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Claiming Your Power Around Banking with Deanna Zubrickas from Relay

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“As a business owner, it makes you feel like you’re not the one in control. You’re going out on a limb, wanting to try something new, and you’re getting pushback about your own business. I’m glad that there are communities out there like yours, Linzy, and Profit First professionals, that can work with your business and see that same vision that you do. Because you can’t always do it alone, right? Most of us can’t, so being able to find the help that is supportive and what you’re looking for makes all of the difference.” 

~Deanna Zubrickas

Meet Deanna Zubrickas

Deanna Zubrickas works directly with Relay’s Partners, accountants and bookkeepers, helping them deliver superior business banking to their clients. Deanna is the go-to product expert for business banking solutions and banking integrations with accounting software. Before making the move into financial technology, Deanna supervised retail operations and managed customer relations at a number of enterprise and mid-sized retail brands, including OAK + FORT, Free People, and Urban Outfitters.

In this Episode...

How can your business bank better support you? Linzy talks with Deanna Zubrickas of Relay, a banking solution that supports business owners and is the official banking platform of Profit First. 

Linzy and Deanna discuss the obstacles that come up for therapists and health practitioners looking for clarity with their finances. They share common limitations of traditional business bank accounts, especially for business owners looking to be more empowered with their finances. Deanna shares what makes Relay unique and how those differences can benefit business owners. If you’re interested in checking out Relay, you can sign up through Linzy’s link

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Check out the FREE masterclass, The 4 Step Framework to Getting Your Business Finances Totally in Order, where you’ll learn the framework that has helped hundreds of therapists go from money confusion and shame to calm and confidence, as well as the three biggest financial mistakes that therapists make. At the end, you’ll be invited to join Money Skills for Therapists and get Linzy’s support in getting your finances finally working for you.

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Episode Transcript

Deanna [00:00:02] As a business owner, it makes you feel like you’re not the one in control, right? You’re going out on a limb wanting to try something new, and you’re getting pushback about your own business. I’m glad that there’s communities out there like yours, Linzy, and covers professionals that can work with your business and see that same vision that you do, because you can’t always do it alone, right? Most of us can’t. So you’re able to find the help that is supportive and what you’re looking for. It makes all the difference. 

 

Linzy [00:00:28] Welcome to the Money Skills for Therapists podcast, where we answer this question: how can therapists and health practitioners go from money shame and confusion, to feeling calm and confident about their finances and get money really working for them in both their private practice and their lives? I’m your host, Linzy Bonham, therapist turned money coach and creator of the course Money Skills for Therapists. Hello and welcome back to the podcast. Uh, you’re going to hear on the episode today that my voice is rough, but I am excited to be bringing you this episode. Today’s episode is about banking. So banking is probably one of the toughest and least appealing topics for many, many people. But what I’m excited about today is we are going to be talking about banking and getting your bank set up to actually work for you and take care of you with the folks from Relay. So Deanna Zubrickas is here from Relay, and in our conversation today, we talked about the emotional stories that she sees coming up around money for the folks that they support at Relay. We talked about the friction that we can encounter from financial institutions and the stories that we can have about financial institutions, and how that impacts our confidence and our relationship to money. And we talk more about profit first. So whether you are already using profit first in your business or if you’re curious about profit first, Relay is the official banking platform of profit first. And so we talk today about that model, the multiple bank accounts, how to make it really work for you. What can be helpful about it? I’m a big fan of profit first, I’ve been doing it for probably about 7 or 8 years now. I’ve gone through different stages of doing it more and less, like with other types of tracking. And now I will say in my own business, it is the budgeting strategy that I use in Money Nuts and Bolts. So for this current company that I have, I just use profit first for budgeting and look at my bank account to help me make strategic financial decisions, along with some other tracking that I do, looking back, but I don’t use any other budgeting software. I just use profit first. It can be a very powerful and clarifying tool. So whether it’s something that you’re already using or curious about, there’s lots in this conversation with Deanna today about profit first, about Relay, and really about claiming your power around money, but also banking and knowing that you are actually entitled to finding a bank that works for you and serves your needs. Here’s my conversation with Deanna Zubrickas. So, Deanna, welcome to the podcast. 

