ACCOUNTANT EXPLAINS The #1 Money Skill NOT Taught in School but All Business Owners SHOULD KNOW

There are many reasons you started your business - freedom, flexibility, and financial independence. But have you ever wondered about the road to financial independence? As a CPA, I often get asked by business owners, "Why does school teach you about Calculus but not the vital skills needed as adults, like taxes, investments, and budgeting?"

If you're planning to start a business or you're a first-time business owner, today's video will help you understand how to run a profitable business and how to actually make money. After all, we all started our businesses with the hope of supporting our dream life and gaining the freedom to live on our own terms. So let's jump into what you need to know as a Business Owner when it comes to Finances.

00:00 Intro
00:43 The Basics NOT Taught in School
01:56 Tutorial on Financials
09:14 Thoughts on Chat GPT Taking over Accountant Roles
10:23 How to Calculate Profitability
12:11 How to Increase Profitability
13:38 What to Do with Profits
14:17 Don't Forget about Taxes

Disclaimer: Note this video is not financial nor accounting/tax advice and should be used for entertainment purposes only. Consult with your own financial advisor, accountant and/or tax advisor for advice related to your specific situation.
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WHO AM I:
Gabrielle is a CPA and Tax Expert, as well as the founder of Balance + Wealth CPA, a licensed CPA firm that specializes in Tax. Prior to starting her business, Gabrielle worked as a Tax Manager at one of the Big 4 Accounting Firms for 7+ years, advising Fortune 500 companies. Gabrielle posts weekly videos on personal finance, business finance, and tax tips.
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[victoriaprince]

Budgeting, interest rates, taxes, etc. are in many public schools’ curricula… Kids just don’t tend to be that interested and they don’t retain the material. Trust me, I teach it. It’s in my set of standards and kids just don’t yet understand how the info can be useful in real life.

[jaysterling]

Is a car an asset? Yes, it may get you to work ( although other options may exist) .
Many investors classify one as a liability.

[henryalexander]

Glad to see your video on my feed. I still watch a few other YouTubers.. I've followed trades of a couple YouTubers and I'm down so much…210k to 80k. It got addictive. My resolve is the lot are amateurs.

[jamalgreen]

Everyone including the last in these video seem to be overlooking certain things I don’t know why in these times why y’all people are so passive and Nieve about things it really pisses me off first off it’s not best to run a business anywhere because location matters she skipped by too much before u get to talking about liabilities and keeping track on how much u spend and make u need to understand the economy that u are in and find out if they even support individual business owners in the first place countries like the one I’m born raised up in the United States and other countries like the u.k, Canada, South America, Australia, New Zealand the bigger the economy the higher population the bigger and more controlling the government is all of these countries I listed it’s economies are filled with hard workers that have to pay high tax and or people who live off of government benefits no matter both keep people poor and not nothing but create poverty but back to the point so y’all want to consider location first the second thing u want to consider is u want to know what incentives what does the government in a particular country what supportive services do they have in place for who’s trying to run their business there do that government in that country welcome people that already make a lot of capital or that wants to make a lot of capital or are there the type of government who will come after u so u can pay high taxes or because u won’t run your business the way they want u to

[miloragebear]

Cash flow is much more important in a roaringly developing industry.

[fundingsecured]

Extremely basic and fundamental. Maybe that’s why you don’t need to learn that from school if you can learn it on the internet in under 30 minutes.

[Wellspring]

Wrong! Budgeting, taxes, and career and personal planning are taught in highschools! I also taught a bonus lesson on how to get a mortgage. There's a mandatory course called Planning 10 that covers this information. I just don't think most students at this age care to remember or take notes.

[vancouverdiaries]

This brings me to the basic question, Why schools don't teach us the taxes and investing basics?

[Vince_F]

Still doesn’t answer the question of WHY ISN’T THIS STUFF TAUGHT IN SCHOOL⁉️