Are you a creative entrepreneur who has mastered how to make money but hasn’t quite mastered stepping into your financial power and building wealth with your money?
It’s time to take your finances to the next level.
First, it’s important to note that there’s a difference between growing your revenue and building your wealth––and wealth building is rarely talked about over the act of “making money.”
Wealth is typically defined by having an abundance of valuable possessions and normally boils down to your net worth. There is a depth here different from “rich,” which typically implies a lavish lifestyle.
A wealthy woman finds herself cashflowing her lifestyle, while planning for the future and accumulating financial resources that support her values and dreams.
So how can you step into your financial power that goes BEYOND making money and takes your finances up a notch?
You can start by using my 5-Step Framework to Become a Wealthy Woman.
Few consider the importance of mindset in wealth-building, but that’s where it starts.
Mindset is so important when it comes to building wealth, and a wealthy woman’s mindset takes much into consideration.
A wealthy woman is willing to take chances when the appropriate evaluation has been completed and knows that with risk comes reward. She doesn’t get caught up in the negative “what ifs.” Instead, she trains herself to see all the potential around her. She knows that she has what it takes to open the doors to opportunity, and she focuses on that more than she does "luck" or "wishful thinking."
Her mindset acknowledges that her time and core beliefs must align. A wealthy woman doesn't do what doesn't feel aligned. If it doesn't feel aligned, she either delegates or takes it off the table completely.
Prices match her value, so she charges what she’s worth. She operates with confidence knowing her ideal client will pay the price to work with her.
She knows she can always make more money. There is no lack of opportunity. After all, money is a renewable resource.
Start with getting your mindset in the right place and then spend time doing Steps 2-5.
Managing your money is the next step.
As the CFO of your business, you are in charge of making the financial decisions, not your bookkeeper. It’s your responsibility to put yourself in the CFO seat and know your numbers so you can make the right decisions.
Is it ok to outsource your accounting? Of course! But it’s vital that you do not rely solely on your accountant to handle decisions impacting your wealth.
I encourage all my clients to know these 8 components of being the CFO of their business:
Right now, you may feel like you are doing ALL the right things and yet your efforts aren't creating more money for your business. Today that changes! Our free 90-day profit planner has helped hundreds of creative entrepreneurs transform their income goals into an actualization strategy since 2019.
Okay, okay, so that’s a lot to digest, but these are all important components I break down with my clients as a part of guiding them through their money management. I also dive deeper in my podcast so be sure to listen there for more money management tips.
The next important wealth building component after getting your money management and mindset in order is to set next-level wealth goals.
Did you know you can set money goals the wrong way?
A few common goals-gone-wrong I’ve seen include having no clear motivation or emotion tied to a money goal, and not visualizing the impact you want your money to make.
It’s important to articulate WHY you want the goals you have and knowing the emotion you are going for.
Some healthy examples of good money goals can be, “I want to increase the profitability in my company to double my salary and allow me to feel peace with the changing economy” or “I want to strategize a $30k profit launch in order to pay off my last student loan of $27,540 so I can feel freedom.”
See how those goals are specific and tied to positive feelings? Setting goals in that way will allow you to be much more likely to achieve what you set out to do.
Be sure your wealth goals align with your personal values.
Take time to identify the values that drive the lifestyle you want, both your base lifestyle and your upgraded lifestyle you’d like to have. Do you value generosity and being able to send flowers to your friends when you want? Do you like having money for marriage enrichment, personal development, your home, dynamic expansive childhood experiences, and health and wellness?
Then planning your money around those values is key! Otherwise you’ll end up making money yet still feeling unfulfilled.
Ask yourself this question: What impact do you want to make in the world in the next few years, and what would the excess of money do for that impact?
Honing in on your personal values is an important part of stepping into your financial power.
Last but certainly not least, let’s talk about your PERSONAL finances…another super important component in stepping into your financial power.
Your business is funding your personal wealth. You can’t be wealthy if you’re paying yourself least, last, inconsistently, and you don't have a plan for the money.
On your journey to personal money mastery, make sure you have a balanced budget for your lifestyle. Wealth is built with this foundation, with all excess going towards your financial goals.
Your personal budget should have a monthly budget built on knowledge - not restrictions - that allows for making excess, not shrinking expenses.
Mastering your money can be achieved when you establish a few financial goals. Make sure you:
At the end of the day, YOU are your retirement plan. Establish goal-based investing that leads to long-term wealth.
Wealthy women don’t work for money, they learn how to have money work for them.
Stepping into your financial power may seem like a long journey, but it doesn’t have to be. Follow the steps and your wealth-building muscle will grow stronger and stronger.
For more information on becoming a Wealthy Woman, visit my website: https://www.erinnbridgman.com/
As a money management and mindset coach, Erinn Bridgman empowers female entrepreneurs to design a business that is not just "profitable," but actually grows their personal wealth. Born with an entrepreneurial spirit, Erinn began by scaling her photography business to over six figures in under two years, affording her the capital to begin funding the real estate empire she and her husband now run. Ever passionate about supporting women as they uncover their own potential and earning power, Erinn supports female business owners to not just "scale their business" but to use it as a means for building personal wealth. When she’s not working with clients or finding her next investment property, Erinn can likely be found vacationing around the world and spending quality time with friends, her husband and two daughters, Ava and Juniper.
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