– English Lyrics

Lyrics & Translation

[English]

Hello, this is Taylor. So, up until

pretty recently, my personal finance

strategy was get paid, spend less than I

pay, and invest the rest. Then, I became

a self-employed sole proprietor a few

years ago, and more recently, a real

small business. Payroll, business

accounts, taxes, investments, more

taxes. And as my business and income

have grown, I have had to sharpen my

personal finance strategy, which is what

I'm here to talk to you about today. So,

in this video, we're going to talk about

my income. Always a good place to start

for context in these videos. My LLC and

escorp formation, which is a big topic

for entrepreneurs and small businesses.

How I pay myself because, yeah, I have

to do that now. My business banking and

money management strategy. Some good

nuggets there for just about anyone, I

like to think. My investment strategy,

budgeting approach, tax strategy beyond

the basics. And finally, my future plans

and scaling. I know that's a lot, but my

goal for each of these sections is for

it to be very digestible and useful to

you in some way as well. Whether you're

just thinking about starting a business

or you just want to level up your

personal finance game. Without further

ado, hit subscribe and let's get started

with how I actually make money these

days. Okay, as always in my personal

finance videos, I like to start out with

my revenue streams as a full-time

creator to lay the groundwork for all

the things we're going to talk about.

Also because I still think it's a little

mysterious to a lot of people how

creators even make money. And I know it

shocks a lot of people when they find

out how much creators can actually be

making. And it's still a relatively new

industry after all. So let's go over it.

So my revenue pie charts frankly have

not changed that much over the years

despite my stated desire to diversify,

which I have actually changed my

thinking on, believe it or not. But

we'll talk more about that later. So,

starting with the biggest slice here on

my incredibly artistic pie chart. I made

that on my iPad. 82% of my revenue comes

from brand deals. What are brand deals?

Well, they come in many different shapes

and sizes, but it's when a creator works

with a brand and the brand pays the

creator to talk about their product or

service. The types of brand deals you'll

see most often in my videos as someone

who is almost exclusively a long- form

content creator are when I take about 60

seconds in the middle of a video to talk

to you about a brand. Taylor, something

came for you. Okay, great. Can you just

leave it there? I'm kind of in the

middle of something, but I want to open

it. Okay, go ahead. Mhm. Yay. What is

it? Oh, it's some wall art that I

ordered from my new apartment. Say bye

to this view, by the way. Oh, yeah. You

use print on demand, right? Same as the

other art in your room. Yep. Exactly.

Mega noise. Could you sell this if you

wanted to? Yeah, absolutely. With print

on demand, you upload your own designs,

you create your own merch, upload your

photos, whatever it is, and then post

them for sale online. Oh, got it. So you

like print the things, ship them here,

and then sell them. No, no, no, no need

to hold inventory. You just post the

item for sale, and then when someone

actually buys it, that's when the print

on demand provider, Gelato, finds the

nearest fulfillment center, prints,

ships, and handles all the customer

service for you automatically. Wait,

that is so convenient. So you just

uploaded your picture and then ordered

it here. Exactly. Here, look. I uploaded

this picture of a house that has very

special significance to me and some

people in my life. So mysterious, I

know. Then I ordered it here to my

apartment because it's for me. But I

also ordered a really cute picture of my

brother and me to my parents house.

>> I want to open it. Okay, here.

>> Oh, neato man. Nice.

>> Thank you, Taylor.

>> Thanks, Taylor.

