It will test your talents, your mental toughness, and your ability to adapt. And those tests—if you pass them—can spark extraordinary growth.
Here are four ways entrepreneurship will change you.
You’ll develop self reliance. Entrepreneurs need to learn to solve their own problems, or fail. They don’t have a team to handle the daily grind of running a business.
Instead, new entrepreneurs handle everything from product development to accounting. It’s a stressful and high stakes juggling game.
But it can teach you a critical lesson: You’re far more resourceful than you thought. You’ll learn to stop waiting for help and start looking for solutions.
You’ll discover loyal friends. One of the downsides of entrepreneurship is that it may expose toxic people in your circle. They’re the ones who might…
As you and your business grow, you may need to limit your interactions with them. They might be too draining on your emotional resources to justify long-term relationships.
Rather, your circle should reflect values like positivity, encouragement, and inspiration. Those new friends will support you through the highs and lows of entrepreneurship.
You’ll learn how to manage stress. Late nights, hard deadlines, and high stakes are the realities for entrepreneurs.
To cope, you must build a toolkit of skills that can carry you through the hardest times. Otherwise, you may crack under the pressure and lose any progress you’ve made.
It comes down to one key question: Why do you want to be an entrepreneur?
Are you driven by insecurity? Or by vision?
If you’re trying to prove a point to yourself or others with your business, you may fall apart at the first hint of failure.
If you’re driven by vision, you’ll see failure as part of the process.
Examine your motivations. Over time, you’ll grow more aware of your insecurities. Talk about them with your friends, families, and mentors. As you bring them into the light, you may find they have less and less power.
Entrepreneurship can spark an explosion of professional personal growth. You’ll grow up. You may start with an employee mindset, but you’ll mature into a leader. That’s how entrepreneurship will change you.
P.S. If this seems daunting, start with a side hustle. It can ease you into the role of entrepreneurship without throwing you into the deep end too soon!
Excited? Afraid? Disappointed? Nothing?
Those feelings can reveal deeper truths about your relationship with money. And that relationship can influence your financial future.
That’s because, despite what people say, money is often wrapped up in feelings about…
That’s why people’s behavior with money is often not well-reasoned. Instead of making measured decisions based on the numbers, people find themselves on autopilot. In other words, they react instead of respond.
Let’s look at some examples…
Let’s say your relationship with money is primarily fear based. Maybe you saw your parents struggle with their finances, and you constantly worry about reliving their experience.
The autopilot response? Frugality and risk-aversion, even if you earn a comfortable wage.
There’s nothing wrong with either of those qualities in moderation. But taken too far, they may seriously damage your personal relationships and prevent you from taking advantage of financial opportunities.
Plus, the constant stress and fear of losing everything might impact your mental and physical health if not properly managed.
There’s also the opposite extreme. What if you use wealth to establish your social status?
You’ll be far more likely to buy things you don’t need to show off to your peers. You may even begin compulsively shopping to cope with stress.
In other words, you may be using money in unhealthy and damaging ways. And the stress and guilt that come from such behavior can seriously harm relationships and your ability to accomplish your goals.
So what’s the solution? What should your feelings toward wealth be?
The starting point must be that money is primarily a tool. It doesn’t define you. It isn’t evil. It’s simply a tool that empowers you to pursue things that you love.
Simply put, money isn’t an end unto itself. It’s a means to an end.
The question is, then what do you love? What do you want to do and see and pursue? And what role will money play in achieving those goals?
Once you reorder your relationship with wealth along those lines, a whole world of possibility may open up like…
But it all starts with understanding your current feelings towards money, and then deciding on what you want your future to look like.
If you need someone to process those feelings with, contact me! I’m here to offer you guidance and support on your journey towards financial stability.
One study revealed that 85% of self-made millionaires read 2 or more books per month.¹ That’s not a coincidence. Many of us have been told that reading improves our vocabulary and grammar skills, but there’s so much more to it than that! Reading can help develop traits that can provide an excellent foundation for a prosperous life and building wealth.
1. Reading expands your perspective. Think of it like a hack that grants you access to the wisdom of others. Instead of only drawing from your own experiences and resources, reading is an opportunity to discover fresh and challenging ideas. And the more connections you make between the ideas you read about, the more creative—and valuable—you become.
2. Reading can counteract negative emotions. Reading is good for your brain—it can reduce stress levels and prevent age-related cognitive decline.² But it goes deeper than that. It turns out that making new connections is good for your mental health. There’s evidence that reading can help combat struggles like depression.³
Why? It’s because reading can help people process difficult situations. Reading about other characters and different perspectives can help forge new mindsets and beliefs. And the more you process through difficulties, the better equipped you become to build a prosperous life.
