Creating Profit And Wealth, Coaching Session with Joanna Vargas | Podcast Episode 05

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Many entrepreneurs have an insidious money habit that creates money struggles to make ends meet: as you soon as you make it you spend it all at once! Since unconscious money patterns can dictate how successful you become in business, I asked my client Joanna Vargas if we could tackle it in this On Air Session of Amplify Your Success podcast.

In episode 05, the founder of Bad Ass Chicks Rock, Joanna Vargas who is also super talented high-ends event host and a fitness rock star, shares the pattern of financial ebb and flow that is so common to small business owners. We dig into a profound mindset shift about what it means to save so that Joanna can take ownership of the financial wealth building success.

Key Takeaways:

[1:15] Melanie gives some background on Joanna’s business, situation, and celebration, before she dives into the coaching session.

[4:20] Joanna is struggling with ravenous spending when she gets a surge of income. How do we allow ourselves to spend, without being self-conscious about it?

[5:56] Melanie talks through some reasons for overspending: is it trying to create an experience to fit in or be seen in a certain way, or a starvation, where we feel relief when we get some money, and feel like we need to “catch up?” In some instances, it may be a matter of buying your way into importance, or spending your money to get back to a sense of normalcy.

[7:50] Commit to creating your own personal financial reserves. This can create a mindset of comfort, because you always have money.

[8:33] “The Bucket Philosophy”: When people feel starved for money, and put themselves in a state of restriction, when they do get money, it leaves so quickly, because of their being frugal for so long. The Bucket Philosophy is a saving strategy that allots the money for different funds.

[9:21] Five buckets: life needs, discretionary spending, short-term savings, long-term savings, and “the play fund.”

[11:23] This allows you to ensure that you are saving the money you need, but also allowing yourself to set aside some money that you can feel good about spending.

[15:00] Is there a stigma around people who save money? Joanna opens up about her struggle with what saving money means.

[18:21] There may be a feeling of losing the ability to feel valued and important, and feel in control. One of the ways to be in control is to take ownership of the financial.

[19:11] Melanie talks Joanna through an exercise to help reconcile two ideas that seem like they can’t coexist. In this case, it is creating sustainable wealth, and living a fun life.

[22:38] Take a moment to sit down and think about some of these techniques and exercises, to see if you can have the same breakthrough!

Mentioned in This Episode:

www.BadAssChicksRock.com

Profit First

Melanie’s Free ebook: Rewired for Wealth

Melanie’s Blog

Amplify Your Success Podcast Show Art(1)

 

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