Let's Talk MONEY: Management + Investment

Building wealth is not simply about "thinking like a millionaire." You also need to be proactive and break through any money misconceptions you may have. It's important that you adopt an abundance mindset and stop thinking of money as being limited.

Meet Kristin Herman 

Married to her best friend and mama to three of their greatest delights, Kristin is passionate about pursuing wholehearted wealth – and inspiring others to do the same – by living by design. She is a Certified Financial Planner®, coffee and tennis enthusiast, and cares deeply about helping others unlock their hearts and their finances.

Connect with Kristin

• Website: http://www.kristin-herman.com/

• Instagram: https://www.instagram.com/kristin.herman/

• Facebook: https://www.facebook.com/KristinHermanNM

• LinkedIn: https://www.linkedin.com/in/kristin-herman-live-your-life-by-design-cfp®-clu®-chfc®-a0112714/

Meet Shannon Palermo

Shannon Palermo is the CEO of Modern Balance, a bookkeeping agency for coaches, consultants, and creatives. After wearing many hats at a law firm for over 20 years, Shannon decided to embrace her zone of genius and founded Modern Balance in 2018. Shannon and her team go beyond basic bookkeeping to provide financial clarity and streamlined processes to ensure their clients are maximizing profits and have the power to grow their businesses.

She is the mom of two daughters, loves rock music, and totally nerds out when it comes to problem solving and organization. You can often find her hanging with her kids or scoping out live music around town with friends.

Connect with Shannon

• Website: www.modernbalancesolutions.com

• Consultation Scheduling: www.modernbalancesolutions.com/contact

• Facebook: https://www.facebook.com/modernbalancesolutions

• Facebook: https://www.facebook.com/spalermo

• Instagram: https://www.instagram.com/bookkeepershannon/

• LinkedIn: https://www.linkedin.com/in/shannonpalermo/

In this episode we’ll cover… 

Abundance Mindset 

Adopting an abundance mindset means recognizing that there is always enough money to meet our needs, and that we don't have to sacrifice our dreams in order to make ends meet. Instead of being afraid of debt or scarcity, we can embrace our financial power and use it to create the lives we want. 

When we operate from an abundance mindset, we realize that we are not limited by our resources. Instead, we are limited only if we allow ourselves to be. We can use our money to live our best lives, pursue our passions, and make a difference in the world. And that is what wholehearted wealth is all about.

Age Old Question: Can Money Buy Happiness?

For many people, happiness seems to be inextricably linked to money. We believe that if we could just earn a little bit more, we would finally be happy. But the truth is that money cannot buy happiness – and we need to ask ourselves… Do WE have money or does MONEY have us?

If we allow money to have too much control over our lives, it can lead to stress, anxiety, and even depression. The life of your dreams is not achieved by money alone. YOU must write the script for how you want your life to look. 

Proactive vs Reactive: 

Good financial planning is essential for any business, large or small. By being proactive and hiring a bookkeeper or financial planner before you need one, you can avoid the stress and panic that comes with being in a financial crisis. Bookkeepers and financial planners can help you understand your finances and make sound decisions about where to allocate your resources. They can also help you spot potential problems early on and take steps to prevent them from becoming full-blown crises. In short, a bookkeepers and financial planners can be an invaluable asset in helping you to keep your business on track. So why wait until you're in the middle of a financial crisis to hire one? Take the proactive approach and bring a bookkeeper or financial planner on board before you need one.

Money Mindset: Men vs Women 

In general, men tend to be more risk-tolerant than women, preferring to pursue opportunities with the potential for high rewards, even if there is also a possibility of failure. Women, on the other hand, often prioritize stability and security, shying away from situations that are uncertain or risky. 

This difference in risk tolerance can partially be explained by the fact that women tend to lack self-trust more than men. As a result, they are often less willing to take chances with their money, even if there is the potential for greater gain. 

Money Misconceptions: Personal

A lot of times people assume everything is being handled, but in reality they may not be aware of all the things that are available to us with the money we have. People tend to simply “check the box” when they contribute to their retirement with no real plan about how they’ll use that money (and time) when it’s time to actually retire. Fun fact: Plenty of people will run out of time before they run out of money. 

It's important to make sure you're doing everything you can to maximize your savings – and living a wholehearted life while you still have the time here to do so. 

Money Misconceptions: Business

Business owners often believe that bookkeeping is only for big businesses. This couldn’t be further from the truth! Keeping on top of your finances is essential for any sized business – large or small. Without proper bookkeeping, it’s easy to lose track of where your money is going and before you know it, you could be bleeding cash without even realizing it. 

Hiring a bookkeeper or financial planner can uncover areas where you may be needlessly spending money and help you get your finances back on track. In the long run, this will save you money and help your business grow. So, if you’re still thinking that bookkeeping is only for big businesses, think again!

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