From Chaos to Clarity: 6 Steps to Get Your Finances in Order with Rachel Baker
"Sometimes you have to get off of the merry-go-round of life. Step back and get a new perspective." -Rachel Baker
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If your finances feel overwhelming and out of control, this episode is for you! I’m joined by Rachel Baker, who shares her journey from financial chaos to clarity and the six essential steps to getting your business finances in order. Rachel’s story is scrapy and inspiring. Learn how just 5 years ago she turned $20 into a magnificent toy store. We talk about finding your why, facing your numbers, and creating a sustainable plan that supports your business growth and a whole lot of mindset shifts that happened along the way for Rachel.
Redefining your success
How Rachel found her WHY and how she used it to redefine success for herself and her family. Your passion is what drives results, so becoming clear on your underlying mission is crucial to success (SPOILER ALERT: We spill some unconventional thoughts on the evolution of your WHY.)
Start where you are
There is no shame in your current situation. The shame comes from knowing better, but choosing not to do better. Ouch. Read that sentence one more time.
Growth comes from being uncomfortable. So it’s time to bust out a bank statement, come to terms with your piles or receipts, and take a look at those account balances. Knowing your numbers is the first step to clarity.
6 step framework to your financial success
- Start with your why-Define your purpose in this life and what motivates you.
- get clear on where you are-assess your current financial situation. Every vacation starts with a plan, you don’t just drive aimlessly and assume you will end up in your end destination.
- Create a savings-build a cushion for those unexpected expenses. This number can be determined by you and what would make you feel secure.
- Pay off debt-Reduce financial stress quick by paying off the smallest debt first, and using the compound method mentioned in the show to amass quick wins.
- Create a budget-Align your spending with your goals and desires. You want to grab a coffee every day, go for it. Budget accordingly on what brings you happiness. Budgeting is telling your money where to go, not wondering where it went.
- Follow a plan and check in monthly-Consistency is KEY. Track and adjust to what suites you and your family best.
Listen now and start applying these steps to take control of your personal or business finances today.
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Hey, I'm Lexi!
Small town mom, wife, and biz enthusiast! When I’m not nerding out over small business financials or recording my podcast, you can find me in the passenger seat of our Jeep or talking entrepreneurship over a cup of coffee.
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