 

Deanna [00:03:13] Hey, Linzy, thank you so much for having me. 

 

Linzy [00:03:14] Yeah, thank you for being here. We were just joking before recording that. I do sound deathly ill. I would like to assure folks listening that I am not actually deathly ill, but my voice has decided to just, I don’t know, take a half vacation today. 

 

Deanna [00:03:27]  I’m choosing to participate today.  

 

Linzy [00:03:31] Yes, yes. So I am here. Not all my voice is here, but I still think we’re going to be able to have a great conversation today. Deanna, I’m very excited to have you here. So you are here from Relay Bank. So for folks who are not familiar with Relay yet and what you folks do, can you tell us a little bit about Relay? 

 

Deanna [00:03:47] Yeah, absolutely. So Relay is an online-only business banking platform. So everything we do is virtual and we help small businesses across the U.S. with their banking needs. So we offer like 20 checking accounts. Our payments are free. We connect to the rest of your tech stack, which is really important as a business owner. And we do that all virtually. So believe it or not, it actually kind of makes banking a little bit more fun than you might have originally thought of, which is kind of cool. And it’s all just about, you know, banking that is more accessible to the small business owner and works alongside their business rather than against it. 

 

Linzy [00:04:17] Yeah. That’s it. Yeah. And that is something that I so appreciate about you folks. Like I have a partnership with you folks. You approached me and I was like, oh thank goodness. Like, where have you been? Because one of the questions that has come up for so many years as I’ve supported Americans, I’m a Canadian, but most of the students in my course are American, is like we used to call it, the unicorn bank. Like, where’s that unicorn bank? Like, where’s the bank that actually makes it easy to open multiple bank accounts, because we teach profit first in Money Skills for Therapists. And not everybody chooses that route because it’s a choose-your-own adventure. But many people do because it is helpful. You know, it’s a helpful system to be able to have that clarity. But then so often people go to their bank and either like they get the look from their the banker like they’re insane, like, what are you doing? Or sometimes people actually try to talk them out of it, like, what is this? And I’ve heard this with accountants too, where they’re like, you don’t need this. Like people who are like real numbers people who don’t understand what the function of that is for people who don’t live and breathe numbers. Or it’s just really difficult, like it’s prohibitively expensive or there’s like limitations. Um, so like lots of barriers for people being able to set up their bank accounts in the way that they want to. And so I love that you folks have stepped in and been like, we are solving this. 

 

Deanna [00:05:23] We’ve got it. Let’s take this into our own hands. Right? 

 

Linzy [00:05:26] Yeah, yeah. 

 

Deanna [00:05:27] I love the term unicorn bank because a lot of times I’ll be talking to a customer and usually I kind of open with, you know, what are you what are the challenges you deal with at your current business bank. And oftentimes they’re usually pretty honest and say, you know, it’s fee related, it’s access tech related, whatever the case may be. And the other half will say, oh, I don’t have any problems. And by the time, you know, our conversation is done and I’ve showed them what Relay can do or what your experience can be like, they’re like, I didn’t know that banking could be like this. So it’s almost like what you don’t know is the problem. Because we’re so used to feeling so settled at our banks and not feeling true content. Right. And there are other options out there. And so that’s one of the parts of my job that I love is like, show you what you don’t know. So that’s pretty great. 

 

Linzy [00:06:05]  Totally. Well, I just had a conversation the other day on one of my calls from a course where people are talking about this dynamic that I think is also there with banks, where it’s almost like you feel this weird loyalty to the bank that you’ve been with. And like I was saying, how like, I still remember my first bank account number from when I was nine years old. Like it was a big deal getting my first bank account. And like, I had my own money. And it was a big decision when I left that bank and was like, yeah, this is actually really annoying. This is expensive. I don’t want to deal with you anymore. But it did feel almost like leaving a doctor, right? There’s almost like some authority there that I think sometimes we’re scared, like, am I allowed to leave? But yeah, what I’m hearing from you is like, sometimes when you look around, you might realize that there’s so many things that you’re not getting that you’re just used to because you’ve probably been with your bank for years and years and years. 

