Photo by Austin Distel on Unsplash

How do I manage my money more effectively?

How do I actually pay myself consistently?

In this episode of the FastTrack Your Fashion Brand Podcast, I sat down with Belinda Rosenblum, a CPA and Money Strategist, founder of Own Your Own Money and creator of the signature Cash Flow CEO program to help women entrepreneurs work less and profit more. Belinda has worked with me for the past couple of years and has always been an inspiration for how I manage and make money in my own business! I’m so thankful that I got the opportunity to sit down with her and do a deep dive into her business and the strategy that is involved in making money and not blocking money from your business. 

As our country is still in crisis mode, this episode is so timely because as business owners we need to understand where our money is coming from and how to keep our cashflow healthy despite the ever changing economy.

Belinda is an incredible CEO and her program Cash Flow CEO will change your life! I know you guys are going to see immediate benefits from her wisdom and strategy...

IN THIS EPISODE, YOU WILL HEAR ABOUT

• Figuring out your relationship with money
• Are you valuing yourself in your business?
• Money stories and how they affect our money management 
• Resources for managing your money in your business with Cash Flow CEO

What is Your Relationship With Money?

Go ahead, take out your wallet and check out what’s going on in there….

Do you carry cash? Are your bills crumpled at the bottom of your bag? Do you carry only credit cards? 

Our relationship with money says a lot about how we manage our business and what our bank accounts actually look like. It’s a journey for most people and we aren’t always trained to have the best relationship with money. I know, for me, I’m not always perfect in how I manage my business accounts. In fact, I sometimes avoid the entire management process! Belinda has helped me learn over the years  the difference between revenue and profit. She advises having a separate business account, even a couple could help you organize your money so you know exactly what’s coming in and what's going out.

This can also help you during tax season with realizing what deductions you can take and how much tax will be applied to your business. Taxes can really weigh me down if I don’t have a plan for tax season. It’s always a bit harsh at first but once you start putting money away, then you can feel rested knowing that you have a plan! 

Profit planning is an easy way to rest in the knowledge that you are making money and you also know where the money you’re spending is going. Belinda developed a FREE dashboard that can help you keep to your profit planning and you can use to follow along with us during the podcast! It’s called the Cash Flow CEO Dashboard... Pause the episode here and go download it so you can be as prepared as possible and know that you are already profit planning for your business...

Click the image below to access your Cash Flow CEO Dashboard!

Are You Paying Yourself What You’re Worth?

So how do I make enough to start paying myself?

Good question! Although the real question we should be asking ourselves as Belinda points out, is "How much do I want to pay myself?"

Our businesses are our passions, we will put every ounce of sweat and tears and overnight hours to make it work, but we need to remember that our time and energy is worth something. The last thing you want in your business is to become the overly tired and resentful employee that doesn’t feel appreciated. YOU ARE WORTH IT! Just because your profit isn’t where you want it to be yet, doesn’t mean you can’t pay yourself. Belinda is a huge advocate for me and my business and part of that advocacy means helping me understand the value I bring to my business. I mean without me it wouldn’t exist, right?

So how much can you afford to pay yourself? Well it takes a bit of reverse math so you might need to re-listen to this section a couple times and double check your math in order to find the right salary intake for yourself. Belinda’s Revenue Guide will also help lead you through the process as we talk about it together. Trust me, you guys will feel so rejuvenated and ready to change the world once you start valuing yourself in your business process.

Is Your Money Story Making You Lose Money?

I think a lot of us don’t realize how many fears we have surrounding money, I know for me I had a giant RED ALERT sign go off in my brain every time I went to open QuickBooks to try to invoice my clients... This was because my money story was full of instances where I had to fight for my money from clients who had already sold my product but were delaying my payment. This created a mental block in my brain because instead of getting excited to invoice my new clients and receive the money I earned, I actually was self-sabotaging because I was scared to take on new clients fearing that they would eventually not be willing to pay me…

The reality is that this isn’t true, invoicing isn't always as hard as those handful of clients were. But it becomes true in my mind and I end up attracting the same kind of clients because I make myself powerless in the process.

So how can this be fixed? Belinda wrote a book on money stories called, Self Worth to Net Worth, which is an incredible resource that helped me recognize that I can overcome my victim mentality in my money management. Part of that is also acknowledging our limiting beliefs and putting in the work to stop perpetuating the narrative and recognizing that we are powerful in our business.

EPISODE BREAKDOWN

01:02 - 07:00 - Introducing Belinda Rosenblum

07:02 - 14:52 - What Is Your Relationship With Money?

14:55 - 16:45 - Becoming a Cash Flow CEO 

16:50 - 26:38 - Are You Paying Yourself What You’re Worth?

26:40 - 43:05 - Are You Blocking Money From Your Business?

40:40 - 43:05 - Opportunities to Work With Belinda

43:10 - 48:13 - Recap!

CONNECT WITH ME

INSTAGRAM: @nicole_di_rocco

FACEBOOK: www.facebook.com/nicoledirocco

PODCAST FB GROUP: www.facebook.com/groups/fasttrackyourfashionbrandpodcast

WEBSITE: www.fashionbizmentor.com

SUBMIT YOUR FASHION BIZ QUESTIONS: www.fashionbizmentor.com/breakthrough-coaching

SEE MY DESIGNS: www.mynicolita.com

THE SOLD OUT CHECKLIST FREE DOWNLOAD: https://bit.ly/FASHIONCHECKLIST

CONNECT WITH GUEST

INSTAGRAM: @ownyourmoney

FACEBOOK: https://www.facebook.com/ownyourmoney/

WEBSITE: https://www.ownyourownmoney.com/

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