In this episode, we dive into financial well-being and how to find it for yourself.
Episode in a Nutshell:
Liz welcomes entrepreneur, speaker and master of financial planning Tracey Bissett to the podcast. Tracey and Liz talk about the importance of leveraging debt as a business owner as well as how to maximize that knowledge to enhance your business. Tracey discusses the origin of her own small business, including how she became a teacher of financial services. Finally, Tracey talks about her upcoming Master Class where she will be offering advice on how to be certain of what you can afford in your business.
In detail, we covered:
01:01 – Introducing today’s guest, Tracey Bissett
02:37 – Tracey’s entrepreneurial journey
05:45 – Tracey speaks to the shift she’s seen in the financial industry over the years
07:35 – The pros and cons of automated financial interactions
08:37 – Tracey’s perspective on funding start-ups via credit cards versus loan credit
11:59 – The biggest misstep entrepreneurs make when first starting their businesses
13:03 – The importance preparation in advance of asking for a loan
15:10 – What a polished and prepared loan presentation looks like
17:51 – Advice Tracey would give for those struggling with their credit
21:24 – The importance of communication
22:25 – Understanding all of your options for credit
28:13 – How Tracey got into teaching financial services
30:35 – Why financial fitness is akin to physical fitness
31:30 – Tracey shares the most difficult aspect of starting her own small business
33:10 – Moving into the virtual space
35:45 – What Tracey likes best about working for herself
36:14 – Strategies Tracey utilizes to help build her brand
36:59 – Tracey’s Master Class
38:04 – What Zen Money means to Tracey
“I think for those entrepreneurs who are organized, prepared, have all of the required information – and they know what it means – I think it [automated interactions] bodes really well.” (07:48)
“One of the missteps I think that entrepreneurs consistently make is they don’t arrange their access to capital early on.” (09:12)
“It’s better to have a higher limit on your credit card and borrow near the middle of the limit versus always being at the top of the card because that negatively impacts your score.” (19:07)
“So, it’s good to have relationships or just connections at different organizations so that if down the road you want to make a switch, you’ve already got somebody that you’ve been getting comfortable with.” (28:02)
“For me, it means thinking of money as a tool, knowing how to make it, get it, use it such into a place where it doesn’t control me and I’m controlling how it interacts with me. To me, that’s what Zen Money means.” (38:11)
Tracey is an accomplished professional with 20 years of experience in the financial services industry working directly or indirectly with personal, commercial and corporate clients to help them achieve their financial goals. A demonstrated passion for increasing financial fitness coupled with lending and risk management experience led to the establishment of Bissett Financial Fitness Inc.
As President and Chief Financial Fitness Trainer, Tracey works with clients to help them understand and improve their level of financial fitness with a goal of increased confidence using their financial skills so they can be successful in their financial life. She works with people of all ages, focusing on youth and young adults, as well as engages with companies and not-for-profit entities in various capacities including one on one coaching and contracts focused on financial services and risk management assignments. In addition, she teaches and leads speaking engagements to increase financial fitness awareness.
Financial fitness also known as financial literacy means having the knowledge, skills and confidence to make responsible financial decisions. Just like physical fitness, your level of financial fitness may be starting to learn the basics about money, novice to expert budgeter or becoming a more sophisticated investor. Everyone’s financial fitness level is individual and unique. Just like your health, being financially fit enables you be successful in your life. I consider financial fitness to be fundamental life skill and am passionate about helping people improve their level of “fitness”.
My favorite part of recording a live show every week is the conversation we get to have on social media, with comments posted here, and messages I get from listeners.
This week's question is:
How are you using debt in your business and where is it coming from?
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Fun Free Stuff
Check out these resources we discussed in this episode: