Sustainable Money Habits

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on today's episode, we're going to talk all about the

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idea of bridging your business and personal finances and how we can set

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these up so that you have money habits that integrate with one another.

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Instead of looking at your business and looking at your personal

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as two totally separate things.

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Now I want you to understand that the way that we work, the way that I work

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with our company, there's no shame.

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So if you're listening to this podcast, you're already taking a massive step

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towards improving your financial knowledge and your overall financial wellbeing.

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But listening and learning willing to use so far.

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So we need to talk about.

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Getting the support, taking the steps, taking the action that you

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need to actually implement these.

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So we're going to chat in this episode about what that action can look like

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and how to set up money habits that are sustainable for you personally,

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and for your business systems, money, habits, and behaviors, and give you

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some really good food for thought.

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So if you're a note taker, I know that a lot of these have had.

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Some pretty heavy notes, but if you're a note taker, get your notebook out

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or your notes app on your phone and jot some of these down as we go.

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But more importantly, writing all of these down is great.

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You need to do something with them, whether it's working with me, whether

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it's working with our team, whether it's buying one of our courses or more of our

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courses, or whether it's working with someone completely differently, or putting

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some of these into action yourself, maybe you have enough knowledge for what you

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need to do, and you feel really confident.

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I challenge you while you're listening to this episode, or

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immediately after go do one thing.

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Whether it's from this or something else that moves your finances forward.

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Take action.

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Even if it's small, even if it takes you, you know, five minutes and

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it doesn't make a huge difference, those little tiny actions.

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And I know it's so cliche, those little tiny actions add up to make

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such a big difference over a month, three months, six months, five years.

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So take it now take a small step to do.

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Literally when you're done listening to this, I don't care if it's moving

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some money to a savings account.

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If it's making an extra payment to some debt, if it's automating

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a bill that you haven't had on autopay one small thing today.

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Okay.

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Again, we're going to rewind a little bit because you want to be taking

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action, but do we want to just be shooting from the hip or taking

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action that doesn't serve our highest.

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No, we want to be taking action that is moving us towards our end goal.

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That end goal may look differently for each of us.

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And I would hope it kind of does look differently for each of us.

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Maybe that's retiring a spouse, maybe that's leaving a day job.

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And this is your side hustle right now.

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Maybe it's working the bare minimum hours that you can work in a week

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while providing the financial needs that you or your family needs to get.

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Or maybe it's living your most luxurious yacht, you know,

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Mediterranean Amalfi coast life.

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I can't hate on any of those.

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Um, I'm a little bit more of the latter.

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I I'm, I'm combined re really with the last two.

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Um, but think about for a minute, what you want, because if you don't

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want to be climbing the ladder or making a ton of money, if you have a

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smaller budget and if you can get by.

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And fuck it.

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Why like, why, why are you on a hamster wheel?

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Why are you trying to put out new offering after new offering, after new offering, if

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you have some really good core offerings.

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And I actually think this goes for established business owners as well,

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find what you're really good at find what you really like to do, find

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what sells, you know, there's that intersection on a Venn diagram, right?

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Of like all of those things you like doing it, it sells well, it's profitable.

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There's a need for.

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Do that, do that thing.

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And then as other things come up that you feel excited or inspired

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about, then do them, but don't feel the need to do everything.

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We don't at our firm.

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We don't do everything.

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You know, if someone wants us to, like, there are services we don't offer, um,

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having boundaries standing your ground are really important for the long-term

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not only for when it's just you, but if you hire team members for your

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bottom line for your profitability, you cannot be everything to everyone.

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That doesn't also mean that you have to niche or niche, whichever

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down to, you know, the smallest.

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I know the you'll hear all sorts of things thrown around by sales coaches.

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And my whole thing is there's no one right way.

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So you don't have to niche down to the smallest niche and you don't

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have to serve, you know, every single client that comes your way.

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You don't have to offer all of the service offerings.

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You don't have to offer all of the products.

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Remember my client earlier that we were talking about that was going to get rid

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of her bestselling style simply because she was a little bit bored with it?

