“Money is an emotionally charged topic, and the majority of people react to money in a very emotional way.”
— Melissa Houston
When you let negative emotions influence the way that you engage with money, it can mean disaster for your business.
Many business owners won’t look at their numbers, because they’re afraid that they’re failing or that they’re not making as much as they should be. Rather than risk validating those feelings, they ignore their numbers and try to sweep those emotions under the rug. As long as they have revenue coming in, they assume they’re okay — but revenue does not equal profit!
When you manage your finances and know your numbers, you know the cycle of cash flow in your business. You can anticipate when your revenue will increase or decrease, and be able to plan for it. Financial control feels a lot better than worry or uncertainty — and financial intelligence is the basis for growing wealth!
Many of my clients also feel shame when it comes to money because they’ve made financial mistakes in their businesses. I’d like to tell you something: every single entrepreneur has made poor financial decisions when growing their business. Every single one. It’s time to let go of yours and stop judging yourself for them.
Try approaching your mistakes from a place of gratitude, rather than shame. Look at them as opportunities for growth. What separates the winners from the losers is that the winners will learn from their mistakes and not let their mistakes define them. The losers just quit. If you’re listening to this podcast, I KNOW that you are a winner.
When it comes down to it, all entrepreneurs are just hustlers and we battle through the bad times and we keep going. As you get more successful, you’re going to have bigger goals, likely make bigger mistakes, and keep learning lessons along the way.
Mistakes aren’t moral failings. They are data you can use to improve. Taking the emotion out of your failures is going to make all the difference!
In this episode, you’ll discover:
- The most common emotions surrounding money and how they affect us
- Where our emotions about money come from — and why we need to learn how to let go of them
- Why generational wealth and generation poverty keep getting passed down
Highlights:
- 02:35 Listener shout-out
- 03:55 Today’s topic
- 04:34 Overcome your fear of numbers
- 05:28 Forgive your money mistakes
- 06:46 Look for the lesson
- 07:41 Mistakes are inevitable
- 09:13 Take emotion out of failure
- 09:42 Take the emotion out of money
- 10:58 Where money beliefs originate
- 15:17 Most common money emotions
- 17:47 Money cycles
- 19:19 How we approach money
- 23:48 Free training
Links:
The 5-Step Roadmap to Biz Finance Freedom
https://melissa-houston-cpa-cga.mykajabi.com/5-step-roadmap-to-biz-finance-freedom
Work with me
https://www.melissahoustoncpa.com/work-with-me
Want more tips and inspiration? Follow me on Twitter @melissahcpa and Pinterest @melissahoustoncpacga and visit my website: https://www.melissahoustoncpa.com.
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Published: Apr. 29, 2021 @12AM EditUnpublishAdd a Transcript
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