With Keina Newell
Money, mindset, and mimosas. Well, I will be the first to admit that I only reeeally like talking about two of these things. Haha.
When I started my photography business, I dreaded and avoided money conversations like the plague. Clients would ask me what my rates were and I’d change the subject by asking a question: “What’s your budget?”
But, just because we don’t like talking about something certainly doesn’t make it any less essential to our success. If you’re like me, the word money makes you want to drive your head deep into a sandbox until the discussion ends. I’m not really sure how I became so weird about money talk, but entrepreneurship has definitely pushed me out of my comfort zone there.
And for today’s guest, Keina Newell, she hears it from her clients allll the time. The truth is, so many of us avoid talking about it and addressing it head on. And as a result, we are sacrificing our success, our ability to set goals, our ability to confidently make business decisions and our ability to grow. It’s a pretty big trade off that is definitely not worth taking if you ask me.
So, let’s get comfy getting uncomfy so that we can talk about the tough stuff here today. Because, as William J Brenner Jr once said, We must meet the challenge rather than wish it were not before us. So, if numbers, finances and money make you skittish, lean in. If numbers, finances, and money are one of your favourite topics, well you’re gonna like this episode. No matter who you are, at the end of this episode, you will be one giant step closer to getting your money house in order. You ready for that? Let’s do it.
In this episode, Keina talks about:
- How she found herself in the position of being the amazing finances spokeswoman that she is today. 2:53
- What we don’t learn in school about money management. 4:38
- The dangerous trap that is student loans and debt. 6:00
- Understanding your debt threshold. 9:12
- Things you can do if you are feeling anxious about your financial situation. 11:06
- Looking a head, dealing with uncertainty in 2021. 12:33
- Getting a head in your finances when you have a good grasp of your cashflow. 14:54
- Money Dates! Spending some quality time with your finances. 18:37
- Being both and employer and employee in your business. 19:33
- Understanding how much to pay yourself. 20:47
- Setting money aside to invest back into your business. 22:23
- Tips for how to make the most of an uncertain year. 23:42
My number one go to is to create a spending plan for your business. It is going to guide you in what you need to do in terms of your revenue, how much you can afford to pay yourself, getting you set up to pay taxes, and also invest in your business. I always say that, $1 is not $1 when you’re in business for yourself, so you have to be able to look at those numbers with a different set of eyes because money is different when it flows to you as a business owner.
Talking about money isn’t easy, I get it. It’s something I struggled with and continue to work on in my own business, for sure. I’d love to tell you that you can build a thriving business by avoiding these conversations. But I would be doing you a disservice because these discussions are not only really important, but quite frankly unavoidable. I am so grateful that Keina joined us today for some enlightenment and some solid strategies for embracing the money of things in business.
For more information about today’s episode, including how to get in touch with Keina, please visit the show notes at kellylawson.ca/048. And until next week workshop warriors, keep those money audits and money conversations flowing.
Bye for now.
Connect with Keina
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Click here for the transcribed version of this podcast.