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Success Story with Scott D. Clary

Lessons - Starting a Business and Exposing Money Myths | Fiona Smith - Founder of Millennial Money Woman

Success Story with Scott D. Clary

Success Story Media

How To, Business, Education, Self-improvement

4.6326 Ratings

🗓️ 26 May 2024

⏱️ 9 minutes

🧾️ Download transcript

Summary

➡️ Like The Podcast? Leave A Rating: https://ratethispodcast.com/successstory  In this "Lessons" episode, we delve into the strategies and steps required to start your own business and build financial independence. Learn from Fiona Smith, Founder of Millennial Money Woman, as she shares her insights on entrepreneurship, frugal living, and smart investing.Mentorship Matters: Discover the importance of finding a mentor who can provide invaluable guidance on finances, networking, and business strategies to fast-track your entrepreneurial journey.Financial Foundations: Explore key financial strategies to set you up for success, including prioritizing paying off high-interest debt, investing in low-cost index funds, and embracing the principle of living below your means.Frugal Living Tips: Identify areas where you can cut unnecessary expenses, such as avoiding new cars and critically reviewing recurring expenses like subscription services.Debunking Millennial Money Myths: Fiona addresses common misconceptions about money and investing, including the belief that home ownership is essential for success, the myth that you need substantial funds to start investing, and misconceptions about life insurance. ➡️ Show Linkshttps://successstorypodcast.com  YouTube: https://youtu.be/xFkFn4-Pqx4     Apple: https://podcasts.apple.com/us/podcast/fiona-smith-founder-of-millennial-money-woman-how-to/id1484783544?i=1000530980282           Spotify: https://open.spotify.com/episode/5Al5KaPzsQqWNgCGKbOdS3?si=73bc7df28ca447f2            ➡️ Watch the Podcast On Youtubehttps://www.youtube.com/c/scottdclary

Transcript

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0:00.0

What would you recommend for somebody who let's assume that somebody wants to start their own business to reinvest in themselves?

0:20.0

You said, okay, you have frugal living tips but is that the best way is it to save money first or is it

0:27.9

just to start investing start a side hustle person mindset locked in, what did they do next to build their own thing?

0:37.0

Perfect.

0:38.0

Great question, Scott.

0:39.0

So I think before even thinking about money at all, for me at least, what worked well was finding a mentor.

0:46.4

For me, my mentor helped, he was probably like six decades older than me, Very well seasoned, you know, executive.

0:55.0

I was very fortunate to meet him.

0:57.0

And he taught me some of the basic steps that I would need to work and focus on in order to build a

1:05.3

successful business down the road. So you know that includes looking at

1:10.1

finances but not just finances. Fig figuring out how to interact with, you know, prospects,

1:16.3

figuring out how to, you know, hold myself in conversations in the boardroom, whatever it is.

1:23.2

So I think finding a mentor in your area,

1:26.0

whatever it is, if it's a blog, if it's actually,

1:28.4

you know, building a brick and mortar business,

1:30.6

find a mentor who's willing to give you the time and help you literally jump ahead of the rest of the game because I personally think that mentors are the ultimate shortcut in life.

1:41.0

They can give you so much advice and help you save time, energy, and

1:45.1

money. So that's number one. And then number two, when it comes to money, yeah, so I would

1:51.6

probably recommend that starting off at paying off high interest debt so like credit card debt right so I mean definitely don't live with high interest debt

2:00.6

The second thing then is yes focusing on investing in the stock market for example

2:05.8

I'm so I'm a big believer in just investing in low-cost index funds so I'm very

2:12.4

passive I you know, I do know a lot more stock market

...

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