money buddy

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There is No Wrong Choice

When you run your own business, you make a lot of decisions, mostly on your own. That grants you enormous freedom, but also leaves you with immense responsibility. This responsibility often hangs over our heads: what if we don’t make the right choice? We stall the flow of our businesses by avoiding tough decisions.

I, for one, have definitely struggled with this. When I was running my jewelry business as a full time project, I often put off making decisions. My avoidance of them was fear-based and emotional. I felt like I had to nail every choice and do everything by myself. Not having anyone else to bounce my ideas off of left me frozen and fearful. You can read more about my experience running my jewelry business here

Since then, one of my major breakthroughs was realizing that there is no wrong decision. No matter what I decide to do in my business, I am always able to learn from that choice. If something I do turns out to be a mistake, I find a way to recover and learn not to repeat the misstep. However, I find that the vast majority of choices I make in my business are not typically so high-stakes. Often, I’m making choices about how to utilize social media, what to include in a proposal to a client, etc. I can agonize over the details, but at the end of the day, every choice I make is just another step in a larger experiment: my business! And the purpose of my business is to support me and my life goals – the choices I make within it don’t need to be stressful or fear-fraught.

What are some strategies that could help you breeze through decision making with your business? Perhaps you can get comfortable trying out systems and ideas on a trial basis. Maybe it would be helpful for you to find an accountability buddy to talk to and discuss ideas with. Perhaps hiring on an employee or contractor and delegating some of your workload can take some of the pressure off. It could be helpful to journal and investigate the fear or emotions that are blocking you from making a decision. Simply approaching your business with the mindset that you can learn from all your choices can also help alleviate this.

Making decisions in your business confidently and with an air of curiosity and experimentation can make your business more fun for you. And really, isn’t that what we want?

I hope this post inspired you to go forth confidently and make any moves you’ve been stalling. Go get ’em, tiger! If you find you could benefit from an accountability partner and you’d like guidance around your financial systems, I absolutely love to support solopreneurs around these things. Head on over to my Services page, and schedule a call with me.

Angela

Image Source: Amy Shamblen

 

Put Your Money to Work For You

Once you’re earning a lot of money from your business, you’re set – right? It’s easy to think that way, but the truth is that high earnings give the illusion of affluence without the security or freedom that comes along with true long term wealth building. I use this term to refer specifically to investing.  

In Barbara Huson’s book, Secrets of Six Figure Women, she interviews many high earning women who she calls Modest Accumulators, high earners who spent too much and saved too little. Their issue was not with making money, but rather, managing it. Do you find you have this issue too? It can be easy to have cash flowing in, and yet you find you still have no savings or investments. 

Taking the time to learn to manage your money and build up your wealth is a separate project all its own – and an important one! Often in running our own business we are so fixated on creating something profitable. But once we’ve got profit, we need to have something to do with it! This is what wealth building is all about – creating a mindful strategy to utilize and maximize those profits so they support your lifestyle in the long term.

Fend Off Fear

When it’s put that way, doesn’t wealth building sound like a good idea? Yet so many people are hesitant to do it. Many of Barbara’s interviewees had a wide range of excuses for not investing their savings, but the underlying reason was the same for most – fear.  They feared making a wrong decision, not understanding how the market works, or not knowing what to invest in.

The ironic truth here is that the longer we delay investing, the more money we lose out on. The more time our investments have to accrue interest, the better! So the best thing to do is to start learning, and start investing. Start listening to a podcast , read a book , or check out my post on financial self-education resources. Figure out what gaps in your knowledge scare you, and start to fill them. The only way to build wealth, is to start doing it!

Invest Money To Have Money

Some say, “When I have money, then I will invest,”but it doesn’t really work that way. You won’t ever have money until you start putting money to work for you. While you’re at your job making money, your money can also be out making money, if you invest. Here’s a clear outline of how to do that, according to Barbara’s investigation. 

Automate regular transfers from your bank account to an investment. Automation is one of my personal favorite tools for wealth building. You can read more about automation in my post about it!

Delegate  – find a financial professional that can help you evaluate your investing decisions. Working with a professional also adds a dose of accountability to keep your investment plan on track.   

Educate and Communicate – silence around money is what keeps us stuck. Comparing compensation and exposing pay gaps at work is one issue communication takes care of. Financial empowerment can also be achieved in group efforts. Barbara interviewed many of the women who were involved in investment clubs with other women. I often advocate for having a money buddy or a mentor. Breaking the taboo around money can help us all build better strategies. 

