Mercedes BankstonManaging Director, Orange County
Financial wisdom and the need to make sure your Personal, Career and Financial
Goals are on the same page
Start-Up * Entrepreneur * Employee
Mercedes Bankston
Not a financial advisor or lawyer, so don’t construe anything I say for legal or financial advice.
Mercedes Bankston
Mercedes Bankston
Entrepreneur
Mercedes Bankston
Entrepreneur
Mercedes Bankston
Entrepreneur
Mercedes Bankston
- Frugal minimalist- Lived off one income and saved the other- Built their house in cash- Have a 401K- Social Security- Pension- Retired early
- Bought property- Stock Market- Invested in Students
Parental Influence
Opportunity
Mercedes Bankston
Mercedes Bankston
PERSONAL CAREER FINANCIAL
Mercedes Bankston
Mercedes Bankston
PERSONAL CAREER FINANCIAL
HousingTransportation CommunicationDaycareMedicalBasic Living Essentials
FoodClothingToiletries
Mercedes Bankston
Personal
Mercedes Bankston
PERSONAL CAREER FINANCIAL
Housing – 25%Transportation – 7%Communication- $90Daycare- $1200Medical- $300Basic Living Essentials
Food- 7%Clothing- 3%Toiletries- 1%
Housing – $1770-2479Transportation – $495Communication- $90Daycare- $1200Medical- $300Basic Living Essentials Food- 7%- $495 Clothing- 3%- $212 Toiletries- 1%- $70
Monthly Left Over: $2721 with child
$3951 without child
Mercedes Bankston
PERSONAL CAREER FINANCIAL
Housing – 25%Transportation – 7%Communication- $90Daycare- $1200Medical- $300Basic Living Essentials
Food- 5-7%Clothing- 3%Toiletries- 1%
Salesforce 1-1-1 ModelIntegrityEthics
Who are you? FollowerLeaderSales personOperationsFinanceCXOEntrepreneurInvestor
Equity events?Golden handcuffs?Salaried Employee?
Mercedes Bankston
PERSONAL CAREER FINANCIAL
HousingTransportation CommunicationDaycareMedicalBasic Living Essentials
FoodClothingToiletries
Salesforce 1-1-1 ModelIntegrityEthics
Who are you? FollowerLeaderSales personOperationsFinanceCXOEntrepreneurInvestor
Equity events?Golden handcuffs?Salaried Employee?
TimeHobbies Student LoansVacations 1x-4xPrivate Schools Vacation HomesLuxury Goods
Mercedes Bankston
PERSONAL CAREER FINANCIAL
HousingTransportation CommunicationDaycareMedicalBasic Living Essentials
FoodClothingToiletries
Salesforce 1-1-1 ModelIntegrityEthics
Who are you? FollowerLeaderSales personOperationsFinanceCXOEntrepreneurInvestor
Equity events?Golden handcuffs?Salaried Employee?
Personal + Career =
Financial
TimeHobbies Student LoansVacations 1x-4xPrivate Schools Vacation HomesLuxury Goods
Mercedes Bankston
FINANCIAL
Establish cost of a fully loaded employee:• Insurance (Healthcare, Auto, etc)• Conference services• Software Licenses (CRM, Task Management, Payroll, RainKing, etc) • Desk space• Phone Lines• Employee Happiness (spiffs, contests)• Salary• Taxes on top of Salary• Training
Full Time/ Part Time•Retired: Parents, Teachers, LinkedIn•Interns: Complex process, often free labor•Students: Part time, often desirable employees
Mercedes Bankston
FINANCIAL
OC Resources For “Job Seekers”
OJT pays 50% of On Job Training –
Previously used for: - Accountant- Bookkeeper- Sales- Receptionist- Marketing (SEO, SMM, Ghost Writing)- Lawyer
Secret: If you have a candidate that you wish to hire, place them on the OC One Stop List for OJT funds.
Mercedes Bankston
FINANCIAL
Contracts & Payment Terms
New Office : Cubicles, Conference Tables, Desks, printers
Wireless: Merarki wireless and security
Travel Expense Budgets:Cars/ mileage- Encourage Fuel Incentives (NGV/Elec)Communications- Pre-Paid vs. Post-Paid Phones, Conferencing Meals- $50.00 a day (Maximum of adult beverages)Hotels- $120.00 and less (Priceline, Hotels.com)Cars- $20 and less daily (Priceline)Airfare- Southwest (no-change fees)
Mercedes Bankston
FINANCIAL
Free Open Source Software: MySQL, SQLCRM Solutions: HubSpot, Salesforce, Open CRX, Zoho, SugarCRMMarketing Automation: Hubspot, Pardot, AWeber, MailChimp, Constant ContactTask Management: Pencil and Paper, Commit to 3, bambam, hitask, CRM, 17hatsProject Management: Trello, Todoist, 17hatsCellular Phones: Pre-paid vs. Post-paidWeb/Video Communications: Free vs. Paid (FlatFeeConferenceCall.com)Finance Software: Quickbooks, Freshbooks, 17hats (specialty apps- spreadsheets)Social Media Tools: Hootsuite, Moz, Commun.itVideo Editing: WeVideo, iMovieTravel Tools: XpenseTrkr, Trip IT, Uber/Lyft, AirBNB, Hotels.comRemote Workers: UpWork, Fiverr, CallRubyPhone systems: freepbx.com, 8x8, Ring Central, Intelliverse, InsideSales.comMerchant Processing: Braintreepayments.com
Mercedes Bankston
FINANCIAL
Insurance: (Errors and Omissions, Directors and Officers, Property, Automobile, General Liability, Specialty policies, Lloyds of London)
DropBox/ Cloud Sharing Services: UPGRADE!!!
Security Payroll- Paychex (W2, 10-99, access to insurance), ADP CFO: consulting for accounting software, long term debt, cash flow EXIT: 1 check, 1 exit
Mercedes Bankston
Risk Management Association Annual Statement Studies
Financial Ratio BenchmarksRMAHQ.org
Mercedes Bankston
PERSONAL CAREER FINANCIAL
HousingTransportation CommunicationDaycareBasic Living Essentials
FoodClothingToiletries
Salesforce 1-1-1 ModelIntegrityEthics
Who are you? FollowerLeaderSales personOperationsFinanceCXOEntrepreneurInvestor
Equity events?Golden handcuffs?Salaried Employee?
Personal + Career =
Financial
TimeHobbies Student LoansVacations 1x-4xPrivate Schools Vacation HomesLuxury Goods
Annual Statement
Mercedes Bankston
Conclusion