How to Optimise your Personal and Business Finances w/Chigo Orlu-Orlu
All Right Ladies and Gentlemen Boys and girls Feast Your Eyes in tune your ears it's that time. Again, we are live with another episode of the Authority Project. It's the video podcast streamed on facebook youtube twitter and periscope where we talked to digital marketers, business coaches, and creators of all kinds on how they built authority in their field and how you can mimic their success developing authority building, your audience, and attracting clients to your own business. Now, without further ado, let's bring to the virtual stage your host. Brian. S Arnold. Alive we are live now. I am here now with my new girlfriend, she go Lulu I got the help of that, right? And we are excited to have her here today. 'CAUSE WE'RE GONNA be talking about how to. Optimize, not manageable, optimize your personal in business finances and I'm excited because I know this is a. Topic that I think we all need to be honest if we're Leon's selves. We all have gotten to the point where we've let things go. With. I. Find His personal in business. So I'm excited to have her here. Please tell us. First of all hello. How're you doing? I get Vianna, gate. How? Great, yeah, it'd be here look forward to this discussion Russell Awesome. So let us let's start first of all which who you are personally and professionally. Question which is a separate like you said, my name is sugar and. I. I. Think. A huge portion of my life is dominated by mom you up I've got a little boy. Is Seven. So it's not so early Toke, but then I am originally from Nigeria I I moved to the UK at A. Fourteen at eighteen. Little Elliott And so I've been here for. Over a decade now and my background for the enough in the sciences. But the reason, I'm GonNa Talk to you about this today a growing up where I grew up. There was a lot of need that was a lot of poverty. There was a lot of a my neighborhood you know people who leave in. And so from quite an early age, it was clear that money was going to be this great divide. You know where you had like I I I guess most places people doing well and people released sort of scripting to put it together my own family we get. There was some tough times and so when I first went into business s, my my was at sixteen where I had to bring something in on. So that's sort of got started, but it was more from A. Perspective of this is something that's a todd and we're just trying to. Claw. Everything we can really hold onto tights and then in my late teens early twenties, I had an exposure to different community of people who I guess what you would call I can abundance mindset whether they knew that they knew how to make it. And how to keep it and so that SORTA lifted around for me and I soaked in as much as I. Could you know going into the hopeless development side of things on so Deville Ville a game changer I guess like a real highlight where I knew that I knew how to do this was. In two thousand, fourteen at probably the hardest time in my adult life where I had a two year span of not being able to work and I had to make the with whatever I had. My son was one and. I'm in a foreign country. On so it was it was a real tough time trying to shed any see as as I talked about it, but it was it was was a really hard time and I had to pull on everything at Lynn everything. I knew to sort of get through dot time and we did and so when I think back to. How I did that this is something that I know how to do. And I can I can help people do this and so you're trying to put it together and this is this is why I'm here trying to help and I'm going to share later about the big Y but I'm GonNa live death for now so that's how you have me here. Okay. Okay. So. So. What is let me tell you. First of all what is your current project that you're working on now? Is there a main working on? At. The current moment. So the from a business point of view, I currently work with women I take them from being frazzled about finances. You know that person who? Like frankly a lot of people out where money wasn't really talked about in in India homes than had a chance to actually figure out how to work with it. How to how to plan for it because in a budget is simply a plan it's you making any plan for many and you just not had a chance to do that. All have found themselves getting into debt just sort of not knowing how to. Come out of that sort of take them through the foundations because I think that's key have to have the foundations right how do you put a plan for a on how do you stick to that plan and how do you make fun as well? Because I'm a huge pile of you know making sure you can stick to it in the long term, and so that's that's what the focuses and I want to odds. And putting it out there. If thousand testimonies of women that have helped go from where by this day starts at from from feeling like, yes I actually feel confident going forward that I am not going to find myself huddle again. Ladies you heard that you heard it here first. Awesome. Awesome. So I want to I guess you've already answered the question about what led you down this path I'm helping people. Manage money. So we'll get past that. What is the most start with the first question? Then what is the biggest mistake you see with people not managing their money? What do you see is the very first thing that you say. Yeah Yeah so I would say. Money is something that a lot of people think about. But a lot of times stops in sort of thinking as and not really taking action. You know putting excuse the Pun, your money where you mouth is. But even if that's not necessarily what you have to do at that point. So it's just