Entrepreneurial Money Drama | Ep #35

Hey, everyone, I'm Chris Plackey and this is how to Lead for Female entrepreneurs and founders. Because the best way to grow a business is to grow the person who's running it. Let's go ahead and get started.

Hello, everybody. Welcome to the podcast. How are you? I hope you're having a wonderful day night, wherever you are. And thank you for choosing me to spend time with right now. It's an honor. I am living California in Northern California and am wrangling fire air if you can hear it in my voice.

It's fire season, which is such a terrible time here in California. In fact, today power is out all over the State.

Voluntarily. The PG&E has turned off the, the electricity. So just a weird time. So I do want to apologize, but I need to get this podcast to you. And the fire has kind of consumed the air right now. So anyway, I apologize if I sound a little. I don't know what I might sound like. Maybe it sounds good. I don't know. Okay, so before we get into the content for today, a couple quick announcements. Just a reminder that the entrepreneurial management course that Brook Castillo and I co created is available and I'm so excited. We're gonna be talking more about it on her podcast, the Life Coach School. So if you haven't been and don't listen to her podcast, I really want to encourage you to do that. Thelifecoach school.com Go to her website and you'll see the link for her podcast and then you'll be able to subscribe. I will be on her podcast in a couple of weeks where we'll be talking about it. And the women who are in my Founders Lab got early access to the program. All of my clients who join the Founders Lab also get access to it. And we were just talking about it in one of my groups yesterday and they're just, they love it. They said it's amazing. It's really, really good. Which of course I was thrilled to hear because I agree.

And Brooke and I, I know, are so proud of this work. It's really, truly like the graduate degree in entrepreneurial management that no one's teaching. Right? It's the stuff that no one tells you that we know you need to know. And I know it's a game changer. So if you know, you also need help with that, you need a coach, you need somebody who's not gonna. It's, you know, I know that self directed learning can be a little hard for people. Speaking from experience, I like to have support and Guidance. And so the Founders Lab coaching program that I offer is really the way to go for you, if that's where you are managing and leading your business. You know, you've gotten kind of as far as you're going to get with your systems and your. Your brain and the way that you've been doing business for however long, and you want to punch things to the next level, but you're not quite sure how to do that. You're not sure how to manage people, deal with the challenges that come with that. I would love to talk with you directly about coaching you in the Founders Lab, and I do that by meeting with people for a free call starting 20 minutes. You know, where are you now? What do you really want to achieve, and how the work I do helps you get there. You won't feel alone. You know, everybody who listens to this podcast that I meet will tell me that they think I'm talking to them. I'm not even kidding. Every single one of you says that. And so that just tells me that as you're walking or ironing or, you know, sitting on a train listening to this, you think that what you're going through is unique. Like, you're alone because you think I'm talking to you, which I'm glad that I'm that spot on. But you're not alone. And I know that once we meet and I have a chance to talk with you about what we do together, I think you're going to feel so much better about knowing that there's a place to come to work through the very specific part of your business that I work on. So if that's been on your mind, we're coming up on the end of a decade, y'. All. I mean, come on. This is a really interesting time. You know, it didn't occur to me that that was happening until about, I guess, about a week ago. I saw somebody wrote about it, and it sort of struck me, and I had this whole epiphanous kind of, wait a minute, what was I doing in 2009, right before we turned into this next decade?

What was happening? And, man, my life was different, right? A lot has happened in 10 years, which is amazing, but it kind of makes me feel like, ooh, something shiny and new, this new decade. What do I want to leave behind in the teens and take with me into the 20s? I think it's a really powerful thing to start asking yourself, and as a woman who's running her business, what do you need to do to take this business of Yours and stop wrangling with the challenges you've had and be willing to go into the next phase here. So I invite you to think about that. So I want to talk to you today about a topic that's, I think, probably relevant. I want to talk to you about you and your money. That's why I called this entrepreneurial money drama.

