The number one reason for business, and personal, failure is the “lack of knowledge” about MONEY!
As a successful business owner, running a multi-million dollar retail product placement company, I know first hand how being bad with money can be, and how being cash starved is always fatal.
I hate to admit that I did have money issues as a start up business, and still struggle with tendencies. I think however, if you can see me now, and learn how I recovered to go onto great success, that maybe you can too. Remember, admitting the problem will be step #1. Even as a SCORE counselor, the number one area I counseled business owners on were their finances, both personal and business. They are always reflective of each other.
I made the comment on the Big Idea with Donny Deutsch once that your sloppy personnel financial habits WILL follow you into your business, and I totally stand by it. Check out that show, it may give some good advice that you could use. http://www.youtube.com/watch?v=te1SjoA6VNo&feature=related
I was never particularly good with money, really I was horrible with it. First, I was raised by non-conservative parents who did not see the importance of, or teaching, the value of money. Second, this lack of education opened the door to squandering, and not having the tools to value money.
Having admitted all this to you, I now want to share some of the valuable tips that helped me turn my financial footprint around.
#1 Tip- Admitting that you have money issues. Recognizing that you need some help in the area of finances is the start. Once you admit help is needed, you will feel a power come over you. Once you know what you’re doing wrong, you can fix it. Indication you may have money issues: You pay so many bounce fees at the bank, that the bank sends you gifts….
#2 Tip- You need to seek out help. You need to take the initiative to find the resources, or someone, to help you in your education process. I always say that you should have a great team helping you through life and business, now is a good time to seek assistance. You will need to put pride and ego to the side and be willing to make the changes you need to. Pride has no monetary value at the bank.
#3 Tip- You need to learn the value of money. Currency is only worth the value the government, and you, put on it. Even though it’s physical currency value is only $1.00, 100 pennies, or 4 quarters, and so on, what value you place on money will tell you how much, or not, you respect it.
#4 Tip- Stay clear of people that have the same bad habits you have. You will maintain those traits if you choose to associate with others who have bad influence over you. Clean out the group you hang with, fly with bigger, better birds.
For many years I felt that money was just paper and that I could use it anytime, anywhere. It had no real value, so therefore it went EVERYWHRE. After being tired of the chicken today feathers tomorrow lifestyle, I realized I needed to make changes in my behavior. If I changed the way I viewed money, looked closely how hard I had to work for it, and not be OK with giving it away, I might just survive this rat race.
It all boils down to having a respect for money. Being a mother of four boys, I recognized early on that if I teach my boys to be disrespectful to me, they will be to other women. Teach respect initially, and it will last a lifetime.
If you do not respect and understand your money, you cannot mentally change how you think of it, and use it. Be considerate of how hard you work for money, and do not give it away.
I went and found myself a good financial advisor, committed to changing how I thought about money, started living within my means….and low and behold…..the money started accumulating and my financial future improved. Good food for thought!
Always DREAM BIG!
Kim Babjak