3. Reading builds empathy. It’s no surprise that discovering other perspectives or exploring the inner lives of characters builds empathy.3 What might be surprising, however, are empathy’s benefits.
Not only does empathy lead to a richer emotional life, but it’s been shown to be critical for creating healthy—and productive—workplaces.⁴ Understanding the emotions and feelings of others makes you a more effective leader, coworker, and person.
Notice that none of these skills are directly financial—you won’t learn them in a finance or accounting course, and probably no one would pay you to read a book per month. But, as you can see, they can be critical for expanding your perspective and growing your career.
If you’re interested in reading more, start small and easy. Try reading for 15 to 30 minutes per day for a week on a topic that interests or excites you. Then slowly expand your reading time as you feel comfortable. At the end of the month, see how you feel! You might be surprised by how much your perspective has grown or shifted.
¹ “5 Common Traits of A Self-Made Millionaire,” Caden Strause, Medium, Oct 26, 2020, https://medium.com/frugal-friday/5-common-traits-of-a-self-made-millionaire-f6cf65c13c6c
² “5 ways reading benefits your health — and how to make reading a daily habit,” Lia Tabackman, Insider, Dec 1, 2020, https://www.insider.com/benefits-of-reading
³ “The Health Benefits of Books You Have to Read to Believe,” Madison Yauger, Shape, Oct 27, 2020, https://www.shape.com/lifestyle/mind-and-body/benefits-of-reading-books
⁴ “New Research Shows Why Business Leaders Struggle With Workplace Empathy,” Bryan Robinson, Forbes, May 17, 2021, https://www.forbes.com/sites/bryanrobinson/2021/05/17/new-research-shows-why-business-leaders-struggle-with-workplace-empathy/?sh=749a6d8684ad
It represents the time and effort you spend working to master a particular field and may span multiple individual jobs.
But, as with any journey, you’ll face hazards and setbacks along the way. Here are two potentially harmful mindsets that can become roadblocks to your professional success,
Career-identity confusion. Careers are important. Excellence is important. They provide metrics to evaluate your success. But neither defines your worth as a person. It doesn’t make you a failure if a career doesn’t work out like you had imagined it would. Likewise, scoring a huge sale or landing a promotion doesn’t increase your fundamental value.
Finding your meaning and purpose gives you the resilience to withstand temporary setbacks and keep pushing forward.
Perfectionism. Perfectionism is linked with numerous mental health issues.¹ It’s no wonder why. Demanding perfection from yourself and others is a surefire way to be consistently disappointed. And when you don’t meet your own self-imposed standards, it can feel absolutely devastating and paralyzing.
Instead of pushing yourself to the breaking point and berating yourself over failures, take a moment to own up to your mistakes and then forgive yourself. Don’t let life’s hiccups define you and your life. In fact, they can be vital opportunities to learn and expand your perspective. But that wisdom is only accessible once you release the drive to be perfect.
The key to navigating a career is perspective. Perspective allows you to see what matters and what’s insignificant. Examine your motives. Why are you pursuing your career? Is it because you’re passionate about it? Because it provides for your family? Because it can make you lots of money? Once you set your eye on your higher goals and calling, it becomes much easier to avoid toxic mindsets that may threaten your career and success.
¹ “The Dangers of Perfectionism,” Andrea Brandt, Psychology Today, Apr 01, 2019, https://www.psychologytoday.com/us/blog/mindful-anger/201904/the-dangers-perfectionism
There’s something liberating about closing one chapter of your life and beginning a new one. You realize that this year doesn’t have to be like last year, and that there are countless possibilities for growth.
Now is the perfect time to write a new financial chapter of your life.
In the mindset of new beginnings, the first thing is to forgive yourself for the mistakes of the past and start fresh. Now is your chance to set yourself up for financial success this year and potentially for years to come. Here are three simple steps you can take starting January 1st that might make this new chapter of your life the best one yet!
Automate wise money decisions ASAP. What if there were a way to go to the gym once that somehow made you steadily stronger throughout the year? One workout would be all you need to achieve your lifting goals!
That’s exactly what automating savings and bill payments does for your finances.
All you have to do is determine how much you want to save and where, set up automatic deposits, and watch your savings grow. It’s like making a year’s worth of wise financial decisions in one fell swoop!
Give your debt the cold shoulder. Debt doesn’t have to dictate your story in the new year. You can reclaim your cash flow from monthly payments and devote it to building wealth. Resolve to reduce how much you owe over the next 12 months, and then implement one of these two powerful debt strategies…
Arrange your debts on a sheet of paper, starting with the highest interest rate and working down. Direct as much financial firepower as you can at that first debt. Once you’ve cleared it, use the extra resources you’ve freed up to crush the next one even faster. This strategy is called the Debt Avalanche.
