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Speaker 1: Well, yes, it is Way Up with Angela Yee and

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Speaker 1: it is Wealth Wednesday with my partner Stacy Tisdale.

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Speaker 2: Happy Wealth Wednesday, everybody, And we are very excited today

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Speaker 2: to go way up with Jacquette Tenmmins and talk about

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Speaker 2: something that a lot of us entrepreneurs go through and

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Speaker 2: don't talk about very month, very much. And as it's

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Speaker 2: Mental Health Awareness Month, we want to talk about something

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Speaker 2: called Founder's depression w a special kind of depression that

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Speaker 2: entrepreneurs run into. And we're very excited to talk to

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Speaker 2: you about this. Again, we're just saying we had this

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Speaker 2: conversation in twenty twenty.

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Speaker 1: Yeah, and ind who Jacquette Timmins is and why you

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Speaker 1: are the expert in this space too.

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Speaker 3: Thank you.

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Speaker 2: Jacquette is a financial behaviorist and she's the founder of

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Speaker 2: Sterling Investments, and she's one of the few people who

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Speaker 2: focuses on that non financial part of money, like some

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Speaker 2: of the tough emotions and how that plays out in

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Speaker 2: our decisions. And she is also an entrepreneur, so she's

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Speaker 2: really lived through a lot of the stuff we're going

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Speaker 2: to talk about today.

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Speaker 4: And the author of Financial Intimacy.

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Speaker 5: Yes, thank you, badass, I'm here for you today.

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Speaker 4: So, yeah, what is founder's depression?

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Speaker 3: Do you want me to define that? Or are you

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Speaker 3: going to define that?

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Speaker 2: There's like a I'll give you the technical definition.

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Speaker 3: We want you to break it down, break it down.

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Speaker 2: It's just it's actually been named and given its own title.

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Speaker 2: It's a special form of entrepreneurs a special form of

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Speaker 2: depression that surfaces and entrepreneurs. And it's interesting because a

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Speaker 2: lot of the characteristics that we have, like being optimistic, tenacious,

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Speaker 2: all of these you know, great qualities are great for entrepreneurship,

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Speaker 2: but when things go south if you don't have the

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Speaker 2: right coping strategies, they're also the very breeding grounds of

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Speaker 2: this founder's depression.

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Speaker 4: And I know things will always go south. Yeah, always, yes,

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Speaker 4: vers up and down.

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Speaker 3: It's the law.

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Speaker 2: And to give people a sense of how real this

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Speaker 2: is a lot of research on this, and here's some

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Speaker 2: of the hard reality. These entrepreneurs are thirty percent more

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Speaker 2: likely to experience depression than non entrepreneurs. That's straight from

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Speaker 2: Harvard Business Review. I know, Angela, you got some.

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Speaker 1: Too, Yes, entrepreneurs at three times more likely to suffer

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Speaker 1: from anxiety, stress, and fear than non entrepreneurs. And they're

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Speaker 1: also three times more likely to suffer from substance abuse.

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Speaker 4: Yep, all right, this I found very disturbing.

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Speaker 2: Seventy two percent of entrepreneurs suffer for one suffer from

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Speaker 2: one or more mental health issue. They have higher rates

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Speaker 2: in the general population of bipolar disorder ADHD. And unfortunately,

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Speaker 2: as we were talking about the other day, Jaquet, it's

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Speaker 2: not hard to find a lot of suicide headlines from entrepreneurs,

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Speaker 2: and sixty percent of entrepreneurs report feelings related to imposter syndrome.

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Speaker 2: So start by talking to us about what are some

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Speaker 2: of those curse blessing traits that entrepreneurs have.

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Speaker 3: So one of the.

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Speaker 5: Things about entrepreneurs is you started your business because you

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Speaker 5: want to do something your way right, and you are

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Speaker 5: someone who appreciates and thrives on control. So that means

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Speaker 5: that you are driven. That means that you are focused

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Speaker 5: and disciplined, and it also probably means that.

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Speaker 3: You are curious. So that's the blessing part of it.

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Speaker 3: But the curse part of.

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Speaker 5: It is that if you are so driven and you

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Speaker 5: have blind ambition, you might find yourself in situations where

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Speaker 5: you are not even.

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Speaker 3: Attuned to when you are making a choice.

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Speaker 5: That is just completely out of your moral compass until

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Speaker 5: after you've done it.

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Speaker 3: So that's the flip side of that.

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Speaker 5: When it comes to being focused and disciplined, you can

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Speaker 5: be so head down and just focused on the task

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Speaker 5: at hand that you never lift your head up to

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Speaker 5: think about what are some of the other possibilities where

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Speaker 5: might you be a little bit more strategic and that

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Speaker 5: on the curiosity side, we're never short of ideas, and

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Speaker 5: so the question becomes, what are some of the boundaries

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Speaker 5: then that you are putting in place so that you're

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Speaker 5: not running after every single idea that comes to you

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Speaker 5: because you just cannot simply manage It's impossible.

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Speaker 3: It's impossible.

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Speaker 5: So what's the container that you have created to capture

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Speaker 5: that so that you can get back to it at

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Speaker 5: a little bit of a later time. So that's where

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Speaker 5: it's both a cursing and a blessing.

