Suzanne Chadwick 0:00
Hey, lovelies, welcome back to the podcast amazing to have you here. I am super excited for today's topic. I did an Instagram real this week, which was just talking about money habits, having good money habits. And I was sat at my desk this morning, doing some of those money habits that we're going to talk about today. And I thought, oh, I'll just record myself typing and you know, doing whatever, and then just talk about those, those habits. And I shared it and I had a few messages. And I had a comment. That was something that I really wanted to talk about today that I think a lot of people struggle with, when it comes to managing money getting out of your own head getting out of scarcity. And being a CEO, I feel like this is like the topic of the month right now, which is really stepping into the CEO mindset and out of the emotional I call it the emotional toddler, the emotional toddler mindset. And so that's what I want to talk about today. Now before we dive in, I want to let you know that you can come and join me in brand builders Academy. If you are somebody that wants to learn to manage your money, you want to learn how to build a brand, you want to learn how to manage your business and be the CEO, then brand builders Academy is the perfect place for you. Now that we've done our whole tech upgrade and everything, I am now on a mission to get more clients into VBA, who I know need help with building their business. Now the great thing about VBA brand builders Academy is that it's not just a course it is content in a course which you can obviously go to anytime we've done all of the audio as well so that you can go for walks and listen to it, you know, you don't be stuck in front of a computer. We also have monthly planning sessions. We have fortnightly live coaching, we have resources every month that can help you with specific productivity tasks too. And we also have co working sessions as well. So every month, you're not just buying a course where you can go and watch the content and learn. But you're getting not only the content that has helped clients, triple their profit, helped clients secure new clients on a regular basis, and really feel more confident to go after what they want. But you're also getting so much hands on support to really get through it and to make big shifts in your business. I am like so incredibly proud of BBA and the work that we do with our clients. And so now I'm like, right 2024 Here we come. Let's start working with more clients to help you build a business that can get profitable, that you're confident in and that does what you want it to do and get the support to be able to do that. Get out of your own way. Yeah, and let's get this done. So if you had to CS chadwick.com forward slash BBA, you can come and join us today and get on the next coaching call. But listen, let's talk money in this week's podcast. Let's dive in.

Okay, so I'm gonna break this down, you know, I love to break down the podcast in different different sections. So the first section is let's talk practical. And then we'll get into the mindset and everything else. But the first thing I want to say is, there are particular money habits in business that I think are really important to cultivate, to build to create, so that you are had that cumulative effect that where you're consistently building not only revenue in your business, but great money habits that help you build more revenue in your business. Like let's just put it that way what you know what you focus on expands what you focus on, you get better at what you focus on, you can start to build better strategies around it build better tactics around it show up and have better behavior around it as well. And so let's talk about the habits to start with now. If you've been around for a while you'll know that I do talk about profit first by Mike McCalla wits it is my kind of money Bible as far as how to manage your money in business. Now there are some tweaks that you would need depending on what sort of business you are if you're a product based business if you hold inventory, etc. But if you're a service based business, I think it works really, really well. So I'm quickly going to go over it. But there is so much content on Profit First, you can go and check Get out. So when it comes to profit, first you've got revenue that comes into one account. And then you build out a number of other accounts. So you build out your tax account your operating expenses account, you might have a business credit card, and then you've got your pay profit account as well. So you'll sort of have about five different bank accounts. So for example, today, I went into my bank account, I take a look at what's sitting in revenue that's accumulated over the last few weeks, which could be one on one clients paying me or BBA clients, or speaking gigs, or whatever it is, yeah, that's coming to that revenue accounts, or whether people are paying me through an invoice through web sales through coaching, speaking, it all goes into that one account. And so then I go, and I've got a little spreadsheet, where I go, pop that number in whatever's in my revenue