The 5 best money decisions you can make

* Transcript created by AI – may contain errors or omissions from original podcast audio

Money isn’t everything, but money can buy you choices. And ultimately that is why I am so passionate about teaching businesses how to build a profit led business. In today’s episode of the podcast, I wanna talk to you about the five best money decisions you can make as a business owner.

I wanted to record this episode because a lot of business owners forget that money is important. No, it’s not the most important thing, but ultimately, the reason you started a business. Is because you wanted to do something. You wanted to build something, you wanted to create more freedom. And more money helps you to do that.

It helps you to achieve those goals. And so today I wanna talk to you about some money decisions that you can make to really set yourself up for building the life that you dream of. So the first money decision that you can make is to invest abundantly in some areas and be frugal in others. Now, this is something I think you can take into both your life and your business.

When you think about building the life of your dreams, being completely frugal is going to defeat the whole purpose of doing that. If you think I’m just gonna work my butt off all the time, I’m not gonna spend a cent on anything. Not only are you going to burn yourself out, but you are also going to actually stifle or cripple your growth in the process.

So I really believe that you need to invest abundantly in some areas. And one particular area that I believe every business owner absolutely should have is financial literacy. It absolutely blows my mind how many business owners don’t have a strong handle on their numbers.

Learning how to read your financial reports. This is one of the most important skills you need, and I would extend this beyond business as well. Understanding about investments, understanding how to optimise your money, understanding how to find the right balance between saving and investing. I love to read personal finance books.

I love to invest in personal finance as well, and I really think that this is an area I strongly recommend that you learn more about. I wanna give you an example that’s, that’s popped up just this week. One of my clients has shared with me her numbers from this year versus from last year, and she actually hit exactly the same revenue amount for September this year, then she hit last year.

So on the face of it, it’s not a great new story, however, her profit has astronomically gone up. So even though on the face of it, it looks like she’s making the same money, she actually has a ton more money to spend because she understands the numbers now. Some other areas that, you know, I love to invest in, I love to invest in anything to do with personal development, books, courses, coaches.

I really believe that your biggest asset, is your brain, is you. And the more you can learn, the more you can earn. Some other areas that I really believe in investing in as a business owner is marketing. Oh my gosh, I wish I’d spent more money on marketing. You know, over time it gets harder to get the ROI that you want.

I think back when I first got started, you know, Facebook ads were so incredibly cheap. And now you know, it’s a really competitive market. Invest in how your brand looks, invest in who you are attracting to your brand.

So look, there’s a ton of different areas that you, you know, can spend money in. I want you to really be conscious and intentional about the areas in which you invest in. Work out what your values are, work out what’s important for you.

They might be different to what’s important for me, and then work out what areas you can cut back in. So let me share some of my particular pet peeves. I hate spending money on bank fees. I hate spending money on interest just because I forgot to pay something on time. If you’ve ever been stung with interest on your credit card or a late payment fee, particularly if you’ve got the money put aside, you’ll know what I mean.

It just feels yucky. It feels like such a waste of money. Outside of business, you know, eating and drinking out. I mean, again, I, I finding the balance here because I do, I love my food. I love going out and having beautiful, abundant meals. But if I look back on my life now that I’m in my midlife, I think what a ton of money I have wasted on nights out and eating food out that I wasn’t even appreciating at the time.

So again, think about your value, set what’s important to you, and then invest abundantly in the things that are important, both in your business and in your personal life. And then think of ways that you can cut back in others. Like I said, when it comes to business, I really run a very lean expense, a set of expenses.

And then sometimes I’ll abundantly invest in a mentor or a program to teach me more or for support in my business. So it really is about finding that balance that’s right for you and being very intentional about it, because time is money. Like literally it’s money. And I’ve seen it far too many business owners.

Profit and loss statements to know that you can be earning a lot of money and not really retaining a lot of it. So really get intentional about what’s important to you and where you can cut back. Alright, the next best money decision you can make. Set up systems for your money. A lot of people get overwhelmed when they think about business, finances, managing their money.

Try and make it as easy as possible. Set up automatic transfers where money gets transferred across like a wage for yourself or a director’s loan or however you’re paying yourself. Set that up as an automatic transfer. Set up automatic transfers to put your tax aside, make data led decisions. Be looking at what your numbers are telling you and make your decisions around that.

Keep a close eye on your money, analyse it and schedule in those money meetings. If you are new to the podcast, I talk about money meetings all the time and money meetings, A dedicated time to focus on your money, to sit down and really say, Hey, money’s important to me, and really carve out the time to look at your money.

