Ep. 109 - Understanding CFO vs CPA: Why Your Business Needs Both for True Financial Success

🎙️ From food stamps to financial freedom - Lisa Marie, The Sassy Wealth Queen, shares her raw journey scaling 36 businesses to over $300M in capital raised. In this power-packed episode, she breaks down why most entrepreneurs are trapped in their businesses instead of achieving true freedom, exposing the truth about "overnight success" stories flooding social media.

Discover:

• Why traditional business coaching is failing entrepreneurs
• The crucial difference between CFOs, CPAs, and coaches
• Real strategies for building sustainable wealth
• How to spot fake "7-figure" business claims

A must-listen for entrepreneurs ready to build real wealth without sacrificing their life or falling for get-rich-quick schemes.

🔗 Connect with Lisa: Facebook: facebook.com/LisamarieSWC Instagram: instagram.com/thesassywealthcoach TikTok: tiktok.com/@sassywealthqueen LinkedIn: linkedin.com/in/thesassywealthcoach Pinterest: pinterest.com/thesassywealthcoach

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DISCLOSURE: Awards and rankings by third parties are not indicative of future performance or client investment success. Past performance does not guarantee future results. All investment strategies carry profit/loss potential and cannot eliminate investment risks. Information discussed may not reflect current positions/recommendations. While believed accurate, Black Mammoth does not guarantee information accuracy. This broadcast is not a solicitation for securities transactions or personalized investment advice. Tax/estate planning information is general - consult professionals for specific situations. Full disclosures at www.blackmammoth.com.

Chapters

• 0:47 Lisa Marie's Background and Mission
• 1:00 The Role of a Fractional CFO
• 4:35 Challenges and Emotional Journey of Entrepreneurship
• 8:43 Overcoming Financial Obstacles
• 13:55 Differences Between Financial Roles
• 26:48 The Value of a CFO in Crisis Management
• 29:33 Critique of Financial Influencers
• 32:20 The Reality of Financial Success

Transcript

Stoy Hall, Host: 0:08

As some of Cash and Sass PodcasstI was on the South Seaworld Coaches podcast with Lisa, and now she is on ours at Cash and Sass Podcasst, and it's around the holiday season, so we're going to get real with you. Cash and Sass Podcasstvery real about our industry, but first we want to introduce her, let her tell her story and what she does. Or you lovely listeners, but then, and we're getting in some down and dirty stuff about our industry and how you can help yourself, but how a team like us can help you as well. So without further ado, Lisa with Sassy Wealth Coach, introduce yourself a little bit.

Lisa Robinson: 0:39

Cash and Sass Podcasstthank you. Thank you so much for having me on the show too. And your show, you being online on Cash and Sass Podcasst, that was actually one of the best episodes, so I'm really excited about it. Cash and Sass Podcasstyeah, my name is Lisa Marie. I am the Sassy Wealth Queen, the brains behind the Sassy Wealth Coach. And of course my podcast, Cash and Sass. And I am a fractional CFO and wealth coach. And basically what that means Cash and Sass Podcasstis I work with women entrepreneurs, excuse me, on theirCash and Sass Podcasst money mindset and their management so that they can grow from that 225, 250 mark in their business to going into the seven figures. And a lot of times. Entrepreneurs won't have a fractional CFO because they don't believe that they should have one or they're not at a point to have one. And honestly, once you get past that 400, 500 mark, if you don't have one, you're losing money because of the fact that a fractional CFO can help you create a plan, a money roadmap. It's so that not only do you know what's going on with your numbers, but you're also able toCash and Sass Podcasst plan. For the things that you want to invest in coaches to take those trips, whatever it may be, because it's all done together and you canCash and Sass Podcasst Cash and Sass Podcasstwhat's going on with your money. So then, Cash and Sass Podcasstyou're able to, now I can go and work with Stoy as a financial planner to make these other types of things and plan further out. And it, my clients have found that they needed a financial planner once we got to a certain point of what we did because now their wealth was being retained so much they could now go and expand it, whereas before they didn't know what was going on with it. That's, Cash and Sass Podcasstwhat I do. I work with women becauseCash and Sass Podcasst there's always been this taboo with women and money and I'm, my mission in life is to kick it to the curb andCash and Sass Podcasst I want women to realize that whether you come from wealth or not, doesn't mean you don't, you can't have it because I didn't come from it. I'm broken home, food stamps, barely making ends meet. It's. Barely able to put food on the table for my kids to have in my business, which by the way, Cash and Sass Podcasstby the time this airs i'll already be there, but we're recording it a little bit early So i'm gonna go ahead and say it In a day, it'll be eight yearsCash and Sass Podcasst Cash and Sass Podcasstthat I've had my business. Cash and Sass PodcasstCash and Sass PodcasstCash and Sass PodcasstCash and Sass Podcasstand it's, and I've stuck it through even when times got tough. And I think that's the key, right? Cash and Sass Podcasstis, and we have the people and if people that you hire don't have their own coaches or own people on their team to help them with certain things, I swear you should turn around and run. But that's me in a nutshell.

