Banana Republic, Business Owner, PNL discussed on RISE Podcast

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Automatic TRANSCRIPT

Enjoy spending money. I've learned how to save it. And I've made that a habit in my life. But I still get this thrill of going to target and be like, but I know what I can spend right in the budget. It's like I have categories and I'm like, okay. I I'm spending in control, but I still love I literally was just on. I think banana Republic. Com right before we got on and I'm like dying my husband closed because he doesn't like to shop. And I love it. I'm like, so fun. So you could still enjoy life, but be in control of your money at the same time. What I find so interesting about money is I have owned my company for gosh. Over a decade and actually doing copy it's on the new book right now. So this is fresh in my mind, but I talk about the idea of having this limiting beliefs that I'm bad at math and therefore bad at money, and I hate to admit it because this is embarrassing, but for years and years as a business owner amnesty this because so many women who listen to this podcast on your own businesses. For years in that space. I didn't really know the finances of my company at all. Like, my attitude was do we have enough to cover payroll? Do we have enough to pay bills? Great than we're doing good. Our clients paying on time. Awesome. I couldn't ever truly scale, and I couldn't ever cut expenses because I was too afraid to dig in to what the financials were. And I was too afraid to do it because I didn't understand it. And I think a lot of women are in that place, either with personal finances or business finances. They know that they don't know. And so they're too afraid to even try and the crazy thing is what would actually give you more confidence is just to admit that you don't know and to dig into the how how do I learn this what book can read what podcasts can I listen to. But you're so caught up in the fear of what's going to happen for not knowing that you don't just like live into that spe army. It was like if I admit that I don't understand a balance she that. I don't know the difference between a balance sheet in a PL than I shouldn't be allowed to run this company. So I had a lot of shame around that you mind that people out of shame around personal finances as well. Oh, absolutely. Because not only is it an intimidating part of your life. Just what you're explaining right? I mean, the business side there's taxes and PNL's bright all of that. Which is intimidating but on the personal finance side. There's elements of that that people don't even wanna get near because they don't understand. They don't ask questions because they don't wanna look dumb. And what's so interesting about personal finance, which is very common, even with your business finances. But it is so much about your behavior. And it's really not a lot about head knowledge because the to really succeed in your personal finances. You don't need to know ton. But you really don't like all of us know, if we don't have the money, we probably shouldn't buy it. Like, we probably should be saving. Right. Like these are. Basic common principles that are so easy to understand. But it is so hard to do. And so what happens is we stick in this in we keep doing the same mistakes over and over again because we don't want to change because the change is uncomfortable and to say, okay, I'm gonna make a change. And I'm going to try to live on a budget because the budget really when you look at it. It's it's fifth grade math. I mean, it's income minus expenses equals zero. And so that the math of it is not that difficult, but doing it and actually putting it on paper and seeing it. That's the scary part of the behavior that is so hard to change. But once you change it, and you get over that uncomfortable feeling it's amazing the progress, and how quickly you will see progress because you actually decided to care, and I think a lot of people that are in denial when it comes to their money. A lot of my encouragement is is usually your situation's, probably probably not as bad as you think. It is the unknown is what is scary. It's all these numbers in your head. Sphere of not wanting to open.

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