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	<title>The Entrepreneurs Library &#187; the financially savvy entrepreneur</title>
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		<title>A Preview of Build Your Money Muscles with Joan Sotkin</title>
		<link>https://www.theelpodcast.com/tel-191-build-your-money-muscles-with-joan-sotkin/</link>
		<comments>https://www.theelpodcast.com/tel-191-build-your-money-muscles-with-joan-sotkin/#comments</comments>
		<pubDate>Fri, 03 Apr 2015 12:18:44 +0000</pubDate>
		<dc:creator><![CDATA[Wade Danielson]]></dc:creator>
				<category><![CDATA[Wealth]]></category>
		<category><![CDATA[build your money muscles]]></category>
		<category><![CDATA[developing financial awareness]]></category>
		<category><![CDATA[financially happy]]></category>
		<category><![CDATA[from worry to wealthy]]></category>
		<category><![CDATA[identifying financial patterns]]></category>
		<category><![CDATA[joan sotkin]]></category>
		<category><![CDATA[live richer challenge]]></category>
		<category><![CDATA[managing money]]></category>
		<category><![CDATA[personal finance]]></category>
		<category><![CDATA[the financially savvy entrepreneur]]></category>
		<category><![CDATA[wealth]]></category>

		<guid isPermaLink="false">http://www.theelpodcast.com/?p=2162</guid>
		<description><![CDATA[<img src="https://www.theelpodcast.com/wp-content/uploads/2015/03/TEL-191-Build-Your-Money-Muscles-by-Joan-Sotkin-300x190.jpg" class="attachment-medium wp-post-image" alt="Build Your Money Muscles" style="display: block; margin-bottom: 5px; clear:both;" /><p>A summary of things you should know about Build Your Money Muscles according to Joan Sotkin: Introduction In this episode Joan Sotkin takes a deep dive into her book, Build<a href="https://www.theelpodcast.com/tel-191-build-your-money-muscles-with-joan-sotkin/" class="more-link">Read More</a></p>
<p>The post <a rel="nofollow" href="https://www.theelpodcast.com/tel-191-build-your-money-muscles-with-joan-sotkin/">A Preview of Build Your Money Muscles with Joan Sotkin</a> appeared first on <a rel="nofollow" href="https://www.theelpodcast.com">The Entrepreneurs Library</a>.</p>
]]></description>
				<content:encoded><![CDATA[<img src="https://www.theelpodcast.com/wp-content/uploads/2015/03/TEL-191-Build-Your-Money-Muscles-by-Joan-Sotkin-300x190.jpg" class="attachment-medium wp-post-image" alt="Build Your Money Muscles" style="display: block; margin-bottom: 5px; clear:both;" /><div class="soundcloudIsGold " id="soundcloud-198413197"><iframe width="100%" height="166px" scrolling="no" frameborder="no" src="http://w.soundcloud.com/player/?url=http%3A%2F%2Fapi.soundcloud.com%2Ftracks%2F198413197&amp;auto_play=false&amp;show_artwork=false&amp;color=ff7700"></iframe></div>
<h2>A summary of things you should know about <em>Build Your Money Muscles</em> according to Joan Sotkin:</h2>
<h4>Introduction</h4>
<p>In this episode Joan Sotkin takes a deep dive into her book, <em>Build Your Money Muscles</em>, where she shares 9 simple exercises for improving your relationship with money.</p>
<p>In her book Sotkin provides a common sense, step-by-step guide that will create an achievable pathway to financial security and prosperity through personal growth rather than quick fixes. The goal of the book is to help you build a secure financial base, understand why you are struggling with money, manage money more healthfully, and climb out of any financial slump.</p>
<p>This book is perfect for entrepreneurs who have a hard time managing personal finances and want a natural approach to becoming financially happy with their money.</p>
<h4>The Book’s Unique Quality (2:18)</h4>
<p>There is nothing quite like it because of the depth that I go in to about emotions and money. It’s very practically and really helps you get in touch with yourself and not just your money.</p>
<h4>The Best Way To Engage (2:55)</h4>
<p>It’s good to read straight through and then go back as you feel needed.</p>
<h4>The Reader’s Takeaway (10:47)</h4>
<p>I like the idea that your emotions are behind your behaviors and to understand that there are no good or bad emotions. They are just emotions and habits and whatever those habits are they can change.</p>
<h4>A Deep Dive Into The Book (3:56)</h4>
<p>If you read the book and do the exercises I can promise you that your ideas about money and yourself are going to change and improve because your money is really an extension of who you are. If you want to change your money there is an awful lot that has to change internally.<br />
The book is structures in to two parts. The first is preparation for financial change and the second part is working towards a new financial identity. You can’t just dive in and expect to change your life very quickly and dramatically and not have resistance. </p>
<p>Exercise one is conditioning yourself for change and the idea is to be able to recognize the discomfort that comes with change so you don’t give up and walk backwards. Then there is developing financial awareness which is about overcoming financial vagueness syndrome. The idea is to become more financially aware and not to be afraid at looking at your numbers. Exercise three is identifying financial patterns and underlying emotional themes. There is a chart in that exercise which outlines what I call the five main feelings that people act out through their money. These five feelings are anger, shame, deprivation, aloneness, and a since of being trapped. So the chart shows you what you are probably feeling underneath the behaviors because the theory in the book is that you create your life stories with emotions as the creative force. So by understanding your emotions you can understand your behaviors and you don’t have to have a good emotional vocabulary in order to do what I talk about in the book. The fourth exercise is setting attainable goals. A lot of people will set goals that are so far beyond what the position they are in now and it paralyzes them and they wind up doing nothing.  </p>
<p>In the second part, which is the healing part, exercise five is replacing unproductive financial thoughts. This helps you look at the voices you hear in your head and what you believe about money. Exercise six is adopting functional financial beliefs. There is a great chart in this chapter where it shows the beliefs that are holding you back and ones that are going to work instead. Exercise seven is cultivating healthy money feelings. Once you learn to recognize these feelings that are behind your money you need to learn what to do to change the programing in your brain. Exercise eight is establishing responsible behaviors and includes how you have to adapt to these behaviors. The final exercise is improving your relationship with yourself and others which is about connecting and learning to trust yourself.<br />
<strong>NOTE: That was just a summary. To get the full deep dive, play the audio clip at 03:56</strong></p>
<h4>Notable Quotes From The Book (11:32)</h4>
<p>“Money represents the energy of relationship and the way individuals handle money reflects how they deal with their relationships with themselves and others.” &#8211; Joan Sotkin</p>
<h4>The Credibility/Inspiration Of The Author (0:36)</h4>
<p>I started out in life on the lower end, I had two very successful brothers and I could barely make it. I was sick emotionally, financially, and it’s been a journey. I love to share what I’ve learned along the way and I’ve been on the internet since 1995 doing just that.</p>
<p>I really like sharing what I learned and I saw that a lot of financial books were either heavy on the mindset piece or they were very hardcore how to count your money and handle cash flow books. I wanted something that combined both because that’s what I saw had to be done.</p>
<h4>Other Books Recommended By The Author (13:14)</h4>
<p><a href="http://www.amazon.com/gp/product/0517543052/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=0517543052&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=SJV2FY75HSRJ6PSO" target="_blank"><em>Be Here Now</em></a> by Ram Dass<br />
<a href="http://www.amazon.com/gp/product/1577314808/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=1577314808&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=JU37PTQ2BNLIODXD" target="_blank"><em>The Power of Now</em></a> by Eckhart Tolle</p>
<h4>More Information About This Book and The Author</h4>
