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Write Offs + Tax Tips with Angie Moody
96 Plays1 year ago
Taxes don't have to send a shiver up your spine. I promise! Grab your latte or your headphones and tune in as I chat with Angie, founder of Ruby Money, the app that was designed to take the tax and finances stress off every solopreneur and entrepreneur's plate.
In this episode, we chat:
- How her time working at Instagram led to her desire to leave the corporate world behind
- What led to the birth of Ruby Money
- How Ruby Money can help you NAIL your taxes and business financials
- The number one thing stopping you from becoming an entrepreneur // holding you back from succeeding as an entrepreneur
- Why we must talk about finances and remove the stigma around money
- How to set your rates from the lens of a CEO
- Practical tips on how to approach tax season
- How to save money through your deductions & right-off
MAKE THAT MONEY HONEY
Learn this one skill to increase your revenue for years to come!
CONNECT WITH ME
RUBY MONEY
Email us: hello@rubymoney.us
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Transcript
Introduction to the Podcast and Guests
00:00:00
Speaker
Hello, hello, welcome back. I'm so excited. You're here with me today. We have a fantastic conversation on the podcast today. If you are a business owner, a solopreneur, an entrepreneur, a freelancer, a side hustler, listen up. Cause this is for you. This is a conversation that I think is just so, so important for us to be having more frequently, more honestly. And so I'm stoked to introduce you to Angie Moody. Angie is a founder.
00:00:27
Speaker
She is a Stanford MBA graduate. She is a recovering Silicon Valley overachiever and a mom of two girls that she is raising to be financial feminist. She is the founder and CEO of Ruby Money, a platform that she's built to help women find financial freedom and career satisfaction through entrepreneurship. She's also a fellow Louisiana girl. So the moment we met, which I think was in 2020 or 2021, it was an instant connection and I knew I wanted to be a part of what she was building.
Angie Moody's Corporate to Entrepreneurial Transition
00:00:57
Speaker
Before Angie became an entrepreneur, she got her MBA at Stanford and held leadership roles at Instagram, Capital One, and Microsoft. Yeah, that's a lot of Girl Scout badges and more on that in just a bit. But she is an expert on how to make the leap and achieve financial freedom as a freelancer. And on a personal note, Angie has always been driven by a deep need for financial independence, which stems from her upbringing in a home where her father was frequently unemployed and her mother struggled to be the primary parent and sole breadwinner.
00:01:26
Speaker
That led her to achieve career and financial success in Silicon Valley, an area where we know can be predominantly male driven, but she was unhappy with the costs of that success. And so she made that difficult decision to escape the corporate hamster wheel and become the entrepreneur that she is today. We dive deep into some really good conversations today, and we ended all with some excellent tax tips for you that are going to help you
00:01:53
Speaker
Pay your taxes with more ease and make sure that you're getting all those write offs so that you can lower your tax bill at the end of the day. So without further ado, let's dive in.
00:02:03
Speaker
Welcome to This or More, a wild entrepreneurial podcast adventure for bold and brave creatives like you. I'm Tiffany Napper, your host, holistic business coach, corporate music industry dropout, a seasoned five-time multi-six figure entrepreneur, yoga instructor, and your go-to gal for heart-to-heart coffee chats.
00:02:23
Speaker
On this show, we're not just here to share stories. We're here to ignite a fire within you and make you realize that the reality you envision is just the tip of the iceberg. You're wildly capable of achieving that reality and so much more. So my friends, grab your cup of inspiration, settle in, and let's dive into another inspiring episode of This or More.
00:02:46
Speaker
I'm so, so excited to welcome Angie to the show today. Hi, Angie. Hi, Tiffany. Thank you for having me. I'm so happy you're here and we're finally going to be able to go into some of these discussions that you and I have been having behind the scenes for a couple of years now and just talk about some of our passion topics related to women and finance and taxes and making things feel easier for women to feel financially successful and free.
00:03:14
Speaker
So I'm excited to dive in a little bit today. But for those who have never met you, aren't familiar with you, I would love to
Corporate Success vs Personal Happiness
00:03:20
Speaker
give a little backstory. You have a very impressive corporate career before you became an entrepreneur, which I shared in the little intro just now. But tell us a little bit about
00:03:29
Speaker
You and I are alike in that way in the sense that we both came out of some really large corporations, right? I was at Yamaha, an American Cancer Society, and you were with Microsoft and Instagram and Capital One. Like, tell me a little bit about your corporate world and how you think it shaped you and impacted you, both maybe some positive and some negatives there. Yeah, of course, definitely. And I think that the journey that you and I went through is pretty common for a lot of people today and a lot of our listeners. And so I think it's really
00:03:59
Speaker
important to share both some of the good and the bad that we came out of our corporate careers. So yeah, I know you shared a little bit of my background, but for the first 15 years of my career, I was very satisfied working in large companies. I felt like the pace of learning and development
00:04:19
Speaker
were incredibly fast. I remember when I was 24 working at Microsoft, I was on the Xbox launch team and I was flying around the world helping us find distribution partners for some of our new video games. And I got put in the room with senior executives from all of these small game studios at a really young age and just kind of thrown in the deep end to figure it out. And I learned a lot about myself. I learned a lot about business. I learned a lot about executive presence. I learned a lot about how to be the only woman in the room.
00:04:49
Speaker
And some of those experiences were incredibly formative. I was very lucky in that I got into my dream school, Stanford Business School, shortly thereafter, and spent two years surrounded by some of the most intelligent minds of my generation. And I think what that taught me was that there was no place that I didn't have permission to be, that I didn't belong, that whether it was with
00:05:18
Speaker
a dignitary son or an incredibly talented, successful entrepreneur or founder of a 1400 company. When we were all put together in a classroom, there was nothing that they had, no ability that they had that I wasn't able to match or learn or build upon. And so that really gave me a confidence
00:05:39
Speaker
you know, being part of that institution really gave me a confidence to go out and, you know, really try things and that I probably wouldn't have been had kind of the chutzpah to try before.
00:05:50
Speaker
I think in the 10 years that I spent in financial services, I was at Capital One for many years. I was at Visa for many years. Those can be pretty large organizations, incredibly powerful in terms of the resources they can bring to bear. So I got to work on problems at a really large scale, but also you can sort of feel lost in the shuffle. It can be hard to be creative. It can be hard to really fully understand your impact.