account, and it automatically divides it into my other accounts. And so what that means is that my pay profit account is 50% of revenue, then I'm about 30 25%, on tax, and then operating expenses is about 20%, and 10%, for superannuation or pension depending on where in the world you are. And so that is something that I do kind of every fortnight I would say, as a regular thing. And then I can see how much I've got in each account. Now the reason why this works really well is number one, I have a set amount that I pay myself every month, I pay it on the 15th of every month, I've always paid it on the 15th of every month, since I started doing this, like many years ago, been in business for 10 years now, I've probably been paying myself on the 15th of every month, probably for at least the last five to six years. And so that is a sheduled payment that happens every month, automatically that comes out of my business bank account and goes into my personal account. And over the years, that amount has gone up, which is very nice. But it's just having that regular salary wage that you pay yourself. And one of the reasons why I think that's so important. And for a lot of clients who are just starting out, I'm like, even if you give yourself $50, even if you give yourself $500, whatever it is, like just start to pay yourself because what I'm trying to do is get my clients to have the habit of paying themselves. I recently coached somebody who has obviously been super successful. And she had about $90,000 sitting in the bank. Now I've talked about the term fat banker before, which is a term that I discovered, through coaching so many clients, where we hold on to money, we hold on to money, we don't deviate out, we don't pay ourselves, because it feels good to look at the money sitting in the account. And to me, that is just not where you want your business to be. That's not going to help you grow, it's not going to help you to really, you know, be paying yourself to be paying suppliers to have money to reinvest in the business, if you're holding on to it. I also think that you're creating stagnant energy in your business, when you hold on to money and you don't allocate it to something. And so every single fortnight I clear out my revenue account, like without fail, I clear it out. And I divvy it up. And so I have money sitting in those other accounts. And so when I then want to purchase something, I go into my operating expenses account, I take a look and I make a decision based on what my monthly expenses are for my VA and for all the tech in the business, because there's a lot of tech, but I also know what those monthly expenses are, do I have enough to purchase this then do I have enough money to either buy the course or work with the coach or buy the new equipment or etc. And also just having a bit extra in my operating expenses means that I've got fat in the business so that if something goes wrong, that is unexpected that I you know, that had no idea what's coming, then I've got some cash there to be able to manage that. And you know, it's not going to send me into a spin. So that is really thinking about how you're divvying that up, and making sure that you're creating the habit of paying yourself and just starting to get your money management habits in place. And so this morning, that's what I did. I went and I divvied it all up. I made sure that I paid myself that super and the pension and one of the things that I was saying this morning on my stories is that sometimes I do think I'm like, Ah, I could just give myself that amount of money that I would normally pay into super a pension, but I'm robbing my future self, which is the woman that's going to retire one day. And we know that it's like women end up with whatever 60 80% You know less than men do when it comes to their pension and superannuation because we take time off to her Have kids sometimes, uh, we, you know, whatever it is we're, we're out of the workforce for a certain period. And so we're not accumulating the same amount of superannuation that men do. And so I am always thinking about that, too, like, how am I setting my future self up for success? How am I setting my future self up so that, you know, she's got the money to go traveling and to live comfortably, and to go out for lunch with the girls and all the rest of it, without having to think about it. So I really feel like money management and starting to create strong money practices, is helping not only yourself now, but helping your future self as well, to really start to think about how am I learning to be great with money. And I shared my money story quite some time ago, I'll have it in the show notes that you can go check out. But you know, I wasn't great with money. When I, when I was younger, I got myself into a lot of credit card debt, I ended up paying off all of that debt. But there was a real moment where I just said to myself, from this moment on, I'm going to be better with money, I'm going to be good with money, I'm going to take all my credit cards, I'm gonna put them I'm going to transfer them onto a zero interest credit card, and then I am going to pay it off. And