Money Therapy: Finances Aren’t as Scary as You Think
Does managing finances intimidate you? Don’t stress! This podcast discusses how to change your mindset on money and how to better handle finances to make it less overwhelming.
In this episode, Corinne and Christina sat down with Amy Bradbury of Empowered Profit to discuss how to make finances less scary. Amy shared her tips and tricks to keeping a positive mindset to help you feel more comfortable managing money.
If you are someone who struggles with managing taxes, this podcast has great tips to help you mentally and physically prepare for tax season.
Episode 104: Money Therapy: Finances Aren’t as Scary as You Think
About Amy Bradbury
Amy Bradbury is the Founder and CEO of Empowered Profit, a full-service accounting agency for entrepreneurs and online businesses. At Empowered Profit, we educate our clients about the process, make sure their questions are answered, and that they understand each facet of our work together. Only then can the kick-ass women we support be truly empowered, step into the role of Financially Empowered CEO in their business and make even more impact in their homes, communities, and in the world.
Amy lives in Maryland with her husband and their two kids.
What Should You Be Doing To Make Money Less Scary?
- Change your language about taxes. It’s okay to acknowledge taxes are scary but also recognize the steps you are taking every day to make them less frightening.
- Saying you are afraid reinforces your feeling, so tweak your language!
- Surround yourself and have financial conversations with people who support you instead of looking down on you.
- Pay attention to who you take advice from.
“It is okay to fire someone you are working with who doesn’t make you feel good.” -Amy Bradbury
What Should You Be Doing To Manage Your Finances?
- Make sure you have separate bank accounts for your business money and personal money.
- It is important to know how much it costs to live your life and how much it takes to run your business. This is important for managing paying yourself, paying for your business to run, and more.
- Look at the profitability of your business monthly.
- Be proactive in saving for taxes.
- Every time you get a deposit from a customer, take a percentage of that and transfer it into a separate savings account that is strictly for taxes.
- Save for taxes based on sales rather than profit and do it frequently enough to build the habit.
- Have frequent conversations with your accountant.
- Have documentation on why certain expenses are business expenses, especially if it is a business expense and personal.
- It is important to understand that though there is a tax code, it does not always align with online businesses like blogs.
- When deciding when to deduct something, only do it if you would be comfortable defending the deduction to the IRS.
“If you have a profitable business that also comes with a tax bill.” -Amy Bradbury
Money Love Sessions
- Dedicate 30 minutes a week to take care of everything you need to take care of with your finances.
- If it takes you longer than 30 minutes a week, hire someone to help!
- During this time, process money-related mail, pay bills, update your financial spreadsheets, etc.
- You have to go into these sessions with a good mental framework. Try not to go into these sessions feeling stressed or anxious because it will affect the session’s outcome.
- Try and feel calm, powerful, or happy before these sessions so the feeling carries over into it.
- Try not to think of it as “dealing with” your money. Think of it as “taking care of” your money.
- You can do money love sessions with others to hold each other accountable.
- If you are a reward person, motivate yourself with a reward after each session. For example, allow yourself to have your favorite candy, listen to your favorite music, etc.
“Love your money.” -Amy Bradbury
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You can connect with Amy Bradbury on Instagram at @empoweredprofit.
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