<p>Buy <a href="http://www.amazon.com/gp/product/0974171980/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=0974171980&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=RROH3SAK7OFYLR7Q " target="_blank"><em>Build Your Money Muscles</em></a> by Joan Sotkin on Amazon today<br />
Visit <a href="http://ProsperityPlace.com" target="_blank">ProsperityPlace.com</a> to learn more about Joan and her podcast<br />
Follow Joan Sotkin on <a href="http://facebook.com/sotkin" title="Joan Sotkin on Facebook" target="_blank">Facebook</a> and <a href="http://twitter.com/joansotkin" title="Joan Sotkin on Twitter" target="_blank">Twitter</a></p>
<h4> More Information About This Episode</h4>
<p>Download the full transcript here (coming soon)<br />
Listen on <a href="https://itunes.apple.com/us/podcast/the-entrepreneurs-library/id899607618" title="The Entrepreneurs Library on iTunes" target="_blank">iTunes</a>, <a href="http://app.stitcher.com/browse/feed/53605/episodes" title="The Entrepreneurs Library on Stitcher" target="_blank">Stitcher </a>, and <a href="https://soundcloud.com/the-entrepreneurs-library" title="The EL Podcast on SoundCloud" target="_blank">SoundCloud</a></p>
<p><strong>Related books:</strong></p>
<p><a href="http://www.theelpodcast.com/tel-013-financially-savvy-entrepreneur-emily-chase-smith/" target="_blank"><em>The Financially Savvy Entrepreneur</em></a> by Emily Chase Smith<br />
<a href="http://www.theelpodcast.com/tel-162-live-richer-challenge-with-tiffany-aliche/" target="_blank"><em>Live Richer Challenge</em></a> by Tiffany Aliche<br />
<a href="http://www.theelpodcast.com/tel-171-from-worry-to-wealthy-with-chellie-campbell/" target="_blank"><em>From Worry to Wealthy</em></a> by Chellie Campbell</p>
<p><strong>Relevant advice and tips:</strong></p>
<p><a href="http://www.theelpodcast.com/5-personal-wealth-management-tips-financial-stability/" target="_blank">5 Personal Wealth Management Tips For Financial Stability</a></p>
<p>What did you like and not like about this episode? Fill out this <a href="https://www.surveymonkey.com/r/TKY79JP" target="_blank">one minute survey here</a>.</p>
<h3>What do you think about Joan Sotkin’s book, <em>Build Your Money Muscles</em>? Share your review in the comments below:</h3>
<p>The post <a rel="nofollow" href="https://www.theelpodcast.com/tel-191-build-your-money-muscles-with-joan-sotkin/">A Preview of Build Your Money Muscles with Joan Sotkin</a> appeared first on <a rel="nofollow" href="https://www.theelpodcast.com">The Entrepreneurs Library</a>.</p>
]]></content:encoded>
			<wfw:commentRss>https://www.theelpodcast.com/tel-191-build-your-money-muscles-with-joan-sotkin/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>A Preview of PACE with Jesse Mecham</title>
		<link>https://www.theelpodcast.com/tel-104-pace-jesse-mecham/</link>
		<comments>https://www.theelpodcast.com/tel-104-pace-jesse-mecham/#comments</comments>
		<pubDate>Wed, 03 Dec 2014 13:24:34 +0000</pubDate>
		<dc:creator><![CDATA[Wade Danielson]]></dc:creator>
				<category><![CDATA[Business Hacks]]></category>
		<category><![CDATA[cash flow]]></category>
		<category><![CDATA[finance system]]></category>
		<category><![CDATA[financial mistakes that devastate startups]]></category>
		<category><![CDATA[framework of cash flow]]></category>
		<category><![CDATA[jesse mecham]]></category>
		<category><![CDATA[mkae a new hire]]></category>
		<category><![CDATA[pace]]></category>
		<category><![CDATA[retire sooner than you think]]></category>
		<category><![CDATA[the financially savvy entrepreneur]]></category>
		<category><![CDATA[the millionaire master plan]]></category>
		<category><![CDATA[top financial mistakes]]></category>
		<category><![CDATA[traditional book keeping]]></category>

		<guid isPermaLink="false">http://www.theelpodcast.com/?p=1113</guid>
		<description><![CDATA[<img src="https://www.theelpodcast.com/wp-content/uploads/2014/12/TEL-104-PACE-by-Jesse-Mecham-300x189.jpg" class="attachment-medium wp-post-image" alt="PACE" style="display: block; margin-bottom: 5px; clear:both;" /><p>A summary of things you should know about PACE according to Jesse Mecham: Introduction In this episode Jesse Mecham shares his book, PACE, where he shares a unique and simple<a href="https://www.theelpodcast.com/tel-104-pace-jesse-mecham/" class="more-link">Read More</a></p>
<p>The post <a rel="nofollow" href="https://www.theelpodcast.com/tel-104-pace-jesse-mecham/">A Preview of PACE with Jesse Mecham</a> appeared first on <a rel="nofollow" href="https://www.theelpodcast.com">The Entrepreneurs Library</a>.</p>
]]></description>
				<content:encoded><![CDATA[<img src="https://www.theelpodcast.com/wp-content/uploads/2014/12/TEL-104-PACE-by-Jesse-Mecham-300x189.jpg" class="attachment-medium wp-post-image" alt="PACE" style="display: block; margin-bottom: 5px; clear:both;" /><div class="soundcloudIsGold " id="soundcloud-179625270"><iframe width="100%" height="166px" scrolling="no" frameborder="no" src="http://w.soundcloud.com/player/?url=http%3A%2F%2Fapi.soundcloud.com%2Ftracks%2F179625270&amp;auto_play=false&amp;show_artwork=false&amp;color=ff7700"></iframe></div>
<h1>A summary of things you should know about <em>PACE</em> according to Jesse Mecham:</h1>
<h4>Introduction</h4>
<p>In this episode Jesse Mecham shares his book, <em>PACE</em>, where he shares a unique and simple method to balance your cash flow and keep more of you money.</p>
<p>In his book, Jesse shows you the way to watch your checking account balance grow, confidently make a new hire, and give yourself a consistently growing paycheck. The goal of the book is to teach you how to squeeze the maximum value out of every dollar that flows through your business and pinpoint where your current finance system is broken.</p>
<p>This book is for entrepreneurs who have a hard time understanding accounting and need a simple yet effective monetary system for managing the cash flow of their business.</p>
<h4>The Book’s Unique Quality (2:15)</h4>
<p>This book is has nothing to do with what you would call traditional book keeping. This book is a method for business owners that allow them to think about their cash flow in a new way and make decisions based on this framework of cash flow that helps their business grow.</p>
<h4>The Best Way To Engage (2:58)</h4>
<p>I purposely made the book very short so you could read the book straight through sitting on an airplane.</p>
<h4>The Reader’s Takeaway (10:32)</h4>
<p>I want the reader to recognize that they could see their books and their finances as a strategic value added piece of information and not a necessary evil for compliance.</p>
<h4>A Deep Dive Into The Book (3:29)</h4>
<p>The first part of the book is my story and how I stumbled into being a small business owner. My business was doing quite well but I was still frozen with fear and I recognized that just because revenues were growing that didn’t mean that I was feeling any more comfortable. </p>
<p>The next little bit I kind of talk through the current state of the art as it relates to bookkeeping and recognize that most business owners have variable incomes or their income is very seasonal and their expenses are not spread evenly throughout the year. I try to get business owners to go from looking backward and complying to looking forward and starting to plan and prioritize. </p>
<p>The title of the book PACE is an acronym made up of four rules. The first rule of PACE is to prioritize what you have. I want business owners to really drill down and think about the money they have on hand and decide exactly what that money needs to do before more money comes into the business.</p>
<p>The second rule eludes a lot of business owners and that’s to anticipate less frequent expenses. The biggest one that small business owners deal with is cash flow, specifically as it relates to taxes. This is one example where I want business owners to look ahead and break apart larger less frequent expenses in to more manageable monthly amounts. </p>
<p>The third rule of PACE is that you change. You take whatever information you have that is relevant at the time and then if you get new information you change your plan. </p>
<p>The last rule is that we want the business owner to establish what we call a buffer, a little bit of a reserve so that they aren’t constantly stressed and right on the edge of financial disaster. For the most part the business owner needs to have one to two months of revenue. This is hard to believe for some but it is totally doable as you start to prioritize your expenses following that first rule and you will start to see how you can build that reserve over time.</p>
