In this episode, Brad gets asked nine critical questions about money and finances by Kathryn Jones. Kathryn hosts 9@9, where she asks entrepreneurs nine questions in 9 minutes. It was a great time on her show, and we wanted to share that conversation with you all.
The big takeaway here is that if you are an entrepreneur, you HAVE to do things differently. The traditional system is broken. The game of money that is traditionally taught to the rest of the world does not apply to you. You don’t subscribe to the rules of a paycheck every two weeks, so you must adapt and adjust if you want to see results.
And if you’re not an entrepreneur, then these rules still apply. The path to wealth means thinking entrepreneurially. It requires the same skillset, whether you’re a W-2 worker or own your business. Your approach will be different depending on where you start. The order of operations varies, but the tactics and results are the same.
What is the biggest mistake entrepreneurs make?
They follow traditional advice. At CashFlow Tactics, we call this listening to broke people. If the person you’re listening to for advice isn’t where you want to be, then why would you listen to them? It just doesn’t make sense.
We’ve been trained, taught, and educated to do this. Money is one of those areas where results aren’t held up. We rely on this vision and promise of one day. One day our 401k will give me the returns I want. One day investing in the stock market will pay off.
Anytime we have a target that doesn’t require us to take action today, then it is simply a hope. And we don’t believe hope is a strategy for financial success.
How should an entrepreneur approach money vs. a non-entrepreneur? Is there a different game they should be playing?
The focus needs to be that they are going to build their wealth. Entrepreneurs must realize that their business is the vehicle to create their own wealth. Entrepreneurs must realize that their business is their greatest investment.
Should entrepreneurs reinvest in their business?
The Gary V hustle is sexy, but it’s unrealistic. Your business will take everything from you if you allow it too. You don’t HAVE to do this.
We must have a plan independent of our business to become financially free. We need to know when to give and take. This balance is essential.
What are the truths we need to know to understand money so we can conquer it?
Society tells us that we can’t achieve. Maybe we didn’t go after that degree, or we were that kid in the back of the classroom who couldn’t sit still. We have to get over this lie.
You are smart enough to make money and to make a lot of it! All entrepreneurs have a power better than anyone on Wall Street because you can create money.
What does winning look like in the money game?
Winning is when you get to own your time. The only way you can own your time with cash flow that doesn’t require your unique ability exceeds expenses.
Where to start in conquering the money game?
Entrepreneurs need to focus on raising their financial IQ. You don’t need to know how to do everything in your business, but you need to know what ‘right’ looks like. If you know the outcome you’re shooting for, then you can effectively bring in people to help you do that.
We have to learn to love the conversation of money.
What Does Financial Freedom Look Like For Brad?
It’s not taking exotic vacations and having all this time off. It means having the ability and time to use my gifts and exchange them with others. It is choosing what I do without money being the primary driver.
It has definitely evolved, and it will look different for everyone, but at the core, it means you get to be the decision-maker in your life.
If you are looking to conquer money, then we invite you to take Our FREE 5-day Cashflow Tactics Challenge. We’ve created this challenge to specifically help you determine your standing in the path to financial freedom and how to set targets that will get you there. It was so much fun talking to Kathryn and sharing some quick tips with entrepreneurs and employees alike. Find Kathryn Jones on her Instagram page and website for more information on her 9 @ 9 show.