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Speaker 1: Yeah, what's hired for me sometimes as an entrepreneur is

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Speaker 1: the financial part of it, you know, because it does

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Speaker 1: take a lot of your own investment, and then it

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Speaker 1: can take years if you even see a return on

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Speaker 1: that investment at all. Yes, and sometimes it can get

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Speaker 1: really discouraging.

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Speaker 3: Yes, yeah, Yeah.

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Speaker 2: That's the no I have a main reason that most

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Speaker 2: small businesses fail, right because of the entrepreneur's personal finances.

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Speaker 5: Yeah, so if I can walk you through just my

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Speaker 5: own timeline, just real briefly. So, I started my career

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Speaker 5: on Wall Street in nineteen eighty six. I started my

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Speaker 5: business in nineteen ninety five to do exactly what I

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Speaker 5: have been doing in the private bank. I had my

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Speaker 5: first speaking engagement in nineteen ninety six and my first

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Speaker 5: coaching client in two thousand and one. The reason I

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Speaker 5: give you that timeline is because it's tax season two

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Speaker 5: thousand and three, and my CPA asks me a question,

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Speaker 5: and his question is, when are you going to stop

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Speaker 5: mortgaging your life? Talk about taking the air out of

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Speaker 5: my sales. And his whole point was, you know, there

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Speaker 5: was a point in time when you were like the epitome,

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Speaker 5: the picture of financial perfection, paying yourself first, saving, investing

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Speaker 5: your only debt with student loan, and now we're here

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Speaker 5: from nineteen ninety five to two thousand and three, and

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Speaker 5: what the heck is going on? And what I didn't

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Speaker 5: realize is I thought that my business was doing well,

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Speaker 5: but I wasn't really paying attention to the fact that

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Speaker 5: I was subsidizing it. So every time I needed, you know,

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Speaker 5: to address a shortfall, I would dip into my savings

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Speaker 5: or I would sell some assets. And that was completely

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Speaker 5: the antithesis of how I had been raised, which was

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Speaker 5: save and don't carry consumer debt.

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Speaker 3: And then here I am.

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Speaker 5: With more than now student loans and to help finance

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Speaker 5: my business because that's what I needed to do to

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Speaker 5: help get it through a rough patch.

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Speaker 3: And so I'm sitting here. So things worked out.

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Speaker 5: But that's where, you know, the whole notion of the

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Speaker 5: degree to which your business has an impact on your

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Speaker 5: personal finances, and that can get a little mushy, even

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Speaker 5: if you are keeping accounts separate, if you got to

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Speaker 5: dip into your own resources to keep your business afloat

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Speaker 5: and you're really committed to it.

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Speaker 1: I definitely know people who've dipped into their four oh

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Speaker 1: one k ira and have done all of those things

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Speaker 1: that they'll tell you traditionally, like that is not a

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Speaker 1: great idea to dip into those savings because that's supposed

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Speaker 1: to be for your retirement. And then there's all types

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Speaker 1: of tax issues that you can have from doing that

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Speaker 1: and money that you.

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Speaker 4: Lose, and the whole point of having those.

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Speaker 1: Is the benefits that you end up getting. And so

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Speaker 1: that's really hard to know. When am I supposed to

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Speaker 1: say this isn't working this way, or are you supposed

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Speaker 1: to put your all into something and then figure it

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Speaker 1: out personality?

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Speaker 2: But in reality, there are going to be times when

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Speaker 2: your business doesn't make you what you thought it was

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Speaker 2: gonna make this month, or the market slows down. I

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Speaker 2: remember last summer I got I had to make peace

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Speaker 2: with the fact that there is a summer slow down

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Speaker 2: in company spending money in marketing, and you do. You

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Speaker 2: do tip into your personal savings, you do borrow money

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Speaker 2: from friends and family. That's just the reality. How can

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Speaker 2: we not feel bad about that?

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Speaker 5: Well, I think a couple of things, like, if I

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Speaker 5: were to do things over again, Number one, I probably

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Speaker 5: would not have used my own money. But the second

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Speaker 5: thing is I would have put a cap on how

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Speaker 5: much of my own savings I would have dipped into

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Speaker 5: and how much of my own assets I would have

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Speaker 5: sold to keep it afloat. Because when you don't realize

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Speaker 5: you're doing it, it actually prevents you from having those

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Speaker 5: hard conversations with yourself around well, what isn't working in

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Speaker 5: my business? But your question around how do you not

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Speaker 5: feel bad about it?

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Speaker 3: I think it's a process.

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Speaker 5: I think when you're going through it, you're going to

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Speaker 5: feel bad because that's not the picture that you had envisioned.

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Speaker 5: But when you get on the other side of it,

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Speaker 5: I think it's an opportunity to be reflective and to

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Speaker 5: think about how do I not put myself in this

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Speaker 5: exact same situation again, and how do I not put

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Speaker 5: myself in a situation where I'm giving my business everything,

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Speaker 5: including my financial future. And so for me, the lesson

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Speaker 5: was to make sure that I'm putting in the boundary

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Speaker 5: so that I'm not doing that, and it encouraged me

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Speaker 5: to just take a look at my business model, my

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Speaker 5: sales strategy, and my pricing so that I mean, fundamentally,

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Speaker 5: what I'm doing is the exact same thing, but how

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Speaker 5: I'm doing it is very different.