<h4>The Credibility/Inspiration Of The Author (0:37)</h4>
<p>I am an entrepreneur; I founded a company called YouNeedABudget.com. I have five kids; I live in the beautiful state of Utah and living the dream.</p>
<p>I am in the realm where I teach individuals and families how to manage their money and we do a pretty good job of it. We have taught hundreds of thousands of people how to turn their finances around. As a small business owner I realized that my finances were stressing me out and about seven years in to being a small business owner I realized that I could apply the same methods that I have been teaching families. I since applied those same methods to my business and it’s proven over the last several years to be one of the best things I’ve done for my business. I decided I wanted to get the word out and alleviate some of that stress to other business owners.</p>
<h4>Other Books Recommended By The Author (12:03)</h4>
<p><a href="http://www.amazon.com/gp/product/0142000280/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=0142000280&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=H5JO7VRQZOW6JRAI" target="_blank"><em>Getting Things Done</em></a> by David Allen</p>
<p><a href="http://www.amazon.com/gp/product/1400077303/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=1400077303&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=4PCLCWIVV5IUFZLS" target="_blank"><em>Titan: The Life of John D. Rockefeller, Sr</em></a> by Ron Chernow</p>
<h4>More Information About This Book and The Author</h4>
<p>Buy <a href="http://www.amazon.com/gp/product/B00P1JV4CI/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=B00P1JV4CI&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=HRXQBK76S4RKEH3W" target="_blank"><em>PACE</em></a> by Jesse Mecham on Amazon today</p>
<p>Visit <a href="http://www.PACEhq.com" target="_blank">PACEhq.com</a> to learn more about Jesse and his book</p>
<p>Visit <a href="http://www.YouNeedABudget.com" target="_blank">YouNeedABudget.com</a> to learn more about Jesse&#8217;s company</p>
<p>Follow Jesse Mecham on <a href="https://twitter.com/jessemecham" title="Jesse Mecham" target="_blank">Twitter</a> and <a href="http://www.facebook.com/iYNAB" target="_blank">Facebook</a></p>
<h4> More Information About This Episode</h4>
<p>Download the full transcript here (coming soon)</p>
<p>Listen on <a href="https://itunes.apple.com/us/podcast/the-entrepreneurs-library/id899607618" title="The Entrepreneurs Library on iTunes" target="_blank">iTunes</a>, <a href="http://app.stitcher.com/browse/feed/53605/episodes" title="The Entrepreneurs Library on Stitcher" target="_blank">Stitcher </a>, and <a href="https://soundcloud.com/the-entrepreneurs-library" title="The EL Podcast on SoundCloud" target="_blank">SoundCloud</a></p>
<p><strong>Related books:</strong> <a href="http://www.theelpodcast.com/tel-013-financially-savvy-entrepreneur-emily-chase-smith/" target="_blank"><em>The Financially Savvy Entrepreneur</em></a> by Emily Chase Smith | <a href="http://www.theelpodcast.com/tel-029-millionaire-master-plan-roger-j-hamilton/" target="_blank"><em>The Millionaire Master Plan</em></a> by Roger Hamilton | <a href="http://www.theelpodcast.com/tel-095-you-can-retire-sooner-than-you-think-wes-moss/" target="_blank"><em>You Can Retire Sooner Than You Think</em></a> by Wes Moss</p>
<p><strong>Relevant advice and tips:</strong> <a href="http://www.theelpodcast.com/5-financial-mistakes-devastate-startups/" target="_blank">5 Financial Mistakes That Devastate Startups</a> | <a href="http://www.theelpodcast.com/top-financial-mistakes-entrepreneurs-make-creating-new-business/" target="_blank">Top Financial Mistakes Entrepreneurs Make When Creating a New Business</a></p>
<p>What did you like and not like about this episode? Fill out this <a href="https://www.surveymonkey.com/r/TKY79JP" target="_blank">one minute survey here</a>.</p>
<p>The post <a rel="nofollow" href="https://www.theelpodcast.com/tel-104-pace-jesse-mecham/">A Preview of PACE with Jesse Mecham</a> appeared first on <a rel="nofollow" href="https://www.theelpodcast.com">The Entrepreneurs Library</a>.</p>
]]></content:encoded>
			<wfw:commentRss>https://www.theelpodcast.com/tel-104-pace-jesse-mecham/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>7 Signs That You Have What It Takes To Be An Entrepreneur</title>
		<link>https://www.theelpodcast.com/what-it-takes-to-be-an-entrepreneur/</link>
		<comments>https://www.theelpodcast.com/what-it-takes-to-be-an-entrepreneur/#comments</comments>
		<pubDate>Mon, 24 Nov 2014 15:10:42 +0000</pubDate>
		<dc:creator><![CDATA[Cody Faldyn]]></dc:creator>
				<category><![CDATA[Entrepreneurship]]></category>
		<category><![CDATA[entrepreneurial spirit]]></category>
		<category><![CDATA[how to be the best entrepreneur]]></category>
		<category><![CDATA[lifestyle entrepreneur]]></category>
		<category><![CDATA[quit your day job]]></category>
		<category><![CDATA[succeed in business]]></category>
		<category><![CDATA[the entrepreneur mind]]></category>
		<category><![CDATA[the financially savvy entrepreneur]]></category>
		<category><![CDATA[the freaks shall inherit the earth]]></category>
		<category><![CDATA[the suitcase entrepreneur]]></category>
		<category><![CDATA[what it takes to be an entrepreneur]]></category>

		<guid isPermaLink="false">http://www.theelpodcast.com/?p=1074</guid>
		<description><![CDATA[<img src="https://www.theelpodcast.com/wp-content/uploads/2014/11/7-Signs-That-You-Have-What-It-Takes-To-Be-An-Entrepreneur-300x152.png" class="attachment-medium wp-post-image" alt="What It Takes To Be An Entrepreneur" style="display: block; margin-bottom: 5px; clear:both;" /><p>Do you have what it takes to be an entrepreneur? Realizing the answer to this question is often a difficult task. And often, it takes a series of hurdles for<a href="https://www.theelpodcast.com/what-it-takes-to-be-an-entrepreneur/" class="more-link">Read More</a></p>
<p>The post <a rel="nofollow" href="https://www.theelpodcast.com/what-it-takes-to-be-an-entrepreneur/">7 Signs That You Have What It Takes To Be An Entrepreneur</a> appeared first on <a rel="nofollow" href="https://www.theelpodcast.com">The Entrepreneurs Library</a>.</p>
]]></description>
				<content:encoded><![CDATA[<img src="https://www.theelpodcast.com/wp-content/uploads/2014/11/7-Signs-That-You-Have-What-It-Takes-To-Be-An-Entrepreneur-300x152.png" class="attachment-medium wp-post-image" alt="What It Takes To Be An Entrepreneur" style="display: block; margin-bottom: 5px; clear:both;" /><h1>Do you have what it takes to be an entrepreneur?</h1>
<p>Realizing the answer to this question is often a difficult task. And often, it takes a series of hurdles for you to identify this trait in your personality. But how do you know whether it is right for you to quit your day job and start on a venture of your own? Well, there is no easy answer to this. </p>
<p>The good thing is that most entrepreneurs share certain characteristics. If you can identify with these, chances are high that you may have that entrepreneurial spirit in you. But don’t despair if you don’t fit them all. </p>
<p>Let’s take a look at some ways to tell if you have what it takes to be an entrepreneur:</p>
<p><strong>You have a passion to do something.</strong> Passion for what they do is what drives the successful entrepreneurs. Edison tried and failed 10,000 times before he could design the light bulb. We may have had to do with candles still if he had given up. But he had the passion that drove him to success. Do you have the same? </p>
<p><strong>You have a seriously poor employment history.</strong> Have you quit more jobs than you can remember? Not because you were not good but because you felt you were stuck – maybe even at the top when even success gets stale. If so, the next best thing is to start on an endeavor of your own where you can effectively and efficiently manage yourself.<br />
<strong><br />
You have the nerve to take risks.</strong> Fred Smith nearly failed his business management course when he developed a business model that focused on express delivery service. But this did not deter him from putting his thoughts into action. And FedEx was born. All entrepreneurs aren’t overnight successes. But they have the courage to follow their dreams. </p>