 

Deanna [00:06:51] Exactly. It’s- you’re basing it on history versus are they actually supporting my business the way I want them to. 

 

Linzy [00:06:56] Right. 

 

Deanna [00:06:56] Yeah. Yeah. And that’s usually the conversation that we have. And maybe, you know, fully leaving your bank isn’t the right decision for you. Maybe using, you know, 80% Relay and 20% your local branch is a better decision. And you get the best of both worlds because nothing is a one-size-fits-all, no matter what we want to think out there. But you have to do what’s best for your business. And just based on loyalties, that’s not a good enough reason sometimes, right? 

 

Linzy [00:07:17] Yes, absolutely. So I’m curious, like, how did you end up at Relay, like working for a bank that specializes in profit first, it’s very specific. How did you end up there? 

 

Deanna [00:07:27] I get this question a lot, especially from family members, because it’s very different from my background. So I also based in Ontario, Canada. So I went to school here in Toronto, and as soon as I graduated, I was like, uh, I need to find a job, you know, start paying my rent, all that good stuff. And I fell into retail and I fell into that full time. I ended up, you know, making my way up. I managed a few different stores for a few different major brands at some of the bigger malls here in Toronto, and I love the fast-paced environments. I was happy that I was getting career advancement and able to support myself, and my dream was to, you know, manage multiple stores at one time. And then Covid hit, and this was right after I had switched brands, and that was still my trajectory. You know, I want to have multiple stores. I want to work with multiple teams at one time and it was no longer an option. The retail landscape changed so drastically all over the world, obviously with Covid, but obviously it felt right at home for me. It hit me right there. So I end up losing my job during Covid because of that. It just, you know, retail wasn’t what it used to be. And I had to pivot. And so I looked at my skills and thought, okay, what am I good at? What have I been doing this whole time in retail. And it’s been selling. Right, instead of business to customer, you know, maybe I should try the business to business sector. So I ended up actually getting connected with a career talent agency that helped me apply to multiple startups in the area, like maybe startups I wouldn’t have found originally and Relay happened to be on that list. And it’s funny because when I think back at my first interviews with the team, I couldn’t really articulate at that time what Relay did, what we were selling, like what it was that we were putting out there in the world. But it was the team at Relay that had my heart immediately, and I was like, whatever they’re doing, I want to be on that team and I want to be part of that. And so that was like, what got me to take this leap of faith. You know, I went back entry-level after managing, you know, multiple people. And it was a hard step down. But then once I got to understand, we’re actually building this really incredible platform for small businesses. And now, you know, I’ve been at Relay for almost three years, which is crazy to say. It’s like an eternity in the startup world. But getting to see the impact at a small business owner level and now being, you know, profit first certified myself and part of that community, it’s taken on a whole new meaning for me about what Relay can do and what you can learn from, you know, using Relay and profit first together. If you had asked me where I would have been, you know, three years ago, today, I would have never answered that. But it’s pretty incredible. And that’s kind of how I ended up at Relay. But it was the people first that got me here. And then it’s the product and the client relationships I have now, which is why I stay. 

 

Linzy [00:10:03] Yeah. And that is something that I’ve noticed about Relay, which is like this interesting dichotomy to what you often see in banks is like first of all, I only dealt with women, which I love. 

 

Deanna [00:10:12] I also love that. 

 

Linzy [00:10:14] And there is this real like down to earth quality. Like again, I think that so often with banks there is this like old school, like stuffy men in suits authority of like you don’t worry about this little lady. Like we’ve got this for you. Like that kind of paternalistic vibe, which I think for my people too. It’s like for folks who are used to being really confident, used to being able to do really hard work as therapists. Right. And like, you know, therapists tend to be achievers. The folks who listen to this podcast tend to be achievers. And so when there’s something that we’re not good at, we feel really insecure and can have a lot of shame. And then when you’re interfacing with an institution that also thinks you’re not good at it, or also doesn’t want to make it easy for you to create the solutions that you need to manage money for your brain. It just reinforces that, like money is hard, it’s for like the big boys. Yeah. You know, like it’s it’s complicated, it’s suits. It’s all these things. And it’s refreshing to see more women moving into the financial space and creating tools that actually make sense for people who are not bankers. 