starting starting in meaningful way you not just saying what you would like how you'd like it to be and wishing but actually become a doing person and actually take action because with the action Andy Consistency easier and I I wish people could know that. So yeah. So Let's go through some how to stuff right now. How do we keep track? What? What at the simplest way you can show us right now? How to keep, track, of money? Impersonal in business. Yeah. Yeah. So I would different sort of go back a few steps before we get into that is. When when when I work with people I want them to get clear on why on why they actually wants it because in those early days, it's going to be a new skill. It's going gonNA require you to use different muscles that you haven't used before financially, and so being clear on why is it? You want this and I would say it can be something bigger than you better. You know but if you have to start with yourself, that's fine. Wise that you want this. What is the go? If the thought of pain of debt doesn't inspire you think of defense that you would do if money was no object. If you went restrained by it may be that's what's going to drive you whether that's. At places YOU WANNA travel to causes you want to contribute impacts that you want to make. That clear in front of you so that when you go into the to Uc as something that is there to help you rather than something that's Hindu it's it's a tool that you're using to help you get to where you want to go to. So starting with that wants to clear on that gets into the how. You I have people wack to play to their strengths to play to their personality. So it's not a one-size-fits-all measured in terms of what's going to work, but it's gotta be simple whatever I this is GonNa? Be Simple. We don't WANNA complicate it, which is another thing that some people can do. They have a lot of categories with trying to get into the my new sheriff everything and if that's not the type of person you are you gonNA wear yourself out within two weeks and so it's the same also I you is spreadsheet person. Are you a pen to paper person? Do you like to use APPs like? You know what is a method that feels like it's going to be more suited to your personality type. That's GonNa, make you stick to it. So wait we're going to have that. So starting out if you've never done anything like this before the fence, bit of what you're going to be doing is just gathering information on what's happening right now. Where's the money going right now what are you doing with the look back to last three months last? Six months you know what I you spend it on and just got that information see high makes you feel some people that is the field to cry. All right. I'm not having this anymore. And then set up as go from. The last six months we should go back correct on spilling. I think. If you if you can't just just just to get an idea because they ask some payments that come out every month, you wonder have as big a picture as possible. So intense of prioritized planning where your money is going to like I said it's a plan. It's you being boss. It's you telling it right? You are going here. You are doing this, and so I like the analogy of the Maslow's hierarchy of needs where you're working your way up from the things that I must haves the thing. You know you if you don't have them source it, you know you're in trouble. With that so whether that's spoil your personal life. So those things that we need to have kind of need somewhere to live you know we we need to eat your if if we have kids we need to. Take them. So things like that. Having those cupboard because a Brian, you'd be amazed the amount of times those essential things kind of get laughed. To, maybe it will fit in and distress that brings is just not healthy and so. Thinking if you are losing sleep at night because he. Going to make that we need to we need to. Revamp the whole thing. So starting with with those things on the peace of mind that already comes from that because a lot of times we don't need as much as we think we do. Only, if it's plan correctly. So for Your Business, if it's a baby business dependent on or at you know I say if it's just starting out, I, don't like to too much pressure on it. You're trying to grow business owner, try and make it do too much. Usually people that are starting out. They do need to let a reinvesting either it's in themselves on your skills if become motors business at of equipment for that those things that if you don't have them, you don't have the business. So you're not gonNA grow you know prioritizing those and then work your way up to defense a nice to have. That you could do without which is sounds it sounds common sense right? It sounds simple but it's the it's the taken action. I'm putting that plan in place and then it's no point just doing it and then. Not, looking at it for a whole month you know if something that you look today that if it said method that you've chosen that West your personality, you're more likely to take Jack Halfway through thirty months every once a week just to see how you go in and adapt as needed you got to be flexible too. So. I hear something through the you and I wanted to actually about this 'cause. A lot of times we spend emotion, right? Not you spend on want. You know we're in this crazy crazy time where you know I'll tell me by retarded in. We're trying we're tired of staying at home. You. Know we we want to get out and do the things that we used to do How do we tackle are pushing NHS That are connected with our spending because we know that in because we know that they are connected in some way how do we tackle our feelings about this still be