00:06:15
Speaker
And most importantly, I found that I got myself into a routine of working for achievement basis versus for like intrinsic motivation. You know, you sort of lived for that next cycle. You lived for that out at the all hands meeting. You lived for that attaboy from your VP. And there's nothing wrong with those things. But when those become your, you know, primary motivation,
00:06:42
Speaker
I think something in you starts to die. And so after I had children, I noticed that it was really hard to balance both. It was really hard to serve the corporate gods, serve my own needs as well as be present for my family. And that's when I started to really question the path that I was on and start to really ask myself some of the hard questions about what did I want the next 15 years of my career to look like?
00:07:12
Speaker
That's a good question. We should all stop and ask ourselves that right now. Like, what do we want the next 15 years of our life to look like? Because it's so crazy how it can go, you know, that old cliche that, you know, the elders used to always say, oh, you know, time goes by faster as you get older. I can guarantee it's true. I'm now feeling like I live that. So it's always important to just ask, like, what do we want the next 15 years to look like?
00:07:35
Speaker
What do you think? So I love that you said that one of the positives was that it really gave you the, for lack of a better term, like courage and understanding that you could do everything that anyone else could do, which is an interesting take on that. And I do think that's super important as you're facing entrepreneurship and going to inevitably be faced with challenging things that you're going to feel a little bit maybe unworthy of or have limiting beliefs around.
00:08:02
Speaker
So I love that that was one of the positives you took away from that. I felt I had similar situations with my in my world with Yamaha, where I was like thrown into rooms, and I was like, how the hell did I get in this room? And also being the only woman happened quite a lot with me. And you walk here, and you're like, how the hell are these men paid so much to do so little, right? It's sort of a, you have that, oh my goodness, what am I doing here feeling? And then afterwards, you're like,
00:08:31
Speaker
Oh, was that it? Like, okay. 1000% Yeah, was that it? That's really that's all they Yeah, 1000%. And I would say like, it doesn't mean the imposter syndrome or the self limiting beliefs are not still there. I mean, you know, I have
00:08:48
Speaker
an impressive revenue resume from the outside, you know, I've collected my corporate Girl Scout badges, you know, and I've got the brand names, and I still struggle daily with imposter syndrome with thinking that I'm not good enough with trying to find myself worth through, you know, launching this next feature or getting this next investor on board. And so, you know, it's, it's,
00:09:12
Speaker
One doesn't negate the other. They both sort of constantly swirl around in your brain and both excite you and terrify you at the same time. Yeah. 1000%. Okay. So let's talk about Ruby money because you had just hinted at it a little bit. So fast forward me. At what point did you leave corporate America? Let's go there first. Because obviously you were having the moment where you thought, okay, what do I want the next 15 years of my life to look like? And then what kind of happens after that? Yeah.
Leaving Instagram: A Leap of Faith
00:09:40
Speaker
I had two children under the age of four. I was commuting into downtown San Francisco an hour to an hour and a half each way. I was working 50 plus hours a week and I was part of the Instagram organization, which is kind of a startup inside of Facebook at the time. Very, very exciting and fun and glamorous job, but it was incredibly
00:10:03
Speaker
challenging and frustrating at times. And so I knew that that wasn't what I wanted for my future, but I didn't know what it was that I did want. You know, sometimes you have to know what you don't want and without knowing what it is you do want. And so, you know, I had to take a leap of faith when I left Instagram. I didn't have a backup plan.
00:10:24
Speaker
It just so happened that we went on lockdown for COVID. Like a month later, this was at the very beginning of 2019. And so the world, the universe gave me my answer, which was your job now is to homeschool your kids while schools are shut down. Not exactly what I was hoping I would get from a break.
00:10:41
Speaker
It gave me kind of a sense of purpose while I really sorted out my feelings and went through the kind of withdrawal of this big corporate identity for so long. I thought, you know, I want to be the chief product officer of a Fortune 100 consumer tech company. Like that was my vision board. And I walked away from my chance to do that. And I didn't really know what I was going to replace it with. So that was a very challenging time of like, kind of mourning that.
00:11:06
Speaker
you know, recognizing that that's no longer what I wanted. But what ended up happening is that during that time off with the kids, I started to get curious. And some of my curiosity led me to some interesting conversations with some interesting entrepreneurs, and I ended up startup consulting. And so I became a consultant.
00:11:25
Speaker
And I don't even think I knew what that meant, all the stuff that we're about to talk about around finances and being a solider and a freelancer. All I knew was someone was paying me for 10 or 15 hours of my brain, and I was getting to work on some cool problems while still being able to be present with my family. And I did that for about six months, and it really brought me back to life. I realized I kind of tapped into my creativity again.
00:11:50
Speaker
The organization that I was working for was just full of humanity and optimism, and they were incredibly appreciative and valued the expertise that I was bringing. And it also got me back to a place that I had really missed, which was the early stages of company building. We didn't talk about this, but I'm a product manager. That was my trade. I grew up learning how to work with designers and engineers and build mobile apps and websites and social media experiences.
00:12:18
Speaker
And I'd gotten kind of pretty far away from that as I moved up the corporate chain. And I got to be back close to that again, working with these startups. And I realized that that is what my soul really
Founding Ruby Money: From Challenges to Solutions
00:12:28
Speaker
wanted to do. I wanted to be back in the studio, you know, building and creating. And so it just sort of came to me naturally. You know, I think there was this aha moment where I was filing my taxes for the first time.
00:12:44
Speaker
as the first year that I went out on my own and had this consulting income. And I don't even think I knew how to describe it to our CPA and I definitely didn't set money aside or keep track of my expenses or deductions or any of the things that we'll talk about later that are important to do. And I had this moment where I felt really embarrassed and ashamed because I have an MBA and I worked at a bank and I had totally messed this up.
00:13:14
Speaker
Luckily, we had the financial resources to make up for my mistakes, but that really got me thinking, what's going on here? Using my background and working in financial services and product design, I recognized that this was going to be a big problem for a lot of people.
00:13:34
Speaker
And who, if not me, was the best person to solve it. And that got my creative juices going. And I spent the next six months just researching and interviewing and designing and prototyping. And that is what led to the genesis and birth of Ruby Money.
00:13:49
Speaker
I love that so much. I think, I mean, we know this already, but the best businesses, the best ideas come from a need, but even better when it comes from a need you've personally experienced. And it is fascinating to me. Obviously, I've been an entrepreneur since 2011. It's 2024 right now, so that's quite a few years under my belt.
00:14:11
Speaker
And it is fascinating to me that you jump into the world of entrepreneurship and maybe it's a little different now. The landscape is a little different now than it was 13 or so years ago. But still, there's so little that we're taught about how to actually be a business owner and be an adult in a lot of ways, but specifically being a business owner.
