Mike Minutes Mastermind 03/17/2023

Welcome everyone to the Mic Knits Mastermind. Happy Friday. Let's go get started.

Real quick.

Okay, let's jump in. Looks like we got three that came in present. Fair and.

Cool. All right, eric from Largo Florida's context, Jaden @ command reached out to me and offered a request to doing a credit card processor verification to learn and put together training material since there are now growth models. Super. It was found that nine invoices from September of 2022 totaling 1384 do not appear on stripes end in zooper. They show paid with an offline payment pics attach all with the time stamp of 6:11pm on the day I attended bulk charge invoice charge and got their messages so ended up manually doing them per usual. I suspect that some invoices got marked paid from the bulk charge attempt without being processed in the strike, but that is speculation. There are other invoices processed with earlier timestamps around 5:55pm so not sure if I attempted to bulk charge after doing so manually. That's probably what happened. I have reported all the findings and information to Zooper and they are investigating now. The question how would you handle the situation being as almost six months after the fact? I can't imagine any customer being too thrilled about billing services that far back. If this is a take one hit, take the hit scenario. If, if so, can this amount of lost revenue be written off as I finalize my tax? Okay, so let's work backwards. So first and foremost, if you did take a hit on these, you could do this in bad debt on your following tax returns and get that money back. You just want to talk to your CPA exactly what happened and basically, yeah, you have to mark it off as bad debt. I don't think you need to take the hit here. I think just being honest with the customer about, hey, on this specific invoice.

Six months ago, it didn't go actually through. Here's the evidence of that. You could screenshot it in stripe and we're going to be charging you tomorrow or three days from now. Whatever. I've given a few days just for the sake of, you know, optics and making sure they get the email. It's not like we charge you last night. I would do it like hey, we're gonna charge you in a few days. I think you'd be fine. One out of those six people or nine one or two hours in what people might respond back and not like it and you could take a hit on those ones. But I think that out of those nine Seven or eight of them will pay. So you wouldn't have to work walk away from 1300, maybe only a hundred or 200, 300 max for every couple people. So that would be my recommendation in terms of this overall thing. This is something that I think was caused when Zooper was nailing down their bulk charge feature. And that's why I don't think it's happened since. However we are, I just talked to Jaden and he is going to be making a step by step process for checking your clearance, sorry, checking your stripe the same way we already did that for clear inside service autopilot for everybody. So there'll be a video for anyone that's in solo model to be able to check that. And then if you're growth model, obviously you can have command center do that for you. But either way we'll make sure there's a process in place. I don't think this is going to happen again. This is, I believe, an issue when Zooper made the feature that they didn't tie the loose ends together on the payment side and the authorization of bulk charges. So that's my guess. But I do think it's still not a bad idea for us always to be checking once a month, making sure payments go through. So.

Give us till Monday or Tuesday. But we will have a video up for everyone using Zooper on how to check your stripe and validate that transactions went through. I don't believe this is rampant like it was with clearance and still happens quite often. I think that this was when they rolled out the feature it made. There were just some issues that they didn't do with validation on the banking side.

Eric, Largo, Florida I know you've said you are a fan of high deductible insurance plans for vehicles to bring down premiums. Can you define what would be a high deductible free to you, let's say for work trucks. Say if you did already define in the past, I just don't recall. Honestly for me, I'd probably take the highest deductible I can take on a cheaper truck. Like if it's a fifteen thousand dollar truck, I'll take a five thousand dollars deductible every day of the week. Because if the difference between $5,050 is probably going to be a couple hundred bucks a month. And the bottom line is if there's a $2,000 charge even like someone dents my back bumper and I got to replace the whole panel, it's two grand or whatever I'M not going to make an insurance claim because it's going to affect my insurance rates the next five to seven years, depending on what state you're in. And I'll end up paying for that bumper just over the course next five or seven years. So the only reason, in my opinion I would use auto insurance if I can't take the immediate hit of that cost. Or we're talking about liability like someone gets hurt and now you're talking about hundreds of thousands of dollars. That's when I want to make sure I have liability. I'm a bigger fan of high deductible on cheaper trucks. If you're getting 30, 40, $50,000 trucks, probably a good idea to have some comprehensive insurance because you don't want to have to walk away from a $40,000 vehicle. Because you know, I had truck we lost last year because a fire, there was electrical fire and we lost the truck or a tree falls on it or you back into it with one of your trucks. Like that's the type of thing that can happen. Right. Kyle Tarvin, what do you do with the money you are putting into another investment? I've been holding in high yield savings, but I am more inclined to put in tt into T bills instead. Is there a short term investment vehicle?

Yeah, I honestly.

People are mostly talked about people that are storing millions of dollars. If you're storing less than I'm gonna say, just pull a number out of the near quarter million because that's FDIC insured. I would probably just keep the money in the bank and not worry about this.