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Speaker 2: You talk about that a lot, not giving your business

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Speaker 2: your everything, and I know when I've had times where

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Speaker 2: I'm like, ugh, I got to pivot my business or

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Speaker 2: something and sit on not getting income for a month

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Speaker 2: or two. I make those dips, but I have a plan.

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Speaker 5: Yes, plan for putting it back, yes, And that's always

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Speaker 5: so key and One of the things that I always

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Speaker 5: think that it's really helpful to do is every single

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Speaker 5: time you get paid, have a percentage that you are

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Speaker 5: setting aside for taxes, so you don't get surprised that

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Speaker 5: you're set supprised right right, setting aside for business savings

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Speaker 5: that you can use for anything, personal development, a whole

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Speaker 5: bunch of different things, or professional development, I should say.

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Speaker 5: But then also put yourself on payroll, not just pay

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Speaker 5: yourself from the business, like literally set yourself up with

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Speaker 5: an eighty I shouldn't say a firm, but a payroll service,

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Speaker 5: because if you are finding that you are constantly short,

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Speaker 5: that's going to be the tap on your shoulder that

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Speaker 5: you've got to look and figure out, well, why am

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Speaker 5: I constantly short? Am I not charging enough? Do I

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Speaker 5: not have the right payment terms? Like that just helps

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Speaker 5: you to see things in a very different way than

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Speaker 5: if you're like, oh.

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Speaker 3: I need X, let me just take this out of

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Speaker 3: my business account.

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Speaker 1: I saw you said previously that how you eat mirror

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Speaker 1: is how you spend right, and so can you break

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Speaker 1: that down?

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Speaker 2: Well, so, yeah, it was it was kind of an

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Speaker 2: a version of that.

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Speaker 5: Yeah, So it was this I this came from someone

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Speaker 5: who I had been working with for like four months,

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Speaker 5: and I had them tracking their money.

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Speaker 3: I'm not so much a budget person because I think

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Speaker 3: a lot of.

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Speaker 5: People fail with that because they're creating it based on

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Speaker 5: how they want to say they're spending their money rather

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Speaker 5: than perhaps how they need to. So anyway, I had

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Speaker 5: this person tracking, and on their own they realized from tracking,

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Speaker 5: they began to pay more attention to how they were eating, okay,

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Speaker 5: and then they started to eat in a more healthy

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Speaker 5: way and they lost like, I don't know, thirty pounds.

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Speaker 5: That's a really interesting So that's that was the correlation, okay,

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Speaker 5: I was making. Because if you're tracking one thing and

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Speaker 5: you're paying attention to how are you being intentional? It

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Speaker 5: kind of spills over, Yeah, and it prompts you or

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Speaker 5: invites you to pay attention to, well, how you're doing

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Speaker 5: other things.

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Speaker 4: And it can happen vice versa too.

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Speaker 1: Right, if you're tracking how you're eating, then that might

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Speaker 1: spill over and mirror how you spend too. As you're

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Speaker 1: tracking different things in your life and trying to pull everything.

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Speaker 4: Together at once.

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Speaker 1: Yes, because I feel like one of those things can,

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Speaker 1: like you said, spill over into other aspects of your

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Speaker 1: life and make you want to pull it all together,

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Speaker 1: Like when you feel good about Okay, I've been working out,

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Speaker 1: I've been keeping track of my workouts, keep in check

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Speaker 1: of how I eat. Now let me take control over

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Speaker 1: my finances. It's kind of controlling your life exactly.

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Speaker 2: Change one thing, yeah, change change one thing and everything changes.

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Speaker 4: Now, what do you tell people that.

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Speaker 1: Let's say you're in a relationship with an entrepreneur who

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Speaker 1: is going through it right and in a space where

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Speaker 1: they are not seeing the return on the investments that

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Speaker 1: they're putting into their business.

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Speaker 4: It's stressful.

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Speaker 1: We know a lot of times relationships can suffer because

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Speaker 1: of finances, and so how does one support somebody who's

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Speaker 1: an entrepreneur that they're with.

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Speaker 5: So if you're both on entrepreneurs, I think it's a

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Speaker 5: little easier. If the other person has a more traditional

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Speaker 5: nine to five job, I think it can be a

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Speaker 5: little bit more challenging. The solution, though, is to share

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Speaker 5: your business plan right, how are you going to get

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Speaker 5: from point A to point B? What's your marketing game

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Speaker 5: plan for that?

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Speaker 3: How are you.

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Speaker 5: Setting up the infrastructure that's going to help you to

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Speaker 5: hit your metrics? In terms of your revenue, your sales,

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Speaker 5: your clients, your profitability. If people are in the loop,

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Speaker 5: I think it is it reduces the stress. I think

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Speaker 5: part of the stress comes from if you're in your

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Speaker 5: silo and you're just doing your.

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Speaker 4: Thing, trying to handle everything on your own.

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Speaker 5: Trying to handle everything on your right, and the other

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Speaker 5: person has no clue what you're doing.

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Speaker 3: All they know is that bank accounts getting low.

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Speaker 5: But we don't know the game plan for how you're

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Speaker 5: going to shift that up. So I think a part

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Speaker 5: of it is communication. I think a part of it is,

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Speaker 5: you know, agreeing on what will be your exit plan

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Speaker 5: if you have to.

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Speaker 3: Do that, Like what will be the triggers.