00:14:32
Speaker
The need was there when I met you and you told me what you were doing. I was like, sign me up. Didn't matter that I had a bookkeeper in a CPA. I still got confused. I still felt frustrated by taxes. I still every month, every quarter when it was time to pay my quarterly taxes, I was like, Oh, no, I got to find my CPA. I got to pay my CPA to calculate the numbers for me. Like, why, why don't I know how to do this already? I've been doing this for so long. Why is this still so challenging? So I know that feeling of like,
00:15:00
Speaker
Oh, what's wrong with me? Right? I mean, probably 10 times a day as an entrepreneur, but when it comes to money, there's this like emotion. Yeah, around it. And, and I knew when I felt that, having, you know, spent so much time at Capital One talking to people about their money, I knew money was so emotional. And when I started to feel that emotional reaction myself, I was, Ooh, there's a meaty problem here.
00:15:25
Speaker
You know, I think for me though, the big question was like, well, what am I going to do like start a company like that? That's a crazy idea, right? I had just said that I was leaving, you know, my big dream job to try to become more present and get off the corporate grind. And now what like, you're just gonna go build a technology company, how are you going to do that? So I definitely, you know, have spent a lot of time figuring out how do I craft this chapter of my life to be
00:15:53
Speaker
you know, aligned with my values, aligned with what I want to get out of this next stage of my career, while also, you know, building something that's incredibly valuable and hopefully incredibly profitable, you know? Yeah. Yeah. We want that win-win-win scenario. Okay. So Ruby Money, if you're listening and you're not familiar, how would you describe Ruby Money to them in a quick little nutshell? Yeah, sure. So we're beautiful accounting software for modern creative solo openers.
00:16:23
Speaker
You know, the things that you need to do to keep your business on track, you know, track your income across all the different platforms and income streams that you're generating. Pack your business expenses so you understand what you're spending, where you're spending it. And most importantly, have those things work for you, work for you at tax time. Yeah. Have all the data you need to stay on top of your taxes, to maximize your tax deductions, to file at ease.
00:16:49
Speaker
You know, it's really kind of your statement of record for your business. Yeah, beautiful. It is. And I've been using it for years now. I feel like it was probably 2020 or 2021 when you and I first met. And yeah, I've been using it ever since. And I've been lucky to kind of witness the evolution of it and watch it just get
00:17:10
Speaker
smarter and smarter and better and better, but I cannot stress enough. I tell people all the time, like, whenever someone complains to me about taxes, I'm like, you need to know about Ruby money because as soon as I started using it, I don't stress anymore. It sounds cliche. It is so true. I do not stress. I pay my taxes through the app. It's amazing. But my favorite part is that you did think that through from a solopreneur perspective. So I want to talk about that for just a second, because a lot of us, if you're listening and you're like me, we have income sources all over the place. We might be receiving deposits from
00:17:40
Speaker
different platforms, and also our months are not steady. We're not making the same amount of money month to month like we did maybe when we were employed by someone. So tell me about that component of, you know, what part of that for you when you were building the app, how much did that play into the need that you saw of just helping us make that easier, knowing that like we can't always predict what our income is going to be?
00:18:08
Speaker
Yeah, I think for me, you know, when I was consulting after my corporate breakup, that was the first time that I wasn't getting paid by an employer. I didn't have somebody, you know, massaging my earnings for me and smoothing them out over the year and paying payroll taxes and making contributions to my retirement and, you know, hand delivering health care and insurance to me. And, you know, I think that's very disorienting. And so that was sort of the grounding experience of like, oh, wait,
00:18:39
Speaker
This has to be DIY. There's no accounting or tax or HR department. You are that department. And so the inspiration is that, you know, you only have so many hours in the day when you're working for yourself. And so you're not going to have the time and the energy to research all your options, to do all your own books.
00:18:59
Speaker
to reconcile your books every month and keep track of things the way a corporation does for you. And so how do I rebuild that simplicity, given the constraints and unique circumstances that surround independent work?
00:19:15
Speaker
So that was kind of the first problem I wanted to solve. The bigger thing was that when I took a step back, people have been, you know, have had this problem for years, right? Like small businesses have always had to deal with this. But when you took a step back, there's a specific type of small business that has been exploding in the last few years. And COVID
00:19:38
Speaker
And the, you know, acceptance of remote work and all the amazing technology we're using today to record this podcast has made it so that anyone can be a company. And, you know, just last year, over 60 million Americans freelance, 43% of all of Gen Z had some sort of
00:19:58
Speaker
self-employed income that
Freelancing: Opportunities and Challenges
00:20:00
Speaker
was not part of a full-time job. That is a massive shift, right? And these people are not small businesses. They don't have accountants in brick and mortar stores. It's you and me, right? It's hanging up a shingle, coming up with some rate and saying like, let's go. I have a course, you know, I've got some content, I've got an expertise and I want to monetize that.
00:20:21
Speaker
Half of all of the freelancers in the last year were knowledge workers, meaning that they were highly skilled and over a quarter of them had a post grad degree. And so the perception and the makeup of who is self-employed has dramatically changed in the last five years, yet the solutions available have pretty much stayed the same. And that's like the shift and the gap.
00:20:49
Speaker
that we saw when we started building Ruby money. And when we started building in 2021, we had one feature, save money for taxes, right? That's all you could do is like money. No, but as we talked to, you know, hundreds and hundreds of, of Tiffany's, we realized that like you needed so much more and we've built out these new features to really lean into this. I mean, the fastest, most exciting generation of entrepreneurs we've ever seen.
00:21:18
Speaker
And and I think the perceptions of being self-employed, you know, and I'm using these words freelancer self-employed solo printer Interchangeably because they all kind of mean the same thing right you can debate. They're all just different ways You know, it really is an incredible revolution and
00:21:40
Speaker
Um, and you know, I'm here for it. You're here for it. Like in the perceptions around it are so much more positive. I think, uh, there was a recent study for the 75% of fortune fund hundred fortune 500 companies now have an explicit strategy around and targets around what percentage of their workforce is going to be freelance.
00:22:01
Speaker
And so even if you are currently in a corporate job, you need to be thinking about what, how do you take control of your business? How do you start thinking about yourself as a business and not an employee? Both because there's massive benefits to doing so, but also because you may not have a choice in the matter.
00:22:19
Speaker
350,000 people were laid off of tech companies in the last 12 months. The days of the gold watch. I know. I'm wondering when, and I'm curious what you would think about this with your banking background, Angie. To piggyback on what you just said, when I was a kid, my dad was an entrepreneur and I thought that meant he couldn't get a job.
