About Angela Keller

This author has not yet filled in any details.
So far Angela Keller has created 210 blog entries.

Overcome Underearning: How to Avoid Underselling Yourself

 

A few years ago, I had the chance to speak with a group of businesswomen about their biggest financial mistakes. One that came up almost immediately was pricing products or services too low initially. Women especially struggle with worth and conceptualizing the value of their own labor, whether we’re working for an employer or ourselves.

Actually, I’d argue it can be even easier to get stuck in a cycle of chronically undervaluing yourself when you’re a solopreneur. One woman I spoke with shared about struggling with this. She priced her services too low initially. After realizing this, she found it difficult to raise her rates, because her first clients expected her low prices. She struggled between raising her prices and earning a wage that was too low for her needs. 

Whether you’re in a similar position, or just starting out and not struggling with this, there are actions you can take to avoid this pitfall of solopreneurship.

Establish a Plan and a Purpose for Your Income

First, establish your money why – your purpose and plan for the money you earn though your business. Where will it go? What will it do? An important part of this process is looking through your expenses and determining how much your business will support you with them. Once you’ve established your money why, you’ll be able to set income goals based off this information, so that your income is truly able to cover your living expenses. Once you know how much money you need to make, it’s easy to figure out how high your prices need to be.

Consider Materials and Costs

Ask yourself a few more questions: What products or services are you planning to produce and sell most often? How much time, labor, and supplies will go into production? Account for those costs in your pricing formula, and make sure the answers are what you want them to be. If you’re planning to make most of your money from custom embroidered portraits, but you actually hate embroidery, maybe you’ll want to tinker with your profit model a bit. After this inquiry, you’re well on your way to pricing yourself well. For more resources, check out this article I wrote about my interview with Megan Auman.

Work on Your Mindset

If you’ve already priced your products and wound up in a similar situation to the woman above, you can still double back and figure out your true income targets and prices. The real challenge comes in actually implementing a rate change. Before you do this, it can be helpful to do some mindset work. Raising your rates can be a scary prospect that brings up all kinds of emotional baggage, but if you work on it, you can get to a point where you feel settled. Then, go ahead and raise your prices! You deserve to be comfortable and make a living wage. After all, isn’t that why you went into business for yourself?

If you enjoyed this post, you might also enjoy a free copy of my eBook, Reach Your Life Goals:  a Business Owner’s Guide. Click here or below to download your free copy.

Stellar Solopreneurs: How a Digital Marketing Consultant Does Money

Digital marketing is a valuable and sought-after skill, and with more and more businesses trying to reach their audiences online these days, there’s usually plenty of clientele. But how do marketing consultants turn bustling businesses into a money systems that sustain and support their lives?

In our second installment in Stellar Solopreneurs this month, we’re hearing about just that from Tracey Lee Davis of ZingPop Social Media. Not only does Tracey deliver professional excellence (I can personally attest to this as a happy former client), but she also has a lot of wonderful words of wisdom for solopreneurs looking to build confidence around their money systems in their businesses. She is one of my bookkeeping clients, and one whose sterling money habits I continually admire! Check out what she has to say:

What are some financial habits you use in your business that help you stay calm

and confident about money?

VERY early in my career, a cohort in a networking group shared with us that she owed over $10K in taxes that year, and she didn’t have it. That absolutely terrified me. I already had a plan for saving for taxes, but that moment solidified that I would never “fudge the numbers” with that account. So every week, I make sure that I am dividing up my income based on paying me, paying my taxes, and paying my business. I have never had an issue paying my taxes in my almost ten years of business! Whew!

How do you prepare for taxes in your business?

I used to painstakingly create an Excel spreadsheet that was many tabs in total. I would scour through emails and receipts to make sure I got everything listed correctly. And I relied heavily on my calendar to track medical appointments and volunteer miles. It took me hours to do all of this. Now that I am using Angela’s services, it is ridiculously simple to do my taxes every year. I really just need to keep track of my mileage, which compared to what I was doing before, is a breeze!

Are there any tips for financial record-keeping you want to share with other small

business owners?