<p><strong>You think outside the box.</strong> When the worst financial crisis hits the world, many entrepreneurs cowered in front of it. But Sarah Lavely saw an opportunity. She offered people the opportunity to vent out their frustration and relieve stress in an amazing way – throwing stuff at a wall after you buy it. </p>
<p><strong>You have a broader perspective of security.</strong> For some, a secured job is a good enough thing. For others, there is no security at a job that depends on others. You never know when a silly or spiteful decision of a boss or a mess-up of the board of directors will screw it. For such souls, security is only in a job where you yourself are responsible for everything. </p>
<p><strong>You have the determination to get back on your feet even after a bad fall.</strong> If you mope after every little failure, it’s best to avoid entrepreneurship. Successful entrepreneurs get back on their feet immediately after they face failure. Take Bill Gates for example – his initial Traf-O-Data was a super failure. But he moved on and became a success. </p>
<p><strong>You have the support of people close to you.</strong> No entrepreneur is a success on his/her own. They need the support of their family and friends to make it through the tough times – and there sure are enough of those! Also, successful entrepreneurs never surround themselves with &#8220;yes-men&#8221;; instead, they depend on truthful advisors who can tell all at their face. </p>
<p>It doesn’t take a superhuman to succeed in business. But it does require the right traits to be happy and successful at it. </p>
<p>If you fit all these seven signs, then you have the most of what it takes to be an entrepreneur. If you don’t, no worries! There are no sure formulas to success and you may turn out to be an amazing entrepreneur even if you had a successful career as an employee. In the end passion and motivation are the key aggregators of a true entrepreneur.</p>
<h4>Are you searching for some excellent resources on how to be the best entrepreneur you can be? I recommend the following books to add to your personal library:</h4>
<p><a href="http://www.amazon.com/gp/product/1614486271/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=1614486271&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=7I625ATFYESVCWFS" target="_blank"><em>Lifestyle Entrepreneur</em></a> by Jesse Krieger | Check out Jesse&#8217;s exclusive <a href="http://www.theelpodcast.com/tel-002-lifestyle-entrepreneur-with-jesse-krieger/" target="_blank">deep dive here</a><br />
<a href="http://www.amazon.com/gp/product/1118800559/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=1118800559&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=XRGN5WGSCSHOZ2HG" target="_blank"><em>The Freaks Shall Inherit The Earth</em></a> by Chris Brogan | Check out Chris&#8217;s exclusive <a href="http://www.theelpodcast.com/tel-068-freaks-shall-inherit-earth-chris-brogan/" target="_blank">deep dive here</a><br />
<a href="http://www.amazon.com/gp/product/1601633173/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=1601633173&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=QJPR2XQI4PT5NP7B" target="_blank"><em>The Financially Savvy Entrepreneur</em></a> by Emily Chase Smith | Check out Emily&#8217;s exclusive <a href="http://www.theelpodcast.com/tel-013-financially-savvy-entrepreneur-emily-chase-smith/" target="_blank">deep dive here</a><br />
<a href="http://www.amazon.com/gp/product/0473251248/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=0473251248&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=UF2MHYFHZRWNHNRS" target="_blank"><em>The Suitcase Entrepreneur</em></a> by Natalie Sisson | Check out Natalie&#8217;s exclusive <a href="http://www.theelpodcast.com/tel-048-suitcase-entrepreneur-natalie-sisson/" target="_blank">deep dive here</a><br />
<a href="http://www.amazon.com/gp/product/0988479702/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=0988479702&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=MVSKQAN4L3GY24Q6" target="_blank"><em>The Entrepreneur Mind</em></a> by Kevin Johnson | Check out Kevin&#8217;s exclusive <a href="http://www.theelpodcast.com/tel-025-the-entrepreneur-mind-kevin-d-johnson/" target="_blank">deep dive here</a></p>
<h2>What is one thing you have learned as a result of being an entrepreneur? Share with everyone in the comment below:</h2>
<p>The post <a rel="nofollow" href="https://www.theelpodcast.com/what-it-takes-to-be-an-entrepreneur/">7 Signs That You Have What It Takes To Be An Entrepreneur</a> appeared first on <a rel="nofollow" href="https://www.theelpodcast.com">The Entrepreneurs Library</a>.</p>
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		<title>A Preview of You Can Retire Sooner Than You Think with Wes Moss</title>
		<link>https://www.theelpodcast.com/tel-095-you-can-retire-sooner-than-you-think-wes-moss/</link>
		<comments>https://www.theelpodcast.com/tel-095-you-can-retire-sooner-than-you-think-wes-moss/#comments</comments>
		<pubDate>Thu, 20 Nov 2014 14:53:25 +0000</pubDate>
		<dc:creator><![CDATA[Wade Danielson]]></dc:creator>
				<category><![CDATA[Wealth]]></category>
		<category><![CDATA[final act of ownership]]></category>
		<category><![CDATA[need retirement money]]></category>
		<category><![CDATA[outliers]]></category>
		<category><![CDATA[retiring early]]></category>
		<category><![CDATA[running out of money]]></category>
		<category><![CDATA[sources of income]]></category>
		<category><![CDATA[the art of resignation]]></category>
		<category><![CDATA[the financially savvy entrepreneur]]></category>
		<category><![CDATA[wes moss]]></category>
		<category><![CDATA[work to retirement]]></category>
		<category><![CDATA[you can retire sooner than you think]]></category>

		<guid isPermaLink="false">http://www.theelpodcast.com/?p=1045</guid>
		<description><![CDATA[<img src="https://www.theelpodcast.com/wp-content/uploads/2014/11/TEL-095-You-Can-Retire-Sooner-Than-You-Think-by-Wes-Moss-300x189.jpg" class="attachment-medium wp-post-image" alt="You Can Retire Sooner Than You Think" style="display: block; margin-bottom: 5px; clear:both;" /><p>A summary of things you should know about You Can Retire Sooner Than You Think according to Wes Moss: Introduction In this episode Wes Moss share his book, You Can<a href="https://www.theelpodcast.com/tel-095-you-can-retire-sooner-than-you-think-wes-moss/" class="more-link">Read More</a></p>
<p>The post <a rel="nofollow" href="https://www.theelpodcast.com/tel-095-you-can-retire-sooner-than-you-think-wes-moss/">A Preview of You Can Retire Sooner Than You Think with Wes Moss</a> appeared first on <a rel="nofollow" href="https://www.theelpodcast.com">The Entrepreneurs Library</a>.</p>
]]></description>
				<content:encoded><![CDATA[<img src="https://www.theelpodcast.com/wp-content/uploads/2014/11/TEL-095-You-Can-Retire-Sooner-Than-You-Think-by-Wes-Moss-300x189.jpg" class="attachment-medium wp-post-image" alt="You Can Retire Sooner Than You Think" style="display: block; margin-bottom: 5px; clear:both;" /><div class="soundcloudIsGold " id="soundcloud-177514370"><iframe width="100%" height="166px" scrolling="no" frameborder="no" src="http://w.soundcloud.com/player/?url=http%3A%2F%2Fapi.soundcloud.com%2Ftracks%2F177514370&amp;auto_play=false&amp;show_artwork=false&amp;color=ff7700"></iframe></div>
<h1>A summary of things you should know about <em>You Can Retire Sooner Than You Think</em> according to Wes Moss:</h1>
<h4>Introduction</h4>
<p>In this episode Wes Moss share his book, <em>You Can Retire Sooner Than You Think</em>, where he gives a five-step process for getting on the fast track to a great retirement.</p>
<p>In his book, Moss uncovers his findings of an intensive study on retirement revealing that it does not take financial genius, millions of dollars, or high end investment skills to have a solid retirement. The goal of the book is to show you how to determine what you need retirement money for, figure out how much you need to save, and develop an income stream from multiple sources.</p>
<p>This book is perfect for entrepreneurs who are successfully running a business and are looking for a quick, painless transition from work to retirement.</p>
<h4>The Book’s Unique Quality (5:07)</h4>
