001 | John Lee Dumas | EntrepreneurOnFire.com

John Lee Dumas, also known as JLD, is the founder and host of Entrepreneurs On Fire, an award-winning podcast where he interviews inspiring Entrepreneurs every Monday and drops value bombs every Thursday!

JLD has published over 2,000 interviews with incredible entrepreneurs, including Tony Robbins, Seth Godin, Gary Vee, Barbara Corcoran, Tim Ferriss, and many more. Throughout each of these interviews, his guest shares their biggest failure, their biggest ah-ha moment, and their best resources to help you on your entrepreneurial journey.

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Hi, I’m Nicola Cairncross and you’re listening to The Money Gym Podcast where I interview successful entrepreneurs and investors and ask them if they could go back in time and give their younger selves one big tip about money, what would it be. I really hope you enjoy the show.

So today I’m asking John Lee Dumas for his best money tip. John Lee Dumas is the founder and host of Entrepreneur on Fire, an award winning podcast where he interviews inspiring entrepreneurs to help you on your entrepreneurial journey.

John Lee Dumas’ goal with Entrepreneur on Fire is to deliver the inspiration and strategies you need to fire up your entrepreneurial journey and create the life you’ve always dreamed of. He’s interviewed over 2,000 incredible entrepreneurs, including Tony Robbins, Seth Godin, Gary Vaynerchuk, Barbara Corcoran, Tim Ferriss and many many more.

However, before EOFire was even a thought, his journey was full of struggle and searching. After serving as an active duty army officer for four years, he tried law school, but dropped out in the first semester.

He tried corporate finance and commercial real estate and you can find his journey on http://www.eofire.com/about. But let’s get on with asking him about his biggest money tip, shall we?

Nicola: Give us a tip about your business money. What would you say to an aspiring entrepreneur that you’d like to share with them about getting into business and handling the money?

John: So handling your money is going to be the most important thing you can do for one reason, your runway. Entrepreneurs, the longer that you can make your runway, the time that you can do your thing, that you can actually give your idea to take hold, to get traction, that product or service to actually connect with an audience and the different variations you’re going to do of it, you need to have the longest runway possible.

So, every single dollar needs to be accounted for, every single expenditure needs to be really judged worthy to make that happen because most entrepreneurs fail because they run out of time. Where their money runs out.

If they’d just had six more months of runway, it could have been a complete game changer and massive companies have been built because they just had that extra month or so they needed to finally get things off the ground.

N: Yeah, absolutely, I’m teaching my 19 year old to run a weekly cash flow forecast so she knows what her runway is and that’s piece of mind basically, isn’t it?

J: Totally.

N: That’s brilliant, thank you so much, John Lee Dumas. I really thank you for your time. I love talking to you and just keep up the great work ’cause you’re so inspiring.

J: I loved it. Thank you so much for having me on today, it was a pleasure and I will catch you in Paradise.

N: Oh, you will.

You’ve been listening to Nicola Cairncross on The Money Gym Podcast. If you’d like to find out more about The Money Gym and how we can help you become more financially intelligent, just come on over to https://www.themoneygym.com. We’ll see you over there.

If you want to get control, get out of debt, make more money then grow that money by becoming a confident investor, check out the amazing offer we are making around “The Money Gym” book today!