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Everything that you've learned in this season has set you up to understand

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your profitability, how your business should be being run so that you can

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make decisions that will directly impact your personal finances.

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So how you do one thing is how you do everything now.

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Hold on.

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Do you hide your head?

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In the sand, when it comes to money, do you get a little bit sick to your stomach?

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Do you find yourself with sort of an anxious attachment

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style when it comes to money?

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You're always wondering if it's going to be there, your excited

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when it's here, but you're stressed out about it, about it leaving.

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You feel like you need to control your money.

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You aren't sure when it's going to be back.

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I want you to identify the, some of the beliefs that you have about.

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Because these will pop up again and again, in your business, in your personal

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life, probably in your relationships, I'm not here to speak for that.

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Um, that's a whole other season we could go and do as money in relationships.

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So I want you to think about the energy that you're putting into your business.

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Finances.

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Is it calm?

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Is it collected?

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Is it empowering?

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And compare that to the energy you're putting into your personal finances.

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And I mean, honestly, is it, non-existent the whole point of you listening to

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this right now is probably so that you can make some better decisions

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and have some better choices laid out in front of you because you didn't

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know that they necessarily existed or you didn't know what you didn't know.

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And there's no shame in that.

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So where can we be improving?

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Where can we be moving forward?

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Where can we be establishing confidence?

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So that our money doesn't feel out of control.

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You don't need to have a vice grip on your money, but you do need to feel competent

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that it's working for you and with you.

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When you're the size as a business owner.

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Even if you've separated out your finances, your checking account,

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you know, you've done all the things that we've laid out in here, right?

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You have a separate checking account, you have a separate business account, you

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know what you need to be making, you know how to be paying yourself the right way.

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Fantastic.

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I'm I could not be more proud of you.

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Like literally, if you take nothing else away from this, that will

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be a game changer for you in your business and in your personal life.

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But.

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It's literally directly impacting your personal finances.

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If your business is, you know, one of your main sources of income, or maybe

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it is your only source of income.

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So how does this play into our personal finances?

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And especially when it comes to things like automating bills, which

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we're going to talk a lot about.

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And next season, I can't believe we're already almost in season two.

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but I want to touch on it.

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Because having clarity, having ease and having comfort in your personal and your

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business, finances are really important because they are so interconnected.

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So you've done your pricing work, you know how you need to be pricing yourself.

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You know what your bottom line is for what you need to be making.

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You're making that relatively regularly.

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Maybe some months you're over, maybe some months you're under, you're

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not quite sure how to handle the seasonality or the fluctuation.

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Keeping those initial ratios that you'd set up, assuming that you're

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making what you need to be making will allow you to start to build

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a buffer in your business account.

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So great.

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We're building a buffer in our business account.

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We're not taking more on the months that we make more.

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We're not taking less on the months that we may make less because you've

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gotten this buffer established.

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So you have constancy or predictable.

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In your personal finances, which is one of the most peaceful things

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I think we can give ourselves as self-employed individuals.

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That doesn't mean it's boring.

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That doesn't mean our income is capped.

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That doesn't mean we don't take bonuses.

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That doesn't mean we don't treat ourselves and do the trips and do

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whatever you know is meaningful to us.

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Do the trips, take a day, go somewhere, treat ourselves, do a spa day.

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Throw a ton of it in retirement, you know, whatever makes you feel alive,

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there's a time and a place for that.

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So you're going along, you're living your life.

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You're moving money into your account.

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You have that baseline established, everything's going relatively well.

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And you get to the end of the year.

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And you're like, okay, I made $30,000 more than I needed to to make my bills.

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Like I have extra, I want to treat myself, what do we do?

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How do you do that?

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How do you know that you actually have the money to do that?

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Well, one you've been using the quarterly estimated tax calculator.

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So you have an idea of either what you have left to owe

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or what you've paid so far.

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And you, you just, you know, where you're sitting number two.

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You wait until your taxes get prepped for that year.

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I really recommend so like we prep most of our client's taxes in February and March.

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So they have an idea and normally a pretty firm idea of what they're

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going to owe around that time.