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Speaker 5: For making a shift or doing something else. So I

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Speaker 5: think it's it's the degree to which you can be

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Speaker 5: in partnership. But if the person, if the non entrepreneur

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Speaker 5: is nine to five, that can make it a little

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Speaker 5: bit more difficult because I just think that they just

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Speaker 5: don't have an understanding right.

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Speaker 2: So much to untacke first, a lot of compromise.

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Speaker 1: I love, Yeah, Like I know people who have been

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Speaker 1: you know, I have somebody I went to school with

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Speaker 1: and she's an attorney and her husband is an entrepreneur,

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Speaker 1: but a lot of times his money goes up and

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Speaker 1: down and she's always got to be the stable one.

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Speaker 1: So a lot of times she hasn't pursued things that

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Speaker 1: she wanted to do because she has to make sure

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Speaker 1: she has the stable income in case he has a

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Speaker 1: period of downtime.

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Speaker 5: Well see, and that I think is an invitation to

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Speaker 5: have a conversation. For all, right, if I did this

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Speaker 5: for ten years now, at that ten year mark, regardless

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Speaker 5: of what's going on with my business, it's your turn,

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Speaker 5: right right, that's a conversation though.

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Speaker 2: You know, Wow, so what staying in this space? What

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Speaker 2: do you think about when you're in those situations asking

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Speaker 2: friends or family or your partner for money to support

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Speaker 2: your business.

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Speaker 5: You know, Look, when I was going through a really

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Speaker 5: rough time, I borrowed money from my mother, I borrowed

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Speaker 5: money from.

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Speaker 3: Really close friends.

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Speaker 5: It was absolutely horrible because I never thought I would

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Speaker 5: be in that situation. But I am so grateful that

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Speaker 5: I was able to do that. So I think it

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Speaker 5: depends on the.

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Speaker 3: Relationships that you have.

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Speaker 5: I think it depends on the agreement terms that you

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Speaker 5: come up with in terms of doing it. So I'm

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Speaker 5: not a no but I think you have to be

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Speaker 5: very selective and you just don't ask anybody, right, Yeah.

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Speaker 1: And sometimes it is hard when you are trying not

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Speaker 1: to use your own money to ask people for money. Well,

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Speaker 1: I didn't do it until I exhausted right my own

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Speaker 1: because and that's one thing that I'm learning too as

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Speaker 1: an entrepreneur trying to get investors. It's not an easy

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Speaker 1: thing for us to do because we're not in this

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Speaker 1: space where we're like, I got all these family members

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Speaker 1: or friends of family members who I can just go

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Speaker 1: to and say, hey, I need this money or I

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Speaker 1: need this loan, and then they give it to me.

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Speaker 1: It's not something that I feel like we've been conditioned

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Speaker 1: to doat entrepreneurs.

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Speaker 5: A lot of us don't have that, right, We don't

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Speaker 5: have a friends and family round a lot of exactly.

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Speaker 5: So I'm not opposed to it, and I've done it,

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Speaker 5: but thank god, I haven't.

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Speaker 3: Needed to do it in like twenty years or so.

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Speaker 1: So it's because then you start thinking, is the relationship

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Speaker 1: going to change? I asked if you could invest, and

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Speaker 1: then if you say no, am I going to feel away?

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Speaker 1: Or are you going to think I feel away? And if

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Speaker 1: you say yes, now I'm accountable too.

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Speaker 3: Well yeah, but I.

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Speaker 5: Think that that goes again back to communication, and you know,

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Speaker 5: what are you presenting when you make that ask? Are

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Speaker 5: you sharing your business plan? Are you sharing your game

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Speaker 5: plan for how you're going to pay them back? And

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Speaker 5: also is it a loan or is it an investment?

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Speaker 5: Because I think that there are different expectations if it's

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Speaker 5: an investment, because and any investment is risky, But if

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Speaker 5: it's alone, there is an expectation that you are going

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Speaker 5: to pay that back. It may not happen in the

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Speaker 5: timeline that you initially agree to, but there is an

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Speaker 5: expectation that it will be paid back.

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Speaker 2: So I'm hearing all this upness. I have to be

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Speaker 2: up to ask my friends to borrow money because I'm

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Speaker 2: creating this great business. I have to be up to

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Speaker 2: ask investors to invest in my company. But as we're

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Speaker 2: seeing in the numbers, the realities of the emotional and

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Speaker 2: mental states of entrepreneurs are not that at all, and

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Speaker 2: they're not processing this stress at all, and it's turning

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Speaker 2: into a crisis. There's I mean, resource groups, there's a

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Speaker 2: big conference this week about the mental health of entrepreneurs.

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Speaker 2: How do you know when you are just experiencing regular

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Speaker 2: depression anxiety that comes with this, or you've crossed into

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Speaker 2: an area where you need help.

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Speaker 5: I think if it's really really pervasive and it is

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Speaker 5: affecting your overall quality of life, how well you're sleeping,

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Speaker 5: the degree to which you might eat, exercise, like all

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Speaker 5: of the things that you would normally do to take

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Speaker 5: care of yourself, if you begin to see that those

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Speaker 5: things are deteriorating, then that might be a clue that

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Speaker 5: it's not just you know, a stressful period of time,

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Speaker 5: that it's a stressful period of time and you are

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Speaker 5: not responding to it in as healthy of a way

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Speaker 5: as possible, and so that might require more professional help.