While I am so happy using QBO for my bookkeeping, I started out using an Excel spreadsheet to keep track of my invoices. That early system really helped me with divvying up my income, and honestly, I couldn’t wrap my brain around how to easily continue to do that without that spreadsheet when I started using QBO. So I still use it, more for making the math easy and keeping track of my invoice numbers rather than for official bookkeeping purposes. Having that redundancy gives me an easy way to keep everything straight; I can leave myself notes, and it makes moving money into different accounts on my weekly money day so simple.

How do you make decisions on what to spend on for your business, and what are some

things that help you do that?

I am a very frugal person by nature, so I generally am very cautious when it comes to spending money. One of the biggest considerations is, “Will this investment ultimately save me time in the long run or make my life easier in some way?” So getting a bookkeeper, getting a VA, getting a CPA, all of these are smart investments for me because they do their job so much better than I can, and they do it faster, too. So it frees up my time to work on the things only I can do and the things I love to do. Also, if I am spending my free time doing something business-related because I don’t want to take away from my time for client work, it is absolutely worth investing in having someone help me with that task. Our free time is so valuable!

Another thing that has made a difference in making decisions on what to spend was getting a business credit card. I functioned for many years in my business without one, and that was fairly limiting if I didn’t have enough cash in the bank for a big purchase. My business credit card has definitely made a difference in that regard!

What are some financial goals in your personal life that your business income has

helped you reach, and how do you make sure that’s happening?

Travel is important to me. I have friends all over the world and seeing them in person is balm for my soul. When I finally took the plunge to get a business credit card, I made sure to get one that gave me travel rewards. This has allowed me to take a number of trips that I wouldn’t have been able to afford otherwise.

What’s something you wish you’d known about the financial side of running your own

business when you got started?

I started my business in December/January. I didn’t think at all that a lot of annual costs would need to be renewed in those months. I also didn’t know they would be the slowest months in my business. So while I wouldn’t change when I started my business, I am glad to be able to let people who are starting to think about opening their own consider when you will have other big expenses in your life and when your business will have natural lulls. There have been a number of years when the holidays, my recurring business costs, and slow business have been a bit uncomfortable, but hallelujah for that business credit card!

Want to connect with Tracey’s wonderful digital marketing services? Check out her website and join her mailing list. You can see a full list of her offerings, from webinars to memberships to 1:1 coaching, right here. I highly recommend her membership – my business benefited greatly when I was in it!

If you enjoyed Tracey’s thoughts on small business finance, you might also like to check out our free resource, The Cashflow Reboot Guide. Download your free copy here or by clicking below.

Stellar Solopreneurs: How an Herbalist Does Money

Have you ever wondered how an herbalist makes money? This month on the blog, I’m running an interview series called “Stellar Solopreneurs!” We’ll hear from a couple different small business owners about their own financial insights and how they set up their money systems for financial success.

Today we’re hearing from Madeleine (aka Magic), who is the Head Content Creator for At Peace With Money, but also the herbalist extraordinaire of Roots in the Cracks Herbal Hub! Magic teaches online and local classes on herbal medicine making and identifying medicinal plants, and also runs an online educational membership, The Autonomous Herbalism Learning Community. Check out what they have to share about the financial side of their business:

Are there any tips for financial record-keeping you want to share with other small business owners?

I run a very simple business that’s service-based, so although I sometimes purchase supplies, I don’t typically have many transactions. I do all my financial record-keeping in a spreadsheet with a couple different tabs. Maybe I’ll outgrow this at some point, but for now, it works really well. I want to share this because I want other people to know you don’t have to overcomplicate things. As long as I stay on top of my record keeping and do it regularly, this very simple spreadsheet system works for me.

How do you prepare for taxes in your business?

My main strategy for this is that I have a tax savings account, very similar to what’s suggested by Profit First. I make sure that I factor in how much I need to save for taxes into my prices. This has been especially helpful when I’m preparing a new class series and figuring out how to price it. I know that a certain percentage will get taken off the top for taxes, so I price with that in mind. It’s really helpful to have the money on hand when it comes time to pay and helps me avoid emergencies.

How do you make decisions on what to spend on for your business, and what are some things that help you do that?