Stoy Hall, Host: 3:36

Yeah. Cash and Sass PodcasstI love it. And I love that transparency Cash and Sass Podcasstwhat I, this wasn't on my list of things to talk about, but I'm going to go into it anyway, because, Cash and Sass Podcasstthat's what we do. Cash and Sass Podcasstyou had brought up, you work with women a lot. Cash and Sass Podcasstthere's a lot of different emotions and things that women have that men don't. 2025 on this podcast, cause you're going to be the last episode of 2024 before we get into our 12 days of giving, and it's a transition into what we're doing in 2025. So in 2025, I am only exclusively having female business owners on the podcast. Cash and Sass Podcasstspecifically talk obviously about their business. Cash and Sass Podcasstthat's what part of it, but the other is to dive deeper into kind of those emotions of highs, lows, and differences. Because I know, since I work with men, mainly women and minorities, that we have this pre built connotation or notion about ourselves from society that's been driven in upon us since the beginning of time, right? With educationCash and Sass Podcasst history of voting, you name it. Cash and Sass Podcasstwe've always beenCash and Sass Podcasst reduced down. And so I love that you brought that up. I wanted everyone to know that's Cash and Sass Podcasstwhere we're going withCash and Sass Podcasst our focus. But I wanted to ask you this piece question. I'm going to ask everyone is from an emotional standpoint, what have you noticed being a business owner, starting out and surviving for eight years? Because everyone thinks that business is always successful. It's survival. What have you gone through emotionally, specifically being a womanCash and Sass Podcasst and all the other things that you have to deal with?

Lisa Robinson: 5:18

Oh, that's a good question. Cash and Sass PodcasstI'm first going to hit on the fact that if you think having a business is easy, you're in for a rude awakening. Cash and Sass Podcasstmy seventh year was as hard as my first and it was barely surviving. I'll, I'm honest. Cash and Sass PodcasstI tell people it has survived. I'm going to be eight years. And it survived because I had the tools and because I had coaches and I had, I was able to strategically use debt, leverage it, whatever, to, to help, right? To help me get to that point. And so that's really, truly just really important because if you don't have that capacity or that have that knowledge, you're gonna want to just run away and quit. Cash and Sass PodcasstEmotionally. Wow, the first year, I thought I was insane. Cash and Sass PodcasstI was told I was crazy. I was told to go get a real job. ICash and Sass Podcasst a more secured job, even though I made it through seven layoffs and then was laid off. So I'm not quite sure how secured that was. Cash and Sass Podcasstit's a, it was a rollercoaster. Emotionally, I went through a lot of, can I do this? To. I can to, I didn't make the best decisions and I made the decision based off of what I knew at the time, which is one of the reasons why I'm so passionate about what I do, which is one of the reasons why I love what you do, because when I started, those people like us weren't as out there as they are nowCash and Sass Podcasst talking about money. The coaches that were out there when I started were the ones who swore if you were serious, then you were going to spend your last dime on a coach. You weren't going to worry about putting food on the table for your kids. Dude, I got news for you. My kids come first. Cash and Sass PodcasstCash and Sass Podcasstand they would tell you, you're not serious. Cash and Sass Podcassta lot ofCash and Sass Podcasst Of the coaches out there. I don't want to say predominantly men, but those are the ones you saw a lot more of. And the women that you saw, they were very successful, but they had that same mentality of, if you're serious, you'll do it this way. Which means you'll go and borrow money, or you'll max out a credit card, or you'll spend your last dime, and Cash and Sass PodcasstCash and Sass Podcasstyou'll make itCash and Sass Podcasst Cash and Sass Podcasstyou're going to make it back because you're going to sit and manifest it, and I don't believe in non active manifestation, I do believe what we focus on, we create more ofCash and Sass Podcasst but I also believe in the action, and Cash and Sass PodcasstCash and Sass Podcasstemotionally, what I learned was, in order to survive on those tough times, and then thrive, and thrive. I needed to be able to, one, take care of me physically and mentally, and two, I needed to learn tools that could help me not stay in that scarcity mindset when it pops up. Because it's going to pop up. I, it's popped up a lot this year, popped up a lot the first two years, Cash and Sass PodcasstCash and Sass Podcasstand having, Me having those tools and having a coach and them reminding me of the tools Cash and Sass Podcasstand evenCash and Sass Podcasst saying, Hey, Lisa, how about let's try this new tool? Cash and Sass Podcasstand you know what, this, okay, I can do this with some deep breathing and just center myself because I only have three minutes and it brings me back to being grounded so I don't stay in that scarcity mentality. And I think Cash and Sass Podcasstthat's just Cash and Sass Podcasstreally important. And that's one of the. Honestly, I will say that's what's helped me get throughCash and Sass Podcasst and move through and process and just, Cash and Sass Podcasstkeep goingCash and Sass Podcasst when things have gotten so tough.

Stoy Hall, Host: 9:20

Predominantly women are more complex, want to plan, they want to protect their future because of usually just their nurturing standpoint, right? The purely geneticsCash and Sass Podcasst situation, whereas men, we're big dumb idiots, we'll figure it out or we won't. We'll just keep pounding our head against the wall. Cash and Sass Podcasstwith that in mind, how big, when you work with clients, and I know this is for me, and I'll let you answer it first, though, but Cash and Sass Podcasstthe key of starting this whole thing, journey with one of usCash and Sass Podcasst or both of usCash and Sass Podcasst how big is that step from being disorganized and then getting organized with us?