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Speaker 2: And I remember the last time we had this conversation

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Speaker 2: with you, and we had doctor Janet Taylor, and she's

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Speaker 2: a psychiatrist, and she was saying, if you're ever in

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Speaker 2: a funk for more than two weeks, if you can't

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Speaker 2: pull yourself out of it in two weeks, if you

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Speaker 2: start seeing you're not enjoying things and all this affecting

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Speaker 2: you for more than two weeks, yeah, that's when you

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Speaker 2: really you might you need support.

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Speaker 5: I'm not a psychiatrist, but I can definitely see how

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Speaker 5: having that as a benchmark would be really helpful. But

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Speaker 5: I also think, you know, as an entrepreneur, I think

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Speaker 5: everybody should have a therapist, and I also think that

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Speaker 5: everyone should work with a business coach, either on a

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Speaker 5: one on one basis or in a group capacity, because

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Speaker 5: one of the things that creates a lot of that

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Speaker 5: depression is the isolation.

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Speaker 3: Oh yeah, right, and so.

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Speaker 5: Yeah, having those sounding boards and those sounding boards whose

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Speaker 5: only interest is you, whether they don't have a vested

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Speaker 5: interest in the outcome.

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Speaker 4: What are some things that you do for self care

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Speaker 4: too as an entrepreneur.

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Speaker 5: So I have a practice of meditating and journaling. I

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Speaker 5: run almost every day or I'm in the park. At

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Speaker 5: some point, I just started because my doctor was like,

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Speaker 5: you have got to do strength training.

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Speaker 3: I've just started doing that.

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Speaker 1: That's so funny because I I will do some cardio,

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Speaker 1: but that strength training kills me every time.

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Speaker 3: Oh my god.

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Speaker 4: Then when I first start, I can only do like

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Speaker 4: ten pounds.

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Speaker 5: That's off off camera, I will show or off Mike.

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Speaker 3: I will share with you one of.

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Speaker 5: The videos that I do. I love this, So I

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Speaker 5: do that. And I do have a therapist, and I

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Speaker 5: do have a coach, and.

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Speaker 2: It's making time for that. Like there's two yoga meditation classes.

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Speaker 2: My week and my life were different if I get

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Speaker 2: to these each week, And now I have to put

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Speaker 2: this into my schedule.

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Speaker 3: Yeah, you have to.

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Speaker 4: I can't miss that. That's always my excuse. I don't

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Speaker 4: have time. I'm so busy at it.

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Speaker 2: But schedule around it.

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Speaker 3: Here's the thing.

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Speaker 5: You are your business's greatest asset. And so if you

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Speaker 5: are not functioning at your optimal best. Now best can

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Speaker 5: vary from day to day, but if you are not

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Speaker 5: operating at your functional best, who are you good to?

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Speaker 5: You're not good to your clients, or your customers, or

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Speaker 5: your vendors or the people that you have on your team.

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Speaker 5: So I think we need to stop thinking of putting

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Speaker 5: ourselves first as being selfish.

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Speaker 2: I don't know if you guys saw Michelle oprah Winfree

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Speaker 2: interviewing Michelle Obama and this tour that they're on, and

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Speaker 2: just Michelle Obama was really stressing the notion that you

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Speaker 2: cannot have everything, and entrepreneurs tried to inhale everything that's

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Speaker 2: part of our nature. And you made such an interesting

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Speaker 2: choice to not buy a home because you wanted to

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Speaker 2: start a business with that same backdrop. Tell us about that.

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Speaker 3: Yeah.

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Speaker 5: And so the buying of the home thing, interestingly happened

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Speaker 5: after my conversation with my CPA, but also around the

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Speaker 5: time when the Brooklyn real estate market all of my

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Speaker 5: friends were buying something a brownstone or an apartment, and

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Speaker 5: I felt like, oh my god, I guess I should

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Speaker 5: be doing the same. But then as I went to

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Speaker 5: do that process number one, I was like, I can't

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Speaker 5: even fit my current apart into the places that I

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Speaker 5: think that I could afford. And that was just looking

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Speaker 5: at an apartment, and I was afraid of doing a

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Speaker 5: whole house because.

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Speaker 4: That's a whole house right now, that's a lot.

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Speaker 3: But you know that's yeah.

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Speaker 5: But the financial piece of it is rent is predictable.

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Speaker 5: You kind of know what the increase is going to

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Speaker 5: be within a certain range from year to year. And

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Speaker 5: you have your predictable expenses, your utilities, renters, insurance, et cetera.

446
00:21:28,840 --> 00:21:29,800
Speaker 3: You have a home.

447
00:21:30,359 --> 00:21:33,919
Speaker 5: Yes, your mortgage is predictable, your insurance is present to

448
00:21:33,960 --> 00:21:36,359
Speaker 5: some degree, but you.

449
00:21:36,240 --> 00:21:37,679
Speaker 3: Have unexpected expenses.

450
00:21:37,720 --> 00:21:40,320
Speaker 5: I was chatting with a client yesterday that lives in

451
00:21:40,359 --> 00:21:44,040
Speaker 5: the Bay Area. A tree fell and that's sixteen hundred dollars.