One time Angela gave me the advice to think about spending decisions in my business by asking the question “Will this help me make more money?” It seems like a simple question but it’s really helped me prioritize and think about what to invest in.

This advice helped me make the decision to hire PedX Courier & Cargo, a local bike courier co-op, to put up flyers for me, because paper flyering seems to be the best way to market my classes. Doing this increased enrollment and also freed up a lot of time for me because I wasn’t the one pasting up flyers all over the county! (I highly recommend PedX for people in the Santa Cruz area, by the way!)

What’s something you wish you’d known about the financial side of running your own business when you got started?

I wish I’d known better how to price my classes and membership. In the last year or so, I’ve had to reconcile with the fact that in some ways, I was running my business at a deficit to myself.

Now I try to ask myself questions like “Ok, how much am I getting paid to teach this class/run this membership? Is that enough for me to sustain myself and not feel scarce or burnt out?” Pricing is a much bigger part of the process of producing each class I teach, because I put a lot more time into thinking about how I can be financially accessible but also sustainable. There’s a lot of math involved, but it’s worth it because I get to still offer classes on a sliding scale, something that’s really important to me.

Want to connect with Magic’s herbalism work? Check out their website and join their mailing list, Herbal Magic Notes, to receive free recordings of the herbal workshops. If you liked their thoughts on small business finances and want some more ideas, check out my eBook, Reach Your Life Goals: A Business Owner’s Guide! Click here or below to download your copy.

How to Manage Your Money Like a Pro with Automation

Have you heard of decision fatigue? The idea is pretty simple. According to this article from the AMA, decision fatigue refers to “the idea that after making many decisions, your ability to make more and more decisions over the course of a day becomes worse.” Thanks to this phenomenon, it pays to reduce the number of decisions you need to make in a day. That’s where automation comes in.

Automation = Better Financial Habits

Automation is your money’s best friend. By automating your finances, you reduce your opportunities for decision making and decision fatigue, thereby reducing your chances to change your mind about saving money or paying a bill in full. By reducing your decisions you set yourself up for success! Automation can build up your savings and pay off your bills, without any extra effort on your part. So, how can you use automation as a financial tool?

Automate Your Bill Payments

There are many different facets of your finances which can benefit from automation. Automating your bills is a good place to start. Many banks have online bill pay options available that help you pay your regular monthly bills on time. In particular, automation is a good way to ensure you always pay your credit card balance in full, so that you don’t accrue any interest fees. However, one important thing to be aware of when automating your bills is that you will need to stay aware of your bank balance, to avoid over-drafting your account. As long as you keep an eye on your balance, automating your bills is a good way to avoid late fees, build good credit, and stay on top of your finances.

Automate Your Savings

The other major arena of your finances that definitely deserves some automation-attention is your savings. I touched briefly on automating your savings in an earlier article, which you can read here. The most important thing about automating your savings is that if money automatically gets moved out of your spending account, you have no chance to spend it. That makes saving that much easier! We do this with our retirement savings, and it really helps us keep it up. A great resource for further information about automating your savings is The Automatic Millionaire by David Bach.

If you liked this article and want more tips on financial organization that will make your life a LOT easier, you’ll probably enjoy a free copy of my eBook, 9 Secrets of Financial Self Care. Click here or below to download it!

My Top 5 Best Apps to Track Your Finances

Keeping track of your finances can be life-changing. The impact of paying better attention to your money and spending is not to be underestimated, whether this is in your business or personal finances.

There are several different options that I like to recommend to clients to help them track. Check out my top 5 recommendations below and try out your favorite.

Good old-fashioned manual tracking.

You can do this with paper and pencil or in a spreadsheet. Some people who have a lot of cash transactions in their business or personal finances might prefer this one. Especially in your personal life, it can be nice to keep a notepad or a note on your phone to record cash transactions so you don’t forget about them. However, this is definitely the most laborious way to track your money, and the amount of time you need to put in to do it effectively can prevent people from keeping up the habit. For this reason, I generally don’t recommend it, unless you know you’re someone who will keep up with this system at least once a week.