Lisa Robinson: 10:00

Oh, it's huge. Cash and Sass PodcasstCash and Sass Podcasstwomen, yes, have that nurturing thing. What stops them, though, is the fear of being judged, the fear ofCash and Sass Podcasst being told they can't do it, or they have that belief of they've screwed up. And you're gonna then tell them that. Again, they're gonna be judged. You're gonna look at them and go, I can't believe you did this. And one of the things that I do, and again, it's on my website, it's what I tell my clients, there is no judgment. One, I have no place to judge. Go read my bio. I promise I have no room to judge. Cash and Sass Podcasstand I think that's one of the things that makes me good at what I do, because I know I've been there. I, you've been there, right? You're from a minority. You understand. And when we understand and we can reach them at their level and, Cash and Sass Podcasstsay it's okay where you're at, we're going to start where you're at. And when we tell them that, where there's so many other money coaches, wealth coaches, CFOsCash and Sass Podcasst financial planners, even that want to try and start them here when honestly they're here. And when we start them from here. And we're able to show them step by step and work and get thereCash and Sass Podcasst the clarity that they get, it's like night and day, right? Cash and Sass PodcasstI have a client whoCash and Sass Podcasst justCash and Sass Podcasst got to a point to where she's Cash and Sass Podcasstholy crap, I'm making more than I made last year. And she would, one time was feeling like she wasn't making as much, she goes, and Lisa, I It's working then. Cash and Sass Podcasstand I wanted her to tell me what she was noticing because I'd been saying it. She goes, I'm not working as many hours. I'm like, Cash and Sass Podcasstand yes, it took some time and it took some tweaking. But now she's working less hours and she's making slightly more than what she made last year. Is she where she wants to be yet? No. And she's still getting that time freedom though, which was really important because she has special need kids. And so it's that time freedom for her was so much of a stress factor that it was causing her to just not look at the money. Cash and Sass PodcasstAnd, Cash and Sass Podcasstthere were expenses that I had her, we did deep dive into her personal expenses. And we made a list cause we'd already worked on her business. And I, Cash and Sass Podcasstand Cash and Sass PodcasstI had to backtrack and I said, I apologize. Cash and Sass PodcasstI knew I shouldn't have gave you more than a couple of things cause she's ADHD adult. And I was like, so let's do this. I only want you to do this one thing. Go to the gym and cancel that membership. And if your husband says he wants the membership then, cause he hadn't been in two years, then you tell him to go put it on his credit card. Two days lateCash and Sass Podcasst we picked the day she was going to do it. And two days later, she messaged me and said, Done. That's

Stoy Hall, Host: 13:09

220 a month. Done. No more. She was like, holy crap. I

Lisa Robinson: 13:18

was like, now will you please, and she went to go start apologizing, it's Cash and Sass Podcasstdon't apologize to me. No, this is celebration. Doesn't matter how long it took, it's the fact that you went and did it. Celebrate. Because that was money going down the drain that you weren't using. Now we have some smaller expenses. The next one is something for kids that Cash and Sass Podcasstis not being used anymore. So I found, got, if we found the phone number together, she's calling, she's canceling that, that'll be 68 a month. The key is being able to have someone help you, especially if it overwhelms you. And it overwhelms so many women. And there's some men that it overwhelms. Some men and women are just like, I'm not gonna worry about it. I'll just go make more money. And if they're not able to make more money or they're making more money, they're not understanding why they're making more money, but they're still broke. Nine to 10 times, you've got expense, you've got money leak. And it's just, it's huge. Cash and Sass PodcasstI've had so many clients tell me, I don't know why I waited so long. And I tell him, I do, you were aCash and Sass Podcasst rstand that, Cash and Sass PodcasstI understand that so many women are like, even men, why do I need a financial planner? Why do I need a fractional CFO? Do you mind having money go down the drain? I don't know about you, but even owning a business is still, Cash and Sass Podcasstit's hard work at times, even if we love it. I don't want my money going down drain.

Stoy Hall, Host: 14:47

No, that's the reason why I review my expenses. Cash and Sass Podcasst ss PodcasstI'm a planner. You're a coach, you're a fractional CFO, we also have CFO services, a lot of people get caught up on titles and things that are going on in our industry, in and at our industry. I have way more regulations than you do, because of all my licenses, which is good, bad and indifferent by the way, let's go down this path and talk about the differences or just talk about them in general, because I think it just depends on the program. They all can do the same thing if done right. Let's start with why do you not have your licenses and wanted to go the regular regulatory route like I did. And what are some things that, Cash and Sass Podcasstyou just don't want to touch that obviously someone with a license.