>> Oh my god. Cute. Yeah, but if you wanted

to sell it, you could post it for sale

on say your Etsy account because Gelato

integrates with so many different

marketplaces. Wait, it came so fast,

too. How? I know. Well, Gelato works

with over 140 different printers in 32

countries. So, local shipping means more

sustainable and faster shipping times,

which is huge for the upcoming months

and the holidays when you need to order

gifts for your friends and family. Wait,

it looks so good. Thanks. I think so,

too. Well, if you want to try Gelato for

yourself, you can click the link in my

description and get 50% off of your

first order. That was close. If placed

within 48 hours of signing up, which is

perfect for ordering a sample first. So,

thanks so much to Gelato for sponsoring

this video. Bye, Taylor. That was a

brand deal, and that makes up the most

significant portion of my income. And

Gelato has been an amazing sponsor for a

lot of years now. So, to my knowledge,

brand deals are definitely the most

lucrative revenue source for most

creators, except when you have your own

product or service, because that's of

course where you can really achieve

scale. Okay, next comes YouTube ad

revenue at about 15%. And YouTube ad

revenue, that's when you see an ad come

up at the beginning, middle, or end of

the YouTube videos that you watch. 15%

is about the same proportion of my total

revenue that it's been for the last few

years, but the absolute number, dollar

number behind that percentage has gotten

bigger. Nice. And that's for two main

reasons. The first is that I post more

videos now. So more views equals more ad

revenue. Duh. And two, I make longer

videos now than I used to, which means a

couple things. First, and most

obviously, it's a longer video, so

there's more opportunities for ad slots.

Makes sense. Going a layer deeper,

though, and something I'm just so

excited about for the future of creators

on YouTube is viewership on TVs.

According to my analytics, over the last

28 days, 45.3%

of you are watching me on your TV. 45%.

And on some of my other videos, it's

even higher. Like my Costco video, 60%

on TVs. And this 45.3% average over the

last 28 days is up from, you want to

guess last year? 25%. It's crazy. A 20%

change in just 1 year in viewer

behavior. Like that is nuts and very

worth paying attention to. Okay, but how

does this relate to my longer videos and

increased ad revenue? Well, first,

people tend to watch longer YouTube

videos on their TVs as a replacement for

Netflix or an episode of a TV show.

Makes sense. But guess what? TV views

demand higher ad rates. Because if you

think about it, when someone's watching

a TV or when you're watching TV, how

often is someone either right next to

you watching it as well or someone kind

of in the background in the kitchen also

watching? Point being, when something's

playing on a TV, usually there's more

than one person watching. So

effectively, a view on a TV is worth

more than one view to advertisers.

YouTube knows this and can charge higher

ad rates for TV views, which translates

into higher RPMs or revenue per mele,

revenue per thousand views that goes

into my pocket. Super interesting and

just a nice byproduct of making longer

videos. And ad revenue is famously my

favorite revenue stream because once the

video is up and running for as long as

it gets views, it will continue to

generate ad revenue without me lifting

another finger. Nice. Okay, after those

two big ones comes my final little

sliver there, which is affiliate

revenue, contract consulting revenue,

and referral revenue all grouped into

one. And that makes up about 3%.

Affiliate revenue is the tiny commission

that I might make if you purchase

something through one of my affiliate

links. Like in my description, those

Amazon links there are affiliate links.

This now and historically has made up

just like a teeny tiny sliver, really

not much of my total income, but I know

for some creators, affiliate revenue is

a majority of their income. So, it's

super interesting. It really just

depends on your business model and what

niche you're in. Contract consulting, as

the name suggests, is the independent

consulting that I will do from time to

time for companies who are looking for

help in the creator economy department.

Referral revenue is if you guys use one

of my referral links for a product or

service that I love. For example,

Epidemic Sound, not sponsored, just love

that company. I was actually just at

their offices in Stockholm. Whenever you

guys ask me where I get the music in my

videos, it's all from Epidemic Sound.

So, it's a copyright free music library.

A really, really great one. So anyways,

because I love it, I have a referral

link in my description down there. And

if you guys use that link, you get a

free trial and then I get a little

kickback. So small portion of my income,

very, very small, but it's a win-win on

all sides. So like I said, my income

proportions have really not changed all

that much over my last couple years of

being a full-time YouTuber. And the

small risk averse part of me in the past

would say like that's not great to have

so much concentration in just one or two

things especially considering those

things are very very correlated. So what

should I launch next because I should

definitely diversify. But instead of

scattering my focus I decided to go

allin on the thing that I love the most

which is my YouTube channel. Naturally,

the the actual proportions are still

very very concentrated. And we'll talk

more about my thinking behind this in

the future plans and scaling section.