<p>I have determined that there are some concrete financial benchmarks that Americans need to set their sights on.</p>
<h4>The Best Way To Engage (22:43)</h4>
<p>You can jump in and out. I would love for everyone to read the whole thing but if you just read the first 3 chapters, chapter 8 and the appendix you will get a whole lot out of this book too.</p>
<h4>The Reader’s Takeaway (24:19)</h4>
<p>I want people to understand that contrary to popular belief being able to stop working and being in a financial position of security is more accessible than most people think.</p>
<h4>A Deep Dive Into The Book (7:14)</h4>
<p>My answer to the question does money buy happiness is yes but only to a point. Throughout the book you will find different financial thresholds to get to. In my study I found that the happy people needed to get to around 82,000 in income. This is a really important prevailing theme that goes throughout the book. </p>
<p>Another interesting part of my data found is that if you chart out the number of years to pay off a mortgage, relative to levels of happiness, very clearly in my data you’ll see that as the years come down the level of happiness reportedly goes up.  So the lower years you have to pay off your mortgage you will find greater level of happiness. I have a whole chapter in the book on how to figure out a way to get rid of your mortgage as soon as possible. </p>
<p>Another thought in the book has to do with multiple sources of income. What I have discovered in the book is that there is a real sense of happiness as we increase the number of different income sources we have. There are a lot of psychological benefits from knowing that if one of those incomes goes wrong you have a lot of others to replace it with. I talk about that as we evolve in the next 20 or 30 years we must really understand and think about possibly not having multiple ways to earning your income. </p>
<p>This really is a book about how to make the right decisions that will lead you to retiring and hopefully retiring earlier than you think.</p>
<h4>Notable Quotes From The Book (27:24)</h4>
<p>Instead of a favorite quote I have a favorite chart and that is the relationship between happiness and years left to pay off your mortgage.</p>
<h4>The Credibility/Inspiration Of The Author (0:38)</h4>
<p>I have been in financial media and the investment business for about seventeen years now. I have been a part of WSB Radio in Atlanta for the better part of six years and really have had a lot of fun in the last year after writing <em>You Can Retire Sooner Than You Think</em>.</p>
<p>I have always wondered if money could really buy happiness. As entrepreneurs I think we have all had this fear of running out of money. About four years ago I heard Dave Ramsey talk about a study at Princeton about money and happiness. I wanted to take this study a lot further and answer the questions about the financial levels and habits of happy people.</p>
<h4>Other Books Recommended By The Author (28:25)</h4>
<p><a href="http://www.amazon.com/gp/product/0316017930/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=0316017930&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=PAXOLF22YVZFGNG6" target="_blank"><em>Outliers</em></a> by Malcolm Gladwell</p>
<h4>More Information About This Book and The Author</h4>
<p>Buy <a href="http://www.amazon.com/gp/product/007183902X/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=007183902X&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=RT5LI22AMF25HEZ2" target="_blank"><em>You Can Retire Sooner Than You Think</em></a> by Wes Moss on Amazon today</p>
<p>Visit <a href="http://www.WesMoss.com" target="_blank">WesMoss.com</a> to learn more about Wes and his book</p>
<p>Follow Wes Moss on <a href="http://twitter.com/WesMoss365  " title="Wes Moss on Twitter" target="_blank">Twitter </a>and <a href="https://www.facebook.com/wesmossmoneymatters " title="Wes Moss on Facebook" target="_blank">Facebook</a></p>
<h4> More Information About This Episode</h4>
<p>Download the full transcript here (coming soon)</p>
<p>Listen on <a href="https://itunes.apple.com/us/podcast/the-entrepreneurs-library/id899607618" title="The Entrepreneurs Library on iTunes" target="_blank">iTunes</a>, <a href="http://app.stitcher.com/browse/feed/53605/episodes" title="The Entrepreneurs Library on Stitcher" target="_blank">Stitcher </a>, and <a href="https://soundcloud.com/the-entrepreneurs-library" title="The EL Podcast on SoundCloud" target="_blank">SoundCloud</a></p>
<p><strong>Related books:</strong> <a href="http://www.theelpodcast.com/tel-094-the-art-of-resignation-with-steven-feiner/" target="_blank"><em>The Art of Resignation</em></a> by Steven Feiner | <a href="http://www.theelpodcast.com/tel-022-final-act-ownership-jerry-baltus/" target="_blank"><em>The Final Act of Ownership</em></a> by Jerry Baltus | <a href="http://www.theelpodcast.com/tel-013-financially-savvy-entrepreneur-emily-chase-smith/" target="_blank"><em>The Financially Savvy Entrepreneur</em></a> by Emily Chase Smith</p>
<p>What did you like and not like about this episode? Fill out this <a href="https://www.surveymonkey.com/r/TKY79JP" target="_blank">one minute survey here</a>.</p>
<h2>What are your plans for retirement? Share your thoughts with everyone in the comments below:</h2>
<p>The post <a rel="nofollow" href="https://www.theelpodcast.com/tel-095-you-can-retire-sooner-than-you-think-wes-moss/">A Preview of You Can Retire Sooner Than You Think with Wes Moss</a> appeared first on <a rel="nofollow" href="https://www.theelpodcast.com">The Entrepreneurs Library</a>.</p>
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		<title>5 Personal Wealth Management Tips For Financial Stability</title>
		<link>https://www.theelpodcast.com/5-personal-wealth-management-tips-financial-stability/</link>
		<comments>https://www.theelpodcast.com/5-personal-wealth-management-tips-financial-stability/#comments</comments>
		<pubDate>Wed, 12 Nov 2014 18:03:45 +0000</pubDate>
		<dc:creator><![CDATA[Cody Faldyn]]></dc:creator>
				<category><![CDATA[Money]]></category>
		<category><![CDATA[achievable financial goals]]></category>
		<category><![CDATA[credit history]]></category>
		<category><![CDATA[easiest way to manage savings]]></category>
		<category><![CDATA[millionaire master plan]]></category>
		<category><![CDATA[personal wealth management]]></category>
		<category><![CDATA[plan your income]]></category>
		<category><![CDATA[the financially savvy entrepreneur]]></category>
		<category><![CDATA[tips for financial stability]]></category>

		<guid isPermaLink="false">http://www.theelpodcast.com/?p=1017</guid>
		<description><![CDATA[<img src="https://www.theelpodcast.com/wp-content/uploads/2014/11/5-Personal-Wealth-Management-Tips-for-Financial-Stability-300x152.png" class="attachment-medium wp-post-image" alt="Personal Wealth Management" style="display: block; margin-bottom: 5px; clear:both;" /><p>5 Personal Wealth Management Tips For Financial Stability Many dream of having a big house, a luxury car, and a gorgeous lifestyle. And they think that hard work and sincerity<a href="https://www.theelpodcast.com/5-personal-wealth-management-tips-financial-stability/" class="more-link">Read More</a></p>
<p>The post <a rel="nofollow" href="https://www.theelpodcast.com/5-personal-wealth-management-tips-financial-stability/">5 Personal Wealth Management Tips For Financial Stability</a> appeared first on <a rel="nofollow" href="https://www.theelpodcast.com">The Entrepreneurs Library</a>.</p>
]]></description>
				<content:encoded><![CDATA[<img src="https://www.theelpodcast.com/wp-content/uploads/2014/11/5-Personal-Wealth-Management-Tips-for-Financial-Stability-300x152.png" class="attachment-medium wp-post-image" alt="Personal Wealth Management" style="display: block; margin-bottom: 5px; clear:both;" /><p><strong>5 Personal Wealth Management Tips For Financial Stability</strong></p>
<p>Many dream of having a big house, a luxury car, and a gorgeous lifestyle. And they think that hard work and sincerity can help them achieve their dream. What they fail to realize is that even with all the hard work and sincerity, they may not be able to achieve it – unless they pay attention to one of the essentials – personal wealth management. </p>
<p>What is wealth management? And why is it important? Personal wealth management involves taking the right steps at the right time to ensure you are on the path to financial stability. And it is important to focus on it right NOW if you want to have a secure future in regards to your finances. </p>