Mint

I have personally been using Mint for the last five years. It’s free, it connects to all your accounts and automatically imports your spending information, and it’s very easy to use. It has an app, which is really convenient. However, what I don’t like is that in order to get all the info that’s really valuable, I need to download the data into a spreadsheet. I personally do this at the end of every month to wrap-up my finances. It’s also important to note that as a free program, they are keeping (and likely monetizing in some way) data on your spending habits, and they are constantly advertising to you on this platform. It’s important to be wary of the barrage of credit card offers, banking deals, etc. It’s very basic, but it’s a great tool to get started with tracking your spending. 

MoneyGrit.(R)

MoneyGrit.(R) is a software I now use from Karen McCall that I love working with for a couple of reasons. The interface provides a more intentional and hands-on experience when it comes to planning your spending. They actually lead you through a process of reviewing your intentions when setting up your spending plan! This emotional dimension can be really helpful in creating a connection between you and the decisions you make with your money.  The program also includes extras like worksheets to set goals and plan out financial self care action items. Lastly, this software factors periodic expenses into your spending plan, which is something a lot of money tracking software misses completely. MoneyGrit.(R) offers both a personal and a business version of their software.

Your Need a Budget

YNAB does a great job of emphasizing putting your money to work for you by getting you thinking about long term wealth-building. While I’ve personally never used this tool, a lot of people love it for that reason.

Quickbooks Online

QBO is the standard when I’m working with clients on their business finances. The reporting in Quickbooks is second to none and a lot of information can be derived from using their system. Whether you work with a professional like me or DIY, there are a lot of resources available to help you and almost any bookkeeper is going to be very familiar with QBO.  Using QBO can also make tax time extremely easy for you or your tax preparer. This isn’t really a personal finance app, but it’s worth mentioning because your business and personal finances are definitely interrelated

If you liked this post and want more pointers towards financial self care, download your free copy of my e-Book, 9 Secrets of Financial Self Care! Click here or below to get yours.

 

4 Simple Tips for Keeping Your Small Business Finances Organized

 

In the midst of tax season, a lot of us are looking to do better on our finances. Maybe you got a big tax bill and are now wondering where your earnings went. Perhaps you were a little less organized than you would have liked. Or maybe this time just makes you extra aware of where your business is financially.

Whatever the case, mid-points like this are great times to give your finances a makeover! Here are my 4 simple tips for keeping your small business finances organized and intentional.

Review Your Goals

After a big financial event like tax season, the financial goals you set earlier in the year deserve a revisit. Check in with them and ask yourself if they still fit. If not, give your goals a nice update! Make sure what you’re aiming towards is relevant to you. You can check out my article on doing a mid-year review of your finances right here.

If you don’t have any financial goals, now is the time to set them. Harness whatever financial fervor tax season (or whatever other financial situation brought you to this post) has instilled in you.

What are your ideal financial conditions? Dream them up, write them down, and come up with a plan. If you need some pointers, here’s my article “4 Strategies for Setting Doable Financial Goals.”

Set Up a Weekly Money Check-In

So much of creating the life you want is about habits. One of the best habits to adopt, in my opinion, is regular “money time”. Find time each week to check in with your finances. Start with a short chunk, to make it feel more manageable. Fifteen to thirty minutes should suffice.

Use this time to check in with your expenses, upcoming bills, IOU’s, and more as needed. Here are my suggestions on what to look for during your weekly money check-in.

Make a Plan to Stay on Top of Your Books

Especially if organization was an issue this tax round and you run a business, making a plan to stay organized until next tax time is a great thing to do right now. Ask yourself what you need to be able to do this.

Do you need to work with a bookkeeper? Do you need to get some training on how to do your bookkeeping yourself? Identify your needs and take some steps to set yourself on the right path.

Find a Money Buddy

It’s my personal belief that anything can go better when you have an accountability buddy. Find someone in your circle who has a financial goal they’re working on too, and join forces! This might be a fellow business owner, or someone from your church, or another mom from a play group.

“Why You Need a Money Buddy”

Once you’ve found your money buddy, establish the terms of your accountability partnership. How often do you want to meet? How do you want to do check ins? Do you want to learn about finances together, or just trade tips on goals?

