financial advice

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Financial Advice: How to Avoid the Bad and Find the Good

Financial advice is important, but the wrong resources can steer you in a rough direction. You don’t want the resources you’re looking at to lead you to a place of boredom or despair due to unrealistic goals. Last time, I gave some tips on finding the right financial advice for you, but today I want to break down some red flags to avoid. Then, we’ll look at some signs that show you’re on the right path!

How to Discern an Unhelpful Resources

A financial resource may not be right for you if:

  • The resource is targeted to an income level higher than yours. Even if you aspire to increase your income, financial advice will provide you with feasible next steps if it acknowledges your starting point. Starting out by reading investing guides for people with a $100k to distribute might leave you feeling alienated.
  • The resource chastises you or shames you for habits or behaviors. While many of us do carry emotional baggage around money, I firmly believe we should not be put down for this, or for our financial habits. Shame and blame do not facilitate financial learning. If a resource is telling you to quit things that make life enjoyable, or scrimp every penny as a path to wealth, evaluate these strategies carefully.
  • The resource uses financial jargon you don’t understand. Something like this can quickly lead you to boredom or discouragement. You can always look up the vocabulary words you don’t know, but finding something more accessible makes for a more pleasant and sustainable learning experience.
  • The resource doesn’t reflect your vision for your business or personal finances. Not everyone needs or wants piles of cash – so you won’t enjoy a book about how to get that if that’s not what you want!

Signs the Resource is a Good Fit

Alright, we’ve looked at red flags, now let’s talk green flags. A resource can be great for you if:

  • The resource acknowledges and takes time to help you work on your emotional stories and stressors around money. (One of my faves for this is The Art of Money by Bari Tessler)
  • The resource is accessible, easy to read or consume, and enjoyable. The more you want to come back to something or refer to it, the more helpful it will actually be!
  • The resource is tailored to your version of financial success and gives you steps for moving towards it.
  • The resource is targeted towards your income level.
  • The resource focuses on long-term solutions like mindset changes, money systems, and improved habits rather than “hacks” or penny-pinching.

If a resource ticks all these boxes for you, it will probably set you down the path to financial wellbeing! And it will feel a lot better than trying to read something that just isn’t for you. Next time, we’ll talk about starting the search for resources. For now, feel free to do some good ol’ googling. You can also check out my article on some of my favorite resources. I post more resources and video summaries of important concepts on Facebook, so check that out and see if you get green flags!

☮

Angela

Image Sources:  David Iskander, Thought Catalog

A Brief Guide to Finding the Right Financial Advice

Determining what kind of financial advice you’re really looking for is more important that you might suspect. A lot advice out there is targeted to people who already are or who want to be wealthy. If the advice you’re trying to follow is geared towards a vision that ultimately differs from yours, that can be an issue.The fact that so many financial resources assume their audience has a certain income level is also an issue. If you’re looking for financial help but you can only find resources that are geared towards people who make $50,000 more than you, you’re going to feel left in the dust.

One of my big goals with At Peace With Money is to help solopreneurs who don’t manage enormous accounts feel like they too can take steps down a helpful financial path. I strongly believe that no matter what amount of money you make, there are steps you can take to improve your situation and take care of yourself in the long term. I also believe you can do this without hugely sacrificing your quality of life. It doesn’t feel good to be chastised for your income level or your lifestyle, especially when class structure in the U.S. effects us in a way that means we are often not fully responsible for our financial standing. I don’t think that’s the role of financial advice anyway! Instead, good advice meets you where you’re at, and helps you get where you want to go.

 Know What You Need

Once you’ve decided to find financial advice resources that are relevant to your lifestyle, it’s important to know where you’re at personally. So, be sure to check in with your own finances. If you need a simple process to get clear, check out my Three Steps to Financial Clarity exercise.

Once you’ve done that, you should have a clear idea of your current income level and your hopes for your financial future. Both of these things will help you determine what financial resources are best for you. At the beginning of your journey, you might not be interested in people who talk about managing large investments. That can always come later! Instead, you might be interested in resources that cater specifically to small businesses just getting started, or people who’ve just opened an IRA.

Find Your Teachers

Now it’s time to find some good resources that meet your criteria. Some googling might help with this, but you can also check out my post on my favorite resources. There are tons of people and helpful guides out there. If Suze Orman’s not your style, don’t let her throw you off the path of learning how to make and manage wealth. You don’t have to already be making $100K a year or give up coffee forever to invest in your future – I promise.

I hope this guide has been helpful for you! If you like these ideas or you’d like to work with me for a little guidance, head on over to my Services page, where you can book a call with me.

Angela

Image Source:  Sharon McCutcheon , Luis Quintero

Working on Your Finances is Self Care

Working on Your Finances Is Self Care: At Peace With Money

It’s that time of year: time to make New Year’s resolutions. Many of us are focused on doing better for ourselves. We often resolve to do things like “exercise more consistently,” or “learn new things.” One habit I’m adopting this year is stretching at the end of my daily walk.