452
00:21:44,080 --> 00:21:47,080
Speaker 5: Now they're good there. That's sixteen hundred dollars is not

453
00:21:47,119 --> 00:21:49,760
Speaker 5: going to break them. But it's more about the fact

454
00:21:49,800 --> 00:21:52,400
Speaker 5: that it's unexpected and all kinds of things like that

455
00:21:52,480 --> 00:21:54,240
Speaker 5: happen and water boiler and.

456
00:21:54,160 --> 00:21:55,600
Speaker 2: You said, I'm not going to I want to do

457
00:21:55,680 --> 00:21:58,560
Speaker 2: the business and I'm not going to. Yeah, yeah, we

458
00:21:58,560 --> 00:22:00,440
Speaker 2: don't think that's what I'm trying to help you, Help

459
00:22:00,520 --> 00:22:02,439
Speaker 2: us establish boundaries.

460
00:22:02,040 --> 00:22:06,080
Speaker 5: Help us to established boundaries, and to understand what's risk

461
00:22:06,240 --> 00:22:10,479
Speaker 5: for you. To me, riskier would have been having a

462
00:22:10,520 --> 00:22:12,840
Speaker 5: home and trying to run the business. I think it

463
00:22:12,840 --> 00:22:15,199
Speaker 5: would have added so much more stress, right that I

464
00:22:15,280 --> 00:22:18,679
Speaker 5: may not have been as clear eyed as I believe

465
00:22:18,720 --> 00:22:21,359
Speaker 5: i've been, even with the lessons that I've learned with

466
00:22:22,400 --> 00:22:24,639
Speaker 5: I know what my rent is and this is going

467
00:22:24,680 --> 00:22:26,560
Speaker 5: to allow me to do X. So I think you

468
00:22:26,600 --> 00:22:28,360
Speaker 5: have to know your risk tolerance.

469
00:22:27,960 --> 00:22:30,280
Speaker 1: And also to not know if that's where you plan

470
00:22:30,400 --> 00:22:33,200
Speaker 1: to live, because some people feel the pressure to buy

471
00:22:33,240 --> 00:22:36,480
Speaker 1: a home, and then what if you know, four years

472
00:22:36,480 --> 00:22:38,520
Speaker 1: from now you decide that you're going to move somewhere

473
00:22:38,520 --> 00:22:40,600
Speaker 1: else and you don't know this is your like, this

474
00:22:40,640 --> 00:22:42,840
Speaker 1: is where you plan to be that could end up

475
00:22:42,840 --> 00:22:46,520
Speaker 1: really being something that is actually not a good investment.

476
00:22:46,640 --> 00:22:49,080
Speaker 1: And people always think is buying a home is always

477
00:22:49,119 --> 00:22:50,760
Speaker 1: a good investment, and it always is.

478
00:22:50,880 --> 00:22:52,199
Speaker 4: It doesn't mean that it always is.

479
00:22:52,560 --> 00:22:55,000
Speaker 5: Yeah, But I think what you're bringing up is are

480
00:22:55,000 --> 00:22:57,199
Speaker 5: you buying a home as your residence or are you

481
00:22:57,240 --> 00:22:59,960
Speaker 5: buying a home as an investment, right, because that makes

482
00:23:00,160 --> 00:23:00,840
Speaker 5: a difference too.

483
00:23:01,000 --> 00:23:03,280
Speaker 1: Yeah, but even as you're a residence sometimes, you know,

484
00:23:03,400 --> 00:23:05,800
Speaker 1: homes like if you if you buy a house and

485
00:23:05,840 --> 00:23:08,440
Speaker 1: then you end up moving and wanting to sell your house,

486
00:23:08,840 --> 00:23:10,080
Speaker 1: it can end up being a loss.

487
00:23:10,119 --> 00:23:11,719
Speaker 4: Also if you do it too quickly.

488
00:23:12,119 --> 00:23:12,960
Speaker 3: You know, that's true.

489
00:23:13,119 --> 00:23:15,000
Speaker 1: So I just think that we have to not put

490
00:23:15,080 --> 00:23:17,560
Speaker 1: so much pressure on ourselves to do things because we

491
00:23:17,680 --> 00:23:19,840
Speaker 1: feel like it's what we're supposed to do.

492
00:23:20,080 --> 00:23:23,679
Speaker 5: Well. That's one of the things that I find challenging

493
00:23:23,840 --> 00:23:29,320
Speaker 5: about the traditional approach to personal finance, right, because it

494
00:23:29,440 --> 00:23:32,359
Speaker 5: says if you're not a homeowner, then you're not on

495
00:23:32,400 --> 00:23:35,760
Speaker 5: the path of wealth, if you are not doing all

496
00:23:35,800 --> 00:23:40,760
Speaker 5: of the things paying yourself for saving, investing, having minimal debt,

497
00:23:41,000 --> 00:23:43,360
Speaker 5: you know, to the exact order that if you're not

498
00:23:43,440 --> 00:23:45,679
Speaker 5: doing those things, then you are a failure you're not

499
00:23:45,840 --> 00:23:49,280
Speaker 5: a success, but it doesn't allow for any nuance.

500
00:23:50,040 --> 00:23:53,159
Speaker 2: Yeah, and that's why you know, all my work and

501
00:23:53,200 --> 00:23:56,200
Speaker 2: research started and what I call money scripts, Yeah, yeah,

502
00:23:57,200 --> 00:24:00,760
Speaker 2: childhood scripts, the social scripts to live a certain way.

