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Living Legacy Podcast


May 24, 2019

Shannon Spencer Shareef is a CPA (Certified Public Accountant) who helps small businesses and individuals to minimize liability and maximize profitability.  She is a mom to two beautiful and intelligent girls. She has been married since 2006 says and her husband is her biggest fan.

She considers herself a philanthropist and together they created the E.D.G.E. (excellence, diversity, growth, and education) Foundation to allow for schools to have the opportunity to have STEM (Science, Technology, Engineering, and Math).

In this episode, we talk about the importance of taxes and networking.

She created Access Financial Management LLC 10 years ago to provide a quality service for a good price, and still give them the tax, accounting, and advisory services that they needed for a decent price.

She learned even 15 years ago as she passed her CPA exam that there are a lot of people who are employed, but also entrepreneurs on the side.

We also talk about how we met in 1k1day and Yacht Club which is an exclusive community of tribe members who are business owners - basically the paid alumni network of the online course $1k1day by our mentor, Nicole Walters. We call her a mentor because she is more than just our teacher.

She talks about the benefit of having a supportive mother and sister as well as how the new tax laws affect individuals and businesses.

If you subscribe to my email list, I started something called Five Bullet Fridays ranging from weekly to monthly tidbits where I share what I’m doing, learning, reading or watching.

I got the idea from Tim Ferris because after all, we have to invest in ourselves sometimes.

You can find her at:

http://shannonshareef.com/

https://www.facebook.com/shannonspencershareef

https://www.facebook.com/ShannonShareefCPA/

https://www.instagram.com/shannonshareefcpa/

Listen/Follow/Subscribe
Transcription: https://zaakirahnayyar.com/blog
Watch on YouTube: https://youtu.be/wpR-0dfjC8A
Spotify: https://spoti.fi/2TdAZ87
Google Play: http://bit.ly/2NzzSup
Stitcher: https://www.stitcher.com/s?fid=378763&refid=stpr
iTunes: https://apple.co/2NYapeh

Mentions:

  • Profit First by Mike Michalowicz
  • PricewaterhouseCoopers
  • Ernst & Young
  • Harvard Business Review
  • Tim Ferris Tools of the Titan
  • The Four Hour Work Week

Quotes and Takeaways:

  • “Corporate America has been shaken to the core so many times that nothing is stable anymore.”
  • “If you're going to go through the cycle of corporate America, you might as well go through the cycle of entrepreneurship.”
  • “My husband is my biggest cheerleader. When I started my business, he was, my first client.”
  • “Word of mouth is key, but the main thing is being able to serve.”
  • “Tax planning is not doing your tax return, seeing your result and saying I'm not happy with that, tax planning is taking the step back and looking at your total financial situation, and actually putting a plan in place.”
  • “Tax reform was primarily beneficial to C Corps. Now, there were some avenues that were introduced that were beneficial for small businesses such as s corps and single member LLC. But the majority of the benefits went to C corps.”
  • “The one thing that I know that I need to do to continue to scale my business and to grow my business is to bring on some help.”
  • “It helps to have everything somewhat in my control, just to make sure that if the ball drops, it doesn't drop that far. Part of my personal and professional growth is learning to let go a little bit more.”
  • “Take care of yourself financially first, before you take care of your business.”
  • “You would never go work for Coca Cola and work for them for a year for free. So why would you work in your own business for free without making sure that you're taking your profit?”
  • “You gotta celebrate the small wins because otherwise, you feel like you're not making progress.”
  • “As long as you're grateful for the things that didn't go, well, then it kind of lessens the impact of those things that did not.”