Lies We’re Being Told about Money: Guest Appearance on the BrandWell Podcast

Jun 21

Earlier this year I was a guest on my client Victoria’s podcast, The BrandWell Podcast. We talk all about the lies we’re told about money (especially in the social media/creative sphere) and at the end I share 3 ways to save money. You can listen to the full episode HERE.

The Difference between a Bookkeeper and CPA

I go more in depth on THIS blog post, but basically it’s different job roles in the same area. Think nurses vs doctors. Their jobs are related, but they have very different roles. A bookkeeper makes sure things are going well within the business (“vitals” of the business) whereas CPAs will come in at the end of the year and help with tax planning and filing taxes. You’ll take the information from your bookkeeper and hand it to your CPA, and they’ll take all of that info to take care of your taxes. A bookkeeper AND an accountant is a dream team!

One of the main reasons I left the accounting route was to fill the gap between CPAs and business owners (specifically creatives). Some CPAs will just do the bare minimum to be able to file your taxes and keep the IRS happy. My goal is to help you clearly see and understand your finances YEAR ROUND, so you can make informed decisions in their biz.

Manifestation and Why it Misses the Mark

So many people say you can manifest your way to x amount of dollars. Relying solely on manifesting can be damaging and/or harmful to you in the long term because it can take away from the work involved in starting and running a business. There are so many moving parts - marketing, sales, strategy, operations, etc. Now, there are people who believe in manifesting and it works for them, but only because they put in the work required to successfully run their business. But the idea that you can just sit back, call business and financial success into existence, and the universe will deliver… is simply not true (we can agree to disagree if you want 😉).

Once again, to hit your financial goals (whether to hit your first 6 figures or whatever) you have to have plans and strategies in place to get there. Take a look at your data over the past 6 months, then making informed decisions or shifting strategies as necessary. As your business and profit grows, your expenses grow as well. You need to have an accurate record of these numbers to successfully grow your business.

Victoria also referenced this episode from The Heart + Hustle podcast, where Lindsey and Evie share a biblical view on finances and manifestation.

“I’ll save for retirement later”

Something I’m very passionate about is that it’s never too early to start saving for retirement. I’m in my 20’s and already planning and saving for retirement and for the future. You want to get into planning, saving, and investing for your future as soon as possible. You can always start whenever, but the sooner you do, the better it’ll be for you. I recommend finding a financial advisor to help you with your investment portfolio.

It’s Bad to have a lot of Money

I’ve had some clients come to me overwhelmed with business success. They don’t want to be rich, they don’t want that “label”. There’s a misconception that rich people are snarky or full of themselves. Money itself isn’t good or bad, it’s what you do with it that dictates the outcome.

I once heard an analogy that you can either throw a brick through a glass window and be destructive with it, or you can build a house with it. The same goes with money!

Be Careful what you Compare To

When you see people saying they’re making 10k or 20k months, they’re not always being transparent about their expenses. Sometimes people making a 30k month might actually be making less PROFIT than others making 10k months. It’s important to have the whole picture, which you don’t on social media, when looking at a business’ success or profitability.

If you find yourself comparing your business to others in your industry that are ahead of you and it’s discouraging and bringing you down, this is your friendly reminder that you can unfollow those accounts. I personally did that a lot at the beginning of growing my business. The comparison game is not going to help you increase your business’ success.

The Mistake I See Many Entrepreneurs Make

One of the biggest things I see is people over-investing. You may be thinking WHATTTTT?! Hear me out...

Without looking at your numbers and understanding what’s happening, it can be easy to invest in something and say “oh it’s a tax write off, and I’ll get a good ROI”. Well… not always. When investing in a coach, ads, more team members or whatever it is just be sure that you’re making an informed decision and you’re not just throwing your money at investments (especially if you’re losing money each month).

Bonus: Three Ways to Save Money

First, review your subscriptions. What ones do you have and pay for on a yearly basis? Do you still use them, is there a better platform you could use? Would the free version work for me?

Second, pay off your business credit card if you can. Fees and interests on cards can really get to you (I’ve seen fees of $200+ a month on just penalties, that doesn't even include interest).

Third, create a (budget) projection. It’ll help you know where you’re over or under-spending and you can put more money in that area. Month by month, you can evaluate and see what you’ve projected and adjust as needed.

I hope this was helpful for you. Now going forward, if money still feels overwhelming, my biggest piece of advice is to make your finances simple. Maybe you outsource your bookkeeping or find a simple, functional spreadsheet like our DIY Money Manager. As always, you can email us with questions at hello@profitpriority.co or find us on Instagram @profitpriority.

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