503
00:24:00,800 --> 00:24:05,200
Speaker 2: There's blacks and are scripting from day one home ownership,

504
00:24:05,960 --> 00:24:08,800
Speaker 2: you know, spending everything on education and home ownership. That's

505
00:24:08,800 --> 00:24:13,000
Speaker 2: in our conditioning. So really knowing your financial personality, knowing

506
00:24:13,040 --> 00:24:16,240
Speaker 2: your tendencies. And in the research I was doing about

507
00:24:16,280 --> 00:24:20,119
Speaker 2: Founder's depression, they were saying, understanding your personality is key,

508
00:24:20,240 --> 00:24:21,960
Speaker 2: and I know you have some resources for that.

509
00:24:22,320 --> 00:24:24,680
Speaker 5: I do, so I know you had mentioned I think

510
00:24:24,760 --> 00:24:27,920
Speaker 5: ip IP. I'm not familiar with that, but a few

511
00:24:27,920 --> 00:24:33,640
Speaker 5: that I've done are the Aneogram and Clifton Strengths Finder.

512
00:24:34,119 --> 00:24:37,120
Speaker 5: So for the Aneagram, I'm a three, and for the

513
00:24:37,280 --> 00:24:40,720
Speaker 5: Clifton Strengths Finder, I did the whole thing. But my

514
00:24:40,840 --> 00:24:48,080
Speaker 5: top five are learner, achiever, input, strategic, and realtor or relater,

515
00:24:48,160 --> 00:24:52,800
Speaker 5: I should say. And my way of thinking is strategic thinking.

516
00:24:53,200 --> 00:24:55,520
Speaker 5: So what that all means is I'm constantly in my

517
00:24:55,600 --> 00:24:58,080
Speaker 5: head right and I need to get better at integrating

518
00:24:58,119 --> 00:25:00,920
Speaker 5: perhaps some of the hard stuff in there. But what's

519
00:25:01,000 --> 00:25:07,000
Speaker 5: really helpful about it is your journey as an entrepreneur

520
00:25:07,160 --> 00:25:09,720
Speaker 5: and your journey with money, in my opinion, is one

521
00:25:09,760 --> 00:25:13,800
Speaker 5: of the best in quotation marks personal development exercise.

522
00:25:13,840 --> 00:25:17,480
Speaker 3: So you will ever go on and about oh my god.

523
00:25:17,640 --> 00:25:22,280
Speaker 5: Yeah, And these tools help to reveal to yourself who

524
00:25:22,359 --> 00:25:25,760
Speaker 5: you are and that can help you with making sure

525
00:25:25,800 --> 00:25:29,240
Speaker 5: that you are a better communicator with again, the people

526
00:25:29,280 --> 00:25:31,120
Speaker 5: that are on your team, whether they are in your

527
00:25:31,119 --> 00:25:33,479
Speaker 5: business or they are supporting you as you work on

528
00:25:33,520 --> 00:25:36,480
Speaker 5: your business. And it also helps to you know, you

529
00:25:36,520 --> 00:25:38,760
Speaker 5: don't want to necessarily have a whole bunch of people

530
00:25:38,800 --> 00:25:40,280
Speaker 5: on your team that are exactly likely.

531
00:25:40,400 --> 00:25:44,280
Speaker 2: That's a critical point the.

532
00:25:46,000 --> 00:25:49,280
Speaker 5: Exactly you need some diversity of thought, diversity of approaches,

533
00:25:49,320 --> 00:25:52,840
Speaker 5: and so those personality types and tests can really be

534
00:25:52,840 --> 00:25:54,120
Speaker 5: beneficial in that regard.

535
00:25:54,400 --> 00:25:56,600
Speaker 2: We have a great one that cap Finnity created for

536
00:25:56,680 --> 00:25:59,520
Speaker 2: us on Teamwealth Wednesdays dot Com Strengths and Weaknesses. And

537
00:25:59,560 --> 00:26:01,359
Speaker 2: that's a great point you make because a lot of

538
00:26:01,480 --> 00:26:04,480
Speaker 2: us tend to hire people like us exactly when you

539
00:26:04,520 --> 00:26:08,000
Speaker 2: should use this information to hire people that have right what.

540
00:26:07,880 --> 00:26:08,960
Speaker 3: You need exactly.

541
00:26:09,040 --> 00:26:11,080
Speaker 1: But we were talking about coaching, so can we talk

542
00:26:11,080 --> 00:26:13,400
Speaker 1: about what the resources are that you offer.

543
00:26:13,800 --> 00:26:14,640
Speaker 3: Yeah, thank you.

544
00:26:15,040 --> 00:26:18,480
Speaker 5: So when I work with my entrepreneurs and small business owners,

545
00:26:18,960 --> 00:26:21,800
Speaker 5: I really am leading with how can we make sure

546
00:26:21,800 --> 00:26:24,240
Speaker 5: to prioritize the health of your personal finances.

547
00:26:24,720 --> 00:26:26,399
Speaker 3: And so we first do an.