00:22:42
Speaker
Like it had such a negative connotation around it. Now I realize that was not at all the case and then my mom eventually launched her own business and then my dad quit his job and went to go work for my mom and they retired in their 50s and it was like this ultimate success story especially of two people who were married at the age of 17 right like defying a lot of odds there but
00:23:02
Speaker
Well, even when I graduated college, even with two entrepreneurial parents, I did not graduate college with the understanding that it would be okay to go out there and be an entrepreneur. I went to college with the understanding I would get a degree, and then I would go get a job, and I would stay there for a while, and then I would get another job if I wanted to, but even that my dad kind of frowned upon, right? It was still very much that old school mentality that you get at the job, you stay around for a while.
00:23:25
Speaker
And so to see such a huge shift happen in the last 20 years, and especially like you said, the last five years, of course brings me a lot of joy because now I know how much freedom there is on the other side when you are a self-motivated individual. But I'm curious for you, like, what do you think is gonna be, what do you think the next five years hold in store for us? What do you think is gonna keep happening?
00:23:47
Speaker
Yeah, I mean, well, first of all, I just completely agree. I mean, we used to talk about creatives who worked for themselves as starting artists, right? Going from gig to gig. You know, we used to talk about teachers and coaches as like those who can't do, teach and coach. And now the most successful brands and people right are doing masterclass courses and main courses. And then consultants was kind of this dirty word for a long time.
00:24:13
Speaker
And now, again, it's like fractional C whatever is the sexiest job you have. And so, perception of changes, and maybe we've gone too far, maybe everyone's a little too drunk on their own cooling, but I don't think that the idea that people are going to, I use the term polyworking, you're going to have a mixture of income streams throughout your life. Maybe you work for a big company because there's something you want to learn and you need stability or benefits. And then maybe you hit an entrepreneurial spurt.
00:24:43
Speaker
and you want to start your own thing or you need to be present for your children. I mean, in the last Upwork survey, and I think Fiverr did another survey, a large over 60% of the women they surveyed
00:24:57
Speaker
used childcare and caregiving responsibilities as the number one criteria for why they were pursuing independent work. And, you know, we know that we need to do a lot more to make it easier for women to work when they're caregivers, but the ability to control your rates, control your schedule, there's so many huge benefits to independent work. So I don't see
00:25:18
Speaker
the growth and independent work slowing down. I think big companies are going to continue to have that as part of their workforce strategy. And even if you're not doing it full time, you know, this whole joke of everyone having a side hustle, I think the side hustle needs to be rebranded. But whether it's an Airbnb or a course or advising or consulting,
00:25:40
Speaker
The idea that you're going to be monetizing your skill set and your knowledge in a number of different ways as you build your personal brand as a person, not an employee or an entrepreneur, just as a person. I think you're just going to continue to see that grow and grow. And I know you work a lot with your coaching clients about building their personal brand and
00:25:59
Speaker
We can kind of feel like you about that. I know I've shared with you my feelings about that personally. But, you know, because we're so used to being attached and getting our our identity from the institutions we're associated with. I'm a Stanford grad. I work for Facebook. Like, no, that's their reputation. That's not your reputation. And so sorry, I'm kind of going off a little bit. I think that we're just at the beginning, frankly.
00:26:30
Speaker
Um, and it's just never been easier to start a new income stream. It's never been easier to build your portfolio of, of new ways to experiment. I mean, you can, you can launch an Etsy store and find a drop shipping partner and get AI to design you a t-shirt and be in business and under a day. And I see the middle school kids at our local elementary school doing it. It's just, it's just fascinating. So as fast as you can bring an idea to market.
00:26:58
Speaker
or think of a skill that you can monetize. Um, that's how fast it takes to become an entrepreneur. So, so like what's stopping you, you know? Yeah, access numbers where a lot of our listeners are like, well, really Tiffany, the numbers of it all, the logistics of it all, which is why I'm so glad to be having this conversation with you. And we'll, we'll dive a little bit deeper in and just a bit about
00:27:23
Speaker
taxes. Tax season is approaching if you're listening to this around the time we're recording which is end of January. So we'll talk a little bit about taxes and how to prepare for that and how to get you feeling really nice and comfy cozy around it because it does not have to be quite as it doesn't have to be scary at all. We're also going to talk about write-offs because that's a topic that Angie and I love talking about but before we dive into that I do want to spend a little bit of time talking about
00:27:47
Speaker
What do we think it is and what is the solution, you know, around making it more comfortable for women in general to talk about numbers, to talk about money, to talk about finances? We're starting to see a shift, right? But it's still, I think, pretty early in the stages of that shift. I think we've still got a long way to go before women are really dominating in the sense of they understand
Women's Financial Empowerment and Barriers
00:28:10
Speaker
their finances, they know where their money is, they know how to make their money work for them.
00:28:14
Speaker
just all these things that for generations were handled primarily by the man in the relationship, you know, stereotypically speaking. So what did you find or maybe, you know, going back in time, you do have a banking background, but did you ever have a moment where you realized, wow, I don't know that I was ever really fully prepared to be comfortable talking about money. And then maybe how did that, how did you notice that start to shift over time?
00:28:42
Speaker
Love talking about this. I could probably talk about this for too long. So you'll have to cut me off. But when I was at So there's a couple things when I was at Capital One We talked to men and women a lot of each of every age of every you know type about money and their relationship with money and
00:28:58
Speaker
And it turns out that women and men have the same insecurities about money. They have the same questions, the same lack of education. None of us were really taught about credit. None of us were really taught how to balance a checkbook or run a P&L or pay our taxes. Like, I don't know about you, but if those classes were offered in high school, I didn't take them.
00:29:18
Speaker
The only one I took was how to write a check. That was it. Yeah. And so really the main thing that differentiates how people come into adulthood feeling about money is the relationship their parents had with money and what conversations they had with them. So that was very fascinating. You know, if you grew up in a household where money was a source of stress and anxiety, that's what you picked up about money. If you grew up in a household
00:29:43
Speaker
where money was spent very flippantly and it was kind of a YOLO lifestyle. So you sort of mirror the relationship that your home life had with money. But as you get older, what you see is that men, they observe that it's their responsibility. And so they're a little bit more willing to seek out the answers and ask for the help of each other, like man to man.
00:30:11
Speaker
I think women, what I see is that they're less likely to surface their insecurities and seek out the answers.
