Managing your cash reserves | Startup Finance Basics w/ Kruze's Scott Orn | E1644
This Week in Startups
Jason Calacanis
4.2 • 1.4K Ratings
🗓️ 21 December 2022
⏱️ 17 minutes
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Summary
Kruze COO Scott Orn is back with Jason to educate founders on how to get the most out of their cash reserves. (0:00)
(0:00) Your fiduciary duty to protect and invest your cash responsibly + developing an investment policy
(8:00) Evaluating your chart of accounts + Jason's credit card hack
(12:30) Final thoughts for founders going into 2023
Check out Kruze: https://www.kruzeconsulting.com
FOLLOW Scott: https://twitter.com/scottorn
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Transcript
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| 0:00.0 | All right, everybody. The time has come. The final episode of Startup's Finance Basics with my |
| 0:06.8 | pal Scott from Cruz. It's a final episode of 2022, a heck of a year. This one was one for the books. |
| 0:13.8 | Was it not? It was. It was a heck of a year and we're going right into January, which is |
| 0:20.0 | crazy busy for us and a great time to get all your financials, all settled, your taxes, all settled. |
| 0:25.5 | And I'm excited to talk about what we're going to talk about right now because it's a positive |
| 0:28.7 | thing to talk about. Like it's great. Yeah. I mean, people do have in some cases a lot of cash |
| 0:34.2 | on the books. If you were smart enough to raise in the up market, you got cash. If you close around, |
| 0:38.1 | you might have a lot of cash. And now you used to have zero percent interest that you put money |
| 0:45.6 | into a bank account. You got nothing. Now we seem to have options for people to make one, two, |
| 0:50.2 | three, four percent on their money. This doesn't seem like a lot, but if you raise 10 million bucks, |
| 0:54.8 | getting $400,000 pays for two, three staffers could be two, could be four salespeople. |
| 0:59.9 | It's amazing. It's amazing. And there's just so many people out there that don't know this and |
| 1:04.5 | are just sitting with their money in their bank account earning no yield. We've actually been doing |
| 1:09.2 | like tons of sweeps around Cruz, around the Cruz client base just being like, hey, you've got your |
| 1:15.1 | money in a zero interest bearing account. Please let us help you. At least just email your banker and |
| 1:21.0 | get into like a very simple money market account where you can get three percent, right? It's like, |
| 1:25.6 | oh my gosh. So you're right. And you could hire two more engineers at least for $400,000. |
| 1:31.2 | You can make real progress on your startup. Absolutely. And you know, this is, you've raised this |
| 1:36.6 | money. It is your fiduciary responsibility to store it safely and wisely. I don't want people |
| 1:43.2 | buying Bitcoin. I don't want people putting it in equities. That's not your job as a founder. |
| 1:48.8 | But putting it into a safe interest bearing account, that's expected, right? So you're not |
| 1:54.4 | expected to buy bonds. You're not expected. Or though I did do that one time, I think bonds was |
... |
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