<p>Here are the five most important personal wealth management tips to help you secure a financially stable future. </p>
<p><strong>Tip 1: Plan your income and expenditure.</strong> But even before you sit and chalk out your budget, so some extensive research to make sure that what you get paid is what you are worth. Being underpaid, by even a few hundreds of dollars can affect your finances a great deal. </p>
<p>Next, focus on what you earn on a monthly basis. Add to it income from any other sources. Now, determine your chief monthly expenses and try to find out where you can make a cut. Remember – a penny saved is a penny earned!</p>
<p><strong>Tip 2: Pay attention to savings.</strong> After you have your budget in place, it is time to focus on the savings. Property, jewelry and such other items are good; but you also need to have cash savings (it is the one that will come in handy in any emergency).</p>
<p>The easiest way to manage savings is to automate the process. Just make sure a certain percentage of your income is deposited in a separate account once you get paid. Interest-bearing savings accounts are great choices. </p>
<p><strong>Tip 3: Play the credit hand only when you are confident.</strong> Don’t mistake; credit isn’t always bad. It becomes so only when you are incapable of paying it back on time. Be it mortgage, unsecured loan or even credit card loan, you just need to handle it with tact. </p>
<p>What’s even better is that if your credit history shows timely repayments, it is easier to establish a favorable impression before a lender. The only problem is that if you let it accumulate, it will soon become a huge hurdle to overcome. </p>
<p><strong>Tip 4: Place achievable financial goals.</strong> Take wealth management one step at a time. When you plan to buy your favorite car, you need to save for sometime before you can indulge in your desire. The same is applicable for proper wealth management.</p>
<p>Don’t misunderstand; it is important to focus on small achievable goals for the near future. But you also need to make sure that the small ones form a continuous chain of progression to your ultimate long-term goal of financial stability. </p>
<p><strong>Tip 5: Put together a retirement plan.</strong> This is what your long-term financial plan should aim for – a stable financial position after you retire. Consider how to ensure a continuous cash flow even after your retirement so that you can enjoy the period at peace. </p>
<p>Many workplaces have retirement plans. If you aren’t contributing to one yet, start asking about it at your place of work. If there isn’t one there, look up the options you have. Consider your requirements and preferences before you make a choice. </p>
<p>Wealth management isn’t as difficult as it seems. But you need to focus on it immediately. It isn’t difficult to manage your wealth to secure your financial future. You just need to take it one step at a time, and aim for what you deem is your goal.</p>
<h4>Are you looking for more resources on tips for financial stability? Here are some books on The EL I recommend:</h4>
<p><a href="http://www.amazon.com/gp/product/1601633173/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=1601633173&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=4CD6S3XJB74U57CN" target="_blank"><em>The Financially Savvy Entrepreneur</em></a> by Emily Chase Smith | Listen to Emily give a <a href="http://www.theelpodcast.com/tel-013-financially-savvy-entrepreneur-emily-chase-smith/" target="_blank">deep dive here</a><br />
<a href="http://www.amazon.com/gp/product/B00LEW2KVU/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=B00LEW2KVU&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=AZGWLXK56CXVIRL2" target="_blank"><em>The Millionaire Master Plan</em></a> by Roger Hamilton | Listen to Roger give a <a href="http://www.theelpodcast.com/tel-029-millionaire-master-plan-roger-j-hamilton/" target="_blank">deep dive here</a><br />
<a href="http://www.amazon.com/gp/product/0981808298/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=0981808298&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=LJ3LGIXNTVP6SOHE" target="_blank"><em>Profit First</em></a> by Mike Michalowicz | Listen to Mike give a <a href="http://www.theelpodcast.com/tel-052-profit-first-mike-michalowicz/" target="_blank">deep dive here</a><br />
<a href="http://www.amazon.com/gp/product/1590792874/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=1590792874&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=SFSZCERYZ7HCJMYV" target="_blank"><em>People Tools For Business</em></a> by Alan Fox | Listen to Alan give a <a href="http://www.theelpodcast.com/tel-088-people-tools-for-business-alan-fox/" target="_blank">deep dive here</a><br />
<a href="http://www.amazon.com/gp/product/B00P0BE5VO/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=B00P0BE5VO&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=P5U3HBSZ7QXUYO6S " target="_blank"><em>Make Money Live Wealthy</em></a> by Austin Netzley | Listen to Austin give a <a href="http://www.theelpodcast.com/tel-089-make-money-live-wealthy-austin-netzley/" target="_blank">deep dive here</a></p>
<h2>What has been the best personal wealth management tactic for you? Share with the group in the comments below:</h2>
<p>The post <a rel="nofollow" href="https://www.theelpodcast.com/5-personal-wealth-management-tips-financial-stability/">5 Personal Wealth Management Tips For Financial Stability</a> appeared first on <a rel="nofollow" href="https://www.theelpodcast.com">The Entrepreneurs Library</a>.</p>
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		<title>Top Financial Mistakes Entrepreneurs Make When Creating a New Business</title>
		<link>https://www.theelpodcast.com/top-financial-mistakes-entrepreneurs-make-creating-new-business/</link>
		<comments>https://www.theelpodcast.com/top-financial-mistakes-entrepreneurs-make-creating-new-business/#comments</comments>
		<pubDate>Tue, 16 Sep 2014 20:36:46 +0000</pubDate>
		<dc:creator><![CDATA[Cody Faldyn]]></dc:creator>
				<category><![CDATA[Startups]]></category>
		<category><![CDATA[employing individuals]]></category>
		<category><![CDATA[financial plan]]></category>
		<category><![CDATA[how to get unstuck]]></category>
		<category><![CDATA[save money]]></category>
		<category><![CDATA[the financially savvy entrepreneur]]></category>
		<category><![CDATA[the millionaire master plan]]></category>
		<category><![CDATA[top financial mistakes entrepreneurs make]]></category>
		<category><![CDATA[Underestimate expenses]]></category>

		<guid isPermaLink="false">http://www.theelpodcast.com/?p=575</guid>
		<description><![CDATA[<img src="https://www.theelpodcast.com/wp-content/uploads/2014/09/Top-Financial-Mistakes-Entrepreneurs-Make-When-Creating-A-New-Business-300x152.png" class="attachment-medium wp-post-image" alt="Financial Mistakes Entrepreneurs Make" style="display: block; margin-bottom: 5px; clear:both;" /><p>Top Financial Mistakes Entrepreneurs Make When Creating a New Business Managing to keep the cash flowing is one of the biggest concerns for every new entrepreneur. And what makes it<a href="https://www.theelpodcast.com/top-financial-mistakes-entrepreneurs-make-creating-new-business/" class="more-link">Read More</a></p>
<p>The post <a rel="nofollow" href="https://www.theelpodcast.com/top-financial-mistakes-entrepreneurs-make-creating-new-business/">Top Financial Mistakes Entrepreneurs Make When Creating a New Business</a> appeared first on <a rel="nofollow" href="https://www.theelpodcast.com">The Entrepreneurs Library</a>.</p>
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				<content:encoded><![CDATA[<img src="https://www.theelpodcast.com/wp-content/uploads/2014/09/Top-Financial-Mistakes-Entrepreneurs-Make-When-Creating-A-New-Business-300x152.png" class="attachment-medium wp-post-image" alt="Financial Mistakes Entrepreneurs Make" style="display: block; margin-bottom: 5px; clear:both;" /><p>Top Financial Mistakes Entrepreneurs Make When Creating a New Business</p>
<p>Managing to keep the cash flowing is one of the biggest concerns for every new entrepreneur. And what makes it even more difficult is their unawareness of the pitfalls along their path. Creating a new business is a big task, and keeping the cash flowing is part of the responsibility. </p>