Lisa Robinson: 15:45

I've been asked this question many times. Cash and Sass Podcasstsame reason I'm Cash and Sass Podcasstsame reason I was at, I was asked why I didn't go down that road and get the stuff. Financial planner. Cash and Sass Podcasstwhy didn't I go get a CPA? Cash and Sass Podcassttake the license to become a CPA, because I have an accounting degree. I have background in accounting. I can do accounting. I can do it all. Cash and Sass Podcasstand why didn't you go and get your CPA? Cash and Sass Podcasstone, I hate taking tests. Cash and Sass Podcasstthere are some people in this world that are Cash and Sass Podcasstvery smart who are not good at taking tests. And it took me a very long time for me to realize that just because I wasn't good at taking tests didn't mean I wasn't smart. I am not good at taking tests and I'm okay with that. I am a hands on learner. And I'm good, and I know that, and it's taken a long time for me to actually, Cash and Sass Podcasstsay that out loud on for the world to hear. Cash and Sass Podcasstone of the reasons why that's that I tell people all the time. That's the reason why I didn't do the CPA and they'll sayCash and Sass Podcasst what's the difference between you and a CPA? I said, they went and took the test. Cash and Sass Podcassttherefore, they can charge. 400 to 800 an hour, and I don't, Cash and Sass Podcasstnd I don't do taxes anymore. I started, I did that my first year and I, it way too stressful. The laws change at the last minute. Cash and Sass Podcasstand I don't like last minute changes and Cash and Sass Podcasstyou would take the continuing education and then, Cash and Sass Podcasstefore tax season started, guess what? They changed the law, so now what you're doing is you're scrambling to learn the stuff and you not necessarily may be able toCash and Sass Podcasst quote unquote, have the continuing education to understand it even more. AndCash and Sass Podcasst I just determined it wasn't for me. Cash and Sass PodcasstAm I able to do it if I wanted to? Yes, as long as I went back and started doing the continued education. And that's not something I'm gonna touch. There are many CPAs, there are many enrolled agents that I know that are good at what they do. I have an enrolled agent on my team whoCash and Sass Podcasst when I say on my teamCash and Sass Podcasst she's mine. Cash and Sass PodcasstI refer people to her. She's my, also my tax planner. So I got to a certain point in my income, how I was talking about a certain point in income, you should have a CFO and then getting in a financial planner. Cash and Sass Podcasstto me, the tax advisor came before those other two, because those are things that are going to help me determine. Cash and Sass PodcasstCash and Sass Podcassttax wiseCash and Sass Podcasst andCash and Sass Podcasst so I wanted to be able to not only have her to do my taxes, but I wanted her access to her yearly for that, Cash and Sass Podcasstall year for the planning, right? AndCash and Sass Podcasst Cash and Sass Podcasstfinancial planner part, when I took financial accounting, I'm just going to be honest. I think I told you the story in ours, right? Did Cash and Sass PodcasstI think I told you my brain hurt. Good. What I do, but that financial class made my brain hurt. And I was, and they're like, Oh, now if you do this and you do great, then you can go and take these other financial and go and Cash and Sass PodcasstsCash and Sass Podcasstodcasst, Cash and Sass Podcasstno. OhCash and Sass PodcasstuCash and Sass Podcasst, and at that time I was already a fraction, a CFO slash auditor. Cash and Sass Podcasstat the place I was workingCash and Sass Podcasst I audited theirCash and Sass Podcasst trust accounts. So these are big, huge bank accounts and I was their fractional officer and I was doing that stuff, Cash and Sass Podcasstand come to find out I was actually doing fractional CFO work, but Cash and Sass Podcasstthey weren't actually giving me the title of CFO. I didn't realize until a few years in that I was actually doing CFO work, but the title they were giving me was different. And because I'd never done it beforeCash and Sass Podcasst everything was hands on learning. I started off with the billing specialist and then went to their auditor and then started auditing their trust accounts. AndCash and Sass Podcasst they were saying, Cash and Sass Podcasstgo get the accounting degree and we'll be able to give you more money. We're not going to get into that, but that wasn't true. However, that's when I started realizing, wait, I'm actually doing CFO work. I'm already learning it hands on. Cash and Sass PodcasstYou're just not calling it that, and you're not paying me for it. And, Cash and Sass Podcasstokay, do I want to become a certified financial planner? Do I want to? Cash and Sass Podcasstsome certified financial planners can help you do life insurance, can help you do those things if they're licensed on. You don't want to go down that road. And the answer is no. Cash and Sass PodcasstI, long time ago, many years ago, I was licensed to sell insurance in South Carolina. I had to get licensed so that I could work for the company I was working for that sold insurance. I had no business being licensed. Not because I couldn't learn it, but basically you took the test, you became There was no requirement back then, and I'm talking, I'm 51, so I'm talking about, I was in my 20s. There was no requirement for you to actually have knowledge of what you were selling, and that didn't sit right with me. Cash and Sass PodcasstI decided, Cash and Sass PodcasstI started talking to some people that were financial planners, and I saw what they didCash and Sass Podcasst Cash and Sass Podcasstand, The stuff, the knowledge that you have, and the license, Cash and Sass Podcasstthe rules and the regulations, and I'll be honest, I don't like rules and regulations all that much. Cash and Sass PodcasstSo that was another reason that I was like, okay, I can do this CFO work, I can do this, and then I can refer them to people who can help them do the financial planning with Cash and Sass PodcasstThe 10, 15, 20 years down the road and do the investments and the life insurance. I can refer them to people who know it and are good at it and I can do this. Okay. That's what I'm going to do. That way I don't have to worry about. Now, there are some coaches who will, unfortunately, they give me a CFO and a wealth coach a bad name because they will act like they can give you financial planning advice. And by law, they can't. But they act Cash and Sass Podcasstbecause they don't, they're not the financial planner and they don't have those rules, then they don't have to worry about it. And actually you can still be reported and you can get in trouble. Cash and Sass Podcasstand so you know, I tell people all the time, look, if you start asking me questions that I'm not sure of and I know is not in my wheelhouse, I'm going to tell you hey, let me refer you to some people, they can tell you, I can help you with this. This is where they come in. I'm not going to try and give you advice that I don't know. And I think that's the difference. Yes, you have that CFO services, right? And if they're wantingCash and Sass Podcasst that financial planning CFO all at the same time, and they're at that spot, then great, right? But some people may want to be able to, Cash and Sass Podcasstand my CFO services start with the mindset first, because I believe that if we don't make sure that mindset is where it needs to be. Then all the work we do isn't going to stick. And I want, I do that at the same time. That's hence why that wealth coach comes in, is because I, while I'm starting that CFO services, we're going to work on your mindset. You may not realize it, but we're going to work on it because it, you have to have a good relationship with money in order for the work, even for the work that you do, so for the CFO and the financial planning, for it to work, And for you Cash and Sass Podcasstto show what you want and be able to go towards those goals, right? It's it, you have to have, I tell people, how would you treat your dance partner? How would you treat the, Cash and Sass Podcasstsomeone that you love? And they're like, I would dance with them and I treat them respect. Okay. Cash and Sass Podcasstthen do the same thing with your money.