 

Deanna [00:11:12] Like, literally. Yeah, absolutely. I totally agree with you. And I think a word we use internally every day is, is we want it to be like human. And I think that’s a great descriptor for that. And I totally agree with you. There’s so many business owners that I speak to and they get into business for their passion for the service they’re providing, the goods that they’re selling, not for the financial aspect. So when you’re walking into a bank and you’re having to explain to someone why the heck you might want five accounts, you know, you turn it back on yourself, you’re like, okay, did I not explain it? Why do I not know why I need this? Like, and you know, it’s an act of showing up for yourself, I think, to go set that up. But if you don’t get that back from, you know, the institution, you’re working with, it does definitely make you feel insecure and kind of makes you rethink at all when it shouldn’t. But I definitely I understand. 

 

Linzy [00:11:54] It does. And I’ve even had a situation before where somebody talked to their accountant about how they were setting up profit first, and their accountant was like, oh, that doesn’t work. I see people start it and then they quit, like, don’t bother. Yeah. And actually like telling somebody to like, not bother to take the actions that they want to take to gain financial empowerment like I think is just so irresponsible as a professional. Like it really is about kind of keeping the power with people who, like, are professionals and not letting folks be empowered in their own financial lives. Like I, I take serious issue with that. 

 

Deanna [00:12:25] I am right there with you. 

 

Linzy [00:12:27] But it can be a huge deterrent. But if somebody is coming to that place where they’re like, okay, I understand, like I want to do profit first. I want to have some multiple bank accounts. I want to have that clarity. And then they go to their bank, or they go to their accountant and they get active pushback, and they feel like they have to pitch and sell and, and convince the person that they’re making a good choice when they’re just trying something out. It’s a huge deterrent. And for some people that just, like stops them in their tracks and they’re just like they end up trying to cut corners on profit first. Like, I see this all the time where people try to combine bank accounts, like combine their income and operating expense account, especially because it’s hard to get multiple accounts, so they don’t have to pay more, and then they end up losing the clarity that makes profit first so good. Yes, because they’re trying to work with an institution that doesn’t want to work with them. 

 

Deanna [00:13:10] Yeah, I think as a business owner, I would assume it makes you feel like you’re not the one in control, right? You’re going out on a limb wanting to try something new, and you’re getting pushback about your own business. So I’m glad that there’s communities out there like yours, Linzy, and covers professionals that can work with your business and see that same vision that you do, because you can’t always do it alone, right? Most of us can’t. So being able to find the help that is supportive and what you’re looking for makes all the difference. 

 

Linzy [00:13:36] So something that I talk about a lot on this podcast and with my students in my various programs is money stories, right? Like, there’s there’s all the skills of money. There’s the systems that we’re talking about here, like setting up a great bank account system that gives you clarity. But so much too of money is the emotions and the stories that we have and the experiences. I’m curious, in your experience, Deanna, like working with business owners who are getting set up with Relay, like what money stories have you seen come up with your customers? 

 