Side note, if you do wanna grab my money meeting template, it’s only $9.00. So you can go and grab my template, my exact template in the show notes for today’s episode. If you aren’t sure what to cover in a money meeting. The next great money decision that you can make is to adopt a wealthy mindset.

So much of the way that you think about money, will shape how you behave around it. We aren’t intentionally, you know, blowing money. We aren’t intentionally being real tight asses with our money. These limiting beliefs, these fears, these stories have come from somewhere. And so really start to learn what are my habits around money?

What are the patterns? Maybe you notice that whenever money comes in, you seem to spunk it straight away. To start to really understand like, why am I like this? And then go, how can I start to think differently? How can I start to think like a rich person? How can I start to behave and think like a million dollar business owner?

Start to think like a million dollar business owner, what decisions would you be making if you are already at that next level? And how can you start to adopt that wealthy mindset?

Now, here’s something I’ve seen again and again. The decisions, the mindset, it comes before the outcomes. Because your thoughts create your actions and your actions create your outcomes. And having this in mind, that one of the best money decisions I believe that you can make is to adopt a wealthy mindset.

The next thing you need to do is surround yourself with the right people. First and foremost, if you are listening to this and you are single, your life partner has a massive impact on your finances. The person you choose to spend your life with, share your money with, share your world with, they will have a huge impact on your financial future.

And similarly, the people that you are choosing to spend your time with. Are you hanging out with people who are of that next level of, of business, of wealth? Do you have millionaires and multi-millionaires in your world? Are you surrounded by successful business owners who are at that next level?

Because the science has shown that who you spend your time with rubs off on you. I love to be around people who stretch me, who make me feel uncomfortable, but not in like the, I don’t feel comfortable around them, just like that I get stretched, expanded by them. I know for me, I wanna be healthier, kinder, calmer, wealthier, and more successful.

I wanna have more connection and love and be making more impact in the world. And so I really wanna surround myself with people that are like that. People who are doing bigger things, who do make me think, oh gosh, maybe I need to step into my next level. If you don’t have those kind of people around you by osmosis, do it through intention.

You know, join a mastermind, go to events, get in the room with the right kind of people. It will change your life. It’s one of the best money decisions you can make. And the final money decision I wanna share with you today, I believe this is one of the most important things that you can do, is to start ASAP. Don’t think I’ll start next year. I’ll start in two years time. Start now. When I think back on all the good money decisions I’ve made in my life, I just wish I’d started all of them sooner. I wish I’d started my business sooner. I wish I’d been buying properties sooner and shares and putting aside savings.

I wish I’d launched my scalable offerings sooner. If you’re listening to this episode, let this be their nudge to start now. The number of times I chat to people like, I really wanna work with you. I’m gonna join next year. And I’m like, why wait? If you are ready, if you’ve got the money, if you’ve got the desire, jump on in.

Now is the best time to take that next step forward. And if you’ve been nodding along today and thinking, yes, I know I’m ready to make smarter money decisions. But I need the right support system around me. That’s exactly why I created the Profit Collective. It’s not just a mastermind, it’s a shortcut to scaling your business to the seven figure mark with profit, not burnout, at the center.

Inside, you’ll be surrounded by ambitious service-based business owners who are just like you. Driven, already successful, but hungry for that next level. Inside the collective, we are going deep. This isn’t just about like looking at financial reports. We go deep on strategy, leadership, profit systems, mindset, and building wealth, both in and out of the business.

It’s about those priceless connections that money can’t buy. We’ve also got my epic retreats and you know you’ve got your accountability buddy, so that you get held accountable to those bit bold moves that perhaps you’ve been putting off.

If you’re earning a minimum of six to multi six figures a year in your business and you’re ready to stop winging it with money and actually step into the CEO, I’d love to invite you to check out the Profit Collective, the links in the show notes for today’s episode.

So just to recap from today the five best money decisions that you can make. Number one, invest abundantly in some areas and be frugal in others. Number two, set up systems for your money. Number three. Adopt a wealthy mindset. Number four, surround yourself with the right people. And number five, fricking start ASAP. Now is the time to do it. Don’t delay. Alright, I hope you’ve enjoyed today’s episode of the podcast, but more importantly than enjoying it, I hope this inspires you to go and take action, to start to do things differently.

I always love to hear from you. Send me an DM on Instagram. If you’ve enjoyed this episode of the podcast, I’m @clare_wood_coach. I hope you have a beautiful week, and I will be back in your ears again next week. Adios.

* Transcript created by AI – may contain errors or omissions from original podcast audio.