When people have millions of dollars and they put in, they go get a 3, 4% yield. It's meaningful money. If you have 20 or $30,000, you know you're going to make what like 500 bucks in a year? 6,000. You had $20,000, you'd make like $800 in a year. So don't stress about this too much. Okay? I would only stress about this if you have so much capital and you don't know what to do with it, or potentially you're saving it for a second location. If you're like, okay, I have 60 grand, I want to get to 100 grand just for the sake of safety. So I'm going to put in T bills and just leave it there for another year, year and a half like that, that makes sense. Or if you're saving it for a house and you're kind of using that, that's fine too. But I just would not stress about this. People Put too much emphasis on this and it becomes the all the rage. And I know I had mentioned it the other day.

But unless you're storing money for a good period of time, it's a significant amount. Don't spend any time thinking about this stuff. Think about your business. Think about like if you spend, if people spent all the hours they spend, like, I'm going to move my $5,000 here and $10,000 here and $20,000 here, and they're literally going to make an extra, you know, compared to the bank, just putting the money in the bank account right now where you're also going to get a couple percent. Like if you just put money on Robinhood right Now, you get 4%. So instead of trying to get so like, I mean, just like storing it in a, in a brokerage account, your bank account is probably giving you. Your savings are probably 1% right now. Like, instead of worrying about the extra $500 you're making a year, spend all those hours of research and learning, just go spend on the business. Like if you used the door hangers for a few hours, you'd make more money than all interest you'd make on those T bills. Right. Again, assuming that you're not putting hundreds of thousands of dollars and you're not doing this for a longer period of time. But for the vast majority of, when you're in growth mode in your career and in your building your wealth journey.

You need capital, you need the money to be more liquid. And if it's wrapped up in T bills and you're moving accounts and all over the place, you'll miss out. And for, I would say the vast majority of us, we are in the gross stages of our careers and trying to build wealth. And in that, you need liquidity and you're not going to hold a bond for 10 years. You're just not. And so.

I just think the vast majority of entrepreneurs get wrapped up in this because it's very easy to talk about the same way that people were talking about. They talk about like buying houses with no money down. And you know that between the real estate boom and then same thing, like crypto, it's like, I mean, my crypto here and I create this token and I get money and I double my yield and whatever. Now the big popular thing because interest rates are higher is going to be T balls. You're going to hear it more and more and more. I just think that most people should focus on their business. It's another shiny object. It's another distraction from what's actually going to build your wealth as your business? You're not going to get rich on 3 to 4% interest a year. You're just not.

So if you think that you're 20, 30, $40,000 that you're saving in your savings account is going to like make you rich by putting in till, don't worry about it. Don't spend the time. If it's going to make you lose sleep or you have to research it for hours, just focus that time, energy and attention on your business. I guarantee you'll have better returns. So.

My insurance agent said higher won't really affect my rates enough to make a difference. Currently have a $500 deductible.

Ask him to run rates for you.

Like deductible, like it depends if you have comprehensive too. Like so when I say so, for example, I'll usually go if the truck is cheap, I'm doing liability only. Pretty high limits. And then no collision, no comprehensive, high deductible, like as high as it possibly can go. That versus putting a little bit of comprehensive, a little bit of collision. Having a low deductible of 250 or $500 is literally double usually the cost. So now I'm a more expensive vehicle. I don't have a lot of expensive vehicles. However.

Have them run the rates. Ask what it would be when someone gives you an insurance quote. Ask what would be with, with or without collision, with or without comprehensive and then change the deductibles. Those are the three things you want to ask for.

So like yeah, that's what I would. So when I would do when I wrote insurance for State Farm, that's what I would do for my business clients. I would say, okay, here's your options based on what my recommendations are. And then here are with and without collision and comprehensive. And then here's like three or four different options for your deductible. And they're different. They're not just mildly smaller different. No, look at the cost of comprehensive and collision. And yeah, run some rates. Don't just take, take what they say. I don't know who this is, but definitely use a broker. Get some other rates, ask them to run the rates even if it's not going to be a big change and see what those are. But taking away comprehensive collision and deductibles increasing can dramatically increase or decrease your insurance for. So the only reason it wouldn't is if you have very high risk drivers on your account because then the liability portion of your insurance is making the vast majority of your premium. And so it's inconsequential the cost of the vehicle that's being driven. It's more about the liability because you have really high risk people, like people with DUIs, people that are underage or really young. Your average age of your crew is really young. Like, we actually had to make sure that we got older people a couple of years back to just about just our carrier would have us. They the average age was too low.

No, but there is a. I just put this up. I just put this up. On the service autopilot page of the academy, there is a phone number for clearance PCI compliance. You can call them and go through it. We can't do it mostly because of owner authorization. So, like, you have to sign your name and do stuff like that. I forget who it was the other day. Put the number on the Facebook group and said call them. Took no time whatsoever. They asked you questions and filled it out for you. I would recommend that I put it on this service autopilot page at the very top on the Academy. Basically clearance PCI department, so. So they can walk you through it. All right, guys, have a fantastic rest of your week and a weekend and we'll see on Monday. Take care of.