3 Things I Wish I Done for My Money MindsetMar 08, 2022
Money & Mindset are two very powerful things in your life!
When I started my entrepreneurial journey back in 2007, I was clueless about money. My parents worked average jobs and made average money. I never wanted for anything in life, but I was never taught about wealth and investing!
Luckily what I was taught was how to figure it out to make things happen! That is how I was able to purchase a franchise with no money in the bank to fund it! I had no assets because my condo was mortgaged 100% and my car was never paid off!
So, I had to figure out how to purchase the franchise, and fund it until we began making money! My mindset was all about the hustle and I knew I was willing to do whatever it took to make this business a success!
That is also how I ended up working 80+ hour weeks and completely burnt out by year three! And I am guessing that is where you might be right now…stuck on the hustle bus with no idea how to get off!
Today I am sharing with you 3 things I wish I had done back then and the 3 steps I did take to set me up for success!
Each week, I empower you with training tips and a free resource to give you more ideas on how to grow your business while living this one life we were given! So, grab my Freebie – The Millionaire’s Morning Routine! This Freebie is going to give you 7 Daily Habits Highly Successful Entrepreneurs Practice to Grow Their Businesses without Exhaustion & Burnout!
Money is a tool that can be used to do so many good things in the world! And its our job as women and entrepreneurs to use it as a tool to help as many people as possible!
However sometimes our mindset around money changes how we perceive that tool and that is something we need to work on daily to achieve our goals and help others with theirs as well!
I am sharing with you 3 things I wish I had done for my money mindset with the hope that you will learn from my lack of knowledge and use it on your journey!
- I am starting with the biggest lesson I learned! I did not pay myself first. This was something my neighboring franchise owner was so good at and hence therefore she is a multi-millionaire today. When she made money in her business, she paid herself and then paid her bills! She always knew her worth and thought she should pay herself first which is so important! This was a hard lesson for me to learn but it is much needed one! If you pay all your bills, there might be nothing left to pay yourself, that is not good! Pay yourself first, then pay your bills!
- To this day I struggle with understanding stocks, bonds and mutual funds and all those other investing terms. Its not something I ever found sexy or think I needed but I was wrong! It took me way too long to setup a 401K for my company and offer to my team. I should I have done this right from the start for not only my team, but for my personal wealth portfolio. If you have not set up something like a 401K yet, start today and get it done!
- I did not invest in myself! Once I initially paid that franchise fee to purchase the business, I felt so overwhelmed with bills that I stopped investing in myself. This held me back from growing my mindset which in turn held me back personally with my money mindset growth! I highly suggest you invest in yourself through books, courses, and coaches to help you grow in your life and business.
Now that I have shared with you the 3 things that I wish I had done, let’s move to the 3 steps that I did take to skyrocket my business!
- I said yes to every single opportunity to share about my business! I am a true introvert and I never loved public speaking! However, my franchisor clearly explained or hammered into my thick head that if I wanted to make money, I had to get over it and get out there! So, I said yes to every speaking opportunity that was available to me. I spoke at health fairs, meetings, industry events, and so much more! This not only got the word out about my business, but it built my self-confidence and my speaking skills. It also positioned me as an industry leader in the community.
- Once I learned about good debt and bad debt, by attending a 3-day Robert Kiyosaki event with boyfriend where I tagged along, I was able to do more things because I was not afraid of spending money on things that would reward me 2 fold. For instance, I learned how to expand my credit card limits, how to move money around with balance transfers with zero fees and how to keep my credit score high while I did all of this. I then used that money to hire more staff, make payroll and serve more clients. Because I removed the fear from the term debt and learned the difference between good and bad debt, I was able to grow even faster with this investment.
- I started crunching numbers! If you are in survival mode right now in your business, where basically you are working so hard to produce a product or provide a service, I would guess you have an idea about your numbers but not a solid handle on them. Around year 5 in my business, I started having quarterly accountability meetings with 2 neighboring owners and we would spend a day reviewing all our numbers, sharing what was working and flushing out what was not working so well! Numbers are not my thing, however once I started reading them, it’s as they say, “numbers do not lie” and they tell a story. I learned that 80% of my referrals were coming from 20% of my sources. This led me to spend more time with that 20% and less time with the others, which skyrocketed my business. I crunched the numbers on anything and everything I could, to find a better solution, which in turn showed me where to invest more and where to back off. Investing the time in this process and those accountability meetings were so key to my growth!
If you are at a point in your business where you are struggling with the overwhelming amount of work, I would take some time to invest in your money mindset, so you can work smarter not harder! There is no need to hustle all the time! You can be successful without the overload!
In summary, I have learned a lot in the almost 15 years I have been an entrepreneur. I have made a lot of decisions, and some went well and some not so much. That is the main reason I share my journey and stories with you, so you can learn and hopefully skip to the good part! Leading with Posture is all about having the confidence to help others on their journeys by sharing yours, even the challenging parts! As always, my DMs are always open, and I personally respond to all comments!
Again, I have empowered you with training tips and a free resource to give you more ideas on how to grow your business while living this one life we were given! So, grab my Freebie – The Millionaire’s Morning Routine! This Freebie is going to give you 7 Daily Habits Highly Successful Entrepreneurs Practice to Grow Their Businesses without Exhaustion & Burnout!
And don’t forget to live this one life you were given!
Life is a Journey and I am so glad you are on it with me!
PS Are you exhausted, burnt out, and overworked and just not sure how to build your business and have a life? I am offering one on one life coaching for women entrepreneurs! You can BOOK A FREE STRATEGY SESSION HERE and we will do 2 things together: 1) Get crystal clear on the business and lifestyle you want to create and 2) identify the time savings systems you can put in place to make it happen!
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