Hi guys Laurel Mintz here. Today I want to talk about a conversation that’s a little uncomfortable for most people, especially for me, and that’s a topic around money - more importantly, how you can get your money shit together. And I have to be honest, I didn’t always have my shit together either. It really started to get together when I met my husband because he was really great at finances and also when I started my business because I knew that I needed to create good financial structures to make sure I could run my company successfully.
So I want to talk about three things. Number one - make sure you get a great credit card. We use Chase Inc, it’s got a fantastic point system. I pay my card off at the end of every single month, and then I use those points to book personal travel. If you book through the Chase platform, it actually gives you 20% discounts off of all of your travel bookings, so it’s a really smart way to make your money work for you. You’re going to spend it anyways, you might as well use it.
Number two - really being conscious about how you’re going to finance your business. So getting your credit together from a personal perspective and from a business perspective means that you have options when you’re trying to fundraise for your business. Now for us, as you guys know, we bootstrapped and then we also ended up going and getting a line of credit so that we could expand our business that way. But if I didn’t have my credit together, I would have never been able to receive that from the bank. I think that’s really important to decide whether you want to give equity away or whether you want 100% ownership in your business. So getting your financials together on the personal and business side will allow you a little bit more freedom and flexibility in terms of how you’re financing your business.
Number three is all about retirement planning. Now I know that you’re probably thinking, “Oh my god that’s so boring”, I totally agree - but it is absolutely necessary. I don’t care if you’re putting $50 a month away, $100 a month away - start now. It is so critical because it’s got an aggregate effect. The more you put away now, the easier it is in the long run. I wish that someone had had this conversation with me when I was in my twenties. I would be way farther ahead of the game than I am now, but either way it’s so important that you really do plan ahead for retirement at an age. No age is too young to start, and hopefully you have an employer that offers a 401K program and you can just start to, you know, invest in that.
All of these are truly an investment in you and your future, so get your money shit together. That’s all for now, stay tuned for more from Elevate My Brand.