#Clockedin with Jordan Edwards
Are you feeling stuck in life, wanting to grow, improve your income, or build a stronger community? Join performance coach Jordan Edwards as he interviews world-class achievers—including the Founder of Reebok and the Co-Founder of Priceline—who share their success stories and actionable strategies. Each episode provides practical tips on how to boost your personal and professional growth, helping you implement changes that can make a real difference in your life.
This podcast is designed for anyone looking to make progress—whether you're aiming to improve your mindset, relationships, health, or income. Jordan distills the wisdom of top performers into easy-to-follow steps you can take immediately. Whether you're stuck in your career or personal life, you’ll find new ways to get unstuck and start moving forward with confidence.
How to get unstuck? It’s a question many face, and in each episode, you’ll hear stories of how successful individuals broke through barriers, found purpose, and created systems to overcome obstacles. From building resilience to developing a success mindset, you'll gain insights into how high achievers continue to evolve and grow.
Looking to improve your income? This podcast also dives into financial strategies, offering advice from entrepreneurs and business leaders who have built wealth, created multiple revenue streams, and mastered the art of financial growth. Learn how to increase your income, find opportunities for advancement, and create value in both your personal and professional life.
Jordan also emphasizes the importance of building community. You'll learn how to expand your network, foster meaningful connections, and create supportive environments that contribute to personal and professional success. From philanthropists to community leaders, guests share their experiences in building impactful, values-driven communities.
At the core of the podcast are the 5 Pillars of Edwards Consulting—Mental Health, Physical Health, Community Service/Philanthropy, Relationships, and Spirituality. Each episode integrates these elements, ensuring a holistic approach to self-improvement. Whether it's enhancing your mental and physical well-being, giving back to your community, or strengthening your relationships, you'll receive actionable advice that’s grounded in real-world success.
This podcast is for everyone—whether you're an entrepreneur, a professional looking to advance, or simply someone seeking personal growth. You’ll gain actionable steps from every conversation, whether it’s about increasing your productivity, improving your health, or finding more purpose in your life.
Jordan’s interviews are designed to be perspective-shifting, giving you the tools and inspiration to transform your life. From overcoming obstacles to building stronger habits, these episodes are packed with practical insights you can use today. Whether you're looking to grow in your career, improve your income, or enhance your personal life, you’ll find value in every conversation.
Join Jordan Edwards and a lineup of incredible guests for thought-provoking conversations that will inspire you to take action, improve your performance, and unlock your full potential. No matter where you are on your journey, this podcast will help you get unstuck, grow, and build a life filled with purpose and success.
#Clockedin with Jordan Edwards
Five Money Rules Every Entrepreneur Needs to Master
Did you know that 82% of businesses fail due to cash flow problems? As entrepreneurs, we often focus intensely on generating revenue while neglecting the critical financial foundations that sustain our businesses through inevitable challenges. Drawing from hard-won personal experience, I'm sharing the five essential financial rules that transformed my approach to business finances.
The entrepreneurial journey typically doesn't come with a financial manual. When we start out, accepting payments through personal accounts feels natural, but this mixing creates dangerous blind spots. Building a proper financial structure starts with separation – creating dedicated business accounts through an LLC and EIN number forms your first line of defense. But protection doesn't stop there. The financial "moat" around your business castle requires a three-to-six-month emergency buffer that shields you when clients leave unexpectedly or market conditions shift.
Perhaps the most painful lesson many entrepreneurs learn is around tax obligations. Without proactive management, tax season becomes a crisis rather than a planned event. By automatically directing 25-30% of incoming revenue to a dedicated tax account, you transform tax time from crisis to routine. Equally important is resisting lifestyle inflation as your business grows. Those $700 monthly car payments for vehicles sitting unused 98% of the time represent opportunity costs that could instead fund business growth. The final rule might seem counterintuitive – strategic investment in your personal and professional growth, even when finances feel tight, often delivers the highest returns by compressing years of learning into months.
The brotherhood and sisterhood of entrepreneurship is built on sharing hard-won wisdom. What personal finance strategy has made the biggest difference in your business journey? Comment below with your experiences – your insight might be exactly what another entrepreneur needs to hear today.
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Hey guys, the personal finance rules. They don't teach entrepreneurs. As an entrepreneur, did you know? 82% of businesses have cash flow issues and that causes them to close their doors. The failure rate for entrepreneurs is so high and it's mostly due to personal finance and finances just in general. Why? Because we can't collect cash quick enough.
