726: Let's Talk About Debt, Baby

Boost Your Boutique with Emily Benson

8:35.0: I've been studying money and money mindset for a long time. I will preface all of this conversation. With a short legal disclaimer saying, I am not an accountant.

9:33.1: I want to speak to this idea of debt because especially in the United States this is something that Basically, our society has decided is bad and I'm here to kind of flip the script on that for you boutique owners.

11:00.8: So often as women, we give away our power around money.

11:48.3: Taking out a 300, 000 loan that's called a mortgage isn't considered debt. Like, FYI, that is debt, okay? It's the same as the credit card debt you use to invest in inventory for your business.

13:04.6: We also then look at someone who's spent money on a credit card to invest in their business and think that that's bad. Guess what? That business could actually grow.

13:51.8: Can we start switching our mindset around calling money we have used to invest in our business, actually an investment and not freaking debt.

16:08.3: You've got to realize that like when I talk about the fact that I made six figures every year in my business, I also ran with that. Those investment loans, right? I ran with those loans over time. That doesn't mean that I didn't turn a profit. I did, but I was paying back those loans over time.

18:34.1: I see women paying off huge chunks of their credit card with the money they make from their business. And guess what happens, they pay off a chunk, and then they have to go buy more inventory. So what do they do? They use their credit card again. And it's this ridiculous cycle.

20:15.0: You've got to stretch out those payments because it's going to start to wean you off the credit card. Okay, you want to be running a cash business as much as possible, right? You want to wean yourself off the cart.

21:10.9: The deal is, is that if you can start to work off cash, then what's going to happen is you're going to end up being able to pay yourself.

22:01.0: As you pay a small amount is it's actually gonna build your credit score you guys And when you have a better credit score you're able to access more capital for when you do want to grow your business.

23:09.9: You need to make sure that you're maximizing what works in your business and minimizing what doesn't from an inventory perspective.

23:57.9: Realize that debt actually equals trust. The idea that you are so trustworthy. That a bank or a parent or whoever has given you this money has given you this money, right?

28:15.5: We have the opportunity to heal our own money story at any given moment of any day. So guess what? You have control over your fate and you have control over your reality.

30:36.1: Choose what your money story is. So shifting your money from debt is bad, debt is shameful, to debt is people trusting me.

33:33.5: We all have to thrive on our businesses. And so I encourage you to check in with your own self worth. How are you feeling about yourself? You know, do your prices reflect how you feel about yourself?

35:04.7: Let's take a quantum shift in your mindset around your money story and around the idea that borrowing money, AKA having debt is a bank trusting the hell out of your smart brain and your hard work. That's what it is.

Resources:

Visit Boutique Training Academy - If you want to make more money in your boutique or retail business you're in the right place. We'll guide you step by step in your journey through Boutiqueland. 🛍️

NEW BOOK #TheRetailMindset available on Amazon

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Click here to join the BTA Inner Circle: https://www.boutiquetrainingacademy.com/offers/PYHppzpy