that's exactly what I did. And then I started saving from my salary, which I'd never really done very well. And I just was back in control. And really being in a mindset of, I may not have been good with money before. But moving forward, I'm now going to be great with money. And the same thing happened in my business where at the beginning, I wasn't great with money as far as business money management went. And then I was like, right, that's it, no more time to really get in control of what's going on in the business and make sure that I am being a CEO, being a boss and managing my money really, really well. And so I just really want to encourage you to have a think about, you know, where you are in that. Where are you when it comes to your thinking around money, how you're managing it, how you're taking responsibility and ownership for the money situation in the business. And I'm not just talking about managing money that's coming in, I'm talking about managing money that you're attracting into the business as well, like, what is your strategy around sales, because at the end of the day, you as the CEO are responsible for the revenue that comes into the business, you're responsible for figuring out how to generate the cash, how to attract the clients, how to put, you know, systems and processes in place to get that cash in so that you can run a business. And there's just like so much around mindset when it comes to this. And you know, feeling scarcity, feeling salesy, all of these sorts of things that we're going to talk about in just a minute, too. But let's just stick with practices for now. So managing the bank account, on a regular basis, getting everything out of revenue, and getting it into your accounts and being able to see exactly what's going on managing my Xero account, making sure that it reconciles. I've got accountants that every quarter do my best they do my end of financial year, I can email them when I've got any questions as well. So just having that support there, I think is really important. And then also things like on a monthly basis, I run my profit and loss. Whether I like what I see or not, is a different story. And so one of my gorgeous community, you know, made a comment and just like, because I'm not making as much money as other people, like, I don't want to look at the money because it's not where I want it to be. And I feel like that is not really going to help you to reach your goals. Like having though that thinking having those thoughts of I'm not making as much as somebody else. So it's almost like what's the point, but the thing is, is that I know that she's probably making a lot more than other people who wish that they were maybe at her revenue level. And that's always going to be the case, we're always going to have people that are behind us, as far as you know, the revenue generation level, maybe they've not been in business for as long. Maybe they've got a different model than ours, whatever that might be. And you've got other people who, you know, are talking about making $100,000 a month, a million dollars a month, all the rest of it. I have no thoughts about that.

My, my new mantra, I have no thoughts about that. Do I look at it and go it's possible. That's the thought I want to have. The thought I want to have from people who are doing better than me who are earning more than me is isn't it amazing that that's possible. That is the only thought I'm not going to be like oh, why am I not there? Why am I not earning that way? Why is that money not coming into my account? Yeah, because that is what a emotional toddler would be. Like, and I'm not an emotional taller toddler, I am a CEO. I am a CEO of a business who when revenue is not where I want it to be, needs to figure out and think strategically about what we're going to do. We being me, myself and I, what we're going to do to actually get that revenue up. And so I want you to really think about where do you sit in all of this? What are your weekly daily monthly money management habits? How are you seeing what's happening in the business so that you can make informed decisions and strategic decisions about where you invest your money, what you buy, what you've got available to you, what you're paying yourself, etc. And really, like take control, I think that is one of the main messages for today is about making the decision drawing a line in the sound, not burying your head in the sand. But drawing a line in the sand and saying, from this point on, I'm going to manage this. And so the client who came to me and had $90,000 in the bank, and hadn't been paying herself, I was just like, right, we need to now allocate this. So you can give yourself a big bonus for Christmas, because it was just before Christmas time, give yourself a big bonus for Christmas. And then take a look at how much you want to be paying yourself every month and just start paying yourself if that's what you want to do, you can either take out a lump sum from the months that you haven't paid yourself, or you can choose to now take that money and start staggering it for every single month. So that you know that for the next six or 12 months, you're