Manage Your Cash Flow or Go Out of Business with Joan Sotkin

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On this episode of Rhodes to Success, I interview Joan Sotkin, who is an author, coach, and business woman, and has helped thousands of people understand why they do what they do with their money and how to alter their financial behavior. Joan is the founder of Prosperity Place and author of the award-winning book Build Your Money Muscles. Her passion is helping people improve their relationship with their money and themselves. During the show, Jessica and Joan discuss business and bookkeeping, why we do what we do, money, and shame.

 

Main Questions Asked:

  • What brought you into working on money issues with people?
  • Should everyone learn how to do his or her own bookkeeping and manage cash flow?
  • What are the characteristics or personality traits that cause some people to have better relationships with money?

 

Key Lessons Learned:

Business & Bookkeeping

  • It’s possible to have someone in the bookkeeping role, but you have to know what the numbers mean.
  • The first step is to make a decision to take care of your business.
  • Business isn’t something you go into where you love everything you do every minute.
  • Taking care of your finances isn’t about knowing numbers; it’s about data entry.
  • Managing cash flow isn’t what a bookkeeper does. They just keep the books.
  • Mental math is a useful way to turn the left part of your brain on.
  • Your business is an extension of you, and if you’re still in financial fear, you won’t look at your numbers if you feel shame.

 

Why We Do What We Do

  • In the beginning stages it’s important to understand why you do what you do with your money now and how you can get to a point of being more functional.
  • Recognize the kinesthetic experience in your body when you talk about money.
  • Count your money and spend less than you earn.

 

Money, Shame, & Feelings

  • If you feel shame about your finances, it is never about money. It is about relationships and how you feel about yourself and your relationship with others.
  • Don’t stress and worry about the past; take action for what you want to happen in the future.
  • When you love, accept, acknowledge, and appreciate yourself, the world will mirror that back to you.
  • Our need for touch determines so much of our business and financial outcomes. We weren’t meant to ‘go it alone.’
  • The longing for money is the same feeling as longing for touch.

 

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The music in today’s episode was written by The Danger Os and produced by Nick Palmer. Check them out at https://www.facebook.com/thedangerosmakemusic 

 

Links to Resources Mentioned

Prosperity Place

Freedom From Struggle

Build Your Money Muscles (book)

    

Click to Tweet  

Why do you do what you do with your money? Find out w/ @ joansotkin @JessRhodesBiz  www.Rtspodcast.com  

Should all business owners learn how to do their own bookkeeping? Find out w/ @ joansotkin @JessRhodesBiz  www.Rtspodcast.com