These 4 tips will help set you on the right path. If you’re a small business owner looking for more ideas, you might like my free eBook, the Cash Flow Reboot Guide: A Guide to Thriving in Uncertain Times. Click below and get your free copy.

Estimated Taxes: A Complete Guide for the Small Business Owner

What are estimated taxes?

Estimated taxes, which are also called estimates or quarterly taxes, are basically the IRS’s way of collecting tax on the money that self-employed people and small businesses earn throughout the year. Since you’re not an employee with tax withholding taken out of your paycheck, estimated taxes are the DIY version of this. 

The payments are made throughout the year and they go toward your final tax bill. Think of these payments as estimated installments. The great thing about paying in installments is that your tax bill is spread throughout the year, making it easier on your finances than one big payment!

Who has to pay?

According to the IRS, “Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.”

Generally, if your business is relatively profitable and you are self-employed, you can bank on paying estimated taxes. 

How do they work?

You make four payments at four different times throughout the year. At the end of the year, you file your taxes. Once you do this, you find out how much you owe, and whether you under- or over-paid in your installment payments. 

If you underpaid, you need to pay to make up the difference at tax time. If you overpaid, you can opt for a refund, or apply the overage to your next installment. 

How much do I owe?

The first option is to base your payments on the previous year’s taxes. After filing, you should receive a form that tells you how much your installments should be. This works well if you have consistent income year to year. 

However, many people experience fluctuations in income. If this is the case for you, calculating your payments in real time is a better option. This can help you avoid vastly underpaying on your installment payments and ending up with a huge bill at tax time. 

How do you calculate in real-time? First, figure out your net income for the period of your estimated taxes. If you use bookkeeping software, you can run a Profit & Loss report to figure this out. If you don’t, subtract your expenses from your total revenue, like this: 

Revenue – Expenses = Net Income

Next, divide your net income by 30%. You might ask, why so high? 

A portion of your estimated tax payments cover your self-employment tax, which is 15.3% (read more on the IRS website). Your payments also cover your income tax. Your exact income tax will depend on your tax bracket, but 15% is a good estimate for most people. If you use Profit First or money mapping, then this is the amount that you save in your tax account. 

However, if you know you’re in a higher (or lower) tax bracket, you can adjust your percentage accordingly. For people in higher brackets, try dividing by 35% instead. For people in lower brackets, 25% may suffice. 

Let’s look at an example: A photographer has a net income of $20,000 for the first quarter of the year. They divide their net income by by 30% and get $6,000. That’s their estimated tax payment for the first quarter. 

$20,000 x .30 = $6,000

You might be wondering how somebody can make sure they have $6,000 laying around every quarter. The answer is to save for your taxes incrementally. 

This is where a strong money system comes in. The Profit First methodology and money mapping are both methods of ensuring that you’re regularly saving for taxes, ideally every month. 

How much should you save each month? We recommend saving 10-15% of all revenue and setting it aside in a separate account.  If you are just getting started and this doesn’t feel feasible, even 5% will help you avoid the surprise of a large tax bill.

When the quarterly deadline rolls around, all you need to do is transfer the money in this account into your checking account and make your payment. 

How to pay?

You can pay online or write a check. Here’s more information from the Franchise Tax Board (California-specific) and the IRS

When are payments due? 

It’s important to pay estimated taxes on or before the due date. Otherwise, you may receive a penalty. 

Check with your state requirements to see when your payments are due and how much they should be (in terms of percentage of your income). If you are in California, I have the Franchise Tax Board link for you right here

Want further reading? Here are two great articles I recommend for further reading and resources: 

You can also get in touch and schedule a free 15-minute Financial Self Care Consultation with me if you’d like to work with a guide to get your business finances on track. 

Maximize Your Profits With Bookkeeping: How To Get the Valuable Info Your Financial Records Are Hiding

Your financial records hold the key to profitability in your business. Want to know how to find that key? Any time of year, but especially during tax season, this valuable insight is available to you. All you have to do is review your financial records.

Let’s take a look at the steps you need to take to get this information. Good bookkeeping practices can help you unlock profits!