able to? Handle everything with our money. Happens. Yeah. So that is a complicated on I. Think we have to come at it from different angles. So festival, WE'RE GONNA go back to to the Y.. On the why that's GonNa be something big strong something that matches to you. So I tell people when you up saying yes to defense. Not planned impulsive realize you're saying? No. To Defense that you've said Massachu-. lost. Brian. Ugly. Promo. Canada. Yeah. So when you saying Yes to those things that are on prime, you are saying no to defense that really matter to you is that what you WanNa say and just framing it like that. is so that it's not a kiss of you depriving yourself now if Genuine emotional issues that need to be resolved. That is a separate thing. You know 'cause a lot of the Times you know if if we're trying to feel some type avoid, that is something to get helpful secretary. Nothing as well. It depends on what you spend it on. So you know how I talked about fun. If you know that there's something that you like to do that brings you joy like me. That's massages are caught. Wait to go back. I don't need, but it just make better right run. So I plan for that fact that AIN can. So when I spend that there's new guilt you know it's it's crown and actually that's one of the things have been a pond can do fee because you might just find the money in there to do those things that are emotionally feeling that's GonNa. Get sense of wellness. So at least that's what I get when I have my massage sessions anyway. So yeah, it can be planned for it's an and like I said if there's things to re to resolve separately. That's something that can be welcome perhaps with someone that is a specialty on that. But I think you're clear on why and you have to your face as closely as possible and already have room in your budget account for those times where you feel like you don't want to have. It written down with without skin go that's money for your well, then you can buy omen spend hockey with no gifts and give yourself back for it. I love it so I'm glad you said that because I want I want. English over to to business 'cause I see a lot of people who. Might be listening to this as well. where? There in this pattern or of Trying to deal with. Starting the business trying to do with keeping their business running sustaining it. some some people don't start because they feel like they need this this this and that before for the do that so so they. They don't start or they do things that there are not playing like you said. So, can you? Can you tell? Can You? Can you explain why? Big businesses do this as in bigger organizations do all the time where they plan. This amount of money for this, this that another key explain just more give us a deeper dive on wise important to just. Get into the habit of just planning because right now, I'm just playing right now just for. So. Much money for advertising. Now is this something that you? Like the business essentials what what would you say those along Kinda Kinda, answer the question. What are the business essentially you think so they can still be comfortable which starting in you know in sustaining the business as. On that journey. Yeah. Yeah. That is a great question as you were saying that what was coming up for me was your business baby yet you get Neturei get a treaty as a baby especially those stages I said Elliot do the put too much pressure on the. Ask for it to to to run before it's lend to walk. So you know just going back to if you just starting out. You probably have it as a side Gig and you still have a main job and that you have. I encourage people to Russia often leave today's hogs. have. Some. Models threats now that brings on your, that's going to impact your performance. So right right off the bat that is one way to get the business a chance and room to grow I give yourself time as well to grow into that. If you. If you need to go part time, you know by all means do that. A lot of it also comes back as well to the mindset on what you think about the ideal planning and seeing it as something that's going to help you in the long run. So things to kind of factory with talked about the investment into the things that are absolutely needed to have the business wack to to actually have one, and so for maybe people like us who have been that are mostly did you tell if? You are coming from a background that's completely different to if doing the might be some actual specific business related training to get some sort of investing yourself that be democracy inside of things or how to promote yourself at the start. That might be something that's important. But you don't want to distract yourself with that as well. But you you build up to it and make sure it fits within what's a tip for you in be without? Going into lots of. that. Factor in as well. The other thing that I would say is. It might help to have separate bank accounts as well for business vessels personal as again getting into that stage of building it often seen what he can do it that. A lot of times they can be irregularities e with the income that comes from a business, and so if you get into that point where you're trying to leave off it, you can create that sort of stability for yourself if you have. An account where you can pay yourself wage from and so that can take some of the edge of why not dealing with rollercoaster. But before we get to that point, you would have needed to be clear on your personal finances on what you need to the prime for that. So you have your business doing that. Defensive. Sort of think about if you really to be new Joe, forget people out you know I knew ahead. With bill that you have thought