Speaker 0:Now, this was a challenge I faced and there was a lot of learnings I had over the past few years and I'm gonna share them with you. I'm gonna share five things I learned and we're gonna go over them today. It's gonna be mixing accounts, emergency buffer making, tax accounts, lifestyle inflation and not investing in growth. So the rules that they don't teach us. Let's dive into the first one. What is mixing accounts? So, when you first start a business, it's hey, can you Venmo me, can you Zelle me? Can you just instantly transport money into my account? I don't want this to be taxed, et cetera. We've all done it and that ends up happening. But as you start to legitimize your business and realize that it's actually something, because there's two sides of it, right. So there's the one side where it's hey, we're going to overwork everything, we're going to make an LLC, we're going to get a lawyer, we're going to do all this stuff. And then the other side of it is like, hey, we just need to get started. So big proponent for me is, as soon as you're ready to take on your first dollar, then you could start diving into the LLC and all of that kind of stuff. But essentially what you want to do is you have your personal account. You want to have a business account as well. The only way to get a business account is to create an LLC. Then you create an EIN number that's given to you by the federal government. Then you take that to a business bank like any bank. You can go to Chase, td, citi, any bank and go open up a business account with them. Once the account is open, then you can start taking on personal or business money. Then you can start to put business money in there.
Speaker 0:Now, the strategy I utilize, and that I think is super helpful, is that you want to have these separate, right? So you want to have a personal account and you want to have a business account, and then, inside of that business account, you want to have even more, even more that we're going to dive into, which is the emergency buffer, which is where you want to have three to six months of income, so what that means of cash flow. So let's use, for example, for the first step here is you got to make the business account and you got to make the personal account, then we're going to hop in the emergency buffer. What this looks like three to six months of cash flow. So what that means is, let's say, for you to operate, it takes $4,000 a month. Three months is going to be $12,000. Six months is going to be $24,000.
Speaker 0:The reason you want to have this emergency buffer in case of emergency meaning if there's ever a time where you don't have clients or you lose your best client because that's happened to me, it happens to everyone where you will have clients that are paying you well and then the time comes, they transition over, they move, things happen and you weren't ready for that. That's going to put you in a very difficult situation. So it's important for us to understand how to maintain for cash flow issues, meaning that you want to run your business on decently high margins and you want to be able to reinvest in your business. But the first things first is you've got to protect yourself like a moat. The way I think about this is like you want to build a castle. Right, there's the gate to get into the castle, then there's the moat around the castle and then there's the security at the castle. So to do that, you need to build a financial moat around your business so that nothing will take it down Because you put too much effort and time into it to worry about the sales and all that stuff that we do so much on the front end that we forget to organize the back end. And the back end, theoretically, is the most important. And this is for entrepreneurs, this is for people that are running businesses, running accounts, running money management, because you'll start to run into some of these issues. So the way to do this, what you want to do, is you want to build that three to six month buffer and you're going to leave that in probably a high yield savings account. And reminder this isn't business, this isn't financial advice, this is raw. It's my opinion, it's from my experience. So you're going to want to start seeing that buffer and you're going to want to build that and you can put that into a high yield savings so you can get the money in, get the money out.
Speaker 0:The third thing you want to do and this is massive for me is you want to build a tax account. I remember my first year running the consulting business and I ended up making a good amount of money, and what ended up happening was I I had a tax bill that I was not prepared for. I didn't realize how much was made and I didn't realize how much taxes I owed, and I was like, oh my goodness. So what I ended up doing was that year I actually hired an accountant. Hiring an accountant is one of the best strategies. I would recommend A CPA certified public accountant. I actually tried to get that and I was unsuccessful, but that's a story for a different day.
Speaker 0:My point being here is that what I started to realize was all the money that came in. I had to create an account where I would differentiate it, meaning that every dollar that came in, I would take 20 to 25% and place it into a tax account, and then, as your income rises, you might want to do 30%, you might want to do 40%, but what I recommend, some people even do 50%, depending on how high their income is. So the thing I would recommend is definitely looking at how much you made last year, looking at your tax bracket and then starting to utilize it. You could start off with a number of and then starting to utilize it. You could start off with a number of 25. And then, as you get higher up over 150, over 200, over 250, you can look at the tax brackets and you could see and you could start doing those percentages. But I think that would be really helpful. So the thing that gave me a lot of clarity was every dollar that came in went to this tax account. So now I had a big pile of cash ready for these taxes. I also did some tax efficiency things like renting the studio for my production. So I mean, there's things that I've done that are positive, but you still have to have the tax money ready to pay the bills.
