Money Doesn’t have to be stressful! If You Change Your Money Mindset, Money Can Flow Freely In and Out of Your Business.
About Stacey
Stacey Isetta helps women entrepreneurs breakthrough their stress around money and develop strategies and systems to build personal freedom and wealth inside their online business. She helps women increase sales, and strategize and plan for growth so that they can increase income and have more time to spend with their families.
Stacey believes that stories are told through numbers in your business. Her goal is to help people understand the numbers so that they can fully understand their business and what is happening.
Let Money Flow Freely
When you have a positive money mindset, you can allow money to flow freely through you. As you make money, you need to pay everything off so that you don’t owe anyone. Once you gain peace and allow money to flow in and out of your life, you will let go of control and be able to be a catalyst to give money away to help others.
Be grateful for the blessings and bless others as you let money flow in and out of your life. Gratitude can shift your money mindset.
Find value by being responsible and content with what you have.
As discussed in Episode 102, be responsible with purchases so as not to collect things that will ultimately be thrown away. Spend responsibly and put good back into the world through the money you make and spend.
The Budget
The word budget can trigger a negative money mindset. Instead of calling your money management system a budget, call it a spending plan. This gives money permission to take care of the things that need to be taken care of. Be conservative. If you don’t have enough money, don’t eat out, but do meal planning and be conscious of spending.
Dave Ramsey has a fantastic money mentorship program through which you can work on a money mindset.
This principle applies to businesses too. Start your business slow and try not to use credit cards but invest in things that will give you a strong return on your money and effort.
When you become more focused and put systems in place and become more efficient, your profitability in your business skyrockets. As the income coming into your business grows while you’ve limited spending, that income portion can pay off debt.
Your business should be funding the values and needs of your family so keep your business structure tight to keep the expenses low.
Time to Scale
The other thing to do is to scale your business as much as possible. Once you are making enough money to take a paycheck home to your family, hire help.
Automate
Take your emotions and physical triggers away from processing your money. If you work 9 to 5, be sure to take your retirement investment out before you receive your paycheck. Automate bill pay, college savings, etc. so that your money is coming out and paying for those things right upfront so that you can see what fun money you have left.
Have a vision in mind but find what works for you.
Emergency Fund
Have an emergency fund. If you are a two-income family, you should have three months of your combined salaries saved. Single-income families should have 6 months of salary set aside as an emergency fund. Be conservative with spending until you have this amount saved.
Imposter Syndrome
Many entrepreneurs struggle with a money mindset and charging for their services and under charge because of imposter syndrome. Often times entrepreneurs overlook that they have tremendous value to offer their clients.
There are people who are willing to pay you for your expertise. Your experiences have given you the right to charge for your services.
It’s important to have a positive mindset so you can value your own time and experience and charge for it.
When should you increase what you charge? Increase your prices every 6 to 12 months by 3 to 5%. People will be willing to pay for the service you offer.
Most importantly, value your time. Value yourself and charge accordingly.
Banking System
Having systems in place to manage your money can help you have a positive money mindset. One core system that Stacey has implemented is a banking system. Start with a checking account. This account will be where cash flows in and out for payments and for expenses.
The second account is a tax savings account. For every dollar that comes in, put 30% in this account.
It is also important to have a savings account. Save a percent of everything that comes into your business. This becomes your emergency fund and your resource for education and other investments for your business.
The fourth account is a bonus account. This is an additional savings account from which you can draw a bonus that you can bring into your family for fun.
You can also do this inside of your family.
Branding Question
How Do I Grow an Audience and Make Them the Star of The Show?
It is so important to tell your story so that people can get to know, love, and trust you. Your story is what is going to build the foundation for people to understand that you are an expert at what you do. All the years of experience are what has given you the knowledge to allow you to help your clients.
Use your story to create case studies to share how your audience can see the same results.
Your why is important for connecting with your audience. When your audience understands what you do, why you do it, and why they need you, they will be more likely to engage, connect and hire you.
Combine your story with their story to help them see how you are going to make them the hero of their own journey.
Use content pillars to create content:
- Your story, and your why.
- Money mindset.
- Systems and tools.
- Strategy.
- Articles you’ve read.
Create 3 to 6 pillars/buckets to intertwine your knowledge with the needs of your clients.
To learn more about your host, Robyn Graham, click HERE.