Deanna [00:14:09] There’s been quite a few. And when you first mentioned this, like there’s one specific example that comes to mind and it sounds like it’s very similar to your community. It was the psychiatrist that I had met, her accountant or bookkeeper introduced me to her, and usually I, I kind of take you on a tour through Relay at that point. And this psychiatrist happened to be doing profit first already for two years at their local bank and was in love, like, absolutely in love with the method, but didn’t know, didn’t really understand her own pain points with her own bank until she had like seen the capabilities that Relay had. So we’d kind of gone into it and it was this big conversation about, you know, physically, I had to go into my branch and spend hours of my day away from my patients, away from my schedule, what I’m good at doing, to open these accounts. And then the user experience on her online platform was super messy and super clunky. She couldn’t get the multiple accounts to work out. She wanted to make sure she obviously kept with the method. She felt so discouraged about it the entire time, and because that was so evident, like in her bank accounts and the way she spoke about it, her accountant also picked up on that as well and was like, your books are a mess. What’s going on here? How can we fix this? And obviously, if you’re paying an expert to look at your finances and the thing they say is like you’re a mess, even though you know, you’re putting all this time and effort into learning, trying to do something new with your finances and get ahead. It was really just all around very discouraging for them. And so we obviously we turned around the conversation and Relay offered different things like being able to automate those transfers, being able to actually get more clarity by having the separate buckets. You’re not forced to like double up in between the different accounts. You can run it how you see profit first in your business, which I think is the important part, because that’s a different definition to everybody. But it was yeah, it was the pushback from her own bank and her own accountants, who she had been with for a long time, that made her insecure in what she was doing for her business. And when you are in business to be a psychiatrist, again, probably numbers aren’t your strong suit. So you’re already going out on a limb here. So it was it was definitely an emotionally driven conversation because by the end of it, it was like, wow, there’s another option out here for me. Like I can feel confident doing this. I can feel confident making more decisions like this for my business and not to mention the confidence level, but also all the time I’m going to save instead of sinking like this clunky manual process that I’m forcing myself doing now. And I’m seeing results. So it’s still great. But like, think about the time that I’m getting back now. Like whether that’s more patients to work with, working on more processes, doing something in your personal life. Right. That can mean anything. But getting that confidence back. And this is how I want to run my business. And I’m, you know, I’m going to do it the way I want. It was a big deal. 

 

Linzy [00:16:53] Absolutely. Like it’s having a tool that’s actually working for you rather than like, I don’t know, trying to hammer in a nail with like, a feather duster. Yeah. Like this is really hard. Really, really trying. But it’s very difficult. Yeah. Having that right tool and the automation pieces is really neat. Like that’s something that we don’t talk about that a lot in Money Skills for Therapists because that work that I initially do with folks is like building that relationship with money and being able to look at it and touch it. And at first that manual piece is really important. Like I always do a lot of like I’m motioning right now, nobody can see this because I’m on a podcast. It’s just you and I who see this, but I’m making like a motion, kind of like with my hands towards my body of the like doing the doing motion right. And I think that doing that living money and that almost like kinesthetic experience of money is really important for people to understand, like, oh, I get it, I do this and then this happens, I do this and then this. And I think that’s a really important part of the learning process. But once you have done that learning and once you understand, okay, okay, here’s the flow. I’ve been part of a flow having tools that can automate that flow. So you’re not actually having to sit down and do it, but instead you can look at what’s been done is a real time saver in our businesses, because chances are this is not actually the most important task that you need to do manually yourself. There’s probably other things that would be better uses or higher uses of your talent. So that automation piece is a really beautiful feature that you folks have to like, basically buy back people’s time. 

 

Deanna [00:18:16] Exactly. And this was actually a big discussion when we were about to release this, this automation rule. We’re very tied in, obviously, to the first community and the people that cofounded that community. And really the feedback they got was, this is the exact same thing you’re saying, Linzy, like, the automation is great, but what about for those for starters? So when I am in a conversation with somebody who’s, hey, I’m just starting probably first, how do you suggest it? I agree it’s we have the manual option and that’s like it’s choose your own adventure. Do you want manual? Do you want automation? You can do both at a certain point too. And it’s so important to understand that cash flow. It’s like building that muscle memory until you can kick in to the automation. And so that’s what I think is is really great about the platform, because no matter where you’re at, we’re going to meet you there. Yeah. And I think that’s really important. 

 

Linzy [00:18:59] Yeah. That customizable aspect is so powerful. And that’s something that I’m a big fan of, you know, with folks, with our finances generally is like, it’s so easy to think that there’s only one right way to do it. And if we need to do it differently or if we are doing it differently, we’re doing it wrong. And there’s so much shame that can come with that. But like what I teach is like, find a tool that works for your brain, set it up so it works even better. Work on things at the pace that works for you on the day of the week. That works for you. If it’s 11:00 Friday night, that’s great, right? If it’s 5 a.m. Sunday morning, that’s great. Right? It’s like getting to know yourself and like, I love that level of control that folks have within your platform because it’s like they can choose to automate if they want. They can turn it off when they don’t want it. They can change the rules. They can do it manually. They can do a blend like that customizable aspect really lets you set it up so that it works for your brain. Exactly. Which ultimately is what money should do for us and what our system should be doing for us. 