Stoy Hall, Host: 24:20

Yes. Yes. Please people like, honestly, please. And. What you do and what I do, I'm attacking our industry different. I think our entire wealth, money, everything that deals with this industry is shifting more towards a hybrid of what you and I do. I'm deeming it a modern family officeCash and Sass Podcasst for lack of a better term, but my CFO services are slightly different than yours from the fact of you're doing, Cash and Sass Podcasstthe bookkeeping you're in the books, progressing it out. Mine's more high level, letting someone else do that. You're doing wealth coaching stuff, talking about mindset. I start in the same exact scenario, right? I can do a little more things on the backend with investments, insurance, and that other stuff. Yeah. That we both can come up with a plan. We just make sure it's implemented. Cash and Sass PodcasstCash and Sass PodcasstThen you can focus more on the mindset stuff and you can say things that I cannot say. Cash and Sass PodcasstBecause there's rules and

Lisa Robinson: 25:21

regulations thatCash and Sass Podcasst yeah, and

Stoy Hall, Host: 25:23

I

Lisa Robinson: 25:26

don't always work in the books, I do require to have access to them because I believe, especially with the business, because I believe that they're part of it. Cash and Sass Podcasstbecause that's going to help me determine, okay, where are you at? But I believe I create this money roadmap. I do it in Google Sheets Cash and Sass Podcasstand all, everybody loves it, but I have this money roadmap where I put all of it together where you can, there are all these different tabs and it just all works cohesively together. And we create a plan that's aligned with their values, their goals, and their desires. And so often, Cash and Sass Podcasstthey thinkCash and Sass Podcasst I've got a CPA. I've got a bookkeeper. Cash and Sass Podcasstwhy do I need a CFO? Cash and Sass Podcasstbecause they're not actually going to help you plan the way I do or the way the story does. I'm going in and I'm creating a plan so that you're able to take the vacation you want and you have the money set aside so that you've got an account that is just for your tax savings. So that when your CPA comes and said, Hey, you've made such and such more money. You now have 70, 000 that you owe. You're not, excuse my French shit and bricks because you had a CFO. No worries. I got 85, 000 in that tax savings because she and I made sure that was being done. Because the CFO is going to be able to see that your money is going up, and hey, we need to start putting more money into this tax savings account. Whereas you're doing what you love, and your bookkeeper is keeping the books, but at the end, they're not going to sayCash and Sass Podcasst you're, this month it went up by thirty something thousand dollars. We need to put money up, because by the time it's, the net is gone anyway, most of the time is spent, so you didn't put as much as money up into the tax savings as you should have.

Stoy Hall, Host: 27:11

Yeah, and let's nail this position. Cash and Sass Podcasstbookkeeper, all they're doing is organizing, making sure your books are good. And I do have bookkeepers

Lisa Robinson: 27:18

on staff, but that's all they're doing, is organizing your books.

Stoy Hall, Host: 27:22

Their job is not to look forward, or in the past, or, Read the financials to see what's going on. Their job is to make sure it's organized and reconciled out. Your CPA or EA that does just tax returns job is to collect the information that is given to report it for taxes. And even the ones say they can

Lisa Robinson: 27:43

help you plan. They don't plan like we do.

Stoy Hall, Host: 27:47

Correct your, there's a tax planning. Your PPAs that do tax planning throughout the year are able to take the information that they get from the CFO and start to build together as tax strategy to benefit you both now and in the future. Your CFO is the best of all of that because they're seeing forward a lot further than you can think. They're looking back on adjustments and are able to make those adjustments on the fly. Whereas you, owner, your job is to make the income and operate the business. Those are the roles. And I think a lot of people get mixed up of, I have a CPA so I have a CFO. Or I have a bookkeeper so I have a CFO. And those are so drastically different that it's not even funny. Cash and Sass Podcasstand yes, do you need to pay them? Yes, you do. Go ahead.

Lisa Robinson: 28:37

Yes. Cash and Sass Podcasstyeah, you gotta pay them. We don't work for free. But the other thing that a CFO is good for, and I think that this is really important, is when life happens, you have someone who you can go to, And say, oh, for a perfect example, I have a client who just bought a building andCash and Sass Podcasst she has tenants, she had tenants, she was leasing it out, but her business, her practice is going to end up taking over that, right? No problem. We had a plan in place. However, they realized when they started to do the expansion on this part that they have serious mold damage. Okay. On our next call, Lisa, this is what's going on. This is what I'm thinking. This is what it's like, what it's going to cost. Can you give me your thoughts? Let's, Cash and Sass Podcasstshe wants to talk. She has someone to talk it through with who, again, I use the analogy of not being inside the pickle jar, because when you're the owner, I don't like pickles. So that's why I use that analogy. Cash and Sass Podcasstbut when, if you're, imagine even a mud on the windshield. Cash and Sass PodcasstCash and Sass Podcasstwhen you're in it. And, life happens, mud's turnin the windshield, or my analogy, you're inside a pickle jar, nasty pickle juice all around, you can't see. to the outside. CFO can come in, wipe the mud off, or they're looking on the outside of the pickle jar, they can see all the way around, and they can say, okay, we can do this, we're good here, because what I'm going to do is say you have a business line of credit because, and we haven't used it, guess what? This is what this is for. We're going to use it to take care of this fifteen, twenty thousand dollar mold damage that's got to be done, that's got to be fixed. Then we're going to put a plan into place so that we can make sure it's paid, right? As she starts adding more employees to start growing. And Cash and Sass Podcasst h and Sass Podcasstuse an online based entrepreneur. HeyCash and Sass Podcasst perfect example. It had a client who found out she was pregnant. She'd been trying, she didn't know. Cash and Sass Podcasstokay, I need to make sure, Cash and Sass PodcasstI have me and two teen people, but they're not employees. I need to make sure I have things in place so that I'm able to do the maternity. So your CFO is going to be able to help you. Navigate, look at the current money, navigate it, and help you put a plan in place so that you can do these things and your business still keeps growing so that you're staying aligned with your values. Whereas your CPA, again, and Cash and Sass Podcasstyour enrolled agent, they're the tax planner part, they're, they can tell you tax wise and go out. Cash and Sass Podcasstthe CFO is going to be able to look and help you get you here. And then. Cash and Sass Podcasstwhich leads you to that financial planning and the investments.