now paying yourself or however you want to manage that making sure and she also paid tax already, too. So so he wasn't even taking taxes out of that. So I think it is really important to create those money habits and not be a fat banker who's always looking at what's sitting there. Now, let's talk about money mindset. Because there are a couple of things that I do that, I think is really helpful. So the first one is having no thoughts about people who are earning more than me, it's just the only thought I have is it's possible. And like maybe I can do that too, which is exciting. Yeah, I'm not looking at my competitors, I'm not looking at others around me, who I'm comparing myself to. I'm just looking to learn and be inspired and get new ideas so that I can come up with my own way of doing things. Because I think that, you know, we all have our own way of running a business, building our products and services working with our clients. And so if you're comparing yourself to somebody else, and I'll give you an example, if you're comparing yourself to somebody else who's making a lot more money than you, maybe they don't have kids, they're 25 years old, they are traveling around, they are working all the hours they're posting five times a day on socials, you've just got to ask yourself, Okay, I could potentially get that success. But am I willing to do that? And even Am I at the same stage of life as them? There's so many different factors that determine, like what you're able to do when you're able to do it, how you want to do it, like how much time do you want to be working, because I know that a lot of my clients, were really focused on having a healthy income, building a great brand that attracts good clients to you, but not working all the time, working a good number of hours if you need to, but not working all the time. If I need to take time off. Yesterday, I took the day off because my son had a sheduled minor operation. And so I was able to do that. And so I think just really thinking about what is the life that I want to build? And what are the habits that I need in order to create the revenue in the business that's going to fuel that life. So I want you to really think about that. So not being in comparison is one thing to really manage your mind about. The second thing is making sure that you're telling yourself from a money mindset perspective that it is possible for you to earn the money that you want. It may not happen today. It may not happen tomorrow. But you can figure it out, and you can make it happen. I can I tell you, I feel like I'm nowhere near where I thought I would be now. But am I earning? Like a good amount of money that supports my life? Yeah. And so I think sometimes we have these big visions and goals for ourselves, which I think is really important and amazing. But I also think that our we're using our goals to beat ourselves over the head and constantly tell ourselves that we're not where we're supposed to be. Or are we using our goals to consistently inspire us to achieve what we haven't achieved yet? Or achieve where wherever it is that we want to go? And so really think about what you were using your goals for the inspiration, or for demoralization. Ever think about that. The other thing that comes up for me when we talk about money mindset is, and I shared this in a real as well, where I was like whether $20 $200 $2,000 or $20,000, comes in as payment notification. I'm grateful for it. So sometimes stripe will say, you know, $97 is coming through, which is like from my membership, and I kid you not, I do this every single time, every single time I see a payment notification, I say, so grateful for that $97 I'm so grateful for that $2,000 I'm so grateful for that $200 Like, I actually say it to myself. Why? Because I get to choose my thoughts about it, instead of looking at it and going, Ah, is that all. And sometimes that happens, but nine times out of 10 because it's a habit and a practice now. And I am managing my money mindset. I am so grateful for that coming in. And it's like a fleeting thing, I don't spend a lot of time on it. It's like a second. Like, as soon as I say the notification, my first thought is, I'm so grateful for that. Yay. Bobby, like, you know, I'm getting paid today. And that's amazing, which is fantastic. And I think that when we aren't grateful for the small things, it's really hard to be grateful for the bigger things. Because then you're constantly in a scarcity mindset of it's never enough. Like, it's not enough. That's not enough, I wanted more, I had a bigger goal, I didn't reach the goal. And I really want you to think about what you're saying to yourself about your goals and about the money that's coming in. And whether you're being grateful for it. Because the other thing that I do believe in is the energy around it, if money comes in, and I'm constantly ungrateful for it, is the energy that I'm putting into that money coming in negative or positive. And if it's constantly negative, then I think, or money is not going to want to come to me because I'm never grateful or happy to see it. Because it's never enough, you're never enough.