 

Deanna [00:19:51] Exactly. And that’s what the whole profit first method is about, right? It’s it’s a starting block. You take it how far or you’re supposed to mold it into how it’s going to work for your business. And it’s just a lot of the products we use up until now don’t allow you to do that. So it’s it’s almost like your own mindset shift, right? Doing profit first is a mindset shift, but then doing it how you want is also another what. 

 

Linzy [00:20:11] Totally. Yeah. So for folks who are listening and maybe have heard a profit first and know that it’s a bunch of bank accounts, and you would have gathered this in this conversation if you didn’t already. Something that I know can be a barrier with, like the idea of trying profit first is like one bank account is hard enough to set up. Now we’re supposed to set up like five. Like, doesn’t that make stuff harder? Right? And like more confusing and more complicated rather than easier? What can you tell me like from your perspective, in your experience, what that value is of those separate bank accounts? 

 

Deanna [00:20:45] Yeah, it’s funny when I do talk to business owners and they don’t come in for the profit first perspective and they’re like, why the heck you know, you can have 20 accounts on Relay. Why the heck would I need 20 accounts? And so it’s always funny when that question comes across and I actually feel like Mike, the author of Profit First, has a really great explanation for this. And it’s about using Parkinson’s Law. Right? Like if you have one business bank account and all of your money is in that one bank account, you’re going to look at that and think, I’ve got money to blow. I can buy all new products. 

 

Linzy [00:21:13]  I’m rich. 

 

Deanna [00:21:14] Yes, I can hire employees. It’s, you know, the world is my oyster. When unfortunately, that’s usually not the case. Right? You’ve got bills to pay, you’ve got employees to pay, you’ve got invoices coming in and out. There’s so many other things that your money is tied to or allocated for that you don’t necessarily see when you look at one business bank account. Yeah. So when you can split it up into multiple, like five, and you’re separating it into, you know, all my deposits are coming into one, all my operating expenses are in one. I’ve got tax in one, payroll in one. Whatever the case may be, you’re just able to see your money more clearly and see what it’s actually allocated to. So you are narrowing it down into certain needs for the business. And you’re no longer thinking, you know, if I have a payroll account, I’m not thinking, hey, I’m going to go take all the payroll money out and go buy five new laptops, right? And obviously, you’re, you know, business owners are going to do what they’re going to do. But if this is like a nice way for you to set it up for yourself and just kind of spread it out, you’re going to get used to what you actually have there. That’s kind of where the Parkinson’s Law comes into it. I think the example that Mike uses is a tube of toothpaste. Right. If you’ve got a full tube of toothpaste, you’re going to, you know, overshoot the toothpaste every time. But if you have a minuscule amount left, you’re going to stretch it to make it work. And that’s kind of the idea between doing a first on Relay with all those accounts. 

 

Linzy [00:22:29] Totally. Yeah. And like I use that example from profit first when I teach profit first because I think so illustrative and I’m like, oh, I 100% do that. Like, yes, I’m the toothpaste queen. I’m like, I can, I can get by. This is enough. But another thing that it makes me think about is lifestyle creep, right? So like to to draw parallel, something that I talk with my students about is as you make more money, which therapists have the ability to do, right. We have this incredible ability to like, you know, build our profile, set our fees where we need them to be, get a full caseload, and you can make literally double the money that you were a year ago, right? Which is pretty incredible. But it’s so easy for that money to just like disappear because again, more money comes home. You’re like, I have more money. Like, let’s go out for sushi for the second time this week, right? Like it just disappears and rarely does it actually end up going to the places where it would have the best impact. And it’s the same thing in the business where it’s like as our businesses grow, especially if that money’s all in one pile, it just disappears, right? Like it just goes somewhere. Uh, you buy a nicer place or you do an extra, like, clinical training or whatever, but it doesn’t actually go necessarily places that it needs to go. And sometimes what actually ends up happening is folks earn a bunch more, pay themself that money, spend that money, and don’t realize like, oh, their taxes also went up because their income went up. And then suddenly they got this like $15,000 tax bill that they owe in addition to everything they’ve already paid and a system like profit first, the beautiful thing is, because it’s all relative, it actually takes care of that. If you make more, there’s just more tax money that goes aside. You don’t have to make that decision, but that’s taken care of for you. 

