Drunken Money

JONATHAN KLUNK, PRESIDENT OF KEY SOURCE PROPERTIES, JOINS US TO DISCUSS SHORT-TERM RENTALS (AIRBNB), WHICH ARE HUGE IN LOUISVILLE DURING KENTUCKY DERBY TIME. Jonathan got his start in short-term rentals by trying it out on his own, which caused him to realize how little others knew about the budding industry. He was interested to see if his property would get demand for Kentucky Derby, and was shocked at how quickly his property became booked. After requests from his friends to help them out with their Airbnbs, he decided to start a side business. The perfect Airbnb property? Jonathan says you should strive to make your property as unique and interesting as possible. Many people love staying in Airbnbs that remind them of hotels, so you should have all the same amenities somebody would ordinarily find in a hotel. Also, remember your guests are on vacation, so they don't necessarily want to stay in a house that reminds them of their own home - your property should be eclectic and unique to stand out in a

JOHN ACKERMAN SITS DOWN AFTER HIS TAX SEASON HIATUS TO DISCUSS THE LESSONS HE LEARNED FROM YEAR TWO IN BUSINESS. While we sometimes forget, we actually have a millennial entrepreneur as one of the hosts of Drunken Money (me). I just wrapped up my second tax season as a CPA out on my own, so we decided to kick off Season 2 of Drunken Money with Paul and I discussing what I learned from year two as a full-time entrepreneur. This is: Lessons from Year Two. When you're on your own, there are periods of time when you must work nonstop to make sure your business is successful. To get started in Year One, I called family friends I knew who might use my services, and relied on word of mouth to grow from there. I overcame initial fears of quitting my job by constantly reminding myself "What's the worst that could happen?" In many cases, the worst case scenario is just going back to your prior job (most of the time higher up than when you left because of the experience you gain while you're out on your own). My plan

Everyone likes to talk about how millennials are industry killers. Well we’re going to break it down, talk about a few of these industries, and maybe what we should kill next. This is millennials: industry killers. Here are the shoutouts: MadTree PSA: the beer we drank Milewide Hooters and Buffalo Wild Wings Applebee's Top Golf Dave and Buster's Dove Men+Care Heuser Health OrangeTheory NFL Exxon Ticketmaster Venmo Smart Data Systems Taylor Swift, Foo Fighters, and Phish Impossible Patty

We've been asked a few times why we started Drunken Money, so we wanted to flip the script and let John Ronayne, our favorite Homebrewer from Brewgrass Homebrew Supply, interview us while we brewed our newest beer, the Roth IPA.  Have any topics you want to be covered or amazing people you'd like us to interview? Let us know! You can email us at info@drunkenmoney.com. You can also find us on Facebook, Instagram, Twitter, and Linkedin. Please be sure to subscribe to our weekly mailing list at drunkenmoney.com/subscribe.

Zack Pennington might be the coolest guy we know. In addition to being a co-founder or co-owner of Herelancer, U.S. Chia, and Flying Axes, he is also the lead guitarist for Light Treasons and is a Sales Manger at EdjAnalytics.  How to Do It All:  Zack is one of the owners of Flying Axes in Louisville.  Although his initial reaction was that it wasn't a great idea, after going to an axe-throwing venue in Canada, Zack realized it was a great industry that appealed to everyone (similar to darts and bowling).  The team also received great publicity thanks to Jennifer Lawrence on Jimmy Fallon.   After graduating from college, Zack was in a band and toured across the country. He credits this band for helping him with business, sales, and marketing.  When Zack was getting his MBA, he started U.S. Chia, a domestic chia seed production company.  He started the company with a plant scientist, who had a patented variety of chia seeds that would grow in the United States.  Zack's biggest strength was giving the pitc