But that's how it is for now. That's how

it will be for a while. Hello. Please

hit the thumbs up and subscribe if

you're enjoying this so far. Then

hopefully I'll pop up on your homepage

again at some point. Okay, bye. And this

real focus on YouTube is also what

pushed me to treat this whole thing less

like a hobby that I made money from and

like a real business. Which leads me to

one of the biggest changes that I've

made in the past year, which is forming

an LLC and electing escorp status. Let's

discuss what that even means, what the

benefits are, and why it might matter

for you. Taylor Bell LLC sounds very

fancy, very official. Did I just become

a Fortune 500 company? Who's to say? No,

I didn't. An LLC, which stands for

limited liability company, really is

just a protective shield. It separates

me from my business. So, if anything

were to ever go wrong, my personal

assets would be protected. It literally

limits my personal liability. So,

definitely very, very important, but

pretty straightforward. We'll talk about

when it might make sense for you to open

an LLC, but first, I want to hammer home

the point that opening an LLC but not

filing as an escorp, depending on your

income level, is kind of like buying a

new scented candle, and then forgetting

to buy matches. Just having an LLC does

not bring you any tax savings or

benefits besides that legal protection

that we talked about. What does bring

tax savings and benefits is the S corp.

So, what the heck is that and why did I

do it? An S corporation is just a tax

status that you can elect for your LLC

or corporation. The benefit is that it

lets you split your income into two

buckets. The first bucket is salary and

that is something that I literally pay

myself. So, I am the employer and the

employee of my own company. And that

salary is taxed just like a W2 job would

be. So there's an income tax and then a

15.3% self-employment tax. The second

bucket is distributions and that is

whatever amount I make above the salary

that I pay myself. Now distributions

still get hit with an income tax as

normal, but it does not get hit with

that self-employment tax. For example,

if I make $100,000 and I set my salary

at 60,000, that 60k gets hit with a

self-employment tax while the remaining

40,000 dodges it. And that's where the

real savings can kick in because saving

15.3% on a large chunk of your income

can obviously translate into pretty nice

savings once your profits are high

enough. The trade-off of the ESCORP is

more admin, so payroll software, more

filings, more fees, and just a generally

more complex setup. But once the math

works in your favor, the savings more

than justify the hassle of setting it

up. So the next logical question is

exactly at what point does the math work

in your favor? Let's start with when it

makes sense to open an LLC. So when you

start consistently earning income from

something that's not just like a one-off

job, YouTube, freelancing, contract

consulting, photography, whatever,

that's when an LLC could make sense.

Why? Because it's that legal shield. It

separates you from your business. So

again, if something goes wrong and

someone that you're working with sues

you, hopefully they don't, but your

personal bank account and assets are

protected. There is no hard threshold on

what income level you should be at

before you open an LLC. It's more about

if you have real clients, contracts, and

liability where you might want that

protection. I arguably opened this along

with a lot of other things in this video

way too late. And when does it make

sense to file as an escorp? Well, that's

a whole another question, but it's

fairly easy to figure out. So, an escorp

for your business makes sense once you

are consistently earning high enough

profits such that the savings on that

self-employment tax outweigh the extra

costs like extra admin, payroll

software, CPA. A rule of thumb though,

I've heard a lot of CPAs suggest that

once you're in the 60 to 80k range of

profit, that's when the math might start

working out in your favor. Below that,

the savings might just be too low to

justify the extra hassle. Above that

though, especially if you're in the six

figure profit range, you could easily be

saving 10 to 20k per year. It's crazy.

So to tie a bow on this, tie a bow on

this, how about you tie a bow in your

shirt, button it up so people don't see

your bra, your brazier. So to tie a bow

on this, if you're watching this and you

are still early in your journey, the LLC

is the first line of defense because you

don't want to be held personally liable

if something goes wrong. the escorp

that's more of an optimization move once

your business is generating enough

profit and you're willing to take on the

hassle and the complexity for those

savings. It is absolutely something I

should have done sooner, but I'm here

now. I have it. You live and you learn.

And with that, welcome to my new normal

where I am the CEO and employee of

Taylor Bell LLC. Which leads us right

into our next section. How do I actually

pay myself and how do I decide how much?

