You and Your Relationship with Money – TPS574

It’s amazing to me how many small business owners don’t know how to manage their money. This affects their ability to make good business and financial decisions. In this episode I address this issue and offer some solutions.

Highlights

• Many people are feeling financially uncomfortable due to fear about the state of the world. Remember, it’s not about the money, it’s about your feelings regarding money.
• During uncertainty, there’s a tendency to default to fear because your brain is trying to keep you safe. But giving in to fear means going back to what wasn’t working.
• Look at your financial fear and relationship with money your money reflects what’s going on inside you.
• Minimize fear by taking care of your money. Money likes to be counted track your numbers. Don’t hand off all financial duties.
• Entrepreneurs often don’t pay enough attention to their finances. You must track income, expenses, cash flow.
• Automate as much as possible use accounting software. Get help from a bookkeeper or accountant.
• If you avoid tracking your finances, you have a poor money relationship. Successful businesses track their numbers.
• Use tools like spreadsheets to measure cash flow, especially as an entrepreneur with fluctuating income.
• Make decisions based on your numbers what to pay, what to let slide, how much extra you need. This allows creative money solutions.
• Quiet time allows financial solution thoughts to come through. Worrying is a waste of time.
• Your thoughts, beliefs emotions affect your money outcomes. Train your brain towards prosperity.
• Make a commitment to learn about money practice basics like mental math. Read financial sites.
• Get to know your money by paying attention to it. Disorderly finances lead to poor outcomes.
• Download the free cash flow spreadsheet to start tracking your numbers. Improving your money relationship improves your life.

Links

Download the Cashflow Spreadsheet

Stripe

Mint

QuickBooks

PayTraqer