Podcast Episode 57: How Recording Studios Can Get (and Stay) Out Of Debt

Brian and Assistant to the Regional Manager, Chris, discuss a big topic for people worldwide: debt. Many people struggle with debt, and Brian and Chris have had their fair share of experience on the topic. They give their advice on the matter so you can learn from their mistakes.

In this episode you’ll discover:

  • Good debt vs. bad debt
  • Why you should not buy gear you can’t afford
  • How taxes can bite you
  • How sports relate to finances
  • What you can do to get out of debt
  • Why we gravitate towards things we’re good at and ignore things we’re bad at
  • Why you should get credit early… and use it responsibly
  • Why you should audit your expenses regularly

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Quotes

“I believe if you are charging someone for a college education, you are obligated to share the placement rate for people who have the degree. The placement rate for any sort of audio degree right now is not very good. . . I would guess it’s probably somewhere around a philosophy degree or a dance major. Not very high. .” – Chris Graham

 

“It (a line of credit) is like an accordion. You can use it either way; you can put money in or you can take money out of a line of credit, versus a loan where if you put money in you cannot get it back out. That works really well for entrepreneurs like us.” – Brian Hood

Episode Links


Websites

456 Recordings – www.456recordings.com

Chris Graham – www.chrisgrahammastering.com

 

Courses

The Profitable Producer Course – theprofitableproducer.com

The Home Studio Startup Course – www.thesixfigurehomestudio.com/10k

 

Facebook Community

6FHS Facebook Community – http://thesixfigurehomestudio.com/community

 

YouTube Channels

The Six Figure Home Studio – https://www.youtube.com/thesixfigurehomestudio

 

Send Us Your Feedback!

The Six Figure Home Studio Podcast – podcast@thesixfigurehomestudio.com

 

Related Podcast Episodes

Podcast Episode 45: How Studio Owners Are Multiplying Their Income And Minimizing Their Headaches Using The 80/20 Principle – https://www.thesixfigurehomestudio.com/how-studio-owners-are-multiplying-their-income-and-minimizing-their-headaches-using-the-80-20-principle/

Podcast Episode 51: Why Are Audio Engineers So Bad With Relationships? – https://www.thesixfigurehomestudio.com/why-are-audio-engineers-so-bad-with-relationships/

 

Books

Integrity by Dr. Henry Cloud – https://www.amazon.com/Integrity-Courage-Meet-Demands-Reality/dp/006084969X

 

Tools

Mint – https://www.mint.com/

Quickbooks – https://quickbooks.intuit.com/

GoDaddy Bookkeeping – https://www.godaddy.com/email/online-bookkeeping

YNAB – https://www.youneedabudget.com/

Dave Ramsey’s Envelope System – https://www.daveramsey.com/blog/envelope-system-explained

Automatic Episode Transcript — Please excuse any errors, not reviewed for accuracy

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