Speaker 0:The fourth thing you're going to want to do and this is a super important one is a lifestyle inflation. What that looks like is, as you make more money, you start to spend more money. So one of the things I always did that helped me a lot was I had a set living expense. I go I'm only going to spend this much money and I would figure out constraints and make it possible. So I was able to do that. Yes, maybe you add 10%, 20% here. But then the real breakthrough for me was I actually bought a condo a few years back and when I bought that condo I realized that we were at a fixed expense, or did I think I thought we were the HOA ended up doubling it's Florida Things happen, I thought we were the HOA ended up doubling it's Florida Things happen. But because we've lived in the same place for a few years now, it actually and income has rose in.
Speaker 0:I feel that I haven't really increased my things, because the biggest lifestyle inflations that I've seen with a lot of my clients and myself are housing and your car payment. People don't realize but your car sits for like 98% of the time. So if you're driving over 1500 miles a month, then maybe we're talking where you're actually having a driving time, but other than that, if you're less than 1000 miles a month, your car is just a money pit, like it really is, and it becomes preference at that point. So you start to realize that the car is. One of the leading reasons a lot of Americans are really struggling is because they overpay too much on their car. You have the average car payment at $700 a month. That's insane. And if their housing is only a thousand, think about that ratio. You spend 2% of the time in your car. You spend at least 35% in your house. Just based on sleeping schedules, you would allocate a lot more money to your house than you would your car.
Speaker 0:Regardless. The whole idea of lifestyle is inflation is, as you make more money, you want to spend more money. So the way I it's helped me with that is, as I'm making more, I find different buckets to invest in. So it might be something like a future travel account, or it might be something like learning, continual learning, where you kind of leave yourself available for these opportunities to increase your skill set. So what that might look like is maybe every month this year, you're making an extra $24,000, so you have an extra $2,000 a month. So what are you going to do with that? You might have to pay taxes, but how can you invest that in your business? Well, maybe something you want to do is sign up for a mastermind. Maybe you're going to go spend $20,000 on a mastermind. Why would you do that? Because you want to get around those people. You want to learn those skill sets. You want to learn that. It's not this lifestyle inflation, but you're actually starting to invest in your growth and that's why, when I see a lot of young people have great success and I see them do the cars and the bottles and the parties you realize how much that they're missing when they start to compound their skills right, Because the last one is not investing in your growth and what they do, what's not taught, is that you need to invest in your growth, meaning that you have to hire the right people around you, meaning that you have to get around people who are a little bit further down the line, and the benefit of that.
Speaker 0:Why would I want to do that? Because it can expedite your time. Your time is one of the few assets that you have and it's how do you learn as fast as possible to make as much impact as possible and provide as much value as possible? You have to learn from those who have been there before. So it's almost silly to not invest in your growth.
Speaker 0:And I remember back in 2020, I actually put down, I invested into this program and it was like I didn't even have all the cash. And I remember back in 2020, I actually put down, I invested into this program and it was like I didn't even have all the cash, like I was literally doing the payment plans and that was my cashflow from the business. But what ended up happening was it literally took my coaching business to legitimize it from going from only doing one-on-one coaching to I finally learned about the group coaching model and then I got involved in some other businesses through that and I was able to learn about so many iterations that I've carried on to this day. So whenever you learn something new, it's always something to be valued, it's something to keep and it's something to realize that when you learn a new skill or you learn a new activity, that's something that you'll never something that will never go away, and that's why personal finance is one of those skills you must learn and you have to learn, and I teach a lot of entrepreneurs this. I teach them how to run their books and how to handle their finances, because finances can be one of the biggest stresses we have in business because we're just missing the cash flow.
Speaker 0:So if you want to remove that stress, you want to get around people who have been there before and, as we discussed, there's the five components, which are you don't want to mix accounts. You don't want to commingle your personal and business money. You want to keep them separate. You want to have an emergency buffer of three to six months, and what that will allow you to do is that'll allow you to have peace of mind and you can sleep knowing that even if you lose your best client, you're still going to be okay. You're going to also want to make a tax account that you're putting in around 25% at the start of. So that means if $100 comes in, you want to put $25 into that account just to prepare, and the IRS is in on every deal.
Speaker 0:And then you want to focus on lifestyle inflation. Don't let that happen to you. Hold back on lifestyle inflation. Don't go buy the nice car, don't go buy the nice house just because you can afford the payment. Buy it once you can pay it off in full. That'll help you a lot, and that's always been a really big mindset for me, where, if I can do that, then I can pay it in full, then there's no concern. And then the last thing is make sure to invest in your growth. You only have so much time on this planet. You have to grow and you have to go to that next level. So I appreciate you guys spending the time with me here. You entrepreneurs, the brotherhood, the sisterhood, and I'm glad we got to have this time together. And these are the personal finance rules that they don't teach entrepreneurs in school, so I'm glad I was able to teach you. And if you got any value from this video, comment below. Comment what personal finance tip has helped you out or that's made a difference in your life. Thank you.