Sisun Lee, Founder/CEO of Morning Recovery, joins us to discuss how he manages his startup's growth in Silicon Valley. Morning Recovery:    Sisun explains how he came up with the idea for Morning Recovery and executed his idea into a successful company. His Korean heritage (and Koreans' affinity for drinking) was one of the keys to getting the idea for the product. He had tried similar drinks in Korea, and wanted to dive into the science behind the drinks and how he could create his own product. DHM, an antioxidant found in Korean raisin trees, is the secret to Morning Recovery's success. After creating the drink with the help of Dr. Jing Liang, a USC professor, Sisun gave prototypes to his friends at Tesla, Uber, and Facebook. Overwhelming demand forced Sisun to quit his job at Tesla and work full-time for Morning Recovery. Indiegogo was the first major step in evaluating market demand.  Sisun explains how he manages the company's explosive growth. Being first to market was a major factor in the growth

Brandon Zahursky, aka RIVVRS, joins us to discuss how to make it as a musician, how he makes money in today's music industry, and his advice for aspiring musicians. RIVVRS:  Brandon is currently based in Los Angeles but is from San Francisco. He describes how he got started in music when he was younger thanks to Barney. He later got into AC/DC, Black Sabbath, and classic rock before switching to acoustic guitar. How did he learn guitar? By sitting alone and watching Youtube videos. For the first year and a half as a musician, he lived on friends' couches before meeting his manager 5 years ago. Music has been his full-time job for the last 2 years. While focusing on his music, he took a seasonal job at a winery to make ends meet until he was able to pursue music full-time. Writing "I Will Follow You" and having it placed on the show "About a Boy" proved to be RIVVRS' big break and encouraged him to quit his job. When does being a musician become more expensive? On longer tours when you have to go furth

For this episode, we wanted to mix it up and let you, our listeners,  ask us any questions you had about personal finance. Ask Drunken Money Anything:  What is our best advice for planning ahead for a large purchase (such as a vacation), without sacrificing going out to the bars and making fun purchases? This is the reason we created the "Six Tenets of Drunken Money". Make sure you know exactly how much money you need to reach your goals, and then use the 50/30/20 rule of budgeting to achieve your goals. Remember to always tell your money where to go, don't look back at the end of each month and be surprised by your purchases. There are a lot of great free apps to help with budgeting, and you can create a separate savings account for your large goal so you don't spend the money you've saved. Cut back on unnecessary purchases (such as Spotify or Netflix subscriptions) in order to achieve your larger goals.  How large of an emergency fund is necessary for a millennial? The general rule for emergency fun

Paul Tuell, Founder of Ballotin Chocolate Whiskey, shares his secrets to creating a whiskey brand and how he has grown the company from idea to booming success. Where would you begin if you wanted to start a liquor company? Find out how Ballotin Chocolate Whiskey was created and the steps Paul Tuell took to ensure his brand would be a success. Ballotin Chocolate Whiskey:  Paul discusses his career before launching his own whiskey brand, and how his experience at major corporations prepared him to launch his own business. When did he have the idea to start his own brand, and how long did it take to go from idea to product on the shelf? How did he determine the time was right to leave Corporate America? How many variations of chocolate whiskey did it take to get the perfect formula? What flavors didn't work? Why did he decide to enter the category of flavored whiskey as opposed to another space in the liquor industry? Like many entrepreneurs, Paul saw an opening in the market and took advantage of it. Pa

Zach Barnes, Owner of Great Flood Brewing Co, comes on the show and shares the story of Great Flood's rise from idea to a brewery to canning and distribution. Ever wanted to learn how a couple young guys could start a successful brewery? This is the story of how Great Flood Brewing Co got started. Great Flood Brewing Co:  Zach tells us how brewers decide which beers should go into cans, and gives us a teaser for future Great Flood beers. We learn the guys' biggest hurdle to actually opening a brewery. While some people might think of opening a brewery as a fun hobby, these guys took a look at the market beforehand and made sure there was a need for their product before starting the business. They made sure success was not an accident. The original plan was for Zach to be a silent partner but immediately had to come on board full-time after Great Flood ran out of beer opening weekend. To differentiate their business, they decided to open a tap room and avoided the high overhead and hassle of running a full-se

John and Paul look at "9 Things Millennials Don't Understand About Money" from TheCollegeInvestor.com and give their thoughts. Dissecting a Millennial: Millennials don't always know they're in debt. While this is hard to believe, we can see situations where college students don't know what they're getting into when they sign up for student loans. It's extremely important to pay off these student loans as fast as possible. Check out our episode on student debt with Jordan Clemons. Millennials don't know how to repay their student loans. Millennials don't understand their health insurance options. We can definitely understand this one - there is typically little guidance on choosing health plans when you sign up. Paul advocates enrolling in a high deductible health plan and supplementing with an HSA (Health Savings Account). John has always been a fan of being a little more conservative with health insurance and chooses a middle plan for just in case he gets sick. Learn more about health insurance here.

