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- [00:00]
Venmo Advertiser
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- [00:22]
Candy Valentino
Welcome to the Candy Valentino show, the podcast for founders, investors and entrepreneurs where we have honest conversations about what it takes to grow your business, build more wealth and create financial freedom.
- [00:48]
Hey guys, welcome back to another episode of the Candy Valentino Show. Thanks for tuning in with me today. And today I am so excited because we're kicking off a brand new four part series titled Master your Money. Because I know one thing, if you do not learn to master your money, you will become a slave to it. So I want to shine light on this series. This topic, it's so critically important for entrepreneurs and for those just wanting to be successful with money. Because you will never master your money until you understand how it works. And for entrepreneurs and business owners, that awareness and understanding and strategy behind how you use and leverage money will become the strongest asset in your business. So in this first episode, I want to go deep on where your money is going and sometimes how it can feel like you just never have enough. And it's a topic on everyone's mind. It's one of the highest Google search terms and topics right now because everybody is talking about the economy, the market, this administration, the wars, the tariffs, everything is in the news. And some of these headlines are giving people a lot of anxiety about finances. 63% of Americans say that the U.S. debt, the government's debt level is making them feel financially insecure. Nearly three in four people say that their financial situation impacts their mental health. 61% of Americans say that they spend money just to improve their mood. 71% of Americans feel insecure about their finances. And 80% of Americans say say that budgeting although makes them feel financially secure, they don't do it because 61% of Americans are not even tracking their spending. So most people don't even know where their money is going. And entrepreneurs are even in a riskier place because oftentimes they blend personal and business finances together, often drawing on cash with little to no visibility. I call it the money fog, which we're going to get into. And if you read my book the 9% Edge, you know that 91% of all businesses fail within their first 10 years. And why? It's all money problems. Lack of revenue, lack of profit, lack of funding. All things cash flow. And often people read my book and they think that profit is what equals security, but it doesn't. Cash flow is actually what does. Clarity on money. Knowing that revenue is not cash, cash is not profit, and profit does not equal wealth. Now those things can be true. However, if you don't understand the hierarchy of how that works and the breakdown of it. We're setting ourselves up to fail. And I don't want that to be you. I don't want you to be one of the large majority of Americans right now that have anxiety about money because you don't understand it. So let's grab a coffee, grab a tea, whatever your favorite drink is, and let's jump into how to master your money. Step one. We have to know where we are if we ever want to get where we're going. It's just like getting in your car, wanting to go on a some destination that you've never been before. We have to know the starting point. We have to know where you are currently in order to get you to where you want to go. And so often when people don't understand money or they don't feel like they have enough money, or they're just overall embarrassed or shameful, and they have all these emotions about money, they avoid it. Because oftentimes when they go to review it or they start to look at it and they start to have all these judgment feelings and anxiety kicks in. And so we try to avoid that feeling by not looking at it, not opening up our checkbook, not looking at what our bank statement says, not looking at that credit card balance. But here's what I want you to know. Whatever you avoid in life will control you. And the longer you avoid what is difficult, the more power it gains over your life. Avoiding hard conversations doesn't make them go away. It'll build resentment in the relationship. Avoiding your finances doesn't relieve the financial stress, makes it compound. Avoiding structure doesn't give you freedom. It guarantees chaos. Because what we resist doesn't disappear. It waits, it grows. And it quietly dictates the results that we get in our life, in our money, in our business. Because the truth is the discomfort now is the down payment for your success later. Avoidance is a debt that collects interest and you always have to pay it. Whether it's missed opportunities, whether in stress, whether in being mediocre. Here's the truth. The moment you turn towards what is difficult you weaken the grip that it has on you. Because power doesn't come from controlling everything around you. It comes from facing what you've been afraid to deal with. Mastering your money means having the conversation, developing the habits, building the system. Not because it's