Stoy Hall, Host: 31:30

Absolutely. Absolutely. So I think we've done a good job explaining all of that. Now let'sCash and Sass Podcasst let's attack some of theseCash and Sass Podcasst coaches and personal finance gurus and influencers that we see all over TikTok Facebook and all those places. I get reallyCash and Sass Podcasst frustrated and upset at the fact, simple fact of, we'll just take our conversation literally that we're doing right now as a lot more legitimate points backed by education, experience, law, et cetera. Cash and Sass Podcasstalso held to compliance in regulatory bodies. That we're having this conversation, right? And giving them a lot of great things. Whereas this same conversation could be flipped and spun for a high view count for someone else and they'll get a million hits. And I guarantee we won't get near that. Cash and Sass PodcasstSo I get very frustrated in whether it's the algorithm or just people in general of always following these influencers based upon this hot thing that they say that they can't back up. That they probably can't even do legally or not legally. Just for views. Now, I'm going to, I obviouslyCash and Sass Podcasst get off that a little bit, but what I'm saying is I do not understand in our world today why people would take advice from that as opposed to us. What have you found from the clients that have come to you that they picked you? Over any of those influencers or have you even had any that were like, I listened to Joe blow over here. What should I do?

Lisa Robinson: 33:16

I've Cash and Sass Podcasstll, okay. Cash and Sass PodcasstCash and Sass PodcasstI agree with you on theCash and Sass Podcasst the TikTok, the Instagram and all those things, and the reason whyCash and Sass Podcasst I got frustrated the other day, cause I heard one and I was like, you have nothing to back that and yet how many people are going to click this and get this freebie because And here's the key, this is why. Because they're wanting an easy way. Because so often, and I know exactly, Cash and Sass Podcasstwe may not be looking at the same ones, but I know exactly the kind you're talking about. And it's because they make it, the things that they can't back, they make it sound like it's gonna happen in a snap of the fingers and overnight. And one thing that I will not do is I will not, I won't pussyfoot around, and I won't lie to you. And, Because I have integrity. And the reason why is because you didn't get in this mess, or in this position, or whatever it is you're calling it in your head, overnight. Therefore, it is not going to get fixed, or be better, or get better, or whatever, overnight. Can it be done? Absolutely. I am living proof. I was on food stamps, I was barely able to make ends meet, I made changes, I hired coaches, yes, it can happen, and I didn't get here overnight. This is eight years in the making. My mindset is eight years in the making and I'm still a work in progress and I have a mindset coach. Still, I work with you on your money mindset and I still have a coach to help me keep working on my mindset. And the reason why is because every, I have this saying, Cash and Sass Podcasstevery new level brings a new devil, meaning shit's going to happen.

Stoy Hall, Host: 35:15

Oh, it's

Lisa Robinson: 35:15

going go and look I don't care if it's personal or business go back and look every time there was an up level Every time you had a new up level Tell me there wasn't some kind of shit. They hit the fan Right before the level I look somebody told me said that to me and that phrase has stuck in my head and it's now Cash and Sass Podcasstit's been my new favorite one because they're right. I went back and like literally went back and looked And i'm like,

Stoy Hall, Host: 35:45

holy crap Cash and Sass Podcasstou're right. People want the easy way.

Lisa Robinson: 35:55

They don't want to do the hard work. And unfortunately, it doesn't necessarily have to be hard work. However, you have to be willing to do the changes and make the work and work with someone. And if you're not, then none of it's going to work. And those people who are making it sound easy and overnight and snap of the fingers, all they're going to be doing is taking your money. A

Stoy Hall, Host: 36:17

hundred percent. Because if they were so good at what they're teaching you. They would have the businesses doing it, and they wouldn't be trying to sell you books, or courses, or whatever, that is a revenue model. Or pay 8

Lisa Robinson: 36:29

to become a money coach.

Stoy Hall, Host: 36:32

Correct. Correct. Yep. I

Lisa Robinson: 36:36

may not have had to have a certification. I can guarantee you that I have spent more than 8 be able to say that I'm a wealth coach and a CFO. I do take continuing education. I do hire coaches. I do the work. I may not be required. To have, Cash and Sass PodcasstCash and Sass Podcasstthe regulations Cash and Sass PodcasstCash and Sass Podcasstand the continuum education that's required for like financial planners and CPAs. But I also don't, didn't go and pay eight to become a money coach, wealth coach or a CFO. And I'm like, no, because if you were truly that, you would be telling people one, I guarantee you ask them if some actually, here's the thing, you know what? And this is something we should be able to do, story. If they come up and they sayCash and Sass Podcasst this person says they can Cash and Sass Podcasstdo this and this is how, okay, I want you to do me a favor. I want you to go ask them. Did it happen for them in one night? Did it happen for them in two nights? Were they able to get from point A to point B? And I guarantee you they're not going to be able to say yes and provide the proof of it. It's just like these coaches who say, I make seven figures while I'm sleeping. They make it sound like you decide you want seven figures and you go to sleep and the machine is automating and they didn't put any work in. And these people are then going and investing in them, and you're paying, I don't know, 5k, 10k, 15k, newsflash, how they're making their seven figurative sleeping as you're paying them that kind of money. But that's not where they got overnight. They had to put in the work, and I guarantee you, they did not start off at the six figure mark. Cash and Sass Podcasstnot, nobody did.

