As entrepreneurs, we like to be creative and explore all the possibilities when running our businesses. We like to think on our feet and there is a certain level or risk-taking that is built into our DNA. The issue is however that a lot of the time, we don’t really understand the financial side of our business.
We take risks, we have the tendency to overspend, we think it’ll all work out and there are points in our career where the money side can all fall in a heap if we’re not careful.
Today on the podcast I’m talking with ex-accountant, ex-financial advisor and author of Un-Fuck Your Finances, Mel Browne. Mel owns multi-million dollar businesses and is financially independent, but it wasn’t always that way.
Mel hasn’t always been good with money and she learned the hard way that until she understood her own money story, and money identity, she would continue to financially stumble and self-sabotage.
This was such a powerful conversation where Mel broke down the four money types that she has written about in her book (so you can discover where you sit), and the best way to achieve great results for yourself.
[1:11] What is our money story and how do we find ours
[2:00] Money stories can come from a variety of places – media, your upbringing, peers – we can unconsciously take these on
[3:30] How do people set themselves up for financial success
[4:00] Understanding who you are, allows you to figure out your unique money story
[4:50] We need to understand the numbers in our business, and have clear goals that we’re working towards
[5:30] Cashflow is king when you’re in business – Tory’s Mum gave her some great advice on how to manage her cashflow in the early days
[6:30] Breaking down the four different money types that Mel outlines in her book
[7:00] We all have a way that we’re naturally inclined to behave and once we understand that, we can lean into the strengths and minimise the weaknesses
[7:37] Money story 1: The Worker. They don’t like downtime. They love long days and hard word. They get frustrated when they look at others that aren’t working as hard, and still gaining a similar or better result
[8:40] Money Story 2: The Creator. They hate deprivation and strict budgets. They love using words like manifesting when they’re talking about money. Creators love gamifying their money.
[9:33] Money Story 3: The Discerner. The most cynical of the money types. They don’t like to be told what to do, and they like to find their own path. They can come undone due to paralysis by analysis
[10:49] Money Story 4: The Relator. They are most at risk of sexually transmitted debt. They think it’s selfish to have money. They want to give and they have a great sense of community around money.
[12:40] How do you overcome money blocks when times are tough in business
[13:20] Mel goes into her limiting beliefs around money – which we all have. It’s understanding what these limiting beliefs are and how to move through them
[14:40] There is a lot of fear around the “what ifs” and the judgements that we feel are being placed upon us by others. Pulling each of these failures and fears out, and looking at them on their merits
[15:20] The best financial advice that Mel ever received was actually via something Brene Brown said – listen in here to find out what it was!
[16:20] To own yourself in your values, intent and purpose is the power of who you are. Once you understand that you get this amazing freedom in your heart to create
[17:00] Confidence and belief is such a strong and powerful thing. It’s having the confidence to say “This is what I know I’m capable of” and how to work towards that
[17:40] To be financially fit, we need to be emotionally fit too. Mel explains why this is
[18:20] Mel talks through the emotional work that she needed to do to get out of the sabotage loop when it comes to our money
[19:20] It can be so valuable to have a therapist or a counsellor, or someone to talk through your emotional concerns so that you’re able to be at your best.