Paul and John announce "The Six Tenets" of Drunken Money. We break down the steps any millennial can follow to achieve their financial goals. The Six Tenets of Drunken Money: Dream - Have a tangible goal you're trying to accomplish. Make it a SMART goal. Be as descriptive as possible about what you're trying to achieve when you want to achieve it, and break it down into smaller chunks. Specific Measurable Attainable Relevant (or Results Focused) Time-bound Break down your goal into smaller chunks so you know exactly what you need to achieve each week/month. Budget - Build a budget and stick to it. We advocate following the 50/30/20 rule. 50% (maximum) of take-home income should go to needs (rent, mortgage, utilities, internet, food) 30% (maximum) should go to wants (going out to eat, drinking, Netflix, Spotify, clothes, sporting events, concerts) 20% (at least) should go to savings (for an emergency fund, investing to achieve your goals) Use an online tool to help you track your budget, or you can

Jennifer Hancock, President and CEO of Volunteers of America Mid-States, helps us explore the world of non-profits and how millennials can give back to their communities. Ever want to get involved in your community but didn't know where to begin? Check out this episode to learn what you can do as a millennial to make a difference. Want to learn more about Volunteers of America? Join Paul and John at the Power of One Breakfast on October 11, 2017. Sign up at voamid.org. Giving Back to Your Community: Jennifer explains how she became involved in service work in high school and why it's so important to her. We learn Jennifer's path from direct service work as a counselor to becoming President and CEO of Volunteers of America. Volunteers of America (founded in 1896) is one of the most diverse service organizations in a region. It covers five states and has more than 600 employees. Helping military families, HIV, addiction, and more! Jennifer tells us what has made her stay with Volunteers of America for over

Keith Blakely, CFA, Investment Advisor at Stock Yards Bank, joins us to break down what's going on in the economy and how it impacts millennials. Ever hear about what's going on in the economy but aren't sure how it impacts you? In this episode, we focus on making sense of the economy. Making Sense of the Economy: ***Disclaimer - the opinions of Keith Blakely and Drunken Money in this episode are not intended as specific financial advice. Consult with a financial advisor before investing.  Why does the economy matter? Keith breaks down why the economy's important and defines some of the main drivers of the stock market (GDP, Inflation, Dividends, Stock Buybacks). Keith explains why time in the market is more important than timing the market. As a millennial, your greatest asset is time, so you're perfectly set up to have a successful retirement by investing for the long-term. The U.S. stock market is almost always up over 10-year periods, and has never been down over 15-year periods. We learn what stoc

Nikki Chin, the founder of Spark Spring, an online marketing company, tells us how to successfully navigate the business world as a solopreneur. Ever been scared to take a leap of faith and start a business by yourself? Nikki gives great advice on how to be a successful solopreneur! Solopreneur Success: Nikki moved to Louisville to reduce her cost of living, and to pursue her original dream of being a sign-language interpreter. She originally learned to sell as an insurance agent before starting Task Guardian, a digital marketing company. Nikki's pet peeve is people who try to do everything themselves and don't ask for help in business. We learn the reasons a company should choose Wordpress over another web builder such as Wix or Squarespace (Wordpress will grow as your company grows). How Nikki has built successful businesses while attending "The School of Hard Knocks" and why she believes anybody can be successful without going the traditional college route. Nikki's key to doing great is to make everything

