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In this episode of the Dollars and Dumbbells podcast, host Justin Green, a Certified Financial Planner™, sits down with Zakk Colburn, a business coach and the founder of PTBI, to discuss how he manages his business and personal finances.
Zach shares insights on maintaining business cash flow, personal investments, and the practicality of renting vs. buying a home. The conversation addresses the importance of having an emergency fund, understanding the difference between making money and managing money, and the often overlooked aspects of personal finance for online coaches. Zach opens up about his journey of keeping expenses low and strategically investing profit to ensure a balanced lifestyle.
This episode highlights the critical need for coaches to align their business strategies with their personal financial goals.
Connect with Justin Green
Connect with Zakk Colburn on Instagram
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00:00 Introduction and Guest Overview
01:13 Disclaimers and Episode Start
01:45 Catching Up with Zach Colburn
02:11 The Importance of Personal Finance for Entrepreneurs
04:16 Building an Emergency Fund
07:46 Mindset and Financial Goals
21:19 Early Financial Struggles and Frugality
26:11 The Emotional Car Purchase
26:28 The Pressure to Look Successful
26:46 The Dangers of Buying Beyond Your Means
29:10 Moving to Austin: Renting vs. Buying
31:05 Challenges of Getting a Mortgage as a Business Owner
32:05 The Real Cost of Homeownership
39:35 Balancing Business and Personal Finances
42:01 Introducing the New Financial Course
48:56 The Importance of Financial Transparency
50:53 Conclusion and Final Thoughts