"Money! How Does That Work?!" A Practical Finance Panel | Mindset Monday | Fireside Chats! EP 280

"Money! How Does That Work?!" A Practical Finance Panel | Mindset Monday | Fireside Chats! EP 280

Business and Mindset
April 03, 2025•13 min read

"Money! How Does That Work?!" A Practical Finance Panel | Mindset Monday | Fireside Chats! EP 280

Custom HTML/CSS/JAVASCRIPT

We’ve got something exciting for you today! The Inside Fireside Tattoo Club hosted a panel discussion focusing on finance and money management tailored for tattoo artists. Originating from our popular Mindset Monday conversations, this particular session delves into topics such as passive income opportunities, strategies to supplement tattooing income, savings tactics, and beyond. 

We really tried to gear the conversation towards people who are just starting to think about their long term finances and aren’t sure where to start. So this is more of a conversation to get you on the right track and looking into resources that will help you get started making better financial decisions.

Disclaimer: The information provided during this talk is for general informational purposes only and does not constitute professional financial advice. We are not licensed financial advisors, and any financial discussions should not be construed as personalized financial advice or recommendations.

We encourage you to consult with a qualified financial advisor or professional before making any financial decisions. We disclaim any liability for any loss or damage, including without limitation, indirect or consequential loss or damage, arising from reliance on the information provided during financial conversations.

This episode was made possible thanks to:

Custom HTML/CSS/JAVASCRIPT


Interview by By Jake Meeks —

Writing By Daniel Pushcarich —

Topics: Coaching, Tattoo Career, Tattoo Community, Tattoo Business, Tattoo Support Group, Tattoo Studio, Tattoo Finances, Tattoo Studio, Wealth, Finances, Business Mindset

 

logos of Inside Fireside, Jackpot Coaching, and Tattoo Career Builders

“This is the ultimate, you know, look at me like I'm a scumbag or look at me like I'm just a dumb tattoo artist and I'm not smart enough to know numbers. Dude, embrace this stuff. And just stick it to em’ by having personal and financial freedom. Cause my dad… he taught me so many things. He taught me that if you're not in debt, it's the freest you could be.”

— Matt Hodel

Christy Opal (@burnt_out_ex_tattooer) Christy Opal, a seasoned tattoo artist who tattooed for 17 years before retiring in 2015, manages tattoo aspects in multiple studios and owns Laughing Buddha Tattoo in Seattle, Washington.

As a tattoo director, she liaises between tattoo artists and the studio, handling the tattoo side of the business.

Christy is based in Seattle, WA and owns Laughing Buddha Tattoo.

 

Derek Youngberg (@tattoocareerbuilders) Has had a career spanning over 30 years and worn many hats. He has been a tattoo artist, manager, shop owner, piercer, contractor, distributor, manufacturer, you name it he’s done it! And has also built and incredible tattoo supply company, Coalition Tattoo Supply

Now Derek’s journey has brought him into the world of career coaching for tattoo artists. With that 30 years of experience he has launched Tattoo Career Builders. They are a coaching group serving the tattoo community and tattoo artists' to reach their plans, goals, and maximum potential. 

Derek is based in Seattle, WA, and owns Coalition Tattoo Supply & Tattoo Career Builders.

 

Matt Hodel (@matt_hodel_tattoo) Having entered the tattoo industry in the mid-90s, Matt's journey reflects a time when artists relied on clients' vague descriptions to create imagery. Drawing from this era, Matt has refined his ability to translate clients' stories into visual narratives, fostering a loyal following in the process. His expertise lies in working collaboratively with clients to extract and depict their personal narratives through tattoos.

Along with running a successful tattoo studio, Matt also runs the Jackpot Tattoo Community. A business and mindset coaching service that helps tattooers get out of their heads and build better careers for themselves.

Matt is based in Saint Louis, MO and owns and tattoos at Ragtime Tattoo and operates the Jackpot Tattoo Community. 

Please enjoy!

 

Christy Opal Quote
Custom HTML/CSS/JAVASCRIPT

INTERVIEW LINKS, MENTIONS, AND SHOW NOTES BELOW…

SELECTED LINKS FROM THE EPISODE

  • Connect with 

    • Christy Opal:

Laughing Buddha Tattoo | IG | TIKTOK

  • Connect with 

    • Derek Youngberg:

Coalition Tattoo Supply | Tattoo Career Builders | TCB IG

  • Connect with 

    • Matt Hodel:

Ragtime Tattoo Site | Personal Website | Jackpot Website | Personal IG | Jackpot IG

 

