6 Steps To Get Out Of A Money Rut

As a creative, it can feel limiting to have to think about money. Sometimes the impulses and insights you have do not seem practical on the surface. Or you may even wonder how in the world your random passion is going to make you money and allow you to support yourself. We totally get it!

As you embark on your creative entrepreneurial journey, there will undoubtedly be times when money is not flowing as easily as you would like it to be. You may even feel stressed about bills that you can’t pay or anxious about how to make your business a legit endeavor.

We’ve all been there. We’ve all questioned whether or not we should continue our dream and hang up the “Closed for Good” sign. It’s part of earning your stripes as an entrepreneur. These experiences will allow you to build your resilience and strengthen your creative muscles.

And if you decide to stick it out through these tough times- you will come out stronger, wiser, and more nimble than ever before.

Money ruts are just like writer’s block. When you find yourself in a money rut, it takes a combination of patience and action to get out of it.  While everyone’s process is different, here are six steps you can try that will help you get out of your money rut.

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  1. Get moving. Literally. Go take a dance class, go on a walk, do a workout video through YouTube, whatever is your flavor - just get sweating. As humans, we tend to hold anxiety and stress in our bodies. The more we have of it, the less clear we think and respond. By physically working the stress out of your body, you can regain clarity and focus.

  2. Practice gratitude for the things money can’t buy. There are plenty of people with lots of money, who are miserable. Consider all of the things in your life that give you joy and fulfillment. Friendships, romance, a healthy body, a clear mind, a sunny day, the smell of lavender in the trees, your eyesight, hearing the giggles of a toddler, swinging in the park. Take a moment to appreciate all of these invaluable gifts of life.

  3. Practice gratitude for the opportunities you do have. Write down a list of all things you can currently afford with your money and say thank you for it. Maybe it’s a delicious energy bar or a bouquet of flowers for yourself. Only have $20 in your pocket? Well, guess what? You can open a savings account that has one of the highest interest rates on the market. With only $100, you can start investing towards your future by using Radius Bank’s high-yield savings account. By developing your savings habits when you feel like you’re in a rut, is just like putting on a fancy pair of clothes when you feel extra sluggish. It immediately lifts your mood and attracts positivity towards you.

  4. Take out a blank sheet of paper and write down your monthly expenses. What is the number you need to cover each month? Often times, it is much less than we think and this exercise will help your current situation feel less daunting.

  5. Flip over the sheet of paper and brainstorm all the ways you can make money. Selling clothes or books to the local second-hand store? Babysitting? Teaching dance on the side (if that’s not already your entrepreneurial gig, of course. If it is, can you pick up a few more classes to teach or sub for others). Then brainstorm ways you can create more money from your business. List five people that can be potential clients. Can you offer them a new service? Let those creative juices flow.

  6. Take action. The fastest way to get out of a rut is to start doing something to change it. Call those five people on your list. Pack your clothes and books and walk to the secondhand store to sell them. Open up a savings account. Place items on CraigsList. Create your own momentum and you will see the money tide flowing back your way in no time.

This post is in partnership with Radius Bank.

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Five common money beliefs that are holding you back from success

If you want to be the BOSS of your life and live on your terms, learning how to build wealth needs to be at the top of your priority list. Unfortunately, there are five common money beliefs that may be holding you back from success.

How do you know how much wealth you have? Your net worth.

Net worth is calculated by subtracting your liabilities from your assets. The remaining total is your net worth. In some instances someone with a high income, can have a low net worth if they have a lot of debt. The opposite holds true as well. Individuals may have a lower salary, but have a high net worth because they’ve invested in successful vehicles. That’s why income is only a part of the equation.

Women are lagging in the wealth game because of their lower incomes, but ALSO because many do not invest and grow their assets. On average, women tend to hold their cash in savings accounts. While I fully support having an ample amount of cash in savings, there comes a point when it is time to diversify and take the next step in your money journey.

If you want to be able to take 4-day weekend on a whim or escape to an exotic island for three weeks without getting permission or just live life on your own terms, then learning how to build wealth is the skill you need to develop.

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Here are 5 common money beliefs that are holding you back from success.

  1. You need a lot of money to invest. You can start with as little as $10! When you first start investing, I recommend keeping 10% of your savings in a liquid account that earns a decent interest rate. One of my favorites is Radius Bank’s high-yield savings account, which has a 1.30% APY.*  

  2. You need to know everything about investing. As women, we are the queens of research. Which actually makes us the better investor, because we are more informed (go figure!). But, analysis paralysis is holding us back. The longer you wait, the longer you are missing out on the magic of compound interest (where you earn money on money on money). Here’s the thing- you and I will never know everything there is to know about investing. It’s like having a kid or starting a business. You’ll learn as you go. 