Now, paying myself is the part of the

escorp that I think sounds a little

dramatic, pretty official, but just

really isn't that big of a deal. It's

really just some extra admin layered on

top of the money management that I was

already doing. Here's why it matters,

though. Like we discussed before, the

salary that I set for myself is subject

to that 15.3% self-employment tax, while

the distributions, the leftover are not.

So, it would be tempting to set my

salary at like $10 and for the most part

avoid that self-employment tax

altogether. Unfortunately, the IRS would

not find that cute. They would find it

auditw worthy. Instead, you're required

to pay yourself a reasonable salary,

which is basically what someone in your

position would be paid in the market

depending on your roles,

responsibilities, where you live. So if

you're considering an escorp, I would

say definitely work with a CPA at least

chat GPT to figure out what a reasonable

salary in your position would be. For

logistics, I use Gusto payroll software.

Sometimes I like to call it Gustto

because it reminds me of Chef Gust from

Ratatouille to pay myself and my

contractors. It's easy, super

straightforward. I have a link in my

description. Referral if you are

interested. So, even though paying

myself isn't this big dramatic change,

the first time I did it, it honestly

does feel a little funny to be a W2

again, just like I was in consulting,

except my boss is me, and she's both a

little stingy and a little generous

depending on the day. So, lame. Now,

with these changes, the LLC, escorp,

paying myself, paying contractors, I

knew I would need to reorganize my

banking setup quite a bit, which brings

us to the next section, business banking

and money management. So once I had my

payroll up and running, the next thing

that I knew I needed was a cleaner

system for where my money actually

lives. Before everything was flowing in

and out of just one personal checking

account. So all my income in and then my

investments out, my rent payment out,

all my expenses out of this one account.

And mixing business and personal, you're

just making it way harder on yourself.

And it's a very quick way to create

chaos. So I did something that I should

have done a long time ago. set up a

dedicated business checking account and

that's where all my income flows in and

my business expenses flow out. On top of

that, I have added a tax subreserve

account just to sweep a certain amount

of every dollar that comes in for taxes.

Do you technically need to do that? No.

But it's kind of nice to have it out of

sight, out of mind, knowing that you

have that accessible amount when the

time comes. In tandem with the business

checking account came, you guessed it,

maybe a business credit card. Again,

something I really should have done a

while ago because for the longest time,

I was mixing business expenses with my

Trader Joe's hauls and then separating

them later when tax time rolled around.

Well, let me tell you, bookkeeping and

documenting write- offs is a lot easier

when you do it when you separate them

from the get- go. On the personal side,

as I always have, I keep an extra

cushion of cash liquid or easily

accessible at all times. So, a few

months of business expenses in my

business account, few months of personal

expenses in my personal account before

moving anything into investments. And

this gives me the flexibility that I

literally need as someone with lumpy

irregular income. And as much as I would

like to push aside a much larger portion

into investments at all times, it's kind

of the price you pay as someone with

unpredictable income. So, the gist is

that the escorp was a nice forcing

function for me to finally get really

organized when it came to my business

money management. But like you heard me

say in this section a few times, a lot

of this I should have done way sooner,

way before the escorp. I think anyone

who freelances or consults or does

creator work should separate their

accounts like this at least once you

have enough like transaction volume if

nothing else for the mental clarity of

having them separated from the get- go

and not scrambling to do it last minute

when taxes roll around. And then it also

just gets you thinking and practicing

more like a real business because that's

what you are. So once the business side

of the money is running smoothly, the

next logical question is what do I

actually do with the extra cash? And

that's where my investment strategy

comes in. And while my philosophy has

not changed much year-over-year, I have

had to tweak how I approach it now that

my income is lumpy and has been for a

while. So, some context for those who

are a little bit newer to the channel.