Books

Apps

HYS Banks and Other Resources

 

jackpot tattoo quote

SHOW NOTES

  • [00:24] Panelists Introduction

  • [08:07] Investing in Properties and Overcoming Setbacks

  • [11:45] Learning from Challenges: Implementing Systems

  • [16:14] Challenges of Balancing Income and Expenses Over Time

  • [22:54] Challenges of Managing Money in Relation to Self-Esteem

  • [27:59] Embracing Responsibility in Money Management 

  • [33:40] Understanding the Concept of Money as Time

  • [43:04] Managing Separate Business and Personal Accounts

  • [45:43] Importance of Regular Financial Review and Budgeting Tools

  • [50:02] Setting Financial Goals and Creating Savings Buckets

  • [55:16] Lessons in Financial Discipline and Delayed Gratification

  • [1:04:38] Real Estate Investment Insights

  • [1:14:35] Mindset on Tax Payments

  • [1:18:14] Understanding Passive Income Methods

  • [1:27:40] IRA and Retirement Planning

  • [1:33:02] Time Management and Productivity in Business

  • [1:38:12] Dan Sullivan’s Focus, Buffer, and Free Days Concept

  • [1:43:08] Implement Learning Immediately

Compiled Notes and Ideas From The Discussion

 

Since there was so much covered in this discussion I thought I would do everyone a favor and just publish my personal notes from the episode. This is usually how I write and form ideas for the write-ups, but considering the entirety of this episode is so important to so many struggling tattoo artists it would be better to just give you the summary of the whole thing.

I’ve gone a little further and split it into 3 categories. The first is important definitions that everyone needs in order to increase your financial literacy. The second section is shortened notes from the “Mindset” section of the conversation. And the third section is the “Practical” or “Actionable” ideas, or things you can put into motion for yourself.

I will note that none of these ideas are a one-stop solution, or some “get-rich-quick” set of ideas. You do have to put in a lot of work and research yourself to get out of whatever situation you’re in. Hopefully these are thought provoking enough to motivate you into action and bring you to a better financial future, and just remember that;

NOBODY CAN DO IT FOR YOU!

 

Definitions:

  • Capitalism: An economic system characterized by private ownership of the means of production and the pursuit of profit through the investment of capital.

    • A means of increased cooperation between strangers

  • Investments: Financial assets acquired with the goal of generating income or appreciation over time, often used to build wealth or achieve specific financial goals.

    • A way to buy more time, and make more time while you’re saving

  • CD (Certificate of Deposit): A low-risk investment vehicle offered by banks and credit unions, typically offering a fixed interest rate for a specified term.

  • T-Bills (Treasury Bills): Short-term debt securities issued by the U.S. government with maturities of one year or less, considered very safe investments.

  • Traditional IRA: An individual retirement account that allows individuals to contribute pre-tax income, with taxes deferred until withdrawal during retirement.

  • Roth IRA: An individual retirement account that allows individuals to contribute after-tax income, with qualified withdrawals, including earnings, tax-free during retirement.

 

Notes From Speakers (Christy, Matt, Derek):

  • Things have to work while you’re not watching.

    • Create systems to achieve your goals

      • Hire someone to do things you aren’t good at or that you hate

      • Automatic withdrawals to your HYS accounts so that you don’t even have to think about what needs to go where or how much of it.

  • Tattooer’s self-esteem

    • Tattooers don’t feel like their going to live very long

      • Why do you need to save if you’re going to die in 10 years?

    • Fuck capitalism?!

      • Yes, sure, but we live in it…

      • It’s okay to have money and assets

      • If you have a lot of money it doesn’t mean you are just like the people you hate

    • Pirate lifestyle and “fuck capitalism” isn’t serving you

      • People saying “Fuck Capitalism” are also having the most problems

  • Money relationships are decided initially by your parents' relationship with money.

    • How did your parents handle money? 

      • Was it always stressful? Or did they struggle to pay bills?

      • Do you recognize those same tendencies in yourself?

    • Think “cash in pocket”, or “hand-to-mouth” mentality

    • Never saving anything, always using tattooing as an ATM

      • Did they ever think about saving money, or was it always “money comes in, money goes out”?

  • Decided to make a clear choice to change your emotions around money

    • Start reading books about money management

      • Take small notes in the margins

      • Audiobooks while you drive/tattoo/draw

    • Being purposeful with how money comes in and out

      • Creating a plan

      • Recognizing your own tendencies

  • A relationship with money is a relationship with emotions

    • You have to take responsibility, and get real with your money

    • Nobody else is going to do it for you

  • Psychological effects of $100

    • It’s different to gain $100 then to lose $100

    • Losing a $100 feels way worse than gaining $100

  • Pain is a motivator

    • Have you ever had a true emergency?

      • Vehicle accident, surgery, sudden diagnosis of cancer from Smoking TOO MANY CIGS, or maybe Fatty Liver Disease from Drinking your face off EVERY NIGHT!!!

      • Think of all the Tattooers that you see on instagram that have GoFundMe campaigns…

    • Make it a mission and a priority to reassess your situation to make sure that NEVER happens again 

  • What IS money?