Finally, I want to add a note about the need for diversification. Any professional will tell you that it’s important not to put all your eggs in one basket. One of Barbara’s interviewees realized she was investing everything back into her own business, but not actually building any wealth in a diversified way. Regardless of whether you are a business owner ensuring that you are working towards a portfolio of investments is important to note. 

Now go forth, and start building your wealth! Women deserve security and the resources to take care of themselves – that’s why I do what I do, and why I want you to invest. If you’re interested in talking to me about finances around your solopreneur journey, check out my Services and book a free/no obligation call!

 

Angela

Image: Zdeněk Macháček

Money and Marriage

Money and Marriage: At Peace With Money

Ah February, the month of love. What better time to dig into your finances with your partner, right? Marriage and money can be a complex subject. I’ve written a little bit about the money moves my husband and I have made over the years to stay on top of our money game. But my best suggestion? Make time to go over your finances together.

The Impact of Regular “Money Time”

Regularly coming together to look at your finances is extremely important in marriage! Why? Because your futures are intertwined, and finances are a major factor in any potential future you share. If you’re not both on the same page about where your money is going and how close you are to reaching any goals, planning other parts of your future plans will be difficult.

Having regular “money dates” can make space for the time you need to get on the same financial page. Together, you can check in on accounts and investments, review your personal incomes, and set and monitor financial goals. Doing this regularly can build your motivation and help you stay on top of financial projects, like paying off debt or building an emergency fund.

Make It Fun

Money and Marriage: At Peace With MoneyIn my last post, I put up a book review of Bari Tessler’s The Art of Money.  Check it out if you haven’t already! One of my favorite pieces of wisdom from her is that it’s important to try to make looking at your finances more pleasant for you! If it feels difficult to look at your accounts and really be honest with yourself, think about what you can do to make it more fun. This could be relaxing music, lighting some candles, a warm fire – anything to make the task feel more comfortable. This same advice holds for money dates with your partner. If it’s hard for the two of you to sit down and talk about money, brainstorm together about how you can make it more fun and bearable!

I hope this info has inspired you to check in with your life partner and gauge the path of your financial futures! I wish you smooth sailing. Check out my article on money buddies for more ideas!

Angela

Book Review: The Art of Money by Bari Tessler

Book Review: The Art of Money By Bari Tessler

If you read my newsletter (you can sign up by clicking here) then you know that this month, I’m focusing on how we can love ourselves through our money. This idea touches on financial self care, but also folds in the idea that looking after our finances can be a pleasant and loving thing we do in our lives.

If there is a book that captures that sentiment, The Art of Money by Financial Therapist Bari Tessler is it. This is one of the first books that I read when I became interested in adding financial coaching to my bookkeeping practice.  While I know that I have a talent for helping people with their money systems, Bari Tessler has a talent for helping people go deeper in their relationship with money.  If you have ever listened to Bari speak on her podcast, you can clearly hear her voice in this book. She truly makes doing emotional work around money feel like a safe space.

She lays the process out in three phases and includes many useful practices in each area. Her first phase gently lays out a process to understand and heal your feelings and your history around your money past. She utilizes her training in somatic psychology to help facilitate this process.

In phase two, she covers the practical side of dealing with money.  Here she includes something we’ll explore later this month: money dates, or spending intentional time working on your finances, in a pleasant way. She also talks about setting up money systems and assembling your support team – whether that is professional help or a money buddy.

Her final phase deals with goals, dreams and plans.  Her philosophy holds that when you have healed your relationship with money and have tools in place to address it, you can start to see the bigger picture and how your dreams can become reality. This book can be a great resource, but particularly if you have money beliefs or blocks that are holding you back. It provides support and practical tools to heal and move forward with improved financial self care.  My posts this month will feature other ideas and support around this topic. If you are ready for  more in-depth help around your money systems, I invite you to reach out and schedule a call.

Angela

Why Every Solopreneur Needs a Mentor

Why Every Solopreneur Needs a MentorAs a solopreneur, you have a huge amount of control over your business. You get to make all the decisions, whether they’re creative decisions, financial decisions, or simply what kind of stamps to get at the post office. But what do you do when you need to bounce ideas off someone? Who do you turn to when you could benefit from another’s wisdom? The solopreneur’s work life can easily become isolated. That’s why it’s important to reach out to others and find a mentor! Someone who can help you solve problems, make decisions, and refine your ideas can be immensely helpful to your business, especially if that person is experienced and knowledgeable.