Stoy Hall, Host: 38:30

No, Cash and Sass PodcasstCash and Sass PodcasstCash and Sass Podcasstthe stats are out there, right? Cash and Sass Podcasstthe top 1 percent of Americans make 150, 000. The

Lisa Robinson: 38:40

top. I know I found out that I was considered a top 1%, especially in females. Like I'm in the, and I'm actually considered top half percent for females in the entrepreneurship. And I was like, top half percent. And my coach Elope told me, he's Cash and Sass Podcasstyou do not realize you're in the top half percent and I was like. He's like top half percent woman and I'm like

Stoy Hall, Host: 39:05

that means you're better than 99 and a half percent of other people Cash and Sass Podcasstt you don't feel that way My damn bank account don't always feel that way either, but people need

Lisa Robinson: 39:15

to recognize Correct it crazy it is

Stoy Hall, Host: 39:20

absolutely crazy with those stats yet people think that It's flipped, right? Everyone now, everyone's in the 90%. Everyone's making hundreds of thousands of dollars, and it's such a small number, and for those people, and Cash and Sass PodcasstI always want to comment, but I don't want to go down those rabbit holes too often, but you do not make seven figures overnight. There is less than 0. 1 percent of the top 1%. Cash and Sass Podcassthat even comes close to doing that overnight and they have been around and usually are old Because they have built something over 40 years and they're billionaires and trillionaires Okay,

Lisa Robinson: 39:58

and nine out of ten times how they're getting that money is residual From somebody else doing all the work because they're done doing the work and that's how they're doing it. And the same thing goes with, Cash and Sass Podcasstere's coaches out here who'll say, I'm a seven figure coach. Just because you make seven figures doesn't necessarily mean you're a seven figure coach. There are people out here saying that they're a seven figure coach, yet they're not paying the people they've hired. That's because, gonna say it, they don't know what the hell's going on with their money. And they're spending it faster than they're getting it. And they're just like, Oh, I'll just go make more money. And because I brought in gross, Cash and Sass Podcasstclose to it, orCash and Sass Podcasst over a two year, a lot of times, this is what I have found. The one of the coaches that was going to be a client of mine, she was telling me she was seven figures. She was carrying the seven figures from the time she started to

Stoy Hall, Host: 40:58

that year. That's not that doesn't that's not how that works. Cash

Lisa Robinson: 41:05

and Sass PodcasstI know that Cash

Stoy Hall, Host: 41:06

and Sass Podcasst

Lisa Robinson: 41:08

Okay, I'm an eight figure coach So you start adding that shit up to being an eight figure coach She didn't work with me needless to say because I called her out on it again. It's integrity No, you don't add the last three years together to say that you're a seven figure coach And that is what some people are doing. You don't add from the time you start to the current year 2024 I'm a seven figure coach because you added the last seven years together. Cash and Sass PodcasstNo Oh, Cash and Sass Podcasst Cash and Sass Podcasstand that's fine, but there's plenty of players that do it too.

Stoy Hall, Host: 41:56

Oh,

Lisa Robinson: 41:56

yeah.

Stoy Hall, Host: 41:57

Oh, yeah

Lisa Robinson: 41:58

They may do it slightly different because of the rules and regulations, but they do it. And they're lying through those pearly white teeth of theirs. And I get annoyed because people are like, OhCash and Sass Podcasst I don't want to work with you. You're not making seven figures. Okay. But are, do you have proof that they're making seven figures?

Stoy Hall, Host: 42:20

Cash and Sass

Lisa Robinson: 42:22

Podcasst Cash and Sass Podcasstthey said they are.

Stoy Hall, Host: 42:24

That's like the top 10th of America. Okay. Let's be real. Cash and Sass Podcasstthat is 99. 9 percent I like that is all the way

Lisa Robinson: 42:35

My Cash and Sass Podcasstgoal gross is to get to seven figures. That is my goal My

Stoy Hall, Host: 42:42

net

Lisa Robinson: 42:42

goal is to get where my net is over six figures. That is my big goal. My first goal is to get to that 500 mark in my business, okay? To be at a half a million. That's a huge goal. And that's gonna put me even higher in that top pot. But I'm also not gonna lie to you at the same time and tell you I'm there. Or I'm making seven figures when I'm not.

Stoy Hall, Host: 43:06

Only if we had the last seven years, so big deal. But as we wrap this up, we always end the episode withCash and Sass Podcasst one question to you and thenCash and Sass Podcasst tell the audience what they need to do next. So question to you is from this episode, from you, what is one item, idea, whatever topic doesn't matter that you can give our listeners that will help them take this next step on their journey, because wherever they're at, this next step is the most.

Lisa Robinson: 43:36

And that's simple, that the easiest. The easiest thingCash and Sass Podcasst it's a simple step, and yet it'll be difficult for some, but it is to sit down and get real with your numbers. And how you can do that, very easily, please don't go download no budget. That's another conversation for another day. But don't go do it that way. Just get a piece of paper out, write down, if you're doing it for your business, just for your business. If you're doing it for your personal, whichever. But write down, look at your bank account, write down your expenses. I don't mean the, at first, I do not mean the gas and the groceries. That's not what I'm talking about. I want the monthly recurring, Cash and Sass PodcasstI'm sounding like they're going to be sending it to me.