easy, but because it is the only way forward to build the life, the bank account and the business that you want. So step one is we gotta know where we are. Personal audit. Look at the last 30 days of your bank transactions, your credit cards, and really take a look at what are necessities. Rent, groceries, insurance, payroll, what's discretionary, dining out, entertainment, maybe some travel, some subscriptions. And what is spending that is, is unaligned with truly what you want. When you look at your life five years down the road and you're living the way that you want to live and you look back at this period right now, today in your life and you look at the things that you're spending money on, would that future self look back and say, man, I can't believe you wasted money on that. I can't believe that you went out and got all of those sales to try and get this amount of profit in order to spend your money on that. If you have some areas that are unaligned or reactive, people do it all the time. Just identify it and stop that behavior. And then answer these questions. What percentage of your income is feeding? What? How much money is going out in discretionary spending? What expenses are actually dead weight? How much emotional spending is robbing you of your future? Doing this audit gives you more clarity than most books will ever give you. So often I see people spending endless time on social media and going to events and trying to make friends or that next connection that's going to change their life because they're avoiding doing what's necessary because it's uncomfortable. Because it's a lot more fun to be in a big ballroom, pump full of music, jumping up and down, being able to tell everyone what your big dream is than to sit down and actually do the work. So be cautious that you're not following all the shiny objects in order to avoid the the one thing that matters the most.
- [08:12]
Ryan Reynolds
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- [08:35]
Venmo Advertiser
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- [08:43]
Greenlight Advertiser
Message is sponsored by Greenlight with school out, summer is the perfect time to teach our kids real world money skills they'll use forever. Greenlight is a debit card in the number one family finance and safety app used by millions of families helping kids learn how to save, invest and spend wisely. Parents can send their kids money and track their spending and saving while kids build money, confidence and skills in fun ways. Start your risk free Greenlight trial today@greenlight.com Spotify that's greenlight.com Spotify and that takes.
- [09:13]
Candy Valentino
Us to step two. So you've done the personal audit. You've looked at what are necessities spending, what's discretionary spending and what is unaligned or reactive. What percentage of your income is feeding what? And that brings us down to step two. Doing your state of the union every month, no matter what, setting up a date with yourself, your P. Ls, your bank statements, your cash flow statements and your balance sheet, your CRM, your pos, all of your customer reports of all of the money that is coming in, where all the expenses are going out. Taking a look at what your true cash flow is, what your profit is, what your true earnings is. When's the last time you looked at that? What percentage of your expenses are delivering an roi? Where are their profit leaks? What is your real margin, what's actually in the bank? These are all super critical things that if you ever want to grow a business, if you truly want to build wealth and it is not something that is just a talking point or something that you saw on social media. That sounds fun to share, but if you really want to do it, understanding this, mastering your money is what matters. Investing in understanding your money. Making sure that you take time to set and schedule this, to look at your financial forecast, to understand your reports in your business. And I'll share what I share with my private clients when I ask them, hey, did you do your state of the union meeting? And they're like oh, I didn't get to it yet. You didn't get to it yet? Did you watch a Netflix show? Did you watch a movie? Did you go have some hour long or two hour long dinner? Did you go to some event like so often people are focusing on the wrong things because they are avoiding something that doesn't feel comfortable but mastering your money is one of the few skills that we will use over and over again throughout every single year, every decade of our life, which is why it needs to become a habit. So I'm going to give you one thing. And if you do this religiously, it's only going to take you 20 minutes a week. You will be light years ahead of other people, other entrepreneurs, because most people do not do anything consistently. They start it and then they get distracted and they go on to something else that's better, more fun, or sexier. If you do this religiously, you will be better than your competitors. So Here it goes. 20 minutes a week, two hours a month. That's it. Two hours a month is your State of the union meeting. 