    • It’s a direct representation of YOUR TIME

      • Money Spent = Work Time Spent

        • If you work for $25/hr and you buy a shirt for $25, is that shirt worth ONE HOUR OF YOUR TIME??

      • In the later ages of life there is NO AMOUNT OF MONEY that is worth your TIME

    • How do you buy more time?

      • Saving and Investing your money while you work for 20 years

        • This will allow you to have to have the money you need when you need it, when you’re unable to work anymore

  • Free of debt is the freest you can be


Practical Tips:

  • Just starting out Ideas

    • Allocating Income -

      • Dedicate a portion of business income towards savings and investments.

      • About 10% 

    • Percentage Savings Buckets Rule! 30/30/30

      • Split 100% into 3rds

      • 30% in each Online HYS = out of sight, out of mind

        • 30% Personal Savings

        • 30% Taxes

        • 30% Long-Term Investments (ie. retirement)

        • Remaining 9-10% is spending money

      • Pays you % interest while saving money

  • Know Your Operating Costs:

    • Track expenses to understand personal financial needs and prioritize spending for business.

      • Use Apps like Monarch, YNAB, Mint, and Hurdlr

  • Separate Personal and Business Accounts:

    • Maintain distinct accounts to manage income from tattooing and personal finances separately.

    • Put all money from tattooing into your business account

      • Then pay yourself from that account

      • Conversely you can pay each of your HYS accounts from your tattoo business account.

  • Understanding the Value of $100

    • Don’t spend money on things that aren’t worth it.

    • Money Spent = Work Time Spent

      • If you work for $25/hr and you buy a shirt for $25, is that shirt worth ONE HOUR OF YOUR TIME??

    • Know how many days you can go without working

  • Passive Income Opportunities:

    • Explore avenues like real estate,T-Bills, and CDs for generating passive income.

    • Finding ways to get low labor income other businesses

      • Utilize Redbubble to do merch sales with little to no overhead

        • No inventory

        • Print on demand

  • Optimizing Environment:

    • Identify and leverage optimal conditions for time and resource management.

      • Is your drawing desk a mess? Does the space you have for work/designing 

      • What is the best time of day for you to do the things that need done? When do you feel the most energized and alert

Derek Youngberg Quote

MORE Christy, Derek, Matt QUOTES FROM THIS INTERVIEW

Investing in Properties and Overcoming Setbacks

[09:56] “I was in the hospital for seven weeks and I was out of work for, I think it was four months. And I didn't have any savings. I had no emergency fund. They had to throw a concert with bands to try to raise money so that I could pay my rent. And I knew that I had to get it together because you cannot predict what's going to happen. And for those of us who are independent contractors, we often don't even have health insurance.”

— Christy Opal

Challenges of Balancing Income and Expenses Over Time

[18:01] "As you get older, it becomes harder and harder to trade hours for dollars, regardless of the number of dollars.”

— Jake Meeks

Embracing Responsibility in Money Management

[28:07] “Most people, they don't want to talk about money because they have a lot of shame around it. They have a lot of anxiety around it, a lot of fear. 

It's not about just managing your money. It's about managing those emotions that are tied to it. That is the key, so we can get over it and give ourselves some permission, to be able to act accordingly, and take responsibility. Then we realize that there's not going to be just some magic fix. There's no magic pill to managing your money.”

— Derek Youngberg

[30:09] “Another thing that I hear a lot is just a general ‘fuck capitalism’. And my take on that is yes… AND we live in capitalism… so we can work towards the system that we want and the system that I think that society deserves, but we have to live in the system that exists, so we have to deal with money.”

— Christy Opal

Importance of Regular Financial Review and Budgeting Tools

[49:13] “If you have $100 know what its purpose is, and why you have it, and what you're going to use it for”

— Matt Hodel

Setting Financial Goals and Creating Savings Buckets

[50:21] “And that kind of is the definition of wealth. How many days can you go without working? That is wealth. That is your direct relationship to wealth.”

— Matt Hodel

This episode was made possible thanks to:

Custom HTML/CSS/JAVASCRIPT

Want more tattoo education and resources?

Check out our Business and Mindset catalog HERE!

The Fireside Tattoo Network is home to the Fireside podcast, Fireside Technique video series and our Fireside Weekly blog.

The Fireside Tattoo podcast is hosted by veteran tattooer Jake Meeks, check out our episodes where we discuss, argue and wax philosophical, from tips for all levels of artists to trends in the tattoo world. Many guest artists have sat down for interviews and in-depth conversations and many more are planned…check back often!

Our Fireside Tattoo Overview video series offers informative, short, and detailed videos geared towards helping artists understand the science and nuances of tattoos and make more informed decisions to improve their work. We often take some of our more technical topics from our Fireside podcast and film an in-depth, narrated, time-lapse video showing exactly how Jake or our featured artists handle certain issues.

Support us while buying the stuff you need at the links below!
Back to Blog