00:30:19
Speaker
for fear of judgment, and also because of a lack of a trusted person to ask those questions to. And one of the amazing experiences of starting Ruby Money was that a lot of our early customers were women, and I was hosting these webinars, as you know, and these intimate groups, and people were asking questions. And I said, well, what has stopped you from
00:30:41
Speaker
getting the answers to these questions before what you know, you know, I'm not Jesus, you know, I'm not some like money. And there's a lot of people who know the things that I'm telling you about. They're just I never felt like I was in a safe place to ask. And so I think women desire. They want to feel safe before they get vulnerable.
00:31:00
Speaker
Sure. And I think there's something about that that then creates a barrier between the information that you need, you know, sort of not wanting to ask the questions if you don't feel like you're in a safe place. So I think that that's something that I really learned that was interesting. I've also learned that the content, the knowledge, the apps today, they're all designed from a male point of view.
00:31:24
Speaker
And that can be very off-putting either because they're all about maximizing your money right the investing apps Robinhood and gamifying and crypto and like it's not to say that we don't want to make money but that sort of Masculine energy can be really off-putting you know if you ever watched that mad money show or even some of the like you know Rams II stuff like it's just so
00:31:50
Speaker
harsh and bullish almost that I think it's really turned all generation of women who, you know, maybe money is a tool to receive their own. They think of money in a different way. And so all that's really off putting to them. And so then they end up just like not learning or feeling that it's not appropriate to want to get rich. It's not appropriate to want to build your wealth. Those are masculine goals, not feminine goals. And I think that's a real shame.
00:32:17
Speaker
Yeah, it is a real shame and I was reading, I don't know the stat off the top of my head, so I'll just speak in general terms, but I was reading an article in the Washington Post and it was chatting about how, because women tend to outlive men. And so a lot of times what you end up with is this older woman who's now suddenly single for the first time in her life. You know, speaking in this kind of current generation, if you will, of like our current parents right now where they might be in that like 60 to 80 age range, if you will.
00:32:44
Speaker
And the man maybe passes away and the woman is now left on her own. And there's some study out there that was talking about how it was like well over 50%. I don't remember what the exact number was, but well over 50% of these women tend to, once their husband passes away, they tend to change their financial advisor. They take the money wherever it was that the man had been kind of keeping up with.
00:33:07
Speaker
They take it and they remove it and they find somewhere else to go with it because of the way they're treated within that institution and because they just don't feel seen and heard and valued as now the woman with the money. Right. And I just thought, wow, that's so fascinating to me. And obviously I think we've got, we're, we're starting to make some progress and there's a lot of progress left to be made there. But you're right. I feel like for many, many years, decades,
00:33:31
Speaker
Women just weren't, you know, we can trace it back to the fact that we weren't in the workforce as early as men were, but these financial institutions just weren't set up and geared towards
00:33:41
Speaker
caring for a woman in the way that we wanna be spoken to and cared for when it comes to talking about our money and our wealth. So I hope we're starting to make some pretty big strides there. What do you think are some of the biggest mistakes you see being made? Let's just kind of dive into that for a second. What are some of the biggest mistakes you see being made
Entrepreneurial Mistakes and Learning Curve
00:34:00
Speaker
by the solopreneur business owner, freelancer, whatever term they wanna use?
00:34:06
Speaker
The first one is like spending more time in the area that you're comfortable with, right? As opposed to thinking about your business as a business. And so this can manifest itself as building a beautiful website, designing a beautiful logo, right? Like designing your beautiful home office, things that make you feel excited about being an entrepreneur. And there's nothing wrong with those things, right? But you need to spend equal amount of time asking yourself the hard questions.
00:34:36
Speaker
Who's my target customer? What am I going to charge them? How do I find them? What's my marketing platform? What's my sales strategy? These words that can be very uncomfortable. It's so much more comfortable thinking about delivering your craft, but how you're going to sell, market, and profit on your craft can be kind of afterthoughts for a lot of people who are launching new income streams, particularly if it's not
00:35:03
Speaker
If it's their first year of business or it's not their primary income stream, they could sort of be like, oh, well, I'm not really paying attention to that stuff right now. I just want to try this out and see what happens. And it doesn't matter whether you're building a business that's going to deliver $20,000 a year in vacation bonus money, or you're looking to build a million dollar business. You have to iterate on the entire business from the very beginning, and you have to ask yourself the hard questions.
00:35:33
Speaker
So that's like the umbrella within that, just like undercharging, plain and simple. I think, I think like all entrepreneurs, but women in particular, you know, we're just like, Oh, thank you so much for opening your wallet. Like how could you even afford to spend, spend 99 cents on this amazing, you know, product. So actually working backwards from.
00:35:58
Speaker
What do you need to profit? What do you need to invest in your business? What's the opportunity cost of your time? What do you need to pay in taxes? Working back from that and coming up with a price that really takes into consideration all of that. And then if you can't sell your service product course for that price, that's incredibly valuable data.
00:36:18
Speaker
for you to do, but sort of really thinking upfront about pricing and having, you know, almost like a fully loaded price from the beginning. And recognizing that your early adopters are probably going to pay a lot more than the people down the line. And so that's the best time to have your
00:36:35
Speaker
your price high. And I would say that was one of the mistakes that I made at Ruby Money. I wanted to get feedback and I wanted to get engagement and so we gave our product away for free for the first year and I think we just left so much valuable money and learnings on the table. And the minute we started charging for our product, I felt like our customers were more committed to us. We were more committed to them.
00:36:59
Speaker
We really were able to hone in on who our ideal user was, what pain points they actually valued us solving, and they gave us much better feedback. When you're paying a lot of money for something, you're going to let people know when they're hitting the mark or not hitting the mark. Undercharging can seem like a good idea when you're starting out, but for most circumstances, it doesn't really help you. That's probably one of the biggest mistakes.
00:37:24
Speaker
Yeah, my favorite quote, I don't remember if you're listening and you remember who said this, drop it in the show notes or comments below. But my favorite quote about that is when people pay, they pay attention.
00:37:36
Speaker
And it's so true, you know, when they pay, they pay attention and we want engaged clients, customers, users, whatever it is. So that's really fascinating insight on your behalf and such a good little nugget. If you're listening right now, we always think, Oh, I'll just turn off for free. I just want to get people involved and serve and whatever. And in reality, sometimes you can really be shooting yourself in the foot and unbeknownst, you know, unbeknownst to them or you, you can, can kind of like, it can impact in a negative way the experience you're able to provide.
00:38:08
Speaker
Yeah, I read this. I know we need to go, but there's one more. I feel like I need to share.
