Abby Wambach, the legendary US professional soccer player with a 15-year career, admitted that she didn’t claim her financial power as a professional athlete. She was focused on winning World Cup titles and Olympic gold medals rather than making money in her business – which included corporate sponsorships and a long-term financial plan for investing her money. When ESPN recognized her on stage with other sports legends – Kobe Bryant in basketball and Peyton Manning in football – she realized the difference between them was that she still needed to work to earn a living.
Abby Wambach is a reminder for she-bosses that you need to have a long-term financial plan as you build your business. I created a research project called Money Mastery and interviewed 24 female experts in order to learn from top female leaders. These women share money lessons they wished they had learned earlier on their entrepreneurial journey. They shared money habits they use every day to scale their businesses.
Their five time-tested strategies can help you claim your financial power and explode your business. You can also further uplevel your relationship with money by joining the Money Mastery Expert Interview Series today.
#1: Understand your Money Mindset.
Do you check the financials in your business? Or do you bury your head in the sand around the money in your business? Are you aware of the importance of the money piece in your business and how ignoring it may be holding your business back? Dr. Monikah Ogando, Executive Business Coach and one of the featured Experts, believes money is a product of the way you view yourself with money. If you do not yet have a mindset of abundance, the good news is, you have the power to change it!
#2: Organize Your Money Accounts.
Are your accounts all over the place? Do you have multiple accounts such as a business account, Paypal account, savings account, credit cards – that are disorganized? Quickbooks is a valuable software tool to help track of all your business accounts. You can also share access with your financial partners.
#3: Develop a Budget.
Do you understand how much you are spending and where your money is going? Expert Christine Furtado, a professional accountant, talks about monitoring the money in your business on a weekly basis. Often it is valuable to hire a bookkeeper to assist with tracking your money. They can act as a financial partner and provide some accountability. Shift your Friday morning coffee into a coffee & financials review session!
#4: Start a Retirement Plan.
As an entrepreneur, many women neglect to open a new retirement plan as a way to make your money work for you. Your profits increase from the tax benefits and your money will grow through compounding over time. A Solo 401k plan has many financial benefits for solo entrepreneurs, including the ability to contribute in the current year, plus the ability to allocate funds in advance for the next year. The benefit is extra tax savings and more money in your retirement! As you hire employees, there are additional options to involve your employees. Personal finance Expert Laura Adams, host of the popular Money Girl Podcast, talk about the different retirement options.
#5: Create a Long-Term Financial Plan.
Do you have your money working for you? A financial planner or coach can help you identify your goals and develop a long-term financial plan. Especially as you scale your business, there are opportunities to consider investing in financial markets, real estate and leveraging your brand. A financial professional can help you think through various ways to make your money work while you sleep. Several speakers talk about the goal of creating a portfolio of real estate for passive income.
As Abby Wambach mentioned, it is critical to focus on the financial power inside your business and what you are doing to create wealth on a long-term basis. We can learn from Abby about how she wasn’t thinking about the financial piece. She was not engaged in the conversation about how to make her money work for her.
As an entrepreneur, you have opportunities to make your money work for you inside your business and in your personal life. Marketing Expert Pamela Dale shared, “When I developed confidence with managing the money inside my business, my business exploded.”
Listen to 24 experts with actionable ideas to engage with your money and expand your business today. You have nothing to lose and it may just be your best investment yet.
P.S Are you a member of my private Personal Finance Warrior Community? Click here to join.