Hello, welcome. Before becoming a

full-time creator, I was a corporate

management consultant earning consistent

income paycheck every 2 weeks for the

same exact amount. So, investing was

easy. I had automatic withdrawals into

my brokerage account and into my 401k

because I had predictable income. Now,

as discussed, I have what I like to call

lumpy income. Some months I work with

multiple brands and get a few big

paychecks, and then some months I don't

work with brands at all, and I just get

some of those smaller ones from

affiliate revenue and ad revenue. Ad

revenue is a monthly paycheck, which is

nice, but it differs quite a bit

monthtomonth depending on how many views

I get. So, my once welloiled system had

to adapt. I still invest a majority of

what I make, but instead of fixed

amounts on fixed dates, I now invest as

much as I can based off how thick that

cushion is looking. If I go above my

3mon expenses cushion, then I will

deploy excess cash into my investments.

And if I go below it, I wait. Now, 3

months of expenses is kind of a lot. It

would be a shame for that to not earn

any interest, right? Wrong. Well, not

wrong. It would be a shame if it didn't

earn interest, but mine does. because I

finally started to keep that roughly 3

months of liquid expenses in a money

market fund. Specifically, SWVXX, which

is Schwab's money market fund, but

there's a bunch of them out there. So,

what is a money market fund? It's a type

of mutual fund that invests in

highquality short-term debt securities

and cash equivalents. So, what does that

actually mean in practice? It means that

instead of your cash sitting in an

account doing absolutely nothing,

generating no interest, a money market

fund takes that same cash and lends it

out into very short-term and ultra safe

ways. Things like US Treasury bills or

loans to big stable companies that have

to be paid back in a matter of days or

weeks. Now, because these things are low

risk, the returns are not huge, but they

are much better than zero. Right now, S

SWVXX has been yielding about 4 to 5%

annually, which again, not a huge

amount, but it's essentially free

interest from letting my money park

there and much better than the pennies

that you get from a standard checking

account. Another good option would be to

park this money in a high yield savings

account, which as the name suggests is a

savings account that generates much

higher interest than your typical

checking account, upwards of 4 to 5%

annually. I went with the money market

fund just so I wouldn't have to open a

new account. I could just buy the

positions directly in my Schwab account.

Either way, high yield savings account

and money market funds are absolutely

superior methods to what I was doing

before for years, which was to park my

cash cushion in a non-interest

generating account. Silliness. That's

akin to putting money under your

mattress. Bad. Make your money work for

you, as I always like to say. And

probably like Warren Buffett says that

too. Okay. Okay. Now, the fun stuff.

What do I actually invest in? Same as

always. So, not that fun. about 80% into

ETFs and mutual funds that track the S&P

500. My historical favorite is VU, which

is Vanguard's ETF that tracks the S&P

500, but there are lots of them out

there. And the remaining 20% in

individual stocks, almost entirely large

blue chip tech stocks like Apple and

Alphabet. I personally think that the

set it and forget it in index funds and

ETFs is the best approach for 99% of

people. Sure, there is that 1% of people

who spend dozens of hours every single

week researching companies inside and

out reading their earnings reports and

generating really really good returns

from choosing picking and choosing

individual stocks. I know these people,

but they are few and far between. I'm

not one of them. You're pro, you're

probably not one of them. Maybe you are.

I don't know. But on the retirement

side, as always, I max out my Roth IRA

every single year via the backdoor

method. Not hard to do. Just Google how

to do it if you make over 150K. I also

recommend that you max out your Roth IRA

if you can afford to set aside this

amount. The max limit this year is

$7,000 if you're under 50 years old and

$8,000 if you are over 50. Now, one

downside of the self-employment thing is

that I lose access to things like the

401k match that a lot of employers do.

But being self-employed, I also now have

access to other types of retirement

accounts like the SE IRA. I still

haven't made it a priority to set up

that account, but maybe in my next one

of these videos I will have. We'll see.

So, really nothing revolutionary on the

investment side of things here. Time in

the market beats timing the market, as I

always say, for 99% of people. And even

with irregular income, I keep showing up

consistently and I let compound growth

do its thing. But investing is only part

of the equation. How we spend and save

dayto-day is what even makes investing

possible. Which brings us to our next

section, budgeting. So, budgeting is an

interesting one for me because where I

have really had to dial my money

management system when it comes to

paying myself and having business

accounts and credit cards and running

payroll for my contractors, I really do

not have a strict line item strategy for

budgeting. What I do, and honestly what

I've always done, even when I was in

consulting and had consistent income,

was keep an eye on my expenses, make

sure I'm spending a lot less than I make

and investing most of what I make. And

that's kind of it. There have been a

couple times where I tracked very, very

closely just out of curiosity, like when

I make my what I spend in a week videos.