Jon Matar, CEO of PowerUp Labs, comes on the show to discuss his journey from young entrepreneur to a successful startup: Want to start a business but worried you will fail? Jon Matar tells us his story of a startup and how he has managed to keep trying until he found success. Story of a Startup: Jon Matar tells us how why he left a comfortable job as a banker to join the startup world. Remember, even if your startup fails, you can always go back to where you started, usually at an even higher position. He discusses how he pivoted from his first startup, "Why Wait?", and why he made that decision. His next startup, "Localview", was more successful but ultimately he needed to make another pivot to "PowerUp Labs". As with many successful businesses, PowerUp Labs' success came because Jon started listening to customers and working to make his customers happy. As long as you don't burn bridges with your existing company, usually they will understand your desire to start a business and will welcome you back

Ann Marie Kelly, Executive Director of the Young Professionals Association of Louisville (YPAL), gives us her best networking tips and tricks: Ever gone to a networking event and not known what to say? Ann Marie gives teaches us awesome networking tips and tricks so you can make great connections. ***Special discount for listeners*** When you sign up for YPAL use promo code "drunkenmoney" for $10 off! Networking Tips and Tricks: Ann Marie discusses her path from Bellarmine University to the Archdiocese of Louisville and then to the Young Professionals Association of Louisville (YPAL). Not surprisingly, she found her job in YPAL because of her network. In fact, she has never just applied for a job, she has always found a job because of her connections. "It's not about what you know, it's who you know." She discusses how to conquer the fear of going to a networking event and how it's helpful to bring a friend if you don't want to go. Her favorite tricks on how to get out of an uncomfortable situation by exp

Elina Pereira and Riley Hook from Guardian Owl Digital Boutique give us a crash course in SEO: Have you wanted to improve your website's SEO? In this episode, we team up with SEO pros to learn about SEO in a Nutshell! SEO in a Nutshell: Riley discusses what it's like to be an intern at Guardian Owl Digital Boutique. Elina discusses the difference between SEO (Search Engine Optimization) and Search Engine Marketing. Elina describes what it was like moving to Louisville from New Jersey and how she has adjusted to a new city. She talks about what she likes about Louisville and also what she misses the most about New Jersey. The Guardian Owl team gives Drunken Money tips on how to improve our SEO (Search Engine Optimization). We learn how to determine our optimal SEO keyword by using Google Adwords. Make sure each page has 1,00 words or more to show Google you are trustworthy. Optimize your pictures (add descriptions and details) to increase your Google visibility. Make sure your keywords are not too short (use

John Ronayne (Brewgrass Homebrew Supply) teaches us how to Homebrew & More: Have you ever wanted to homebrew beer but were too intimidated or didn't know where to start? In this informal episode, we learn how to homebrew & more with John Ronayne of Brewgrass Homebrew Supply. In this episode: Drunken Money and Boy Meets Wort join forces for an epic combination episode at Brewgrass Homebrew Supply. John Ronayne discusses the history of Oktoberfest beer (Stocktoberfest) and why it's a perfect Fall beer. We learn the different types of grains that go into a beer and how they impact the flavor. John Ronayne teaches us how to homebrew beer easy by putting all the grains into a bag and boiling together. John Ronayne goes step-by-step the process of homebrewing beer. We finally learn (and taste!) "Wort" (see the video below and find more videos from the night on our Facebook). How John has grown Brewgrass Homebrew Supply by focusing on the customer relationship. It truly astonished us how easy it was to home

It seems almost every millennial is faced with a massive financial crisis right out of college: student debt. In this episode, we chat with our very good friend Jordan Clemons, of Kentucky Financial Group, on student debt basics.  In this episode: Student debt basics. Should you pay off student debt early?  The biggest mistakes regarding student debt.  The guys' personal opinions on student debt.  Pros and cons of privatizing/refinancing student debt.  And our good friend compound interest.  Special shoutouts and show notes: Woodford Reserve Goodwood Brewing  You Need A Budget (YNAB) Siddartha Contact Jordan at jclemons@kfg.com.  Have any topics you want to be covered or entrepreneurs you'd like us to interview? Let us know! You can email us at paul@drunkenmoney.com or john@drunkenmoney.com. You can also find us on Facebook, Instagram, Twitter, and Linkedin. Please be sure to subscribe to our weekly mailing list at drunkenmoney.com/subscribe.