Money mastery and confidence – are they mutually exclusive or do they go hand in hand?
Brace yourself as we venture into this intriguing conversation with our extraordinary cohost, Nicole Barham. Together, we unpack the often unspoken fear surrounding finances. We dig deep into the roots of these fears, often sprouting from childhood experiences or lack of financial education, and offer practical tips to build your confidence and reframe your relationship with money.
Imagine a business financial system as unique as your business. Yes, it's achievable! Nicole and I delve into the art of financial allocations, strategizing for the long haul, and setting achievable milestones. We emphasize the importance of customized financial systems, celebrating each financial victory, regardless of its size. We unravel the secret to building a robust, healthy connection with your finances, one small step at a time.
But what does it take to build a business that’s not just profitable, but also sustainable? We explore this in detail, turning the spotlight on strategic decision-making, regular financial statement reviews, and adopting a CEO mindset. In addition, Nicole and I discuss the often overlooked topic of financial management, tackling the American educational system's shortcomings, and throwing light on how taking control of your finances can catapult you toward phenomenal success. Join us for this enlightening conversation and take the first steps towards better financial management and business success!
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Learn more about Nicole at designyourwealth.net
(00:01) Confidence in Managing Finances
(17:59) Financial Allocations and Setting Long-Term Milestones
(26:20) Building a Profitable and Sustainable Business
(40:08) The Importance of Financial Management
(00:01) Confidence in Managing Finances
This chapter explores the importance of being confident in your money management skills. We discuss the reasons why many people lack confidence in handling finances, such as childhood experiences and lack of financial education. We also share tips on how to build confidence, such as allocating a percentage of income to different accounts and regularly tracking expenses. Building confidence in money management is crucial for running a successful business and can be achieved through self-work and seeking guidance from a coach.
(17:59) Financial Allocations and Setting Long-Term Milestones
This chapter explores the topic of using profit first and making the right allocations for individual businesses. We emphasize the importance of customizing the system to fit each person's needs, whether it be for high taxes or higher expenses. We discuss the journey of building habits and taking small steps towards financial success, and suggest setting milestones and rewarding oneself along the way. We also touch on the importance of feeling good about one's relationship with money and taking action towards financial goals. Overall, this chapter provides valuable insights and tips for managing finances as an entrepreneur.
(26:20) Building a Profitable and Sustainable Business
This chapter explores the importance of making small, deliberate choices and changes to improve business finances. We discuss the significance of regularly reviewing financial statements, even during difficult times, and making strategic decisions to reduce expenses and increase profits. Additionally, we touch on the challenge of treating the business as a separate entity and having an exit strategy in order to eventually sell it. The conversation emphasizes the mindset of thinking like a CEO and the need for an exit strategy to truly build a successful business.
(40:08) The Importance of Financial Management
This chapter explores the importance of financial management in both personal and business aspects. We discuss how the lack of education on finances in the American educational system leads to a lack of confidence and shame surrounding the topic. We emphasize the need for individuals to take control of their finances and make intentional decisions to improve their financial situation. We also address the overwhelming feeling that can come with trying to manage finances and suggest finding a simpler system to use. We conclude by highlighting the success that can come from taking small steps towards better financial management.
Embracing Financial Confidence for Business Growth