Your Fitness Money Coach Podcast Billy Hofacker

#224
In 1996, a book came out that forever changed the world of personal finance.  I was only 16 years old but a couple of years later, I became certified as a personal trainer through the ISSA. 
My first mentor was the owner of the neighborhood gym where EVERYONE worked out their chest on Monday. Frank Rossi had been owning and operating the All Natural Gym and took me under his wing. 

I remember members complaining that the equipment was too old and he needed to upgrade.

He didn’t let it phase him as he had a plan based on the numbers when he would upgrade. 
I was curious then and thought it would be really cool to own a gym one day. 
Frank advised me to “save my pennies” and read The Millionaire Next Door by Thomas Stanley. 
I saved some pennies but neglected to read the book for decades. I wonder how different things would have been had I read it. 
Years later I not only read TMND but I read almost all of Stanley’s books. 
In The Millionaire Mind, he studied the mindsets and attitudes of very wealthy people. A disproportionally large percentage of those he studied were entrepreneurs. 

7 traits were identified as contributing factors to their wild economic success. 
In this episode, we dive into the 7 traits and what they mean to us as fitness professionals. 
While there is no guarantee of success, it leaves clues and if we do more of the things that are associated with success, our chances are higher. 
Getting up earlier was NOT one of the factors that made a difference. This is contrary to what a lot of people say. 
Enjoy listening to the factors that did contribute and better yet, rate yourself in those factors. 
Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram!
Listen and grow!
Your Financial Coach,
Billy 
P.S. If you or someone you know is looking for a plan to dial in their finances and achieve some financial freedom, book a short call with me here! 
P.P.S. You can book a call at that same link if you are interested in getting your financials dialed in and efficient with bookkeeping.
 
 
 

#223: 
We all have a certain pattern we follow with money. 
 
That pattern is determined by what’s “under the surface.”
 
The deep programming under the surface stems back to childhood. 
 
What did your parents or caregivers teach you (verbally and non) about money?
 
Was money considered “the root of all evil.” 
 
Or maybe it was that “rich people are jerks” or that you can’t have a great family and be successful financially. 
 
What did you see around money? How were money situations handled? Was it a big “taboo?”
 
Finally, what were the experiences around money? 
 
Maybe the lights were cut off, the car repossessed, or a major job loss. 
 
In today’s episode, we are exploring:
 
What most fit pros believe about money and why it’s not based on truth
A formula for determining your money results
A life-changing example from my own life 
Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram!
Listen and grow!
Your Financial Coach,
Billy 
P.S. If you or someone you know is looking for a plan to dial in their finances and achieve some financial freedom, book a short call with me here! 
P.P.S. You can book a call at that same link if you are interested in getting your financials dialed in and efficient with bookkeeping.
 

#222: 
Albert Einstein described compound interest as the 8th wonder of the world. 
He said that those who understand it, earn it, and those who don’t, pay it. 
Like my man Big Al said, compound interest can either work for you or against you. 
For the 56% of US households who say they’d have trouble covering a 1K emergency, it’s working against them. 
If we don’t get this problem under control, we’ll disappoint our future selves!
Getting compound interest to work for you will help:
Eliminate debt - 43% carry an outstanding balance on their card Save for the future - Neglecting to do this might limit options later on
Financial Freedom - Eventually, your money can make more money than you can by working
Many people believe that they have to borrow money to live. 
Others feel like it’s too late. 
Find out why both are untrue and how one small step could make all the difference. 
Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram!
Listen and grow!
Your Financial Coach,
Billy 
 

Nothing great is ever accomplished alone. 
None of us have the time or skills needed to be all we can be. 
For that reason, we need the power of other people. 
To help us out, I brought the owner of www.barbelljobs.com, Sebastian Gast on the show. 
One of the most common struggles I hear is gym owners being burnt out because they are either doing too much and/or they don’t know how to hire. 
Not only has Sebastian owned his own club but he has been running Barbelljobs.com, a job board with thousands of members for the last 6 months. Needless to say, he knows a thing or 2 about hiring and retaining talent. 
By tuning it, you’ll learn the 3 things you need to be doing when you bring on employees and a detrimental mistake you’ll want to avoid. 
====>Post a job or join the talent network on the website.
Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram!
Listen and grow!
Your Financial Coach,
Billy 
 

#220
We’re at the end of our 3-part series on reading financial statements. 
By now you know that reading a financial statement is one of the most important skills of a successful business owner. 
The balance sheet, one of the 3 financial statements, is crucial to understand if you want to stay in business and succeed. 
The balance sheet will show you if your business has a positive net worth. 
If the number on your balance sheet is too low or negative, you are most likely headed for trouble. 
It will show you how much short-term cash you have on hand to cover responsibilities as well as how much long-term debt you have. 
Tune in to learn a simple breakdown of the balance sheet and learn what you need to know to make informed decisions your future self will thank you for!
Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram!
Listen and grow!
Your Financial Coach,
Billy 
 

#219: 
In part 2 of our 3-part series on reading financial statements, we’re talking about profit margin. 
Generally, fit pros know that a higher profit margin is a good thing, but there can be a lack of connecting the dots from the financial statement to real life. 
Listening to today’s show will teach/remind you:
What profit margin is - Of course, it’s the margin of profit but we’ll look into what that means Why it matters - Why it’s crucial to understand your business’s profit margin
How to calculate it
Some nuances you need to know as they relate to the fitness industry
How to make sure you’re comparing apples to apples
How to increase your profit margin without the endless chase of more clients
Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram!
Listen and grow!
Your Financial Coach,
Billy 
P.S. If you or someone you know is looking for a plan to dial in their finances and achieve some financial freedom, book a short call with me here! 
P.P.S. You can book a call at that same link if you are interested in getting your financials dialed in and efficient with bookkeeping.