Look, all of us learn about money passively. We all have a relationship with our family, and as young people, we learn about money. We don't. We're not taught money unless we're in, you know, very unique circumstances. Most of us are. Watch how our family members use money, think of money, talk about money, spend money, don't spend money. What they buy, what they don't buy. That's how we learn about it. So fast forward, you know, and you may even have parents who really, once you get into your teenage years, have really did really teach you about money and did really give you all sorts of tools. And so all of it is. All of it's relevant here. And this podcast is not really a how to. This is more a. I want to call this. If I had a. If I had a section for different kinds of podcasts, I would call this sort of the Discovery podcast. Because I just want you to think.

What I certainly have noticed, and that's why, you know, what I've talked about with you all in the past, is there are really five key relationships you have to develop. You have to develop the relationship you have with your time. You have to develop the relationship you have with your money. You have to develop the relationship you have with yourself, with your team. And finally, you have to develop the relationship you have with your business as its own entity. So today we're talking about money, because I don't think most of us think about money and a relationship. We just think that money is this thing. And in my experience, we think either that money is easy, money is hard. Money goes to some people without a problem. Money goes to other people, and it's really hard for them to get it. Money is easy to earn, hard to keep. Money is easy to earn, easy to keep. Money makes money. Like, we all have these ways of thinking about money, right? Then we get into business for ourselves. And I know this won't surprise you, but how you think about your money.

Shows up in your business, right? And as a woman who I've been in business for seven years, man, I can tell you my relationship with money has been spot on in my business the entire time. And it's growing and it's maturing, right? And it has to for your business to grow, is my point. Because if you don't develop your relationship with money beyond what you thought about money when you were 20 or when you were 8, right. Then you're going to continue to the financial struggles as an adult and in your business.

So here are the kind of the common.

Money thoughts or maybe money relationships that I watch my clients have. Some of my clients are in a total ignore relationship with the money. They ignore their money, they don't like to look at their money, they don't want to talk about money. They're just going to pretend that they're money. They just whisper like maybe it's over there. Like there's this complete disconnect from money. We don't look at bank statements, we don't look at spending, we don't look at budgeting, we don't look at anything. Okay, that's one bucket. And, and I always like to kind of think about like what would your money say about you if you were that person?

They would say, I wish you would pay attention to me.

Right? Then there's kind of the burners. These are the people who make money, but they burn it, man. They just, they, as soon as they get money, they burn through it, they spend it and, and it. There's an element here of ignoring. So they're really just paying attention to the money that they see in the moment versus kind of the history of their money or the produ or the.

The future potential of their money. It's just what do they have? It's kind of like almost like having a one night stand relationship with money.

Like, here's my money. Oh, let's do the thing. And then it's gone. And then we have to go make more. And then there's people who are fastidious with money, count every penny.

Are very aware of their money, rigid almost with money, frugal.

And to a point where it's hard for them to spend money. So they might have it and keep it, but they struggle with spending it. They don't know how to make decisions around it because they have some fear around their money. And then I also, ultimately what we want to get into is sort of this awareness of our money, a relationship with money that feels mostly abundant, right? That we know that we can trust ourselves with our money. We know what we've made, we know what we're making and we know what we will make or what we need to make for our business. We have systems that produce that Information for us. And we might even have people who help us. I know that for many of you, one of your first contract hires is a bookkeeper.

But because you're so uncomfortable with your money, a lot of you. And I did this, y'. All. So I'm. I'm in. Like, who the heck wants to look at spreadsheets and do accounting? Yuck. Balance sheet. Come on, Barf. Right? So you hire your contractor, and then you just hope they'll take care of it for you, and you don't look at it. And I think a lot of entrepreneurs, really, up until about a million dollars, do that. And then you just take your. You just have your bookkeeping books, right? But so many of my clients, when I meet them, they may have bookkeepers, but they don't have people who help them forecast and budget and set things up. That's why one of the best courses on the planet for you is the entrepreneurial bookkeeping course that Brooke actually created with Mark Butler. So if you haven't checked that one out, I would suggest you look at it. It's so good. But because I don't think again, there's just this lack of real conversation about what you are in tools, about what you all need as entrepreneurs running businesses. So. But you have to be willing.