Arrange your debts on a sheet paper, starting with the smallest debt and working up to the largest. Eliminate the smallest debt first and then work up to the largest debt. This is called the Debt Snowball. It can be a slower strategy over the long-haul, but it can sometimes provide more motivation to keep going because you’re knocking out smaller goals faster.
Start a side hustle. You might not have thought much about this before, but you may have what it takes to create a successful side hustle. Just take a moment and think about your hobbies and skills. Love playing guitar? Start teaching lessons, or see if you can start gigging at weddings or events. Are you an embroidery master? Start selling your creations online. Your potential to transform your existing talents into income streams is only limited by your imagination!
Start this new year strong. Automate a year’s worth of wise financial decisions ASAP, and then evaluate what your next steps should be. You may even want to meet with a qualified and licensed financial professional to help you uncover strategies and techniques that can further reduce your debt and increase your cash flow. Whatever you choose, you’ll have set yourself up for a year full of potential for financial success!
Having flaws in your work pointed out to you can be a stressful experience and seriously affect your mood and self-image. Even criticizing someone else’s performance may make you feel uncomfortable and self-conscious.
But criticism is incredibly important. When done correctly, it can empower us to improve our weaknesses and maximize our strengths. But first, we have to learn how to receive criticism well and not let our egos get in the way. Here are a few ideas!
Pause and reframe. It’s easy to react poorly even to the best intentioned criticism. There’s an emotional leap we make where something simple like “I think this could be said better” gets interpreted as “you’re dumb and made a dumb decision and will always be dumb.” But that’s often our own emotions or insecurities talking and unnecessarily connecting dots. Next time you’re facing criticism, try taking a deep breath and pausing before you respond or react. You can also take that pause to reframe the situation in your mind. Is this really your boss seeking to degrade and destroy you or is this an opportunity to learn and improve?
Know your value. One of the key factors in how you handle criticism is how you value yourself. Even gentle advice can deeply hurt someone who has a low estimation of their worth. To them, it may seem to confirm their suspicion that they’re really not that useful and that they should probably just give up. The same goes for people who are dependent on praise and approval. Criticism can make them feel like they have to perform like a superhuman to earn the approval of the person criticizing. Until they do that, they’ll be a nervous wreck!
The key to overcoming these barriers is to understand that you have value in and of yourself. Part of that worth comes from your accomplishments and skills, but some of it comes down to your mindset. What do you tell yourself about yourself? Have you really studied the art of self-confidence? Start developing the skills it takes to know your own worth and watch as your attitude towards feedback changes!
Consider the source. It’s also worth remembering that not all criticism is created equal. There’s some feedback that might not be worth taking seriously whatsoever. Your nagging grandmother, your impossible to please friend, and your nitpicking coworker are probably not the best places to turn for useful critiques and advice. But bosses, experts, and mentors? That’s where you need to put aside your pride, remember that you still have value, and actually listen.
You might be surprised how these simple steps can transform your perspective on criticism. Suddenly, the advice and critiques of others seem less like threats and more like opportunities. There’s so much wisdom walking around in your peers and mentors. Learning how to handle criticism like a pro opens up access to a whole new world of experience and ideas that just might change your life!
Even though it’s not always obvious, we carry lots of assumptions and attitudes about money that might not be grounded in reality. How we perceive wealth and finances can impact how we make decisions, prioritize, and handle the money that we have. Here are a few common money mindsets that might be holding you back from reaching your full potential!
I need tons of money to start saving <br> It’s simple, right? The rich are swimming in cash, so they’re able to save. They get to build businesses and live out their dreams. The rest of us have to live paycheck to paycheck, shelling out our hard earned money on rent, groceries, and other essentials.
That couldn’t be further from the truth! Sure, you might not be able to save half your income. But you might be surprised by how much you can actually stash away if you put your mind to it. And however much you can save right now, little as it might be, is much better than putting away nothing at all!
I need to save every penny possible <br> On the other side of the coin (get it?) is the notion that you have to save every last penny and dime that comes your way. There are definitely people in difficult financial situations who go to incredible lengths to make ends meet. Just ask someone who survived the Great Depression! But most of us don’t need to haggle down the price of an apple or forage around for firewood. And sometimes, the corners we cut to save a buck can come back to bite us. Set spending rules and boundaries for yourself, but make sure you’re not just eating ramen noodles and ketchup soup!
I don’t need to budget <br> There are definitely times when you might not feel like you need to be proactive with your finances. You don’t feel like you’re spending too much, debt collectors aren’t pounding down your door, and everything seems comfortable. Budgeting is for folks with a spending problem, right?
