Five Financial Mistakes: What ADHD Entrepreneurs Need to Know | Wendy Brookhouse
Jan 13, 2025
auto_awesome
Wendy Brookhouse, a seasoned financial planner and founder of Blackstar Wealth, shares her expertise in guiding entrepreneurs toward smarter financial decisions. She discusses the unique challenges ADHD entrepreneurs face, emphasizing the need for a balanced approach to spending and long-term planning. Wendy highlights the importance of assembling a financial team, integrating personal and business finances, and cultivating a proactive mindset towards taxes and investments. Her insights aim to reshape how entrepreneurs view their financial journeys and unlock their potential.
Entrepreneurs must integrate personal and business finances to ensure their business growth aligns with their personal financial goals.
Adopting a collaborative mindset by seeking expert guidance can enhance financial planning and prevent costly mistakes for ADHD entrepreneurs.
Deep dives
The Purpose of Your Business
The primary purpose of a business is to fund personal life and financial goals. This perspective shifts how entrepreneurs approach their business growth and financial planning. For instance, understanding whether the business is meant for short-term funding or long-term wealth generation can influence investment strategies. A clear intention helps entrepreneurs make informed decisions about resource allocation and future planning.
Lone Wolf Mentality in Finanzial Planning
Entrepreneurs often make the mistake of trying to manage their finances alone, which is known as 'lone wolfing it'. This mindset can lead to missed opportunities for expert guidance, as running a business and crafting a financial plan require different skills. Collaborating with professionals like strategic accountants and financial planners can provide invaluable insights and save time. Relying solely on personal knowledge can hinder financial growth and lead to avoidable mistakes.
Holistic Financial Planning
Financial planning should integrate both personal and business finances rather than keeping them strictly separate. Viewing personal expenditures as funded by business income encourages entrepreneurs to assess how their business performance directly influences their quality of life. Additionally, understanding the connection between current spending and future financial security can guide better spending decisions. By merging these aspects, entrepreneurs can create a comprehensive strategy that addresses both immediate needs and long-term objectives.
Understanding Money Mindset and End Games
An entrepreneur's money mindset significantly impacts their financial behavior and decision-making processes. Cultural and familial attitudes towards wealth can create subconscious limitations that affect how individuals perceive their financial worth and success. End game awareness involves having a clear vision of one's financial future, whether that means planning for retirement or developing a legacy. This consciousness allows entrepreneurs to align their current actions with long-term financial goals to ensure sustainable growth and achievement.
André, The Impulsive Thinker, sits down with financial planner Wendy Brookhouse to tackle the nitty-gritty of smart financial planning for the ADHD Entrepreneur. Wendy shares her insights on the mismatch in financial advising fees and how to spend your money where it matters. They dive into mindset, financial priorities, and the importance of seeing the big picture—both business and personal. Wendy gives tips on balancing spending for today while securing the future. Listen in for advice that could reshape your approach to financial planning and help you get clarity on your money matters.
Wendy Brookhouse is a financial planner, pseudo-CFO, and money coach with 18 years of experience, focusing on Entrepreneurs. As the founder of Blackstar Wealth, Wendy dedicates her expertise to guiding Entrepreneurs toward smarter financial decisions and unlocking the full potential of their businesses. Her impressive career is marked by a deep understanding of integrating personal and business finances, a perspective especially beneficial for those looking to align their professional success with personal financial goals. Wendy is known for advocating the importance of strategic planning and prioritizing financial resources effectively.
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode