Proof to Product 028 | Mary Beth Storjohann, Workable Wealth on money misconceptions, financial accountability and why you need to know your numbers
Mary Beth Storjohann of Workable Wealth is an author, financial planner and accountability coach working to help clients in their 20s-40s make smart, educated decisions with their money. I met Mary Beth at a conference last year and was so impressed how she spoke about money from a place of confidence and power. We were honored to have her speak at our Paper Camp+ conference and I’m excited for you to listen to this episode.
Today we’re talking about money misconceptions and fears, common reasons people seek out a financial planner and why it’s important for you to know your numbers!
ON TODAY’S EPISODE:
- A misconception that business owners tend to have about money
- Mary Beth’s core client base
- Helping her clients with both professional and personal finances due to the intersection of both
- The importance of reassessing where your business is often
- Her role with her clients
- Her philosophy on keeping overhead expenses down
- The importance of being aware of and managing subscriptions
- Having a goal when you are reviewing your spending
- What SMART goals are and how to utilize them
- Not comparing yourself to other people’s highlight reels
- Listening to constructive criticism but not allowing it to take you off course
- What you should be focusing on
- The importance of accountability when working towards your financial goals
- Having two numbers in mind when setting your goals
- Creating structure around pro bono work
- What’s next for Mary Beth & Workable Wealth
KEY TAKE-AWAYS:
“A lot of people think that they'll never have financial success, financial clarity, or financial peace, and that's a huge misconception, because although it does take work ... there's no magic pill ... it's just really about taking small steps.” - Mary Beth Storjohann
“You want to reevaluate where your business is at and what your goals are for yourself on a consistent basis.” - Mary Beth Storjohann
“I like the numbers, I am in the numbers, but I still need somebody else to bounce ideas off of and to help hold me accountable for getting things done.” - Mary Beth Storjohann
“Let's not make that investment until you are certain that this new side project is actually up and running and worth it." - Mary Beth Storjohann
“Instead of paying this subscription $50, pay yourself $50 because you deserve to be paid more.”- Mary Beth Storjohann
“We're cutting back so that you can meet your personal goals, not just to be frivolous.”- Mary Beth Storjohann
“There's lots of goals, and so before you dive into reviewing your spending, one of the things that is important is having that goal around what you're looking for.” - Mary Beth Storjohann
“Focus on what your net revenue is. What are you taking home?”- Mary Beth Storjohann
“At the end of the day, what everybody else is doing doesn't matter. It's not going to affect your bottom line; it's not going to affect your retirement savings.”- Mary Beth Storjohann
“It's important to remind people that there's different seasons in life; that number may be changing; the goals may be changing; but it's just important to constantly be considering them and thinking about them.” - Katie Hunt
“This is a business, and you want it to be successful, and you want it to sustain your goals and your lifestyle and your family, and without you getting paid, you're really just creating stress and taking yourself even further away from those things that matter to you on the personal side.” - Mary Beth Storjohann
CONNECT:
Book: Work Your Wealth: Nine Steps to Making Smarter Choices with Your Money
Podcast: Work Your Wealth
Website: http://workablewealth.com
Facebook: https://www.facebook.com/workablewealth/
Instagram: https://www.instagram.com/marybstorj/
Twitter: https://twitter.com/marybstorj
JOIN THE TSBC FAMILY:
Do you want to scale your business and add new revenue streams? Are you ready to get a handle on your cash flow and tuck money away for retirement?
Maybe you are interested in increasing your visibility and fine-tuning your marketing outreach? Perhaps you have a team that you want to nurture or need help building your team?
Our newest on demand program, Paper Camp+ can help you with all of these things and more. The program includes 5 keynote presentations and 2 panels from a wide range of business experts. You can watch what you need, when you need it most and revisit the videos as often as you’d like.
This course was built for anyone running a product based business, and extends way beyond the paper industry. Enroll at www.tradeshowcamp.com/pcplus
ABOUT PROOF TO PRODUCT:
Proof to Product is brought to you by Tradeshow Bootcamp and hosted by Katie Hunt. Since 2011, TSBC has worked with hundreds of product based businesses to help them up level, scale, and build profitable sustainable companies. You can find our show notes and additional resources at ProofToProduct.com. If you like what you heard today, please head over to Apple Podcast to leave a five star review and subscribe. Thanks so much for listening. We'll be back next week with a new episode!