548
00:26:26,240 --> 00:26:28,600
Speaker 5: Exercise called the financial Wheel, so that you can get

549
00:26:28,600 --> 00:26:30,280
Speaker 5: a sense of what it is you want money to

550
00:26:30,320 --> 00:26:33,000
Speaker 5: do for you personally, so that you can then design

551
00:26:33,000 --> 00:26:36,160
Speaker 5: a business, your business model, your sales process, your strategy

552
00:26:36,200 --> 00:26:39,080
Speaker 5: and as you know, this comes from personal experience.

553
00:26:38,880 --> 00:26:40,760
Speaker 3: To be in support of that.

554
00:26:40,920 --> 00:26:43,399
Speaker 5: So, yes, we want your business to be successful, but

555
00:26:43,440 --> 00:26:46,280
Speaker 5: we want you to be successful too. And so I

556
00:26:46,320 --> 00:26:48,840
Speaker 5: always like to say to folks that I'm helping them

557
00:26:48,960 --> 00:26:53,359
Speaker 5: navigate complex scenarios and situations and decisions. And nothing like

558
00:26:53,480 --> 00:26:57,040
Speaker 5: business and money and life coming together to bring up.

559
00:26:56,960 --> 00:26:59,680
Speaker 2: Some complex scenarios and decisions.

560
00:27:01,160 --> 00:27:03,200
Speaker 4: Yeah, all in one place.

561
00:27:03,280 --> 00:27:05,480
Speaker 3: Oh, yes, so we can.

562
00:27:05,640 --> 00:27:09,399
Speaker 2: You can take Jacquet's financial Wheel exercise at her website

563
00:27:09,640 --> 00:27:13,920
Speaker 2: Jaquet Timmins dot com. We also have some other resources

564
00:27:13,920 --> 00:27:17,480
Speaker 2: for you to check on your mental health. Everybody check

565
00:27:17,480 --> 00:27:22,880
Speaker 2: out conscious ambition dot com, Wild Information, and for entrepreneur coaching,

566
00:27:22,960 --> 00:27:26,960
Speaker 2: our great friend Melissa Bradley at eighteen sixty three Ventures.

567
00:27:27,280 --> 00:27:30,000
Speaker 2: I'm not asking anybody to memorize all of this stuff

568
00:27:30,040 --> 00:27:34,800
Speaker 2: because we have it all Wealth Wednesdays for Entrepreneurs Facebook group.

569
00:27:35,160 --> 00:27:37,359
Speaker 2: All you entrepreneurs out there should be joining that. We

570
00:27:37,400 --> 00:27:40,240
Speaker 2: put together so many resources for you and bring to

571
00:27:40,280 --> 00:27:41,800
Speaker 2: you wonderful people like this.

572
00:27:41,840 --> 00:27:43,959
Speaker 3: Oh thank you. You know I love hanging out with

573
00:27:44,000 --> 00:27:44,280
Speaker 3: you too.

574
00:27:44,520 --> 00:27:47,159
Speaker 1: Oh no that and make sure you follow JAQUETTSU. It

575
00:27:47,280 --> 00:27:51,280
Speaker 1: is on Instagram at Jacquette M.

576
00:27:51,480 --> 00:27:54,680
Speaker 4: Timmins. So that's g j A c q U E

577
00:27:54,800 --> 00:27:56,639
Speaker 4: T t E M. Timmins.

578
00:27:56,720 --> 00:28:02,240
Speaker 2: Yes, thank you, and a very special announcement tonight on

579
00:28:02,359 --> 00:28:05,320
Speaker 2: Wealth Wednesdays After Party with Jay White. We should have

580
00:28:05,359 --> 00:28:11,480
Speaker 2: brought wine in here Rose himself, mister Rick Ross. I

581
00:28:11,520 --> 00:28:14,080
Speaker 2: don't know why Angela did not have Rose in here

582
00:28:14,119 --> 00:28:17,560
Speaker 2: to celebrate this and Jay White, but I promise you

583
00:28:17,600 --> 00:28:20,680
Speaker 2: she will make that up to you. So tonight Wealth

584
00:28:20,680 --> 00:28:24,360
Speaker 2: Wednesdays after Party, Rick Ross, and you can get this

585
00:28:24,640 --> 00:28:29,320
Speaker 2: Team Ye facebook page eight pm Eastern time. Jason really

586
00:28:29,400 --> 00:28:34,200
Speaker 2: killing it with these Friday Investors. I have to say, yes, awesome,

587
00:28:34,440 --> 00:28:39,080
Speaker 2: So check us out tonight eight pm Team Ye Facebook page.

588
00:28:39,720 --> 00:28:41,840
Speaker 4: All right, well, thank you so much so much.

589
00:28:41,880 --> 00:28:46,120
Speaker 1: I gotta get my coaching in Okay, I need some

590
00:28:46,160 --> 00:28:50,080
Speaker 1: help because I have a lot of Yeah, it's very stressful.

591
00:28:50,480 --> 00:28:52,920
Speaker 2: I stopped and I want to start again. So we'll

592
00:28:52,960 --> 00:28:54,960
Speaker 2: be each other. Hey, did you sign up for your coach?

593
00:28:57,400 --> 00:28:59,200
Speaker 4: Always a pleasure and we got to go running together.

594
00:28:59,440 --> 00:29:02,920
Speaker 3: Yes, okay, you know, Okay, come and listen. Time.

595
00:29:03,000 --> 00:29:15,480
Speaker 4: Wait, thank you, thank you, way okay,