 

Deanna [00:24:01] Exactly. I cannot count the amount of business owners I’ve spoken to and they say, hey, I’m here checking out Relay for Profit first. And I, you know, usually ask, well, what got you interested in profit first? And the amount of times I’ve heard I got a huge tax bill last year and I don’t want to feel that again. It’s, you know, very similar to I couldn’t make payroll last week. Right. Like there is multiple people that that affects. And you feel that once you never want to go down that path again. No. 

 

Linzy [00:24:26] And that’s really funny because you just described the two different groups that I work with in my courses as solo practitioners and like that tax thing of like, I owe back taxes, and now I’m trying to save for this year’s taxes, but I’m paying off last year’s taxes and I’m like, not making my quarterlies for this year because I’m putting towards last year where you’re. 

 

Deanna [00:24:42] how do I catch up? 

 

Linzy [00:24:43] I’m not getting out of this hole, how do you catch up? So like I see that a lot with folks in solo practice. But yeah, group practice like that is that’s the nightmare, right? That you go to run payroll, you have like six people who are expecting a paycheck from you and you don’t have enough money. Like that is, that’s a real, like, come to Jesus moment where you have to accept like something is not working. 

 

Deanna [00:25:02] Yeah. It’s it’s terrifying. You know, I think that’s, the perfect. 

 

Linzy [00:25:08] 100%. 

 

Deanna [00:25:08] That unfortunately. But yes. And it’s more common than you think. Right. And I, I run group calls all the time with Relay. And we always say that is like, I’m sure you know, 50% or more people in this room right now have felt this feeling. And so you’re not alone out there, but it’s yeah, you’re one time and we’re good. 

 

Linzy [00:25:26] Yeah. Yeah. That that was enough. That was enough. Yes, yes. So Deanna, for folks who are interested in really curious about Relay, can you tell them more about where to find you, what you offer. 

 

Deanna [00:25:39] Yeah. Yeah, absolutely. So for anybody wanting to take a deeper look at Relay, you can head to our website at RelayFI.com. Um, and you can check out a ton of different customer testimonials, tons of information on profit. First, we actually run monthly webinars based on, uh, different brokers advisors in their specific industries and how you can start setting that up. But really, if you’re looking to join Relay, like what you get from that is up to 20 checking accounts. So if you want to go crazy, profit first, you absolutely can. But you know, we can connect directly to your accounting software, or you can send payments for free and you can collaborate with anybody in your business. So those people that start taking on staff and have a payroll to do, you know, you can actually invite those people to your bank account. You know, you can do a lot of shared responsibility here, which I think is really cool and what a lot of business owners need. Yeah. So that’s what I’d say you’re getting at a Relay other than, you know, your profit first and your automations and all that good stuff. But we also will be sharing a link, I believe, for your community, Linzy. So people can sign up directly. And yeah, you can get started. It takes you about ten minutes to sign up for banking, which is also something I always love to share. You can do it on the couch. You’ll need your your photo ID, your SSN, your EIN, of course, and some supporting documentation. But it’s over and done in ten minutes, which I’m sure not many people that are listening have had that experience with the bank account set up. So no, it’s something that we like to flag. 

 

Linzy [00:26:59] Yes. So there’s going to be a link in the show notes, which is our Money Nuts and Bolts link. So folks, I know that you came from hearing us on this podcast. Yeah. And that ten minute signup is a beautiful thing because like I will tell you, I went to set up a business bank account with a Canadian bank, and I went into the branch. They were like, yeah, no, we have to, you have to like, talk to this person. We’ll have him call you. He called me. It was like a bad day, like I was busy. I didn’t call him back. I haven’t heard from him since. And, like, it just didn’t happen. Like, I’m like, I feel like I’m, like, having, like, lined up a date with somebody, but I’m like, yeah, I don’t have time for this. 