  3. Investing is hard. Think of investing as like learning how to swim or trying a new workout. At first, the moves feel awkward and you’re scared you’ll make a fool of yourself. But, the longer you stick with it, the stronger you become and the easier it gets. With investing, the terms and concepts will seem foreign at first. But, you will get the hang of it. Promise! 

  4. You have to time the stock market right. No one ever times it right, all the time. Sure, some people get lucky. But, that’s all it is - good old fashioned luck. It’s more important to be consistent. Consistency always leads to gains over a long period of time.

  5. Only stocks and bonds count as investing. Stocks and bonds are fabulous, but don’t discount your business and side hustle as an investment. As the greatest investor, Warren Buffet, says, “the best investment you can make is in yourself.” Investing in your skills and growing your blog, creates a foundation of recurring revenue. Just like dividend payouts from stocks. Continue to improve your skills and you will be on your way to financial independence in no time!  

Now I want to hear from you! Are you holding on to any of these beliefs or do you have another belief about money that is holding you back? Let me know in the comments below!

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*Annual Percentage Yield (APY) is accurate as of 4/1/18. Minimum amount to open account is $10.00. Rate tiers are as follows: 0.00% APY applies to balances of $0.01—$9.99, 0.05% APY applies to the entire balance on balances of $10.00—$2,499.99, and 1.30% APY applies to the entire balance on balances of $2,500 or more. Rates may change after account is opened. Fees may reduce earnings


This post was in partnership with Radius Bank.

7 Daily Habits of Rich Women

Remember when your mom nagged you to make the bed in the morning? If you were like me, you groaned and hated every second of it. I would think to myself, and sometimes say out loud, “why do I have to make the bed, if I’m just going to get right back into it?”

She would promptly say that discipline is a virtue. Disciplining yourself to make your bed every morning is an easy way to set your day up for success.

Want a hot, banging body? You have to develop the discipline and make working out a consistent habit. Our daily habits are what determines our success in life.

The same goes for your financial health. You have to consistently pay attention to your money and discipline yourself to develop habits that support - not sabotage - your financial success. 

If you truly want to be the BOSS of your life, financial independence is a goal that you’ll need to strive for and healthy money habits will help you achieve it. What are these habits?

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Here are the seven daily habits of rich women.

  1. Exercise. You may be wondering, what does this have to do with my bank account? Studies show that the better we feel in our body, the better we perform in our financial lives. It makes sense. If you are physically healthy, you are able to be fully present while at work or while negotiating with a client. A quick and dirty, thirty minute HIIT workout will do the trick.

  2. Practice Gratitude. As Oprah says, “If you are grateful for what you have, you will have more. If you focus on what you don’t have, you will never ever have enough.” The more you can practice gratitude for the people and things currently in your life, the more you will attract other awesome people and opportunities. Start by writing in a journal every morning for five minutes about the things you are grateful for- things money can buy and ones it can’t.

  3. Nurture relationships. Wealthy people understand that your net-worth is in your network. Surround yourself with people that will lift you higher and make those relationships a priority. Together, you all can help build each other build wealth.

  4. Practice self-love and self-acceptance. As I always say, financial freedom is a journey of self-love. If we are mean to ourselves, we will subconsciously sabotage our success. When you truly love yourself, you will see money as a tool that supports your well-being and the causes you care about. Every morning, look yourself in the mirror and say three reasons why you love yourself and three things you are proud of yourself for accomplishing.

  5. Find a money mentor. It is important to find someone who has achieved what you hope to accomplish, in order to model their behavior. You can have many mentors - people that are in your life and you see on a regular basis, and people who you only meet through interviews. One of my biggest mentors is Marie Forleo. I religiously watch her Marie TV episodes on YouTube every Tuesday and joined her B-School program. I’ve never met her in person, but I consider her one my best mentors. 

  6. Read about money. ALOT. Studying business and wealth building strategies, will help you stay on top of trends and spark ideas for your own business. If you aren’t already on the Money & Mimosas newsletter, click here to sign up. Every Wednesday, I do a run-down of the business happenings from the week to help you stack your cash.