And I know that might sound really Woo. But it is it's something that I think about. And I just think if I'm not being grateful and positive about it, then it's going to stop coming. And so I just got to be grateful for it. Yeah, and be happy about it. And so really start to audit all the different elements, you know, am I managing my money? Well, what are the thoughts that I'm having around it? Well, it's not enough. So I don't want to look at it, I'm gonna stick my head in the sand. My thoughts around having money in the bank, or like, there's so much money sitting in my account. Now, I don't want to divvy it up? Because then what happens if like, no more money comes in. So we're in a scarcity mindset. And so we don't we create stagnant energy, and we don't let it go. You know, the other thought is money flows freely in and out of my business. Like it flows freely to the people who I work with to the technology that supports my company, to me and my bank account. And it flows into my business, from my clients, and from my speaking gigs and from the things that I do. And so I'm creating this positive, energetic flow around money in my business, and I'm constantly thinking of how can I think more positively about it? How can I talk more positively about it? How can I create more positive energy around the money that I'm creating, and be really excited to sell what I have? Because that's the other part about money is that if you are and I feel like I've said this so many times, but if you're somebody who's like I don't want to be salesy, and I don't want to be pushy, and I constantly say to my clients, if you are not a salesy and pushy person, why would you ever come across like that, be excited, like, I'm excited for you to join brandbuilders Academy, if that's the way you're at in business, and you need support, I'm excited to sell and share amplify mastermind. If you're wanting to build a personal brand, and build your coaching and consulting and service based business, like I'm excited to connect with people and say, I can come and speak to your, your group, you know, your community at your event, whatever it is why? Because I'm excited to do that. And money is just an energetic exchange for the services that you're putting out there. The thing is, is that when you sell something, let's just put this into context. When you sell something, you are servicing, you are offering a solution to somebody who needs help. And so if somebody is sitting there going, I really need help. Are you going to be like, Well, I don't want to tell them about my thing, because that makes me feel like salesy or slimy if I sell them my thing, which to me, just makes no sense. I think we've just got to have a huge overhaul around our sales mindset, because I am just like so Excited to always tell somebody, if I know that they've got the problem, just like come and join me here, we've got so much support, you'll get so much out of it, you will see like huge leaps and bounds in your business, when you do this really well. And you commit to the process and you get in and you get the support you need. Like, it's gonna be amazing. And so you've got to find that level of excitement when it comes to what you sell what you talk about how you build in your audience to, because it all filters into the money that you earn, the money that you manage, and the money that you pay yourself and create. And so really think about, what is your money energy? Is it a positive? Or is it a negative? are you grateful? All right? Or are you ungrateful and in scarcity? Are you putting your head in the sand? Or are you drawing a line in the sand and saying, from now on, I am going to be a total CEO and boss with money, because what is the CEO do a CEO, especially if, like you're a solo CEO, a CEO manages things, they make the hard calls, they do the work that's required, they don't make emotional decisions, they look at what's going on. And they make strategic decisions about the business where it needs to go, what it needs to do, and how to spend the money in the business. And when you don't pay yourself, you are not rewarding yourself and you will potentially burn out you will become very jaded, and feel very disgruntled with your business. Because you're like, well, what's the point of doing this when I'm not getting paid for it? It's I really want you to have a positive relationship with money and have positive habits that help you to grow your business and your brand, so that you've got longevity with what you're doing. Yeah, it's just like, I'm so passionate about this, I talk about money a lot with my clients. And even recently, I had a client where she was going to do a course and do a lower price product. And when we talked about it, she's like, I really want to earn a lot more. And I'm like, awesome, like, it's not a dirty word. It's not something that's negative. I'm like, let's do it. She's highly skilled. She's in a particular industry where like coaching and consulting, like, let's take a look at what that would look like. She's already got inquiries. So you get to choose as well like what level you want to play out how you want to earn money, how you want to price what you've got. And so really seeing our own value and what we're capable of doing, and will being willing to take that leap and trust ourselves in the process to say, I can earn the money that I want, I think is just like where I want all of my clients to be and I want you to be as well. And so really think about what you want to do to be able to get there. And if you need help, you know where to find me. But listen, I hope that this conversation today on the podcast has been helpful for you. If you've got any questions, just let me know. But otherwise, I will see you next week.