Step 1: Review Your Financial Records

This is something you can do anytime of year, but it may be particularly easy to do during tax season, or at the end of the year when you’re reviewing. Take a look through your past financial records, with an eye to sales.

If you do not have your bookkeeping up to date, this is a good time to pause and get that done first! This will help you move through the rest of the process.

Specifically, it’s important to take a look at two things: which time of year and which offerings bring in the most revenue.

Step 2: Take Note of Time Cycles and Best Offerings

By studying your financial records with an eye to times of the year, you can learn a lot about how your business behaves over time. Whether your business is product- or service-based, it is likely subject to fluctuations. It’s likely that these fluctuations are seasonal, or else focused on specific events.

For example, let’s say you own a craft business that brings in the most revenue in the spring and early winter. If you look closely at your records and what you’re doing in your business throughout the year, you might realize these spikes in revenue come from particular sources. In a craft business, it might be that there are several public craft fairs you like to attend in the spring. In early winter, perhaps people buy your products as Christmas gifts. (For some advice specifically about craft fairs, please check out this post!)

By analyzing your financial records, it becomes more apparent to you what times of the year and what offerings bring in more revenue. This makes it easier to direct your energy towards maximizing your profits.

Step 3: Using this Info

Now that you’re clear on the products or services that bring you the most revenue, as well as the time of year, events, or other factors that effect this, it’s time to put this info into action. How can you re-create these conditions to bring in more revenue?

For example, perhaps you have one product that’s particularly popular – can you create variations of this product? Maybe it’s especially popular during summer – can you do extra promotions or bring in more stock? How can you expand here?

Ask yourself the questions above, and think about what results you’d like to achieve. Would you like more revenue? More sales of a certain offering? Or perhaps you’re just not clear about what’s working best in your business. Analyzing your financial records can help you figure this out.

Once you’re clear on what your goals are, and what offerings and times of year are the moneymakers in your business, you can put together a strategy based on your findings to create more profitability in your business.

Conclusion

To maximize your profits, focus your business’s energy towards your most profitable offerings and times of year. Reviewing your financial records will help you determine this information.

This is also one of many things a good bookkeeper can help you discern from your records, and something that I regularly do with my clients. If you’d like some support in this process, you are welcome to schedule a curiosity call with me.

How to Get the Best Financial Advice: Build a Financial Advice Team

Money is a team sport. Although we have an unfortunate notion in our culture that talking about money is taboo, we need to do our best to break it. By collaborating with others and building a team of people we can trust to talk to about our money, we can start getting the help and information we need.

There are many different people who can make up a money team. Money confidants, such as close friends and coaches who you can confess your financial feelings to, and receive good advice from, are one good example. Your bank can be considered a part of your money team, especially because good customer service is an important aspect of banking. Similarly, your tax prep person, financial planner, accountant or bookkeeper, and even the people you get financial advice from, are all important parts of your money team.

These “team members” fall into three different categories: people in your life, trusted professionals, and advice sources. Let’s take a look at each category and figure out how you can find good team members.

People in Your Life

Anyone in your life who you’re able to talk to about money falls here. Most importantly, these people are able to provide you with space to air your feelings. In some cases, they may also offer good advice. For example, if you’re friends with an accountant or a retirement planner, you’ve hit the jackpot! If not, good friends that you can open up to are still very helpful. The more we air our feelings about money, the more we’re able to think clearly and pursue practical solutions

If you don’t have anyone in your life that you’d consider a financial confidant, don’t worry. Run through your list of connections and identify some people with whom you might feel safe sharing thoughts, feelings, and ideas about money. Then, try approaching them with the idea of sharing these things. Many people are happy to have someone to talk to about this, so it’s worth a shot. For more tips, you can read my article on Why You Need a Money Buddy.”

Trusted Professionals

Here’s where your team members might get more diverse. Financial coaches, bookkeepers, tax preparers, and financial planners all fall into this category. Not everyone will need to refer to every one of these professionals, and perhaps not on a regular basis. However, working with professionals in all of these areas can do wonders for your financial life.