  7. Do one thing out of their comfort zone. Fortune favors the bold. Building wealth takes courage and you will have to become comfortable being uncomfortable. Whether it’s speaking in front of a group of people and sharing your blog with friends, do something everyday that puts yourself out there.

Bonus: Rich women track their finances and calculate their net worth regularly. Wealthy people are always minding their busine$$. Start doing a weekly money date where you review your previous week’s expenses and set goals for the following week. We call this your Money & Mimosas date, because when you’re done you get to celebrate with a mimosa. Cheers!

Want to test your financial independence? Take our quiz, “How BOSS are you?” to see if you are living life on your terms or by someone else’s rules

The seven biggest mistakes women make with money

Money is something that is present in all of our lives. Studies show that the average person makes 5-7 financial decisions everyday. It governs where we live, where we go to school, the quality of life our children experience, the type of food we have access to and our ability to pursue the life of our dreams. Unfortunately, women continue to make big mistakes with their money that is holding them back from living the life of their dreams.

Understanding how money works and making it work for you is the most important skill anyone can learn- whether you are an entrepreneur building a blog or a tech company, or an executive working for a large corporation. For women, especially, learning how to build wealth is going to ensure that you are empowered to lead a life of fulfillment. Otherwise, you will be living on someone else’s terms - and those terms will likely not be in your favor.

Here are the seven biggest mistakes women make with their money. And more importantly, how to fix them.

  1. Not talking about it. Money is more taboo than sex and politics. And in some circles, it’s considered crass or low-brow to bring it up. How backwards is that?! Talking about the very thing that propels someone into a high social class, is considered pauper. If you want to change anything, the first step is to acknowledge it and talk about. Start chatting about money with your girlfriends. You can start with talking about shopping deals, but expand the conversation to include monthly expenses such as insurance and business costs, eventually moving to topics around high-yield savings accounts and investment vehicles. Not sure how to get the conversation started? Here is a link to talking about money with your girlfriends.

  2. Going on a budget. While budgeting isn’t a bad practice, many women start thinking of ways to cut expenses before thinking about how they can increase their income. Being able to spend below your means is ideal, but if you don’t know how to generate an extra $1,000 or $5,000 a month for yourself, you will never truly feel financially independent. Before setting a budget, jot down three or five ways you can make the same amount of money you were going to cut out.

  3. Charging low prices. When you are an independent contractor or entrepreneur, you are in charge of setting your prices. The issue that many women fall into is forgetting that their prices needs to include your fees for delivering the service and your overhead. If you sell products, your cost is not just the tangible expenses of producing the product. It also includes the retail space you are renting and staff. When setting your prices, be sure to include a buffer for taxes, health insurance, your retirement savings and overhead costs.  

  4. Not saving or investing. Ladies, this is huge! While we all know about the pay gap, women earning 80 cents on the dollar, the wealth gap is even bigger. Women have a net worth of just 32 cents on the dollar. The reason for this is, of course related to the pay gap, but also because we do not save or invest at the same rate as men. Start setting aside a fixed percentage each month that you will use to invest. Check out the Ellevest program, founded by Wall Street mogul Sallie Krawcheck to support women, that helps you identify your financial goals and create an investment strategy to reach them.

  5. Not having a side hustle or at least two income streams. This is especially important for all the corporate executives. 2008 taught us that no job is 100% secure and we all need to have a back up plan. The key is to have a back up plan before your back is up against the wall. It could be starting a blog and offering consulting services in addition to your full-time gig. Always have at least two income streams so that your livelihood is never dependent on just one source.

  6. Not trusting yourself. So many women leave the financial decisions to the men or financial professionals in their life. Whether it’s a father, husband, tax accountant, financial advisor. The reason for this ultimately boils down to a lack of self-confidence. While it is a good idea to do ask for insights from others, at the end of the day you are the best judge of what to do with your money. And research shows that women are actually better at investing and managing money than their male counterparts. Start by opening up an investment or savings account that is all your own and making decisions with it.

  7. Not “dealing” with the finances. As a follow-up to #6, many women leave the big financial decisions to other people. Many women do manage the household budgets, but when it comes to investing, purchasing property, understanding tax implications- they leave the research and decisions to others. Start by having a weekly money date where you review all of your and the family’s accounts. We like to call this your #MoneyandMimosas date, because when you’re done you should treat yourself to a mimosa.

Want to test your financial independence? Take our quiz, “How BOSS are you?” to see if you are living life on your terms or by someone else’s rules.