To see it because. Because the back end of most of those relationships that I shared with you when it comes to money is shame.

Is feeling inadequate. It's. You know, women will say to me, I know I shouldn't. I know I'm not doing this. I know I shouldn't do it that way. I'm so embarrassed. I don't. Right. Their credit cards cancel, their credit cards get declined.

There's so much shame. Shame perpetuates the same behavior. You guys, shame is not useful.

Now, I appreciate we're all going to feel shame, and I think it's best to get through it and identify shame and say, okay, I feel badly about how I have managed my money. I'm telling myself I'm not smart, and telling myself it's a. It's something I should be embarrassed about. No, it's not. You're just learning.

But let's agree that that's part of your growth. Then if you're not happy with your relationship with money.

It'S affecting your business.

And I know that's a very simple statement, but I know it's true.

It's been true for me, and it's been true for every single one of my clients. As soon as you evolve and grow, the relationship you have with money through awareness and through, frankly, through coaching.

It changes your ability to have it and to make it and to keep it. Because now instead of like having a one night stand where you don't really know who they are, you don't really want to talk to them, your money becomes a partner, it becomes a relationship that you've had. When I was in business, when I first started in business for myself, you know, I was just whatever. I just wanted money. Like I just wanted to make money so I could really make it and not have to go back to a job. Job, right. And I remember there were a couple of comments that I heard along the way that were very powerful for me. So whenever I can, I share them with people and I might have even shared this on a previous podcast. But I'm going to give these two thoughts to you in the hopes that they kind of ignite the same good feeling for you. The first one was from a woman named Christine Cain who is a coach. She helps women. She's sort of a mentor for women in business. And she says that money needs a map. And I love that thought because we have to give our money arteries to us. So in order to do that right, you have to really think about those arteries, which is about business development and business building and product development, all the things. Is it easy for your money to get from point A to point B? And the second thought came from Brooke years ago and she said, my money always finds me.

The money that clients pay me to work with me is not their money, it's my money that found me. Because if I, for, for those of you who are really just getting started or are in business, one to one sales, right. You know that sometimes some of the hardest things to do, hardest thing to do for a lot of people is to get over that ask, right? To ask people to pay you money.

And that was certainly me. I knew when I first started I charged hardly any money and I wasn't making any as a result. But I had so much fear around asking for higher pricing in my coaching. And as soon as I changed the way that I thought about it and I realized, oh, okay, wait a minute, my money finds me. So when I ask you to register for my program, I'm not asking you for your money, I'm asking if that's my money that's going to find me. It was a game changer for me and it took all the fear out of the ask and then ultimately of generating it, which is so interesting. Right.

So your relationship with Money is incredibly important. We can't underestimate it. And I don't, and I don't want you to sweep it under the rug anymore. I don't want you to hide from it. If we, if we make a commitment in 2020, let's look at it. Because your relationship with money affects obviously yourself. It affects your family, it affects your lifestyle, it affects your business, it affects how you pay people.

In your company. It affects what you spend your money on.

You know I, when people I have, that I've worked with can't pay me, I'm always surprised. Especially when they're running multi million dollar businesses and they can't pay for a month of coaching.

That's just interesting to me. Right. So what are you doing with your money?

What do you think about your money? If your money was going to describe the relationship it has with you, what would it say? Would it feel loved and respected or would it feel ignored and used?

And I want you to giggle. This is not about feeling rotten. This is about okay, I'm a 40 year old woman, I'm a 36 year old woman, I'm a 29 year old woman, I'm a 57 year old woman wherever you are. And I am ready to re establish my relationship with money so that I can reestablish the success.

Viability in my business as well. So I hope I've given you a little couple things to think about. It's been my pleasure to spend time with you today. Have a great one.

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