00:38:13
Speaker
Yeah, you can cut it out later. But there's this tendency when you're just starting out, there's so much you don't know, right? And it might be you might be really good at your one craft, but you've never done all the other things. And there's this huge burgeoning industry of consultants and courses and you know, that you can take to do those. And so I see two mistakes that are going to see seem almost contradictory. The first is trying to do it all alone, and not asking for help. And the second is
00:38:44
Speaker
paying for things too soon, assuming that someone else is going to build your business for you. On the first one, I think it's less about hiring people and buying a lot of stuff and more about creating your own personal board of advisors, people that are experts in the thing that you're weak at.
00:39:02
Speaker
that are going to be honored and elated that you ask them to help and bring them into your problem solving with you early and often because this can be an incredibly lonely and long journey if you're doing it all yourself. On the second one, I think a lot of times those people that are saying like, hey, I'm an expert in writing your email sequences or I'm an expert in helping you figure out your Amazon listing or your this or your that.
00:39:28
Speaker
They're really not ready for you yet. They're not going to be invested in your business at the early stages. They're really there to help you scale what you've already learned. And so I see a common mistake is bringing those types of experts in and thinking they're going to be with you emotionally and helping you kind of problem solve. But that's just not really their model. And you're going to waste a lot of money. And I have wasted a lot of money.
00:39:54
Speaker
kind of looking for those silver bullet kind of experts and consultants to come in and just figure it out for me. And so I think, you know, both be weary of, you know, high ticket priced experts that are offering to just solve things for you in the first couple of years. But then also please, please, please don't try to figure everything out all by yourself because you will grind yourself into the ground.
00:40:20
Speaker
Yeah. Oh my gosh. I echo both of those sentiments so, so much. And I always say it is a delicate dance between learning where you need help and where you need to just kind of like strap in and realize that you just need to like stop kind of tiptoeing around what needs to get done and put your head down and do the work. But it is a delicate dance. And I think like you, most of us, if we've been around for very long,
00:40:44
Speaker
have learned these lessons the hard way. And as much as I as a coach try to keep people from having to learn lessons the hard way to a degree, it's like when you're raising a child. Like I can tell you that that's gonna be hot if you touch that hot stove, but I know at some point in time you're gonna touch it and that's how you're really gonna learn. And there's a lot of that in the entrepreneurial world as well. Like I can tell you things, but also you're a grownup and some of these lessons you might not actually absorb and fully understand until you experience it a little bit yourself.
00:41:13
Speaker
Spoken like a true coach. Okay, so let's talk a little bit about
Tax Responsibilities for Entrepreneurs
00:41:20
Speaker
taxes. Let's dive in because we're coming up on another tax season. And I know that just that word can send shivers down some people's spines.
00:41:31
Speaker
So I would love for you to share with us some practical tips on how to approach tax season, how to just really make sure that we feel ready. And then we'll dive into some also some ways to talk about, you know, make deductions that work for you right off that work for you. But like overarching, just talking about taxes, what would be some tips you would give if they're listening right now and they're like, oh, my gosh, I do not feel prepared. Angie, what do I need to do?
00:41:58
Speaker
Happy to jump into this. So if this is your first year or maybe it's even your fifth year working for yourself, you're likely going to start getting forms around this time of year. Anyone that you've done work for or any payment platform that you've processed on is going to start sending you these 1099 forms, which is going to start probably to trigger a little bit of anxiety. And what happens is sometime between now and April 16th, you need to file your annual tax return.
00:42:26
Speaker
And what that looks like when you're self-employed, if you're a sole proprietor or a single member LLC is you're still just going to file your same personal income return because your income, you're viewed as a pass-through entity, which means you're not a separate business. You are, you know, Tiffany and Timmy Knapper coaching are the same thing. And so you're still going to file a personal tax return, but all of that income that you're getting paperwork for,
00:42:52
Speaker
or maybe not getting paperwork for, it needs to be recorded on a special schedule within your tax return, which is called your Schedule C. What the Schedule C is, is basically a P&L for your business, a profit and loss statement. It shows all of the income you've made, all of the expenses you've incurred, and it spits out a profit number, which is called your taxable income.
00:43:16
Speaker
and then your tax rate will get applied to that and that is what you'll owe and then you'll take out all your personal deductions and your personal credits the way you do a normal tax return. So the big scramble is how do I get the data either to put into TurboTax or whatever self filing tool you need or to hand over to your CPA that populates your schedule C. And for a lot of people working independently,
00:43:42
Speaker
They may not have had a system year round for keeping track of that data. And that's really where Ruby Money comes in, is it gives you that system. But if you don't have that system, what it basically looks like is downloading your credit card statements, downloading your bank statements, and organizing all of those deposits you've gotten from any income you've made self-employed, and then creating a massive spreadsheet of everything that you've spent for your business. And those are going to be your write-offs. And those are incredibly important because those lower the amount of taxes you have.
00:44:12
Speaker
Um, you know, one of the reasons why we're, we're doing this episode now is that, you know, if you haven't been doing this year round, if you don't already have a system for this, you don't want to do it from scratch. Nobody wants to block off a weekend and build a spreadsheet and download all of their transactions and try to figure out, is this deductible? Is that deductible? And so, you know, the Ruby money app like does that for you within five minutes, you can link it to all of the bank accounts that have
00:44:38
Speaker
transactions related to your business activities and it can sort through what's for personal, what was for business and can put all of that, organize all of your income, all of your expenses, let you know what is a write off and then get that in a report that you can easily ship off to your CPA or use when you file taxes. But I think the, the, the reason you're doing that is because you're creating a record of what your business has earned or lost.
00:45:03
Speaker
And that needs to be recorded on your tax return so that you don't under or overpay your taxes. The next thing that's going to happen is the IRS is going to say, okay, well, thank you for giving us this information. This is what you owe in taxes. Have you paid any of it yet this year? And if you've made quarterly estimated payments or maybe made payments through some W, a full-time employer, it's going to deduct that from what you owe and tell you what amount you have left.
00:45:31
Speaker
If you haven't made any estimated payments, you're due for a pretty big surprise tax bill and probably some penalties along with it. There's nothing you can do about that necessarily for 2023 tax year, but going forward into 2024, it's really important, particularly now that we started 2024, to get into a rhythm and a process
00:45:57
Speaker
of setting aside money for your future taxes and making estimated tax payments throughout the year. And there's a whole topic about, you know, what is a quarterly tax payment? Who needs to make it? How do you make it? We have tons of resources about that on our website. And, you know, the punchline is like we calculate and pay those for you. But those are kind of the important things when it comes to self-employed taxes is keeping those accurate records
00:46:26
Speaker
making sure you get those organized so that you can file taxes without a lot of drama and stress and then creating a routine where you can make those estimated payments throughout the year so you're not hit with a bunch of underpayment penalties and surprise tax bills come April and that can really set your set your world
00:46:47
Speaker
Just one of those experiences and you'll realize, okay, I cannot let that happen again. I speak from experience. I love everything you just said, and that was such a beautiful way of really explaining in simple terms how to kind of get a hold on your taxes. I want to interject with just two little quick, maybe three. We'll see how many it adds up to.
