Michelle Jacobik and Nick Hutchison discuss money fears for business owners. Jacobik warns against going all-in without a financial safety net and urges entrepreneurs to pay themselves first, since many work extreme hours while underpaying themselves compared to what they'd demand as employees.
Chapters
And one of my biggest takeaways from this book is the importance of knowing your numbers, because I think sometimes a lot of us, we sit back and we're like, I'm in this terrible position and it's very overwhelming to think about how to tackle it. But how do you eat an elephant? One bite at a time. And you start by knowing your numbers. Once you know your numbers, then you can have an abundance mindset and know exactly how much money you need to earn in order to live that lifestyle that you want to design.
Yeah, this book is completely about shifting how people look at the money. And I think the one thing that I would say, right, is we've got to be paying ourselves first. Entrepreneurs, are willing to work 80 hours a week to avoid working 40 for somebody else. But the truth is that they're not even paying themselves what they would require if I interviewed them and asked them to come and work for me. And that's fine in the beginning if you have another means of supplementing and investing in your business. But the truth is that many people are like, I can't have a plan B, so I'll go all in on plan A. But they don't have the financial wherewithal to actually go all in on plan A.