Those are actually pretty eye opening.

But yeah, it's pretty much based on

vibes. Now, that's an approach that

works for me, and it's also a very

privileged approach. And I know that I

know not everyone is in the position to

budget based off of vibes. So what I

always say is if you are one just

starting to make money, two you're a

natural kind of overspender and money

just seems to fall right through your

pockets, or three, you're not a natural

overspender, you're pretty good with

your money, but you're not exactly sure

where it's going each month and you're

hoping to increase your savings and

investments a bit. If you're kind of in

one of those buckets, I do think it's a

good idea to closely track your expenses

because it really helps to see which

areas you might be able to pull back a

little bit to save cash because it

happens all the time where people just

are spending little by little here and

it adds up, but they don't realize

they're spending on something every

single day. And on the flip side, there

might be areas where you actually can

afford to spend a little bit more to

make your life a little bit more easy,

fun, whatever. But the age-old budgeting

rule that I like to bring up in my

personal finance videos to give some

helpful frame of reference is 5030 20

where you dedicate 50% of your income to

your needs. So like food, shelter, 30%

to your wants. So things you don't need

but that you want. That would include

like shopping. You get it? And then 20%

towards your savings and investments.

The ideal position of course would be to

get to a point where that final

proportion, the savings and investments

is much larger than the other two

buckets. But that takes time. And in the

meantime, I do think that the 50 3020

thing is a pretty good responsible rule

of thumb. But back to me, my approach,

like I said in the money management

section, is more or less to make sure I

have a nice cash buffer at all times and

then adjust my spending and investing

accordingly. And this is sort of

symbolic of my overall spending

philosophy in general, which I have said

this before that you should just buy the

coffee. As in, if and only if you

are in a position to not have to track

every single penny. Going out and buying

the $5 latte is not going to break the

bank. In fact, it'll get you out of the

house. It'll make you happy. Maybe not

every single day, but on Fridays and

Saturdays, I don't know, whatever your

special day is. Paying $30 for the nice

shampoo. Now, I know it probably feels

criminal to pay that much for shampoo,

but you use it every single day or every

other day. You feel like you're in a

luxury salon whenever you use it. It

makes your hair feel glossy and it lasts

you 4 months. So, yes, these little, you

know, smaller things can add up if you

go crazy with it. I'm not suggesting

that. But for the little things that you

know will make you happy and that you

value if you're in a position again to

not have to track every single penny. I

am actually very pro making these

purchases because I do think part of

making money is to enjoy it responsibly.

So that's my flexible budgeting

philosophy. But there is exactly one

place where vibes do not apply. Taxes.

So let's talk tax strategy beyond the

basics and I promise I will make it

digestible. So taxes are probably the

least glamorous part of owning a creator

business, but also where that escorp

structure really starts to pay off. The

big picture has not changed. I still owe

income tax on everything that I own, but

the way those taxes are calculated has

changed a bit as discussed now that I'm

an LLC, an escorp, CEO, and employee of

my own company. Can you tell I like

saying that? However, as we discussed

earlier, the salary that I pay myself

runs through payroll just like in a

regular W2 job. And so taxes are

automatically withheld from that bucket.

Easy. But the rest of my income on top

of the salary, the distributions, taxes

are not automatically withheld from that

bucket. So I have to make sure I'm being

responsible and reserving enough of that

chunk to pay later in taxes, which

honestly I was kind of used to anyway

with paying quarterly estimated taxes

before, which I'm glad I don't have to

pay anymore through this escort

structure. But point being, I was very

used to having a nice kind of liquid

chunk ready to pay in taxes. So, I would

say that the mechanics and all the steps

for all of this is definitely more

complex now, but absolutely worth it.