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Then you can take a distribution, you can pay yourself out a bonus,

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whatever you want to call it.

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That's the time to do.

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From that money that was set aside or earmarked for the prior year.

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Take it go wild.

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Now, if you're getting to the point where your business is growing,

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and it's really, really profitable.

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If we have some clients that are in like a 70 to 80% profit margin

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range, which is not the norm 50%, which is what we base all of this

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around 50% is really much more normal.

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But they take quarterly distributions because they know that they have

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the additional buffer in there.

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There's no reason you can't be doing that.

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I just caution you to be really careful because nothing can make you feel

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so out of, or more out of control, I should say, then getting to the

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end of the year and owing money when you had extra money during the year.

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And I think that's where so many of us.

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Stuck in this hamster wheel.

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If you want to be able to take money out of your business account, it's

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yours, you've earned it, but you don't know if you've paid your taxes and

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that just causes this constant loop of like, can I take it, can I spend it?

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Is it money that's mine?

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That plays over into your.

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So again, making sure you're not shortchanging yourself in what you

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need to be making personally is really important because if you were

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constantly looking to your business to fund your personal and looking at

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your business to be your personal piggy bank, it's going to be exhausting.

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It's going to be unsustainable.

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It's going to be stressful and it's going to cause a lot of additional work.

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Now, is there a time and a place?

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We are still living through a pandemic and incomes can be really unpredictable

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at times, especially during all of this.

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That's why we have some of these savings options set up because in a pinch, you do.

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You have extra savings in your business or you should you'll have some savings

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personally.

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All of these are to set you up to feel safer, to be more secure and to

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have a better buffer for when you have fluctuations, because as a business owner,

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you may absolutely have fluctuations.

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You may want to take time away.

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You may need to take unplanned time away, maternity leave, paternity,

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leave, parental leave, you know, vacation, burnout, exhaustion.

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All of these things are things that come up for entrepreneurs.

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So getting your business finances together, getting them

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organized will directly impact your personal and vice versa.

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Having an idea of, you know, every Friday, you're moving a thousand dollars

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from your business to your personal.

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You have that to count on fantastic.

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That's your system.

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That's getting you into a money groove, and then it lets you go and

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tackle your personal finances because.

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There's no reason that you need to have all of your bills at

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the beginning of the month.

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You can, and you may not know this.

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And again, we're going to go into it a lot more in season two, you

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can actually call the majority of your bill providers and you can

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move your bills around accordingly.

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So for example, I've moved a bunch of mine, my mortgage and utilities,

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and a few other payments come out in the first half of the month.

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And my credit card tractor cause we have a tractor payment because we live

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in the woods, credit card, tractor and car payment come out the second half of

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the month and I have other miscellaneous bills in there, but I called and actually

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moved several of those so that I had more predictable expenses for cashflow.

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So that will, you don't have to have $4,000 at the beginning

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of the month, getting it every week will be totally sufficient.

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And again, establishing a buffer in your checking account for the business and

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for your personal is super beneficial.

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But that starts to give you a system.

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You get into a rhythm, you know, money's coming in, you know, money's going out

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and you've gotten it set up so that you constantly have this ebb and flow

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in a good way, in a way that's filled with ease, which it feels really nice.

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Um, having been in multiple different situations over the years, it's a

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good feeling to know that the money is there, that the money is coming in.

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And that your bills have been spread out to work for you and with your

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lifestyle which can make a really big difference because a lot of people that

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I work with don't know that you can move your bills to make things easier.

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Now, I want you, we're going to get just a little bit into the Wu on this.

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I want you to think for a minute about your buying or your spending habits,

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when your thinking about a big purchase.

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And that can be totally different for all of us.

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That might be $500.

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That might be a hundred dollars.

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That might be $5,000.

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It might be more, what do you do?

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How do you think, like what process do you go through before you buy a large

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purchase or make a large purchase?

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Now I'm going to walk you through mine for a minute and some thoughts.

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So, and again, we're going to go into this a lot in season two, but because

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we're going to, we're going to dip a little bit into, I think, spousal or

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partnered relationships with money and responsibility that comes along with that.