00:47:05
Speaker
If you're listening and you got a pen and paper in your hand, three quick little things that you can start doing today that'll help set you up for more success with your taxes in the future. The first is right now, go ahead and put on your calendar the date of the quarterly taxes that are going to be due for 2024. If you haven't done that already, do it. If you're in the Ruby money app, it tells you for you, which is even better. But go ahead and put it on your calendar as well. I put it on my digital calendar and I put it on my physical calendar just so that I know no matter what, I'm not going to miss it. It's going to happen. I'm going to check that box.
00:47:35
Speaker
Second thing I would tell you to do is go ahead and create a Google Drive folder. It is going to be three, three tips. Second thing is going to go ahead and create a Google Drive folder if you don't have one of those already or like if you use Dropbox or whatever kind of platform you use for organizing your files.
00:47:52
Speaker
Label it taxes. Go ahead in in that when you're gonna have a folder for every year and start just squirreling away the things throughout the year that come to you that you know you're gonna need to keep an eye on when tax season comes so that when it's time all I have to do is go into that one folder and all the documents are there so right now as Angie said I'm starting to get all these 1099s coming in and
00:48:12
Speaker
Every time I get a 1099 in, I download it, it goes into my tax folder and boom, I don't have to worry about finding it again. And then my third tip I was going to say to you is do the same thing in your email inbox. Create a folder in your inbox that you label taxes or something along those lines.
00:48:29
Speaker
And every time something comes in that you think is going to be related to your taxes, a 1099 form or anything like that, go ahead and just file it away into that tax folder, which is so much easier. You'll spend a lot of, one of the things that used to make me pull my hair out was going on the treasure hunt for all of the things that I had to get my hands on to even fill out the schedule. See, right? So really learning how to organize that. It sounds so simple, but it will save you so much stress in the long run. I'm adding one more to the list, which is you don't already have
00:49:00
Speaker
a separate bank account set up for your business or your side hustle income. Get that set up automatically and have all of your payments going into that account and all of your expenses, your recurring subscriptions, all of the payments coming out of that account. You might have to put a little money into it so you have stuff to draw on.
00:49:25
Speaker
Um, but that is also going to reduce a lot of the scrambling because at the end of the year, you know, if it's in that account, it's related to your business. And if, let's hope this never happens to you, but if you do ever get audited by the IRS and they want to know like, Hey, it says here on your schedule, see that you spent $4,000 on office equipment. Um, can I see the proof of that?
00:49:50
Speaker
You just go right into that account and it's right there. And everything is very clearly labeled and organized. And so that is incredibly, incredibly important. And you can just, you know, open it up at the same bank where you have a personal account, another personal account. It doesn't have to be anything fancy.
00:50:06
Speaker
Um, that is, is really, really important. Yes.
Efficient Financial Management with Ruby Money
00:50:10
Speaker
1000%. 1000%. Good one. Well, okay. Let's talk about some deductions for our listeners. If they're like, okay, how do I save a little bit of money? So I don't have to pay quite as much, um, in my taxes. What are some of the more common or maybe uncommon? Um, maybe there's some secret deductions and write offs you can share with us today.
00:50:27
Speaker
Yes, I love write-offs. Write-offs are your best friend. But let's first define what's a write-off, right? A write-off is any expense that is deemed by the IRS as ordinary or necessary to conduct business. There's no scientific definition for what is ordinary and necessary. It depends on your line of work. If you're a hairstylist and you're buying $500 scissors,
00:50:55
Speaker
Like that's going to be an ordinary and necessary expense. Like Tiffany, I don't know if you need $500 scissors to do what you do. And so it's going to be tailored to your profession. And so really you're the best person to know what a write-off is. And I think a lot of people are really intimidated. They want someone to tell them what the write-offs are. You actually know every time you're taking out your card or spending something, is this going to help you be a better business person? If you're buying a, you know, the wired magazine in the airport,
00:51:24
Speaker
and you read an article that inspires you for a new podcast you wanna record, that's a write-off. If you are hiring, so a couple of my favorite write-offs that I think people often overlook. The first is what I'll call professional and business development. And the Wired article is in that category. A lot of these intangible things that we're doing to invest in ourselves as entrepreneurs, coaching, courses, subscriptions,
00:51:51
Speaker
um, you know, going to conferences, um, you know, sponsoring things, anything that we're doing to, to try to grow our business and grow our ability to do business and build new skill sets. If you're taking a course because one day you want to be a nutritionist, but right now you're an SEO consultant, that course is something that you can write off, right? Anything that is helping you make more money in the future.
00:52:17
Speaker
is an expense. So, so professional development is a really important write up. The second one, if you work from home is home office. So home office is really interesting because
00:52:29
Speaker
If you think about it, when you worked for a company, they managed this huge office space, right? That they had to put together. When it's your home, you still have to maintain the fidelity of that home. Maybe your home office is only 200 square feet of your home, but within that, that 200 square feet is part of this larger building. And so what the IRS allows you to do is you can add up all of the expenses that it takes to maintain your home from home repairs to insurance, to rent, to landscaping, to cleaning.
00:52:58
Speaker
Um, you know, you're putting in new flooring, anything that maintains the fidelity of your home. And then you can take a percentage of that and write it off. And that percentage is based on, you know, if you have a 200 square foot office and your house is a thousand square foot, well, then 20% of all of your home expenses, utilities, equipment, et cetera, you're able to write off. And that can add up a lot. Um, that can add up a lot. I know to some people it's three, four, $5,000.
00:53:26
Speaker
of tax deduction that you can take just there. So I think, you know, the professional development is when people leave behind the home office. I mean, people are just afraid to take, they don't really understand how it works. But there's a huge opportunity there. And it's, you're not scamming the system, you're not hacking the system. The system was designed to allow you to take that. And if you went and rented office somewhere, that would be really expensive too. If the air conditioning went out in your co working space, you wouldn't be happy about that.