about. So I, don't know what it what it is. But here around twenty twenty, five percent is a good amount to sort of account for intensive prophet that might go to what's that. So just right off the bat says start earning. So setting aside to that when it's time to pay enough foster, you plan for it. You know it's coming you get it done and it's fantastic I like that. Okay Great. Great. So. Does this is great stuff. Some fun unbelievable self so far. So I'm going to take it a different way right now. So just just For you, your niche is helping women women mainly. On the show. Pilot Matic's. No Why is that? Why? Why do you gravitate you women is posed a good niche obviously great niche But what what do you gravitate to to help the women in their in their pursuit of mentioning? Yeah, I mean, of course, the obvious reason is around one and I feel like some understanding where they're coming from. But in general if we if we look back the last one, hundred, two, hundred years the An. Ability of women to actually manage money you know to to. Be exposed sort of doing that I mean around this part of the Oualadi was only sort of a rounds Wendy walled wall started that women actually have to go out to whack instead of enmity and but even even then still an imbalance in. So that can be as subtle disadvantage in ten. So filling like I can I can I can own it. This is this is mine I can manage it on. Dare I say be financially independent? You know just sleep hunter out but actually get to a point where we are growing wealth, which is a where we wake up to once we have this foundations but. The same skills, and so I want to into that group on the part of hopefully walked starts to correct that imbalance which has just been that way just. Just the way things out. Yeah I love that I love so. I got a couple more questions. Read out here. What is the best way to handle this crisis that we're in in this pandemic season a recurrent living in we have many people who? have been laid off. You know didn't have a job probably some the you're familiar with I. Guess. You know know they've had had jobs for a while had great jobs. And they're trying to figure everything out there trying to figure out you know how much go much. Stretch credit. Cards at this point. You know how much is too much. have. You deal with people right now who were in the situation and if so what if you told them about how how to deal with this going launch? It is a pretty crazy time and for some people a pass being just completely life-changing you know source of income gone in and whatever support is available from the government. It's not quite the same it's it's it's a huge change. However, I do think that if you someone who. money-management an interesting that hasn't been something that's been forefront of your mind at all this could be. There I say, that can be something good could come out of this because this might just be time that you need to actually take ownership of the parts of your life as well. I am not ashamed to say if need be. To bring the light bring y'all life small us to get through this time it's temporary, and so we have to be A. Skilled is going to be really key now is being able to tell the difference about the. Difference between what's what's needed the things that we just go into the habit of spending on. On actually on the microscope and going riot does this actually save me is this something that actually contributes to my life always this something that I'm doing because everyone's doing it oh, is just how always done it but actually reassess things I, think of us, great. Reviews good to see Iraq and so people have been happening to do that. And look at where the money's going how can I best using it and you know if if? If it's inevitable to get into into debt right now you know it's it's it's it's not it's not great but you know seen that for what is and already having a plan in place on how to manage shot in my private group with doing a debt free journey where I have a bunch of women who have a go together to get debt free and lane different working place to So I get into it have depending mine and not be comfortable. With it especially if it's something that. For some people, it makes him uneasy. So you don't have to be comfortable. You don't have to accept it. It's a it's a temporary thing. Do all you can get really good outlook. What's important? What is four year? He's going to take a lot of sitting down and really thinking about it because these are unusual times you know I'm we have to do things probably we haven't done before in how we assess ourselves and you can't do what everybody's doing and expect to get something different. So gotta be willing to stand out do something different undecided how you want to come out of this? We either new skills. New. Levels of processing things at economy. A good thing it once was he can get through this bitch which I know it's not easy. Definitely not. Now. I know it's a tough time I know. Kim through some stats here about fatalities on. It keeps going up that. Wow. Yeah. Yeah of time in. As part of these shows right now because it just. It's it's it's a thing. It's the thing that we can't ignore. So. Last question last question. To ask all of my guests, they see you. Go this year right now. Would you saying? If your energy right. They they want to be this financial group like you are right now they want to be able to do these things and maybe help others in the space. Can You? Tell them just a few steps right now just how. They can build build up themselves, build a platform for themselves to be authority in this base. so like in the online space or specific to finance Okay. For