 

Deanna [00:27:30] Yeah. I’m working. 

 

Linzy [00:27:31] There’s like, seriously? I’m like, I don’t need to play phone tag with somebody. So that piece that you have of just being able to like, sign up online, you don’t have to go jump through hoops. You don’t have to go to the bank. I think it’s going to relieve a lot of pain for a lot of people, because I know it’s a pain that I’m still experiencing, being in Canada and not having access to this kind of bank in Canada. 

 

Deanna [00:27:49] Yeah. And then something like that, you know, either discourages you from starting something like profit first or, you know, if you’re a new business owner, maybe forces you to co-mingle like business and personal finance, which we never want to do. But I know that happens a lot, especially as a sole proprietor. So, yeah, uh, you probably don’t believe that it can happen in ten minutes, but it certainly can. So. Yeah. Yeah. Go to the link and give it a shot. It’s pretty cool. 

 

Linzy [00:28:10]  Beautiful. Okay, so that link is going to be in the show notes that that’ll take you right over the spot. You can sign up in ten minutes and, uh, and try it. And this is the, the attitude that I always encourage for therapists about money is, again, we’re so used to the idea that, like, we have to do it right, we’re going to break it if we do it wrong, like right. You can dip into things, check them out, try them, and then decide if you like them or not. Right? Like being curious goes a long way. So I would say for folks like if you are experiencing what we’ve talked about on the podcast today of like friction at your bank, making it difficult, you want to have multiple accounts. You’re not getting the support. Try Relay and see what it’s like to go through the interface. And something that I’m hearing is you do have a lot of customer support too. I’ve guiding folks on how to use the tool. 

 

Deanna [00:28:57] Yeah. And I think as a virtual platform you have to show up with customer service. So that’s kind of our philosophy here. Our customer service department is our fastest growing team in Relay, because we’re growing. So our our customer support has to grow. And I totally agree with you Linzy. Like you can just try. Like there’s no minimum balance. It’s free to set up your account. It’s free to get started with Relay. So there’s there’s no cost to you if you if you just want to try it. So I highly recommend. 

 

Linzy [00:29:22]  Thank you so much. Um, my voice has left the podcast and now we’re going to finish the podcast too. Uh, it was wonderful to meet you today, Deanna. 

 

Deanna [00:29:31] Yeah. Thank you so much for having me, Linzy. It’s been awesome. 

 

Linzy [00:29:47] I really appreciated Deanna coming on the podcast today and something I just never expected. When I started Money Nuts and Bolts five six years ago now was that one day I would partner with a bank and want to tell you about them and how great they are. But I’m here because what I didn’t anticipate is that there are women who have come into the banking space and are doing things to make money easier and more intelligible and automated and clear for all of us. Um, and that is so, so, so important. So I’m really excited by what Relay is offering. If you are curious about them, use the link in the show notes so they know that you came from this conversation, and check them out and see if they will help make your relationship with your business finances easier. Because we want as much ease and flow around money as we can, so that you can put your energy towards the things that really matter to you in your life, and you can use your energy for your higher talents. Not having to do a bunch of manual back flipping or fight with your bank, or feel confused about your numbers because you can’t set up a system that is actually working for you. So appreciate Deanna coming on the podcast today. If you’re enjoying the podcast, you can follow me on Instagram @moneynutsandbolts. And I would also so appreciate if you’d be up for leaving a review on Apple Podcast, and you can share what your favorite episode was, what you are enjoying about the podcast. It’s a really, really helpful way for other folks to find the podcast and also benefit from these conversations. Thanks so much for listening today. 

 

Picture of Hi, I'm Linzy

Hi, I'm Linzy

I’m a therapist in private practice, and a the creator of Money Skills for Therapists. I help therapists and health practitioners in private practice feel calm and in control of their finances.

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