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the bossbabe podcast

126. Lessons From My 7-Figure Business Bankruptcy with Patrice Washington

the bossbabe podcast

Natalie Ellis

Entrepreneurship, Education, Marketing, Self-improvement, Business

4.92.6K Ratings

🗓️ 19 October 2020

⏱️ 52 minutes

🧾️ Download transcript

Summary

How do you define wealth and what does a wealthy life look like to you? We’re joined by Patrice Washington aka the “Money Maven.” She’s a financial expert, #1 best-selling author, speaker, and media personality. Patrice has also been featured on The Steve Harvey Show, The Dr. Oz Show, and in major publications like Cosmopolitan, Essence Magazine, and so much more.  What sets Patrice apart from other financial experts is her philosophy on wealth, which is more holistic, grounded, and spiritual, but it wasn’t always this way. Before she became the “Money Maven”, Patrice had already built a seven figure business and achieved massive success. Despite living what she considered her “dream life” back then, Patrice was anything but happy or fulfilled. In a divine turn of events, she was forced to redefine wealth after going bankrupt during the 2008 recession.  Patrice went from being a seven figure CEO to scraping for change. Tune in as she takes us on her amazing journey, sharing how she overcame one of her lowest moments and what led her to dig deep into the concept of wealth. If you’re ready to redefine what wealth means to you, and live a more fulfilled and financially free existence. then this episode is for you!  Links: Join Online Launch School, our 12-week program designed to take the guesswork out of sold-out launches. https://bossbabe.com/ols Sign up for our free training: How to Plan & Execute Profitable Repeatable Launches with Our 4-Step Formula. https://bossbabe.com/launchformula  Get two free months of Skillshare premium membership and receive access to unlimited to over 1000+ classes: www.skillshare.com/bossbabe Follow:  @bossbabe.inc Natalie Ellis, @iamnatalie Patrice Washington, @seekwisdompcw

Transcript

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0:00.0

This was about purpose.

0:07.4

This was about serving the people that I was called to serve

0:12.0

in my unique way and knowing that they would find me and I will find them.

0:17.1

Your business or career is only going to grow to the extent that you're willing to heal.

0:21.5

So whenever you feel trapped, I always invite people to look for the

0:25.1

clutter physically that that might represent.

0:27.5

Well, hello there friend. This is going to be an epic episode because we are talking about money. I'm a Capricorn, so I feel like money is my love language, to be honest. And today's episode is all about money and building wealth and this is a topic I get asked

0:46.3

about all the time. So before we dive in I want to just give you a couple of my little

0:51.8

hacks or tips around money. The first thing is if you are saving

0:56.1

in cash and you're not investing your money right now, use a high interest savings account.

1:01.1

I was just keeping my money in the bank for a really long time and someone was like why don't you put it in a high interest savings account where you're actually going to get a lot more interest than if it's just sitting in the bank. So I did that. I actually use a company called Marcus. It's a Goldman Sachs company. This Stotsbahn said there are so many different versions of them. And I'm probably not listing even the best ones so go have a look.

1:23.5

Obviously that's not available in the UK but there'll be different ones in the UK.

1:26.8

So that's one thing that I've been doing because we're looking at buying, building houses right now,

1:32.4

figuring out what that looks like.

1:33.6

So I want to be holding cash versus investing a lot, which is what I was doing over COVID,

1:39.1

because the stock market was not at the best place it's been in, so we put money in and made quite a lot of money from investing in the stock market over COVID, but right now we're not.

1:48.8

I think everything's just so rocky right now. I'm just kind of sitting back and watching and seeing what

1:53.0

happens. So if you're not investing and you want to be making more money from

1:56.6

money sitting in the bank, definitely look into one of those accounts. And then the

2:00.6

other thing, this is one thing that I tell everyone who wants to get better at,

2:05.2

managing money, their money mindset, all of that kind of thing is just really look at your money.

2:11.2

So I have spreadsheets up. I use an app called co-pilot again I'm not sure if this is in the UK and this is not sponsored at all

...

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