818: Ask Farnoosh: Managing Money in Your Business

So Money with Farnoosh Torabi

Farnoosh Torabi

Entrepreneurship, Business

4.7 • 1.9K Ratings

🗓️ 7 December 2018

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Brittney Castro is a Certified Financial Planner and she’s here to help us answer your money questions - AND spend a good bit of time talking about the finances of running a business. Brittney is the founder of Financially Wise Women, as I mentioned, and it’s something that she really built from the ground up in her 20’s. I know that for a lot of us listening, it’s important to us - especially as we look at the new year -to reassess our careers, maybe make that transition to starting a business or growing our existing business, I thought this would be a good time of year to give you some tips. Brittney is a fellow Chase ambassador and she’s here on behalf of Chase Ink to share some insights into running that business successfully, and how to find the right mentors for growing your business. It’s important to find the right financial mentors and sponsors to help make the financial aspects of your business simpler. Also, how to manage the money in your business and in your personal life at the same time. This is a hot question, right? How do I create boundaries, how do I create systems, how do I not dip into my personal savings to fund my venture? Of course, we also have your So Money questions, questions like how to afford supporting adult children? Yeah, it’s really hard to afford children like babies, childcare, it adds up and it’s really a lot for new parents but then, you know, the kids grow up and you find yourself still footing the bill even though they’re in their 20’s for things like school and graduate school. So we’re going to help a parent out on that end. Also, how to retool your savings after paying down student loans? So if you’re somebody who is near the end of paying off student loans and you’re looking forward to it because you’re going to have better cash flow, what do you do with that cash flow now? How do you kind of reinvest that money and also, leveraging social media to promote your brand and your business. Thanks to Chase Ink for sponsoring this episode. For more visit chase.com/ink. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	So Money episode 818 Ask Farnush with our friend Brittany Castro,
0:05.9	certified financial planner and founder of financially wise women.
0:09.8	You're listening to So Money, with, Farnouche Terabi.
0:16.0	Each day get a 30 minute dose of financial inspiration from the world's top business minds,
0:21.3	authors, influencers, and from Farnuus yourself.
0:24.8	Looking for ways to save on gas or double your double coupons?
0:29.3	Sorry, you're in the wrong place.
0:31.4	Seeking profound ways to live a richer, happier life.
0:34.0	Welcome to So Money.
0:37.0	Welcome to So Money, everybody.
0:40.0	It's Friday. December 7th. How is your week?
0:44.0	Give you some highlights from my end.
0:46.0	So Tuesday, I did a really cool taping over at the Dr. Oz show
0:51.0	on something that's not so cool, I guess, online shopping addiction.
0:55.8	Yeah, so there were actually two women who came on the show admittedly have online
1:00.5	shopping addictions, disorders, like these are women who spend thousands of
1:04.2	dollars a month buying stuff they don't need. A lot of time is because they are
1:07.8	you know alone feeling stress, feeling anxious, isolated in some cases.
1:14.7	And of course, it's not easy when you're online
1:17.4	and you're getting targeted ads
1:18.9	and you're on Instagram and you've got targeted ads and all your friends feeds with all the fun stuff they're doing and you want to do it too and so it just becomes this this sort of you know tsunami effect I suppose where then you just like feel out of control and you hit by and you hit purchase
1:36.7	P.S. also there's like an actual dopamine surge that happens when you shop a lot of us know this but we don't remember that that's actually what's happening and why we love to spend and it can ultimately become an addiction for so many people.
	...

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