Stoy Hall, Host: 44:28

That's

Lisa Robinson: 44:28

the way.

Stoy Hall, Host: 44:29

Because they are.

Lisa Robinson: 44:30

ThatCash and Sass Podcasst that's my brain. If you go and you write it down or if you're great at spreadsheets, pull up a spreadsheet and use a spreadsheet template for it. But you just want who it's paid to, the amount, and when it's due. Get all of it in one so that you can see it. Then, go and do one for your yearly, semi annually, the same thing, right? Because those don't go in that monthly part. But you need to be able to see where your money's going. Then you can go and average out yourCash and Sass Podcasst gas and your groceries. But you've got to really be true on where your money's going. And when you do the groceries and the out to eat, I tell you to go and pull three months and I say go and highlight all the Starbucks and the out to eat. Because I guarantee you, you're spending more money than you think you are. I will bet money on it. Cash and Sass Podcasstit, every time, I joke that there's a good thing that Dutch Brothers does not exist in South Carolina. I would have to be putting myself on a gift card spending 11 minutes and only treating myself every once in a while. But luckily for me, the closest one is seven hours away or six and a half hours away in Tennessee. So I don't get one every now and then as often and I don't like Starbucks. So I don't like coffee except for the thing I get at Dutch Brothers and that's because it doesn't taste like coffee. But I digress. The biggest thing Cash and Sass Podcasstis being Cash and Sass PodcasstAnd I'm not saying no, how much you're spending so you can stop it altogether. That's not what I'm talking about. You need to know. And if you find, crap, I'm spending 500 or 600 or say a thousand dollars a month on out to eat, and then I'm still spending whatever on groceries. I don't want to be spending that. Now you've got the knowledge, you've got the information on what you can do. And if you're noticing you're spending a chunk at Starbucks, okay. How often am I going there? Knowledge is power, and that n, that power gives you empowerment because you're then able to make decisions. You still wanna spend it and you can? Great! If you don't, now you've got the information to change. And any good CFO? It's going to want that information anyway, so that they can help you. They'll go, they'll dig deeper, because I do, and that's the start of it. But that's the first key, is a lot of times when you go to list those monthly recurring expenses, I'll say 3 out of 10 of you, and I'm being nice when I say 3 out of 10, at least 3 out of 10 of you will find a monthly recurring expense that you forgot about, or know you're no longer using. And it'll be anywhere from 25 to 75 a month, which is money going down the drain. Once you write it down. Yeah, but I'm not using that anymore. Realized that was coming out. You circle it and you go, I can't fill it. So

Stoy Hall, Host: 47:49

write it down. Get a pen and paper. Write it down. Write down your reoccurring. That is the next step that you need to do from this conversation.

Lisa Robinson: 47:56

And Cash and Sass Podcasstit's a big, it's a big thing because it gives you, the first time I did it and I realized that I had reoccurring expenses that. I forgot about. It was very empowering to make those phone calls and cancel those. And then I added them up and I'm like, okay, this is how much I've saved a month. And they're like, oh yeah, but it's 10. Okay. But 10 times 12 is 120, 10 times 24 is 240. Do you think you've got somewhere you could put 240 instead of paying somebody for something you're

Stoy Hall, Host: 48:31

not using? Absolutely. And by the way, take that first step. If you're not ready for that stuff. Reach out to us. Okay. I said this episode, every episodeCash and Sass Podcasst share, comment, and all that subscribe crap. Not for the algorithm, but for to reach out to us, DM us, comment. I know for sure we're both going to be out there commenting. And so if you need us, we're there for you. If you want to take the step further, go ahead and go to our websites. They'll be in the description, all that other crap in there. But I know that us two specifically are out there on socials, ready to have a conversation with you, no matter where you're at in your situation, to guide you in the real way, and not that BS that you're seeing on TikTok. Cash and Sass Podcasstwithout further ado, Lisa, always amazing, and we're going to have to dive into a whole budget episode because I wanted to say a lot of words. I've

Lisa Robinson: 49:21

already, I think I've come up with Cash and Sass Podcasstfour more than we

Stoy Hall, Host: 49:24

need. Cash and Sass Podcasstsee, so maybe it's just a whole series we do next year. We'll Cash and Sass Podcasstbut yeah, back and forth on our on, but yeah, Cash and Sass Podcasst

Lisa Robinson: 49:29

you reach out to, on my website, you can find me on social media. I'm very easy to find pink hairCash and Sass Podcasst can't miss me. Cash and Sass PodcasstCash and Sass Podcasstand when I say if you're not ready to work with someone, that is something you can do to get the empowerment. If you find yourself overwhelmed and you're like, you know what, okay, I could reach out. Reach out to someone, me or Stoy, and let us help you. You can always reach out to me in my DMs. I know Stoy's the same way because I message him all the time sometimes. Cash and Sass PodcasstCash and Sass Podcasstit's, Cash and Sass PodcasstCash and Sass Podcasstand that's what we're here for. We want to answer those things. We want toCash and Sass Podcasst Cash and Sass Podcasstwhether it's in the comments, you ask questions, because when you ask questions, again, knowledge is power. So when you're asking questions and being curious, you're getting the information.

Stoy Hall, Host: 50:18

And it's free when we do it that way. Come on, people. We're not going to charge you. I know, right? We're not going to charge you on social media. But I appreciate you, and for your time.

Lisa Robinson: 50:26

Thank you, I enjoyed it.

Stoy Hall, Host: 50:29

And was sponsored

Black Mammoth: 50:30

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