These self care habits and regimens are all well and good, but one area that gets overlooked is your finances. This is an unfortunate oversight. Our money is so connected to our quality of life, so if we really want to treat ourselves well, looking after our finances is one of the best things we can do.

If you’re here reading this blog, then you’ve already begun to take the first steps towards working toward financial organization and freedom. Congratulations! This blog is a great resource, and I suggest clicking around on some things that interest you anytime you need a little financial education. One of my favorite posts, “Money Doesn’t Need to Be Scary,” contains a lot of great resources for financial self-education. Give it a whirl!

Working on Your Finances Is Self Care: At Peace With MoneyAs we go into 2019, I’m focusing on this idea of financial organization as self-care. To kick the new year off, I’m releasing a series detailing my top three money moves for financial success this year. These insights are geared towards solopreneurs and intended to help you get on top of your business finances. [Edit: you can read the full series here.]

In the meantime, reflect on your financial state of affairs. Perhaps you’d like to check out my exercise, “Three Steps to Financial Clarity.” This will give you a good snapshot of where you are in your finances and where you’d like to go. If you’d like to talk to someone more in-depth about your business finances, don’t hesitate to schedule a curiosity call. You can also check out my services packages to see if they might help you get on the right track this year.

Angela

Image Sources: Wolfgang Hasselmann,

The Stages of Financially Growing a Business

Stages of Business Financial Growth: At Peace With Money

Starting a business is a financially intricate process. I’ve written at some length about avoiding financial pitfalls and myths, and important first steps, but something I don’t see many people talk about are the stages of growth a business goes through as it financially matures. Today I’m mapping these out for you, so you know what to expect on your solopreneur journey.

First, some general advice. When first starting a business, you have two priorities: a) get the word out about your business, and b) keep your expenses low. Doing these two things from the get-go will set you up for business success. If you need some more guidance around wrangling your business expenses, check out this article of mine. 

Fledgling

As you build your business, focus on streamlining your processes. Figure out how you can refine them to be time efficient. Keep track of time spent and ensure you are making a living wage and being cost-effective with your expenses. If you’re purchasing a lot of materials to create a product, look into bulk purchasing your supplies.

In this stage, it’s also important to cultivate the relationship with your current customers. Allotting time or room in the budget around strengthening customer relations and making sure your first customers have exemplary experiences with your business is very important. A good reputation sets you up for success, and good word-of-mouth exposure can eliminate advertising costs later on.

Growth

As your business begins to grow, again refine your processes to cut costs and increase efficiency. As you receive more orders or draw in more clients to serve, your processes may have to adjust to accommodate these larger numbers. You will likely find yourself spending more time doing production or client work. Consider the possibility of delegating or outsourcing some of your tasks, or find other solutions. Work on further defining your role in your business – what are the pieces that you want to keep doing yourself? What can you hand off? Continue to keep an eye on your bottom line.

Maintaining and Sustaining

Once your business establishes some staying power and becomes financially stable, it’s time to move to the next stage. Make sure your business is sustainable for you by keeping it fun and engaging. Continue to challenge yourself. Incorporate new ideas and investigate what role your business can play in the lives of your customers, clients, and community.

Stages of Growing a Business: At Peace With MoneySearch for feedback. Listen to your customers to continue innovating and refining your product or service. If you have a team of other people, focus on them to keep things fresh and engaging. Brainstorm together and streamline your business partnerships.

And of course, again make sure you are earning a living wage. Continue to examine your finances and find ways to improve the financial sustainability of your business. Part of the reason you created it was to meet your needs, after all!

Lastly, at all stages utilize Profit First. This is an essential part of every step, especially the fledgling stage. Setting up money systems that allow you to have a steady paycheck and stay focused on your own financial needs will help you create a business that won’t feel draining to operate.

I hope this little walk-through helped inspire you to work on your business idea! If you need more guidance, take a look at my offerings.

Angela

Image Sources: oldskool photography,  rawpixel

What’s Your Money Mantra?

What's Your Money Mantra? At Peace With Money

When I see the words “money mantra,” I am instantly a little skeptical.

People often confuse money mantras with affirmations – statements like “money comes easily and abundantly to me.” There is nothing wrong with affirmations, but they are not the same as money mantras.  Affirmations are what you intentionally tell yourself for 5 minutes in the morning as you get ready for your day. You may or may not repeat them for the rest of the day.

In contrast, your money mantra is what your actual belief is throughout the day as you make money and life decisions. Think of it as your guiding principle in financial matters. It is rooted deeply in your belief system and affects all your money decisions, big and small. 

My Money Mantra

I uncovered my mantra almost instantly: “having money in the bank gives me choices.” I think this mantra even helped me come up with my business name; having choices gives me a sense of peace. This statement is a basis for my daily decision making process and in my plans for the future. If I say “no” to one decision I can say “yes” to something else. Being able to choose what to say “yes” to is important to me. I want to able to say “yes” to making charitable donations, to supporting artists, to paying for my daughters college, to my husband retiring early.