20 minutes a week is this financial ritual. One goal, one action, one win. That's it. What's one goal that you have for the week? One financial goal. What's one action that you can take? I don't care if it's just cutting one subscription or it's taking and setting up your Roth IRA and moving money and setting it up automatically, or if it's calling your utility supplier and see if you can get your electric bill or your phone bill reduced in some way. One goal, one action, one win. I have been working with entrepreneurs for so long, and I can't tell you how many times people want to double their revenue or triple their profit, but they don't want to work anymore, they don't want to do anything differently. They don't want to invest any more money into their company. And those things do not equal success. You cannot have some crazy, audacious goal and not change your habits, your behaviors, your decisions to get there. What it takes is small, incremental wins, small focus, small actions can see consistently over time. That is what's going to compound to more success, more wealth, more revenue than you can even imagine. So who's committing to this? Are you committing to this? 20 minutes a week, 2 hours a month, 20 minutes a week for your one financial ritual, 2 hours a month for your State of the Union meeting. Because, guys, here's what I know. Having clarity does not just reduce your stress, it changes your identity. Once you master this, once you see the truth behind money, you start to behave differently. You lead with intention. You don't operate with reaction. You maneuver with confidence. And over my 26, 27 years, I have seen so many times where I was facing an obstacle. And I would go to the data, I would review the numbers so that I could could pivot more quickly that I could shorten the path of pain. And I've helped so many people do the same when they stop reacting emotionally and they start redirecting their focus and reviewing how their money flows, how to deploy capital, how to really invest in their growth, how to reserve their margin, how to create wealth and man their, their bank accounts don't just change. Their businesses don't just change. Their, their who changes. Like the way that they operate and move throughout life, the way they are with their families and in their, with their kids and in their church and in their things that they enjoy and they love. And when you have a quarter of all business owners in this country that can't pay their basic bills and you have over a half of small business owners in the US can't even take a paycheck from their business due to cash flow shortages, I don't want that to be you because that's not necessarily lack of revenue. That is lack of clarity and structure and understanding the strategy of how you truly grow a sustainable, scalable business. Take out your calendar right now. Schedule 20 minutes this week for your money ritual. And then look in this next month. We got a new month coming ahead. Schedule a two hour State of the Union meeting. And if you don't know what that is, it's in both the wealth habits and the 9% edge. And you can grab a copy of the 9% edge planner where I take you through step by step in the next 90 days to create your wealthiest quarter yet. You can find that on my website, candyvalentino.com, barnes & Noble, Amazon, wherever you buy books. But that's all for today. This was part one of our Master your Money series. If you found value in this, share it with someone that you know. Next week we're diving into the 10-10-10 role for entrepreneurs. It's a proven framework for increasing your income, cutting expenses and investing your margin without feeling overwhelmed or deprived. So subscribe so that you don't miss it. I'm Candy Valentino. We'll see you next time. Hey guys, thanks for tuning in to this episode. And if there was something that you loved or you had a specific takeaway, share it and tag me at Candy Valentino. And if you haven't already, grab a copy of my latest book, the 9% Edge. Life changing secrets to create more replacement revenue for your business and more freedom for yourself. You can pick it up anywhere books are sold, Amazon, Barnes and Noble, or your local independent store. And once you do, head over to 9% edge.com and claim $1500 in pre order bonuses, including a chance to join me on this very show. Thanks so much for tuning in and spending this time with me today, guys. We'll see you next time.
- [16:39]
Vince Colonnades is redefining News Talk.
- [16:42]
Vince Colonnades
Hi, I'm Vince Colonnades, host of the Vince Podcast. These conversations where we can air all of this out without the filters, without the sensors, without people with judgment. That's how you get a healthy country, adult, reasonable, sober conversations. That's all I want.
- [16:55]
Candy Valentino
In depth interviews, live caller interactions, and a front row seat to the most important conversations of the day.
- [17:01]
Vince Colonnades
That's why I'm so grateful that we get to do this every day. You are really the best damn audience in media.
- [17:05]
Candy Valentino
The Vince Show.
- [17:06]
Vince Colonnades
Follow and listen on your favorite platform.