And then, of course, there are the

business expenses. Now, how I handled

these as an escorp, the mechanics are a

bit more complex than when I was a sole

proprietor. Getting into those details

is more in the weeds than I think any of

us want, but bottom line is that I still

keep track of my business expenses,

which still lowers my taxable income and

saves me a chunk of change. So, at the

end of the day, what I really try to do

is just make sure I have systems set in

place where nothing tax related sneaks

up on me. And with that, let's move on

from Uncle Sam to something a little bit

more fun. Future plans and scaling. So,

I mentioned earlier in this video that I

have changed my thinking a bit on

diversifying. In the past, I have

lamented relying too much on pretty much

two big revenue streams because if one

of those fell through, not great. And

the average millionaire has seven

different income streams. So, I figured

that's what I should be doing, right?

Diversify, add on more revenue streams.

And then it just became so clear to me

that my channel is the engine of

everything and it's my favorite thing to

do. So, kind of for a while at least,

why get distracted by these other shiny

object opportunities instead of growing

the engine itself? So, that's what I

did. That's what I'll continue to do for

a while. And also, with a bigger engine

comes more opportunities and open doors.

It also comes a decreased risk of those

income streams dwindling. And frankly,

it comes happiness for me because it's

my biggest passion in life. So, is it a

little risky to have everything so

concentrated? Maybe. But it is a bet on

myself and that is one that I will

always take. So, stepping back, I

realized that a lot of this might feel a

bit overwhelming. Like, how did I learn

how to set up the business accounts and

run payroll and set up an escorp? If I

told myself two years ago that I would

have this all set up now, I would

genuinely have thought, and I don't mean

this to be self-deprecating, but I would

have thought, "Oh, future Taylor hires

someone to get that all set up." But I

didn't. The beauty of it is that you

learn all of this as you go, little by

little, chat GPT question by chat GPT

question. You can ask your friends who

are in the space. But the point is, it

is learnable. And like I said, a lot of

this I should have done sooner, but

we're here now. And that's showbiz. The

question I would throw back at you is

what step makes the most sense for you

right now? Maybe it's as simple as

opening a business checking account so

you're not mixing Trader Joe's runs with

business expenses like I was. Or maybe

you're at the stage where thinking about

an escort actually makes sense.

Everyone's timeline is different, but

the important thing I think is to keep

taking that next step that drives more

clarity for you in your business and to

get your money working for you. As I

like to say, if you found this video

helpful at all, please give it a thumbs

up and subscribe for more videos. Also,

let me know in the comments what

business breakdown you would want to see

next from me. I still read every single

comment. Thank you for watching and

until next time, turtle out. Okay, I

really need to dry off my sweat. Gross.

Okay, so I say it's been all also say

goodbye to the very last video filmed in

this corner. Crazy new corner coming

soon.

Key Vocabulary

Vocabulary	Meanings
business /ˈbɪznɪs/ A2	noun - commercial activity
income /ˈɪŋkʌm/ B1	noun - money received
revenue /ˈrɛvɪnjuː/ B2	noun - income from business
tax /tæks/ B1	noun - money paid to government verb - to impose a tax
invest /ɪnˈvɛst/ B1	verb - to put money into something
pay /peɪ/ A1	verb - to give money noun - money given for work
account /əˈkaʊnt/ B1	noun - record of money
budget /ˈbʌdʒɪt/ B2	noun - plan for spending money verb - to plan spending
salary /ˈsæləri/ B1	noun - regular payment for work
money /ˈmʌni/ A1	noun - currency used for buying
video /ˈvɪdioʊ/ A2	noun - moving pictures and sound
financial /faɪˈnænʃəl/ B2	adjective - relating to money
strategy /ˈstrætədʒi/ B2	noun - plan to achieve goal
consultant /kənˈsʌltənt/ B2	noun - person who gives advice
creator /kriˈeɪtər/ B1	noun - person who makes something
personal /ˈpɜːrsənəl/ A2	adjective - relating to an individual
bank /bæŋk/ A1	noun - place for money
fee /fiː/ B2	noun - payment for service
plan /plæn/ A2	noun - scheme or method verb - to make a plan