DIY Money Mantra

What's Your Money Mantra? At Peace With Money

You can discover your own money mantra by investigating your beliefs around money. Do a little soul searching and ask yourself some questions about your positive and negative thoughts and ideas around finance. This list of 20 questions should help get you started.

This activity can be done solo, or with a money buddy or partner! Once you’ve investigated your beliefs, some positive statements that you can use as your mantra may start to pop up. If you find you don’t have a lot of positive beliefs around money, do some digging to find a mantra that feels true enough for you that you can start operating with it on a daily basis. Incorporate it into your money decisions and see if you can track your progress. Make sure your mantra is guiding you in the financial direction you desire. I desire choices – what do you want from your money?

A money mantra simplifies financial decisions and helps you create a personal financial philosophy. Uncovering one is in itself a helpful process that can help bring financial clarity to your life. Happy soul-searching! May peace be with your money. If you’re finding you need some financial guidance with your business finances, check out my services page or schedule a discover call.

Angela

Image Sources:  Thought Catalog ,  Diego PH

Book Review: The One Thing

At Peace With Money: Book Review: The-One-ThingThis summer, I read The One Thing by Gary Keller (no relation), and my initial reaction was irritation. Essentially, the book advises us to focus on one big goal that you want to accomplish and then break that goal down into smaller time chunks.The goal is to do something small to work toward that goal every day. The key is focusing. That’s probably why it irritated me.

Staying focused is definitely something that I struggle with. As a business owner, as a wife and mother, as a person in today’s world of distracting gadgets – focusing is difficult!  It seems there is always a fire to put out, a need to be met. Always there is an idea that is nibbling your brain, or a rabbit hole to dive into and lose 45 minutes of your life. My reaction was about something I need to work on in myself rather than the idea the author presents.  

He also suggests scheduling that focused time into your calendar and protecting it – another challenge for me. On top of that, he debunks the idea of multi-tasking. This felt blasphemous to me at first. What mother do you know who does not pride herself on juggling multiple balls in the air on a daily basis!?! It seemed to me that Gary Keller was basically trying topull the rug out from under my life! This book made me so angry that I had to take a few months to calm down enough to even write this review.

Practical Applications

But somehow, this morning I woke up thinking about this book again. A practical example to apply his basic techniques popped into my mind. Let’s say you want to save $30,000 to buy a house over the next 5 years. That sounds like a lot of money to save and a crazy goal! But if we break it down to saving $6,000 this year and saving $500 each month which means saving about $17 each day, it becomes manageable. To reach this goal, we ask, what’s the one thing we can do today to get that started? Perhaps you open the savings account. Maybe you start a side hustle and allocate all the income to that goal. You might start saving your cash in a money jar to deposit at month end. Maybe you resolve to pack your lunch.

The One Thing Book Review: At Peace With MoneyWhat’s important is getting started by taking some action today to make the goals you have for your future turn into a reality.  That is a lesson I can take from this book.

I might have to work on my focus, and reexamine my views on multitasking. However, I do feel I stand behind the ultimate message of this book: get clear on your goal, focus on it, and work towards it every day. If you do that, you will achieve what you’re after. Whether that’s saving for a house or starting a business, this is an important reminder in how we approach our financial goals. If you need an accountability partner to help you get started, please feel free to reach out.  I would love to help you reach your goals (and I promise not to forbid you from multitasking!)

 

Angela

Image Sources: Squidhub, Bonehead Business

How to Get The Most Value From Your Bookkeeper

How to Get the Most Value Out of Your Bookkeeper: At Peace With Money

As a business owner, every time that you outsource a task for your business, you want to make sure you are getting the highest value out of that task. Particularly if you are hiring a professional for services, such as a CPA or bookkeeper, they should not only provide the service you need to keep your financial records up to date. They should also be able to provide you with insight or advice into your business finances. They regularly see all the financial facts of your business right in front of them. If they aren’t interpreting and discussing with you the trends they see in your business,  or they aren’t talking about or making suggestions to support the health of your business , they are actually doing you a disservice. Financial professionals can easily access that information. Making sure you hire someone who is willing to talk to you about those things and provide information that will provide you with much greater value from this professional service. If you are able to apply these financial insights, your business will benefit greatly in the long run.

This point also illuminates the value of hiring a professional in the first place. Hiring someone who knows what they’re doing to both keep your books in order and analyze financial trends is important. Paying a professional a higher wage for a better quality work, rather than hiring someone who doesn’t do the job well, will greatly benefit you and your business. Someone who can provide you with valuable information about expenses, cash flow, profit margins, and other financial inner workings of your business can prove invaluable in the long term. Think of hiring a talented professional as an investment in your business’s financial wellbeing.

How to Get the Most Value Out of Your Bookkeeper: At Peace With Money

When you are looking to hire a CPA or bookkeeper, inquire whether their services include providing these insights and consultations. If you are already working with a particular professional, ask them if they are willing to start discussing their financial findings with you. If not, maybe it’s time to find someone else – because that valuable financial knowledge of your business is absolutely worth it. If you’d like to speak with me about my financial services, schedule a discover call!

Angela

Image Sources: Sergey Shmidt , Sharon McCutcheon