The fact of the matter is that everyone should have a budget. It might not feel important now, but a budget is your most powerful tool for understanding where your money goes, areas where you can cut back, and how much you can put away for the future. It gives you the knowledge you need to take control of your finances!
Breaking mediocre money mindsets can be difficult. But it’s an important step on your journey towards financial independence. Once you understand money and how it works, you’re on the path to take control of your future and make your dreams a reality.
Habits are behaviors that we do so frequently that they feel second nature. So your friend who’s woken up at 5:00 AM to work out for so long that it seems normal to him? He’s unlocked the power of habit to wake up, get out of bed, and make it happen.
Healthy money habits are the same way; they open up a whole new world of financial fitness! Here are a few great habits you can start today.
Begin with a Budget <br> Developing a budgeting habit is foundational. Consistently seeing where your money is going gives you the power to see what needs to change. Notice in your budget that fast food is hogging your paycheck? Budgeting allows you to see how it’s holding you back and figure out a solution to the problem. The knowledge a budget gives you is the key to help you make wise money decisions.
Pay Yourself First <br> Once you’re budgeting regularly, you can start seeing who ends up with your money at the end of the day. Is it you? Or someone else? One of the best habits you can establish is making sure you pay yourself by saving. Instead of spending first and setting aside what’s left over, put part of your money into a savings account as soon as you get your paycheck. It’s a simple shift in mindset that can make a big difference!
Automate Everything <br> And what easier way to pay yourself first than by automatically depositing cash in your savings account? Making as much of your saving automatic helps make saving something that you don’t even think about. It can be much easier to have healthy financial habits if everything happens seamlessly and with as little effort as possible on your part.
Healthy financial habits may not seem big. But sometimes those little victories can make a big difference over the span of several years. Why not try working a few of these habits into your routine and see if they make a difference?
Check out these ideas on how you can do it!
Automate It. Fortunately for us, we live in the electronic age, which can make streamlining financial goals a lot easier than in decades past. Whether building savings, investing for the future, paying down debt, or any other goals, take advantage of the apps and information available online. Savings can be put on autopilot, taking a fixed amount from your bank account each month or each pay period. The same can be done for IRAs or other investment accounts. Many mobile apps offer to automatically round up purchases and invest the spare change. (Hint: Compare your options and any associated fees for each app.)
Be Mindful of Small Purchases. It can be much easier to be aware of making a large purchase (physically large, financially large, or both). Take a physically large purchase, for instance: it’s difficult to go into a store and come out with a washing machine and not have any memory of it. And for large financial purchases like a laptop or television, some thought usually goes into it – up to and including how it’s going to get paid for. But small, everyday purchases can add up right under your nose. Ever gone into a big box store to grab a couple of items then left having spent over $100 on those items… plus some throw pillows and a couple of lamps you just had to snag? What about that pricey cup of artisan coffee? Odds are pretty good that the coffee shop has some delicious pastries, too, which may fuel that “And your total is…” fire. $100 here, $8.50 there, another $1.75 shelled out for a bottle of water – the small expenses can add up quickly and dip right into the money that could go toward your financial strategy.
Paying with plastic has a tendency to make the tiny expenses forgettable… until you get that credit card bill. One easy way to cut down on the mindless purchases is to pay in cash or with a debit card. The total owed automatically leaves your wallet or you account, perhaps making the dwindling amount you have to set aside for your financial future a little more tangible.
Do What Wealthy People Do. CNBC uncovered several habits and traits that are common among wealthy individuals. Surprisingly, it wasn’t all hard work. They found that wealthy people tend to read – a lot – and continue learning through reading.¹ Your schedule may not allow for as much reading time as the average billionaire – maybe just 30 minutes a day is a good short-term goal – but getting in more reading can help you improve in any area of life!
Another thing wealthy people do? Wake up early. This may help you find that extra 30 minutes for reading. You’ll get more done in general if you get up a little earlier. A 5-year study of self-made millionaires revealed that nearly 50% of this industrious group woke up at least 3 hours before their work day started.²
Making these healthy financial habits a part of your regular routine might take some time and effort, but hang in there. Often, success is about the mindset we choose to have. If you stay the course and learn from those who’ve been where you are, you can experience the difference that good habits can make as you keep moving toward financial independence!
¹ “5 Billionaires Who Credit Their Success to Reading,” James Paine, Inc., Dec 5, 2016, https://bit.ly/2LvAM94.
² “A man who spent 5 years studying millionaires found one of their most important wealth-building habits starts first thing in the morning.” Kathleen Elkins, Business Insider, April 7, 2016, https://read.bi/2aXjejh.