00:53:55
Speaker
And then the third one is my favorite tax break, which you and I love, which is the tax break that costs you no money, which is retirement. So just like a 401k and a traditional company, there are retirement tax breaks for self-employed. You can contribute money into a traditional IRA or SCP IRA. And both of those, that money, whatever you contribute into those comes directly off of your profits and lowers your taxable income.
00:54:26
Speaker
Except you didn't actually spend the money, right? You didn't buy that course or buy that laptop or buy that cell phone. You really just moved that money from one account to another. And you still have that money available to you. And it's a great way to kind of pay yourself first, invest in your future. We should have added that to the list of other mistakes that new, which is not having a retirement plan. You don't want to be self-employed for five years and have put zero money away for retirement.
00:54:55
Speaker
Um, and so the added bonus of it being a tax deduction is just kind of icing on the cake. Yeah. Um, what I want to say is it's not your responsibility to keep track of these deductions. That's what software is for. Right. So connecting your bank account to a bookkeeping app, like Ruby money, so that it is scanning all of your transactions, categorizing them into these tax categories.
00:55:22
Speaker
registering them as write-offs so that you can take advantage of them at tax time. You don't need to understand this. I'm explaining it to you so that you're aware. What you need to do is adopt a system that does it for you. This is one of those, it takes a village to raise the children. It takes a lot of software to run your own business. Bookkeeping and write-off finding and tax prep is one that
00:55:47
Speaker
You don't need to become an expert and you just need to find a system that you trust to take care of this for you. Yeah. 1000%. 1000%. And I just can't stress it enough, but knowledge is power. Knowledge is power. And even though it might feel icky and you don't love this discussion in the beginning, the more you get comfortable and the more the terminology starts to sound familiar to you,
00:56:12
Speaker
Um, cause I remember when I first heard about SEP IRA, I was like, I don't understand. What does that mean? You know? And now I'm like, Oh yeah, I just kind of moved some money over to my SEP IRA. Like I get it now. It doesn't intimidate me anymore. And the only reason is because I just, I learned more about it. I got more comfortable and, um, I didn't put my hand, I took my head out of the sand, right? So.
00:56:30
Speaker
My hope is that by listening to all of this, you're starting to hear some words that maybe are familiar, maybe that are new, and just getting a little bit more comfortable, let your nervous system settle down for a minute and realize it's totally okay. There is a lot to learn, but also it does not have to be complicated. So that's why I'm so glad Angie is here to kind of shed some light on some of this for us, and also just to share that there are ways to make this easier on you.
00:56:59
Speaker
And dare I say it, ways to make it even a little bit fun. Because I joke but like I love it when I get the little notification of Ruby money that I just got paid and this is how much money it thinks I should set aside for taxes and this is how much money it should set aside for my retirement and I say yes and it moves it over for me and I'm like done. Look at me, I'm an adult.
00:57:20
Speaker
We hear that a lot. We hear that a lot. People are like, oh, I feel like a business owner now. And I'm like, you know, you're spending 10 hours a day grinding away at your business. You are a business owner. But sometimes it takes those small reminders and being able to see your money, you know, taking care, paying bills, taking care of bills, taking care of yourself, making smart decisions.
00:57:43
Speaker
There's definitely something that happens, that connection between your mind and your heart when you make smart choices. And I joke that our app is like, if you've ever played volleyball, we like to tee things up for you, give you that perfect set so that you can spike it down and feel that kind of sense of adrenaline and accomplishment that you get from doing something that is really good for you.
00:58:07
Speaker
Um, and you know, whether it's getting confetti when you pay your taxes or getting that notification, we're going to, um, new feature launch announcement here, similar to the notifications you already get when you get paid. We're going to be building a notifications when we, when you hit certain levels of tax saving milestones, when we identify write-offs and so you can see in real time, you know, the different write-offs that, that we're tracking and.
00:58:35
Speaker
You know, we did some analysis and for most of our customers, they're saving over $4,000 on their taxes, just from the write offs that we're able to identify and record for them. And so, you know, this stuff isn't just like feeling organized, like this is real money that is getting left on the table. That's your money. That's your profit. Those are, you know, your vacation days and you don't want to do that money on the table. So, you know, it's.
00:59:05
Speaker
It feels amazing to do things that keep you organized and keep you on track, but ultimately the so what of it all is, you know, being able to build your wealth so that you can continue to live life on your own terms.
00:59:18
Speaker
Listen to that again, folks. Build your wealth so you can build, live your life on your own terms. So good. So good. Well, I don't know about everybody else, but I'm grateful for your journey. I'm grateful for your epiphany in 2020 when the pandemic hit and you realized you started consulting and then that led to what is now Ruby money. And I know that there's just going to be so many more people who get to benefit from it.
00:59:44
Speaker
Um, and I'm, and I'm excited for all of you to get to play around with this tool that I've been using for a couple of years now. But in the meantime, Angie, tell everybody, how can they find you and how can they learn more about Ruby money? So go to ruby money.us. That's our website. Um, tons of free tools and guides there. You can also create your free account.
01:00:05
Speaker
connect it to your bank account and it will start organizing your transactions and identifying your write-offs within five minutes. So do that right now while Tiffany and I are wrapping up. We also have an iOS app that's on the app store so you can find us there if you just search Ruby money. And I know that Tiffany is going to be leaving a code for all of the listeners and the show notes. We have a special
01:00:32
Speaker
promotion going on, but you can get started completely free and pull all of your transactions together and get ready for tax filing season. Um, it's, it's, it couldn't be easier. I think that's the main thing that, um, we hear is that, you know, when you, when you educate about all the things that come with taxes, it's so much, and it feels overwhelming that you expect to, you know, create an account in this app and it, and it will take you an hour to figure out. And it really is.
01:01:02
Speaker
It's four questions you link your bank account and boom the app starts working for you And I like to call it the accountant that does all the things that you wish your accountant would do for you 24-7 around the clock so yeah, definitely check it out and We are we love hearing feedback and so you can reach us at hello at Ruby money dot us as well
01:01:29
Speaker
I love
Conclusion and Farewell
01:01:30
Speaker
it. And we'll put all of that in the show notes. So it's super easy to find. Thank you, Andy, for this really fun conversation around money and wealth and taxes and being entrepreneurs and solopreneurs. I appreciate you. Oh, my gosh. Thank you so much. And thank you, Tiffany, for being one of our OG users. I think you saw the value of what we were building when, you know, it was it was just a little figment of an idea. And I really loved
01:01:59
Speaker
watching you and your business grow and getting to be a part of it. Um, and I'm so excited to be on this podcast and get to be on this journey with you. Okay. I'll see you soon.