My Mentorship Experiences

In the early years of my career, when I was living the corporate life, it was easy to have a mentor because there were so many people around and available. My coworkers and supervisors were available for me to “talk shop” with whenever I pleased. Their influence and advice proved invaluable for me in that stage of my career.

When I started my jewelry business, I found I no longer had access to that same store of wisdom and encouragement. As a result, I often made the mistake of often trying to figure everything out on my own. Because I knew I still had a lot to learn as a business owner, I turned to online courses. I took a course from both Tara Gentile about building my own website, and  a course Megan Auman, who really helped me learn more about running my own creative business. (I would highly recommend both for solopreneurs looking for a good course!) I also participated in Etsy’s Bootcamp program. As far as I can tell, they no longer host that program for sellers, but it was a step-by-step program that connected Etsy sellers and helped them prep for the holiday season. Through this experience, I found another Etsy seller who became my accountability partner and helped me work through the trials of running my own business. 

These mentorship relationships were an integral part of both my corporate career and my solopreneur life. They provided me with fresh ideas, advice, and sometimes simply the support I needed to get things done!

What’s a Mentor For?

If I learned anything the hard way from my early days as a solopreneur, it’s this: don’t try to do everything yourself. There is so much I wish I had known (particularly financial stuff!) when I started my own business, and so many ways I could have benefited from the problem-solving power of two brains rather than one. I encourage you to reach out to potential mentors, particularly if  you have specific questions or don’t have expertise in some area.

Where Can I Get One?

Where you look for your mentor depends on what kind of help you need. If you’re looking for general industry advice and people to bounce ideas off of, you could turn to your business-savvy friends or perhaps befriend some people working in the same industry. When I owned my jewelry business, networking with other creative business owners was always helpful for me.

Why Every Solopreneur Needs a MentorIf you’re looking for expertise or need answers to big questions, taking an online course or seeking out a coach or specialist might be your best bet. I know I definitely would have benefited from speaking with a Profit First Professional when I first started out! If you’re looking for help in the financial department, you know where to find me. You can read more about my services and schedule a curiosity call if you’re interested!

Happy mentor-hunting! May you find the advice and energy you need.

Angela

Image Sources: My Life Through a Lens, Brooke Lark

Why You Need a Money Buddy

Why You Need a Money Buddy: At Peace with Money

Who do you go to for financial advice? We don’t talk about money that much in our society, but we should! Talking about our finances, our incomes, and exchanging financial advice can bring in helpful new perspectives to our financial lives. That’s why I believe everyone needs a go-to person for financial advice or perspective.

Not unsurprisingly, I am that person for a few people in my life. When my sister and I were young adults, we had a conversation about what roles or specialties we would take on in our lives. I have always been a “numbers person,” and volunteered myself to be the financial sounding board between the two of us. My sister calls me any time she needs financial advices, another perspective, or an extra set of eyes on her finances.A few weeks ago, she asked me for my advice about buying a new car, which I wrote about here.

Why It’s Important

Having a go-to person for financial advice is crucial for a few reasons. First, using someone else as a sounding board can lend clarity or new ideas to any financial situation. You can also share tools, tips, and ideas with each other. I enjoy talking with other financial coaches about their favorite strategies, and also get some good book recommendations!

Most importantly, having someone you trust to talk about money with can make your finances less intimidating. If you hear about someone else’s financial situation, it can put yours in perspective. Having a “money-buddy” is likely to keep you more accountable to your financial goals and also help you feel more comfortable thinking about money as it becomes a more regular topic of conversation in your life.

Solopreneurs may also appreciate having someone to bounce financial ideas off of, because they can benefit from outside perspectives. When you’re running your business all by yourself, it can be easy to develop financial blind-spots. Having someone to talk to about your business finances can help you avoid that.

Find Your Person

Try approaching a trusted friend or family member with the idea of sharing financial advice with each other. Make sure it’s someone you feel comfortable with so that your conversations are solely helpful. Once you’ve found someone, figure out how you want to structure your financial mentorship. You could review Why You Need a Money Buddy: At Peace With Moneyyour finances together every month, share your financial goals and progress, start a mini financial book club, or simply plan to call on each other when you need to make financial decisions. Keep it as simple or involved as you like.

I hope that finding a go-to person for financial advice will help you make better financial decisions and reach your financial goals. Of course, if you ever need professional help, you know where to find me.


Angela

Image Sources: Thought Catalog, Tyler Nix