Bookkeeping for Small Business on The Money Diaries
Last month I had the pleasure of being a guest on The Money Diaries Podcast hosted by Nicole Ayub. If you’re interested in going deeper on your personal finances and learning more about investing, I hight recommend her podcast!
The Money Diaries is your friendly source of wisdom and insights about personal finance, entrepreneurship, and everything in between!
Exploring Emotional Relationships with Money
Nicole kicks off the episode by emphasizing the importance of addressing our emotional relationships with money. At The Money Diaries, the goal is to have candid conversations about our financial fears, shame, habits, and behaviors. The aim?
To heal and build a more beautiful, healthy relationship with our finances.
Serena's Journey from Corporate to Entrepreneurship
Serena shares her inspiring journey from a corporate controller to a successful entrepreneur. She left her corporate job to stay home with her second daughter and ended up turning her freelance bookkeeping gig into a full-fledged accounting business. Today, Serena not only runs her business but also helps other bookkeepers and accountants navigate their entrepreneurial paths.
The Reality of Job Security
One key takeaway from Serena’s story is the myth of job security in corporate roles. Despite thinking she and her partner had financial stability, a major company layoff shattered that illusion, emphasizing the need for backup plans and diversified income streams.
Personal Finance Challenges within Finance Professions
Interestingly, Serena points out that even people in finance professions face personal finance challenges. She highlights that theoretical knowledge about finance doesn’t always translate into effective personal finance management. Both Serena and Nicole recognize that personal financial education is often overlooked but crucial.
Mindset Overhaul for Financial Health
The duo discusses the importance of mindset in managing personal finances. They debunk the myth that one must be debt-free before starting to invest. Serena emphasizes that if she had waited to be debt-free, she wouldn't have any retirement savings. Investing early and consistently, even while managing debt, is essential for long-term financial health.
Navigating Business Finances
Serena shares invaluable tips for new business owners regarding bookkeeping:
- Separate Business and Personal Finances: Open a dedicated business bank account. Ya’ll know… I LOVE Relay
- Keep Track of Income and Expenses: Whether through Xero, a cloud accounting platform Serena recommends, or simple spreadsheets.
- Regularly Review Finances: Establish rituals to consistently manage financial records to prevent year-end stress. If you want accountability for this, join the DIYBooks Membership!
- Seek Help When Needed: Don’t hesitate to consult professionals early on to set up your business for success.
Coaching and Mentoring
Serena also talks about her role in coaching other bookkeepers. She fills the gap for those who have the technical skills but need business support. Her goal is to ensure that clients feel informed, supported, and never looked down upon.
Final Thoughts
The conversation between Nicole and Serena is packed with actionable advice and profound wisdom about the intertwined nature of personal and business finances.
Curious to learn more about these insights directly from Nicole and Serena? Catch the full conversation on The Money Diaries above!
Listen, Learn, and Grow!
Follow Nicole on Instagram and TikTok at @wallstreetgirlnextdoor for more tips, stories, and inspiration.
Remember, financial freedom is about understanding and improving our relationship with money. Tune in regularly to The Money Diaries for more tips and personal stories that might just be what you need to stay the course and achieve your financial goals!
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