what you do specifically. Yeah. Yeah. So that. That is a lot of information out there. And what makes a lot of the difference is spaces that you put yourself in the information that you have come in, and in most cases is probably not going to be the people that you already have Iran deal, which is fine. You know people have different Perera, which is so it might take some activists seeking out spaces of like minded people who on the same path who have the same goal to keep you focused because that's where the stained consistent comes in. That's where the continued learning because I'm still. Learning I'm still reading I'm still here in different ways to do it and I have to put myself in the spacey's Web that continue on. So the environment and he doesn't have to be face to face. You know like we all know No one-time that much face to face time but online spaces this resources to keep you in that cycle where you can be focused on right. This is what my goal is. If you haven't done it I would say expensive time is in the next few days thinking about why? Because that's what makes the difference between just thinking about it and actually taking action just. See further that way, and then get yourself into spaces that's going to help you do that. You know talking about why I can I just shy. So from from for me when it gets hot because being in business, you know this great bits you know. That this is a beautiful moments where you're working with someone and you see the like go ou- in that like Wendy L. is lighter. There's a way comes of this show when they realized actually though as as thought and you may be. Able to make it work and that's fantastic. Sometimes, IT GETS HOT ON SO My why is thinking about? Why? I'm doing all this you know helping women. Fantastic. It's immense tournament. So for me education was my savior. In in so many ways, and so when I think of children who were in the position that I was and whether I got me out of I want to spend. As much money as I want. Paying for them to get an education. I'm that is when he doesn't feel great whether it's not. When it's hard I think about that. He go. If I do this, that is only so much. You can make working for someone else and it's not going to be enough to give as much as I want to give when I think about that I've pick myself off and get on with it and keep. and. So that of why that sort of impact that set of legacy whether that, be you creating your own spending pond so he can give your children, your family kind of life that you want to give them or something outside yourself that close to face you will push through it and you get it done. Awesome stuff. Awesome. Awesome. Whereas they're the people who want to be very in the space. Incredible G-go. Absolutely credible stuff today. Really Times. By right does. Time flies. coversation. Yes. Roy Incredible Cheer I WanNa get you before. For you guys get. Outta here just. Tune into the authority letter dot Com or you can text us that we are alive, two, four, two, two, two, we are in the middle the very middle of the eight week digital product giveaway one, week, five We just finished that today. So we so go to that site, but it won't be. Give it can ended today. So we're all. So it we're tomorrow when. A prize for a week number six. and. Yes. So get on that. It's been some fun against some great prizes. So get on that as soon as you can again, authority dot com or Texas that we are alive to four, four, two, two, two. And You know get into get on that list because I'm GonNa be sitting some extra content on there as well to show you how to build your authority letter platform just like my new friend had she goes done for herself and their stories you can I shout out to Brian so I like he started this in the middle of this funding. Inspiring. Because if the same thing happens to everyone and people respond to it in different ways. So really I just WanNa give a shout out that but using this time to put something like this announced show, it's giving volatility people over the last months. Really well, don't you are really really appreciate that appreciate that in will give you the final words if you have any other final words of wisdom that you want to share with us at all before we get out of here. I'm just GONNA say. You know just just get started in stop thinking about it. You know it's it's it's not a dirty word planning budgeting colleague whatever you WanNa, call it. Just I. h you being the boss of just one more thing in life. You know it's you telling your money where to go. That's all it is rather than everybody else pleaded everywhere because it will go somewhere if you tell me where to go. High you tell you where to go and be the boss of it. So just just. Collegiate awesome stuff. Incredible. Thank you so much for coming through here. Thanks. For. Which? You are the project we wanted to add. To Your name, you can sell more which agreed at if if you build it. And share it. They will come and that's the rapid fat project. We'll see you next next episode. Thank you so much. Take care. I came. and. That's a rapper, this episode of the Authority projects. Thanks so much for tuning in, and if you like what you heard, we want to hear from you subscribe rate and give an honest review Jaren telling your friends. So they can hear too, and for even more authority building tactics b-share to sign up at the authority letter, Dot Com, get free weekly content, and ongoing digital product giveaways to help you on your entrepreneurial journey. We certainly hope you got key takeaway or maybe an a Ha moment from today broadcast just remember it's your authority, build it here and they will come until next time.