

The Futur

Arts, Education, Marketing, Design, Business, Self-improvement

4.9998 Ratings

🗓️ 22 February 2023

⏱️ 60 minutes

🧾️ Download transcript

Summary

Paco de Leon is the author and illustrator of Finance for the People, a practical guide to helping you navigate your financial life, no matter your situation. They also run a bookkeeping agency for creative professionals called Hell Yeah Bookkeeping. This episode focuses on helping creative professionals feel more confident about their finances. From applying value-based pricing to taking proactive steps for the financial health of your business. Biologically, humans have survived by having a scarcity mindset, but a growth mindset can take us further. Paco emphasizes the importance of observing our own thoughts and how others talk about money in order to better understand our relationship with it. Here's a quick financial tip from Paco: take 20 minutes (or up to an hour) once a week to check in on your finances. Doing this regularly will improve your relationship with them. Learn more about your ad choices. Visit podcastchoices.com/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

no matter what you charge for your hourly rate, the issue there is that you're having a conversation where you're trading time for money.

0:07.6

And the reason why I don't think that works is because if you've had five, ten, fifteen, twenty,

0:13.6

25 years of experience,

0:15.6

not only do you have 25 years of good experience and wins,

0:19.8

but you've had a tremendous amount of losses and failures and you've made a ton of mistakes.

0:25.4

And I think that can be best reflected in the project rate. The I got a confession I want to make to you right now. I love to make money, but I hate accounting.

0:59.0

Okay, so maybe we'll just put that out there. I know you talk a lot about the emotional energy,

1:05.0

how we feel about money and all that kind of stuff, but it's exciting to me to solve a big problem.

1:11.0

It's not so exciting to me to look at the numbers where I'm like, oh, here's

1:15.0

where every dollar every cent goes. And my trick in life in order not to have to deal with the

1:21.8

bookkeeping stuff is to make so much money and have so much

1:24.8

profit margin, it won't even matter.

1:27.2

I don't disagree with you in a lot of ways.

1:30.1

I call that the fire hose strategy, which I also implement in my own business because it does make things easier right money does having money doesn't make all your problems go away but it makes a lot of them go, but it makes a lot of friction go away,

1:45.4

so I can see where you're coming from there. I also have a confession to make. I too,

1:51.5

I don't like jump out of bed in the morning and think like I can't wait to reconcile my accounts or I'm going to

2:01.6

get out of town.

2:03.0

You don't wake up thinking that?

2:04.0

Come on.

2:05.0

I kind of accidentally fell into finance

2:08.0

more because my time was running out in college and I am first generation, so my parents are immigrants.

2:17.0

Everybody in their generation are immigrants.

...

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