Like a money buddy, coaches are there for you to confide in, but are also trained to help you find specific solutions. Good bookkeepers are able to deliver valuable financial insights about your business and follow appropriate record-keeping laws. If you run a business, you might find you appreciate that someone else does your record keeping, while you get to do whatever it is you really enjoy. Here’s an article about how to find a good bookkeeper.

Tax preparers are great to consult with during tax season. The most helpful tax preparers help you get a better idea of what you need to file, what you can write off, and if you qualify for any credits. Depending on your assets, you may or may not need to have a financial planner you can regularly work with. If you want to do some complex planning, it might be good to consider adding a financial planner to your money team.

Advice Sources

The last category is made up of public figures and advising entities. Your bank is probably the most important member of your money team here. If you don’t have a bank that provides good customer service, or if you’re getting charged bank fees, switch, and fast. Being able to sit down with a bank employee when you have questions is an important aspect of building your money team. Bank fees are just annoying, but also totally avoidable! Read my articles about “How to Avoid Bank Fees” and “How I Broke Up With Wells Fargo (And You Can Too!).”

Earlier in this article, I mentioned that a financial planner can be a good reference, but another option is to simply meet with a planner at a firm as needed. I had one client who, when planning for retirement, made one appointment at a firm and got all her questions answered. No commitment needed, and a good source of advice.

The last member of this category is public advice figures. There are quite a few out there, so finding the ones who give the best advice for you might require some sifting. These articles contain some of my thoughts on finding good financial advice. Also, here are a couple of my personal favorite resources.

Building a money team takes some work, but when you have a network of people, professionals, and resources who can help you solve your money problems, you’ll be glad you did it! If you enjoyed this article, you might like my free e-Book, 9 Secrets of Financial Self Care. Click here or below to get your copy!

Money Talk Matters: Why Talking About Money Can Help You Learn Financial Literacy

When you read the title of this post, how did you react? Did you nod your head in agreement, or did you start to squirm? We all have different attitudes about money, and different attitudes about talking about it. Although it’s culturally considered a taboo to talk about money, I believe it’s important.

Whether it be with our friends, children, family members, or neighbors, there are many reasons why talking about money candidly can positively impact both you and those you discuss it with. Here are my top 5 reasons to talk about money more.

Gain Financial Knowledge & Skills

Everyone has a different perspective on money. Everyone grew up with different attitudes and assumptions around it, so everyone has different strategies and tools for working with it. This means that the more conversations you start with others about money, the more you will naturally learn about different money styles. This can also be a great way to stay in the know about current financial issues.

Ensure You’re Valuing Your Work

Whether you are self-employed or an employee at a larger company, it pays to talk about how much you make. For self-employed people, it can be very important to learn what other people in your industry are charging and making. This helps you get a better sense of your industry and what you can charge for your products or services. Many people, especially new business owners, have a tendency to undervalue their work. Talking about money with other small business owners can help you avoid this pitfall.

If you’re an employee of a business, talk with your coworkers to ensure you’re not getting underpaid for your work. This can help you gather the information you need to ask for a raise or seek a higher-paying position.

In either situation, I highly recommend reading my article, “To Increase Your Earnings, Take Action” to help inspire your next steps.

Find an Accountability Buddy

Talking about money goals and spending plans with others can help you stay on track with your financial aspirations. Similarly, you can help provide a level of financial accountability to whoever you talk money with. This is one of many great things you can do with a money buddy. Many people are highly motivated by social accountability, so you may find that this works well for you.

Lower Stress & Anxiety

Talking about money with others can release a lot of emotional burdens. You might have the chance to unpack some shame around your finances, find out that your conditions are normal compared to your peers, or get recommendations for resources that can help you along your financial path. Many people find their stress levels elevate when they think about money. Thinking and talking about it with others can reduce your stress.

Ease Your Relationships

Money can affect your relationships. Talking about money with those close to us in an open, honest way is a skill that pays dividends. You may find that the more you are able to open up and talk calmly about finances, the more at ease your relationships feel.

If you enjoyed this article, you might like to grab your free copy of 9 Secrets to Financial Self Care! Click here or below. Enjoy!

Go to Top