<p><a href="http://www.forbes.com/sites/jasonnazar/2013/09/09/16-surprising-statistics-about-small-businesses/" target="_blank">Forbes</a> states that “There are almost 28 million small businesses in the US and over 22 million are self employed with no additional payroll or employees (these are called non-employers)”. The question is – how many of them will survive in the long run? </p>
<p>Even if you have a winning idea, a superb product or an excellent service, you need to pay attention to your finances to transform it into a successful endeavor. And while you have to focus on the dos, you also need to be careful about the don’ts. </p>
<p>In order to make your transformation flawless, let’s take a look at the top financial mistakes entrepreneurs make at the start. </p>
<p><strong>Mistake 1:</strong> <em>Biting off more than you can chew</em>. You need to dream big when you start out as an entrepreneur. But if your dreams don’t fit your budget, you are in for some big trouble. Keep your head in the clouds and your feet on the ground. </p>
<p>Suppose you sell handmade gifts online. Do you really need to have a physical store? No. Yes, it can add to your business. But if you are hard pressed for money (that you invariably are at the start), isn’t it a better idea to make it a home-based business initially?</p>
<p><strong>Mistake 2:</strong> <em>Underestimate expenses</em>. Just like a business plan, you need to have a financial plan at the beginning. But it’s a little different. While you need to stick to your business plan, you need to tweak your financial plan a little. </p>
<p>What do you need to do? Just double whatever you have set as expenses! Many businesses fail because they underestimate just how much they will need to keep things running. Doubling the figures gives you a cushion to fall back on even at the last minute. </p>
<p><strong>Mistake 3:</strong> <em>Falling prey to the allure of new</em>. A new office furnished with modern pieces and showcasing the latest gadgets may look and feel nice. But unless you need to meet clients at your office regularly, it’s just a waste. </p>
<p>As a new entrepreneur, you need to focus on how you can save money. Instead, of new furniture, opt for used ones. They will be good, and come cheap too. If possible, let go the idea of an office entirely or maybe get an office suite instead of the entire deal. </p>
<p><strong>Mistake 4:</strong> <em>Employing individuals</em>. Everyone feels high and mighty when they are in a position to employ others. But consider your decision a hundred times before you do it. It is one of most expensive choices you may make, and it can quickly become a cause of concern. </p>
<p>Instead of full-time employees, opt for contractual professionals for your business. They may have a higher hourly rate, but you won’t be burdened with them once the contract runs out. And as they are experts, you save time and money on training and supervision too. </p>
<p><strong>Mistake 5:</strong> <em>Not having an exit plan</em>. A new entrepreneur needs to aim for success and prepare for failure. While you need to put in every ounce of your time, money and effort into your endeavor, make sure you have a safety net in case anything goes wrong. </p>
<p>It’s best to keep aside an emergency fund that will come in useful if your business doesn’t break even in the time frame you have set. It’s imperative that you don’t break into this fund to try to save your failing business. This will see you through until your next venture. </p>
<p>Be wary of these top financial mistakes entrepreneurs make and you will be able to better manage your finances, right from the start.</p>
<p><strong>If you are looking for great books that provide insights into the financial management of a new business, I recommend the following 5 reads:</strong></p>
<p><em><a href="http://www.amazon.com/gp/product/1937879224/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=1937879224&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=BWNQHBE5LHFIL3TJ" title="Buy Business in Blue Jeans on Amazon" target="_blank">Business in Blue Jeans</a></em> by Susan Baroncini-Moe &#8211; Listen to my <a href="http://bit.ly/1sUQUSp" title="Interview with Susan Baroncini Moe on Business in Blue Jeans" target="_blank">interview with Susan here</a><br />
<em><a href="http://www.amazon.com/gp/product/1601633173/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=1601633173&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=4CD6S3XJB74U57CN" title="Buy The Financially Savvy Entrepreneur on Amazon" target="_blank">The Financially Savvy Entrepreneur</a></em> by Emily Chase Smith &#8211; Listen to my <a href="http://bit.ly/1AgOQsU" title="Interview with Emily Chase Smith on The Financially Savvy Entrepreneur" target="_blank">interview with Emily here</a><br />
<em><a href="http://www.amazon.com/gp/product/B00LEW2KVU/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=B00LEW2KVU&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=AZGWLXK56CXVIRL2" title="Buy The Millionaire Master Plan on Amazon" target="_blank">The Millionaire Master Plan</a></em> by Roger James Hamilton &#8211; Listen to my <a href="http://bit.ly/1uWejqh" title="Interview with Roger Hamilton on The Millionaire Master Plan" target="_blank">interview with Roger here</a><br />
<em><a href="http://www.amazon.com/gp/product/1585424331/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=1585424331&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=Z7RYPGYWXAXRKWUA" title="Buy Think and Grow Rich on Amazon" target="_blank">Think and Grow Rich</a></em> by Napoleon Hill &#8211; Listen to my <a href="http://bit.ly/1uWejqh" title="Interview with Don Green on Think and Grow Rich" target="_blank">interview with Don Green here</a><br />
<em><a href="http://www.amazon.com/gp/product/1628650753/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=1628650753&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=I3AT33JGFMVS5OUF" title="Buy How To Get Unstuck on Amazon" target="_blank">How To Get Unstuck</a></em> by Barry Moltz &#8211; Listen to my <a href="http://bit.ly/1rwdvFT" title="Interview with Barry Moltz on How To Get Unstuck" target="_blank">interview with Barry here</a></p>
<h2>What is the biggest financial mistake you have learned to overcome with your business or in life? Share your answer in the comments below so others can chat and learn as well.</h2>
<p>The post <a rel="nofollow" href="https://www.theelpodcast.com/top-financial-mistakes-entrepreneurs-make-creating-new-business/">Top Financial Mistakes Entrepreneurs Make When Creating a New Business</a> appeared first on <a rel="nofollow" href="https://www.theelpodcast.com">The Entrepreneurs Library</a>.</p>
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		<title>A Preview of The Financially Savvy Entrepreneur with Emily Chase Smith</title>
		<link>https://www.theelpodcast.com/tel-013-financially-savvy-entrepreneur-emily-chase-smith/</link>
		<comments>https://www.theelpodcast.com/tel-013-financially-savvy-entrepreneur-emily-chase-smith/#comments</comments>
		<pubDate>Fri, 25 Jul 2014 14:57:30 +0000</pubDate>
		<dc:creator><![CDATA[Wade Danielson]]></dc:creator>
				<category><![CDATA[Entrepreneurship]]></category>
		<category><![CDATA[48 days to the work you love]]></category>
		<category><![CDATA[David Allen]]></category>
		<category><![CDATA[emily chase smith]]></category>
		<category><![CDATA[personal bankruptcies]]></category>
		<category><![CDATA[personal finance]]></category>
		<category><![CDATA[Santa Barbara]]></category>
		<category><![CDATA[small business finance]]></category>
		<category><![CDATA[the financially savvy entrepreneur]]></category>

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		<description><![CDATA[<img src="https://www.theelpodcast.com/wp-content/uploads/2014/07/TEL-013-300x189.jpg" class="attachment-medium wp-post-image" alt="The Financially Savvy Entrepreneur" style="display: block; margin-bottom: 5px; clear:both;" /><p>A summary of things you should know about The Financially Savvy Entrepreneur according to Emily Chase Smith Introduction In this episode Emily Chase Smith provides small business owners with a<a href="https://www.theelpodcast.com/tel-013-financially-savvy-entrepreneur-emily-chase-smith/" class="more-link">Read More</a></p>