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But my spouse and I have separate finances.

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So there are things that we'll touch base with each other on, but at the end

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of the day, we're autonomous adults.

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And if there's something that we want to buy, that we are able to finance a for.

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Pay for we're going to do it.

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Which might be a little bit novel to people sometimes.

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And there's there's input taken, but before I make a big

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purchase and in my business, it's sitting with it for a minute.

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I don't care if there's a fast action bonus.

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I don't care if there's a massive pay-in-full discount.

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If I still want it tomorrow.

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That's okay.

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Even if the price has changed.

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So for me in my business, because this comes up a lot, I spend a

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lot more in my business generally than I do in my personal life.

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I will sit on it for a day, maybe longer and think about it.

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Is this coming from a place of insecurity?

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Is this coming from a place of imposter syndrome?

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Is this coming from a place of.

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I feel like I need this, but I need this because there's

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something that feels inadequate.

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Or I feel like I need this or someone on our team would really benefit

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from this because this is something I've been actively thinking about and

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this would move our goals forward.

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And sometimes the answer is the first one.

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Sometimes, you know, it's something that's triggering.

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It's something that I'm like, oh, that's, that's the thing.

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Other times it's something that's like, oh my God, this is so perfectly aligned.

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For what we were wanting, what we were looking for, this is so fortuitous.

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This is exactly what we wanted and I'll move forward if it's the second one.

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And if it's the first one or I don't have a really strong feeling

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that it's the second one, or that I'll really benefit from it.

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I don't do it.

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Chances are it'll launch again.

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And if I want it then great, nine times out of 10, I don't end up buying it.

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Even if it's a higher price, like none of, none of that factors in for me, because

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if the value is there and I'm not saying that these are not invaluable, I'm just

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saying that they may not be as valuable to me at the time because of the intention.

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And I use something similar in my personal life.

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So Thinking about buying clothes.

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So not a big shop.

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But I love really nice clothes, really nice statement pieces.

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I will absolutely buy quality over quantity.

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And a few years ago I started paying attention to how my clothes felt.

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So I'd get, you know, a shipment from revolve or Nordstrom or

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something, and I'd try everything.

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And then I give it a day or two.

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I had sort of winnow it down.

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I go, yep.

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These are absolutely keeps.

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These are maybe for keeping these are nos.

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And then I try the keeping and the maybe for keeping again a day or two later, and

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then I'd make my final call and I'd return everything that I didn't absolutely love.

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And I think that we should be using that a lot more in our spending in our personal

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lives and really not even just in our spending, but in how we're doing things.

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If you don't really love what you're doing, where can we make some changes,

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even if you're not, you know, leaving the industry or totally uprooting your life,

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where can you be making changes so that you can be enjoying what you're doing more

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or doing less of what you don't enjoy.

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So sitting with that intention.

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And understanding that when you've made your decision, you can feel really

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good, really rooted, really grounded in that decision in your business and

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your personal life will bring you so much peace and a sense of wellbeing.

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And I've told you, we were going to get a little bit woo on this, but.

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It's so nice.

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And now when I go look at my closet, or when I look at what I've purchased

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for my business, I feel really good.

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I feel that I can trust my intuition.

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I can trust my gut.

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I'm making with each passing year.

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I'm making decisions that are a little bit more ruthless, but ruthless in their

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importance, ruthless in their quality for where I'm currently at in my life.

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And my.

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So just to recap your business and your personal finances are generally going to

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be a direct reflection of one another.

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So I want you to.

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As you're getting your business finances together to understand that it's

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not going to be just your business, finances that are getting together.

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We might want to be working, or at least looking into our personal

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finances where some things aren't great there, an understanding that the

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two of these together can be such a powerhouse or they can be such a source

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of dysfunction, stress, and anxiety.

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And I really want the first for all of.

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I want you to feel aligned in the purchases that you're making.

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I want you to feel excited for the choices that you're making, and I want you to feel

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empowered that all of these are working for your highest good and moving forward

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towards your purpose, towards your goals, towards what matters to you in your life.