<p>The post <a rel="nofollow" href="https://www.theelpodcast.com/tel-013-financially-savvy-entrepreneur-emily-chase-smith/">A Preview of The Financially Savvy Entrepreneur with Emily Chase Smith</a> appeared first on <a rel="nofollow" href="https://www.theelpodcast.com">The Entrepreneurs Library</a>.</p>
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				<content:encoded><![CDATA[<img src="https://www.theelpodcast.com/wp-content/uploads/2014/07/TEL-013-300x189.jpg" class="attachment-medium wp-post-image" alt="The Financially Savvy Entrepreneur" style="display: block; margin-bottom: 5px; clear:both;" /><div class="soundcloudIsGold " id="soundcloud-160245864"><iframe width="100%" height="166px" scrolling="no" frameborder="no" src="http://w.soundcloud.com/player/?url=http%3A%2F%2Fapi.soundcloud.com%2Ftracks%2F160245864&amp;auto_play=false&amp;show_artwork=false&amp;color=ff7700"></iframe></div>
<h1>A summary of things you should know about <em>The Financially Savvy Entrepreneur</em> according to Emily Chase Smith</h1>
<h4>Introduction</h4>
<p>In this episode Emily Chase Smith provides small business owners with a step-by-step guide to staying financial healthy. In her book, <em>The Financially Savvy Entrepreneur</em>, Chase Smith shows you how to save your financial system from crumbling by teaching you to understand how an entrepreneur&#8217;s financial decisions are different from others and to establish a business that can stand on its own financially. This book is perfect for the entrepreneur who is searching for a clear process for avoiding the financial consequences that derail so many small businesses.</p>
<h4>The Book’s Unique Quality</h4>
<p>There is a lot written on personal finance but I wasn’t finding what I needed for the small business person that really addresses the reality of what they are going through in terms of building a business and trying to dovetail that with their personal life. When your business is really small, what’s going on in your business and your personal life are intricately linked. I wasn’t finding anything that I was seeing on a daily basis with my clients.</p>
<h4>The Reader’s Takeaway</h4>
<p>There are financial systems that are necessary in your business no matter what size it is and if you are serious about your business that is a necessary thing to learn. I am a firm believer that if you can run a small business, you’ve got this, but it’s not something you have ever been taught. I went all the way through law school and nobody ever taught me any of this stuff, this was information I went and sought out on my own. I think small business owners will be very well served by putting some effort into having that financial savvy because it’s the gift you get to keep your whole life.</p>
<h4>A Deep Dive Into The Book</h4>
<p>This book is directed towards someone who is probably five million in business and who is trying to understand how to bring some financially savvy principles into their business. I start out by laying out how we are different from the regularly employed people and why everything out there on personal finance doesn’t apply to us. We talk about how much time you have to make this business really fly based on the resources you have at hand. We break out what those resources might be, start to put some numbers to them and start to look at how long you have. </p>
<p>There are a couple chapters that talk about exactly what you should be doing with the finances. We talk about how to look at the numbers and how can that help you guide your business.  </p>
<p>There is a whole section on drafting and exit plan. I am a firm believer that when you start a business you should know how far you’re willing to go in terms of time, money and effort. The act of just writing those things out is very healthy and hopefully you won’t have to come close to those markers but you know what those are. </p>
<p>We talk about cash flow projection in the book and how to do that.  We have a whole section in the book that I call money spaghetti, that idea of entanglement. We identify where you are vulnerable and put together a plan to extricate yourself. And because of my background we talk about debt settlement, negotiation and there is a part on bankruptcy.</p>
<h4>Notable Quotes From The Book</h4>
<p>“It’s not my quote but I love the concept. “Everything should be made as simple as possible, but no simpler.” &#8211; Albert Einstein</p>
<h4>The Credibility/Inspiration Of The Author</h4>
<p>I come from an entrepreneurial family; my great grandparents were self-made citrus farmers in Santa Barbara California, my dad has been a self-employed architect for many years and I’m an attorney by education and trade. I morphed that through the experiences I’ve had over the years into being a financial educator for small business.</p>
<p>I had a heavy influence in my legal practice in the area of bankruptcy and I worked primarily with small business owners filing personal bankruptcies. With that I had the chance to be up close and personal in peoples personal and business financial lives. I did this for many years and after a while I started to see some of the same patterns occurring over and over again which was really hard to watch. Working with smart entrepreneurs I realized that if they just had some simple symptoms in place, a lot of them wouldn’t be sitting in my office needing me to file a bankruptcy.</p>
<h4>Other Books Recommended By The Author</h4>
<p><a href="http://www.amazon.com/gp/product/1433669331/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=1433669331&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=MIOB2YKRZGTETSTX" target="_blank"><em>48 Days to the Work You Love</em></a> by Dan Miller</p>
<h4>More Information About This Book and The Author</h4>
<p>Buy <a href="http://www.amazon.com/gp/product/1601633173/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&#038;camp=1789&#038;creative=9325&#038;creativeASIN=1601633173&#038;linkCode=as2&#038;tag=guardnetwosol-20&#038;linkId=WSBDPIEC3D2HL7X7" target="_blank"><em>The Financially Savvy Entrepreneur</em></a> by Emily Chase Smith on Amazon today</p>
<p>Visit <a href="http://www.EmilyChaseSmith.com" target="_blank">EmilyChaseSmith.com</a> to check out Emily’s blog and podcast</p>
<p>Follow Emily Chase Smith on <a href="https://twitter.com/EmilyChaseSmith" title="Emily Chase Smith on Twitter" target="_blank">Twitter </a>and <a href="https://www.facebook.com/emilychasesmithdebtcrusher " title="Emily Chase Smith on Facebook" target="_blank">Facebook</a></p>
<h4> More Information About This Episode</h4>
<p>Download the full <a href="http://www.theelpodcast.com/wp-content/uploads/2014/11/TEL-013-The-Financially-Savvy-Entrepreneur.pdf" target="_blank">transcript here</a></p>
<p>Listen on <a href="https://itunes.apple.com/us/podcast/the-entrepreneurs-library/id899607618" title="The Entrepreneurs Library on iTunes" target="_blank">iTunes</a>, <a href="http://app.stitcher.com/browse/feed/53605/episodes" title="The Entrepreneurs Library on Stitcher" target="_blank">Stitcher </a>, and <a href="https://soundcloud.com/the-entrepreneurs-library" title="The EL Podcast on SoundCloud" target="_blank">SoundCloud</a></p>
<p><strong>Related books:</strong> <a href="http://www.theelpodcast.com/tel-052-profit-first-mike-michalowicz/" target="_blank"><em>Profit First: A Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine</em></a> by Mike Michalowicz | <a href="http://www.theelpodcast.com/tel-060-zero-one-blake-masters/" target="_blank"><em>Zero to One</em></a> by Peter Thiel | <a href="http://www.theelpodcast.com/tel-029-millionaire-master-plan-roger-j-hamilton/" target="_blank"><em>The Millionaire Master Plan</em></a> by Roger Williams</p>
<p><strong>Relevant advice and tips:</strong> <a href="http://www.theelpodcast.com/top-financial-mistakes-entrepreneurs-make-creating-new-business/" target="_blank">Top Financial Mistakes Entrepreneurs Make When Creating a New Business</a></p>
<p>What did you like and not like about this episode? Fill out this <a href="https://www.surveymonkey.com/r/TKY79JP" target="_blank">one minute survey here</a>.</p>
<p>The post <a rel="nofollow" href="https://www.theelpodcast.com/tel-013-financially-savvy-entrepreneur-emily-chase-smith/">A Preview of The Financially Savvy Entrepreneur with Emily Chase Smith</a> appeared first on <a rel="nofollow" href="https://www.theelpodcast.com">The Entrepreneurs Library</a>.</p>
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