Episode 336: How to alleviate financial stress
Do you have an emergency bucket for your business? In this episode, Fiona discusses the importance of creating a financial buffer for your business. She shares her personal experience and advice on calculating and building a buffer. Tune in!
Topics discussed in this episode:
Introduction
Considering economic uncertainty and potential recessions
Saving a buffer to cover living expenses
Addressing financial difficulties
The importance of financial education and planning
Tips for determining your business's survival rate and building a buffer
Tracking and categorizing business expenses
Budgeting tools and software options
Evaluating the necessity of expenses and potential cost-cutting
Conclusion
Get in touch with My Daily Business Coach
Resources and Recommendations mentioned in this episode:
Get your emergency account in hand because things come up, maybe you hit another car, or something goes wrong with your hot water system and you're out by $3,000 that you didn't plan for. Think of this as an emergency bucket for your business. Particularly as things are heating up in the economy and we are hearing more and more about this recession, it is an important thing to be thinking about in your business. What is my buffer? How much is it? How long would I need it to last me so that I'd feel okay and be realistic? You're not going to be like, I need a three-year buffer because that's just a bit. Maybe that's what you need. But I would say that for most people, it's about a six-month buffer that they would be trying to put away or to have somewhere and that they can easily pull out if they need it.
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Welcome to episode 336 of the My Daily Business podcast. Today is a coaching episode and this is one for everyone in business, particularly with everything going on in the economy right now. This is one that you want to stick around for and that you want to implement. Do not let this be a podcast that you just listen to today and don't action, because believe me, if you action it, it will give you so much peace of mind and just set you up to feel confident with your decisions as a small business owner.
Before we get stuck into that, I wanted to remind you that marketing for your small business, the course and coaching program is going to be starting in September. That is a nine-week live coaching program. You do the Marketing for Your Small Business course, you do that in your own time and then you come for questions and chats and feedback and idea bouncing off with other people that are in the group.
That is usually run on a Tuesday depending on the time, usually around lunchtime Australian time. I know that isn't so great for people in Europe. We have had people though in Europe sign up for it and then watch the replays. You can also send us questions that we answer live on those calls as well. Don't feel like, the time zone's not going to work. You can still participate. We've also always had people from the US, New Zealand, and other parts outside of Australia, so don't again, feel like I can only do this if I'm in Australia. You can join us from anywhere in the world. All the details for that are over at MarketingforYourSmallBusiness.com. Lastly, I want to acknowledge the traditional owners and custodians of the land on which I'm coming to you and that is the Wurrung and Wurundjeri people of the Kulin Nation. And I pay my respects to their elders, past, and present, and acknowledge that sovereignty has never been ceded. Let's get into today's coaching episode.
To give you a little context in today's episode and how I came to be doing this in my own life and then teaching other people how to do it, particularly as a business coach, but well before I became a business coach, I would do this with my friends and family as well. The context I guess is that way back in 2006, 2007 I was working, I'd already been the editor at Fashion Journal. If you're in Australia, in Melbourne in particular, you'll probably know Fashion Journal magazine. That was my first proper job. I was the full-time editor for that. I was also the editor for the first David Jones custom publishing title, which was called Precinct and for those that don’t know, David Jones's large department store. I was working there and then I moved into book publishing. I was working at book publishing during that time I was given a column in the newspaper to write, so it was the social column.
I used to have to go to events multiple times a week, which sounds very fun and glamorous, but it was not. I'm an introvert by heart, so definitely didn't love going to them. But it was a step into publishing. I had the whole back page of The Age newspaper sometimes it got syndicated in Sydney and then it turned into a column and did that for a while. I was juggling working as a columnist for The Age newspaper. I was also working full-time in a book publishing role and I was also studying a post-grad in editing and publishing at RMIT. It was a busy time and I wanted to go out on my own. The book publishing place was fine, and everyone was nice, but I wasn't then probably I'm not right now.
Who knows, maybe in the future I will be, but I wasn't somebody who like loved turning up to like a giant high-rise city, beautiful buildings and being in suits and corporate gear and turning up every day. I just didn't feel a sense of freedom in that life. I started planning to start my own business. This is in 2007 when I started that business and that was writing content and working with small business owners, predominantly fashion-based business owners who were starting to get online for the first time. I was doing website content, and brand content, looking at their overall marketing strategy and structure from a very content-heavy background. To do that I ran my numbers and at the time I was renting a house with my husband who was my boyfriend at the time, and we were renting in Faraday Street in Carlton, if anyone knows that in Melbourne.
Beautiful place to live right next to all the beautiful Italian delicacies in Ligon Street. But I knew that my rent was about $600 a week, it was probably $1200 a month between both of us paying that. I needed to earn that. My column in the newspaper is paid $600 a week. It was well-paid for what it was back in the day. I knew that the newspaper column covered my main cost, which was rent, but you need to have other costs, especially when you're living so close to the Street, you went coffee and pizza and faster and all the things. Plus I was young, I was going out, I wanted to have nice dresses, and I wanted to buy fashion stuff. I was very much in that fashiony scene.
A lot of my friends were in that space and I was working predominantly with fashion designers on this new business. I wanted to look nice as well. I needed a certain amount of money to live. I remember very distinctly talking to one of the editors at The Age, her name was Michelle, and I'll always remember her advice because I said to her, “I want to go outta my own.” I think I've got enough skills that I could help people, particularly those people getting online for the first time. I could help them with their content. I could help them with the rest of their stuff, like emails, pamphlets, brochures and direct email stuff or even help them write a book. I also did ghostwriting at that time for celebrities, for different publishing houses.
I was in her office talking about this dream and she said to me, “What I would do is I would calculate at least three months of your life expenses and I would save that.” And once you have that saved, then I would go out on your own and launch this business. Her idea was that if the business doesn't work and you need to go and get a job, it'll might take up to three months for you to find something that you like. At least if you know that you're covered by three months of living expenses you don't have to stress and take the first job that comes along. I always remember that because I rode that elevator down after that conversation starting to calculate, okay, how much do I need?
I have been very independent since I could work. I got a job at Kohl's at 14 years and nine months. I have always had jobs ever since. My parents were very much proactive in making all four of myself and my three siblings very independent financially and in particular, well both of them. But my dad had come from a family where his mother, unfortunately, his father died when he was young and he had to start working, his brother had to start working, and he had to finish school very quickly so that he could get out and work and pay for his younger brother to go through school. His mom also had to change their house into a guest house because she didn't have anything else to fall back on. It was like the 1950s in Ireland, he saw a lot of sexism and a lot of people who he had thought would help.
His mother in that situation did nothing to help particularly religious groups. When he had children, he said, “If I have daughters they will be financially independent. I do not want them to ever depend on anybody else for their income. I want them to be financially independent and to have a great education so that they can look after themselves if god forbid something happens.” That context has meant that I've always been very independent. When I was calculating these costs, even though I was living with my boyfriend who then became my husband, I did not look at how much he earned and can he cover me if I needed it. He's very supportive. We have everything that just goes into a joint account. We share everything.
We're very transparent with our money and that's a very fortunate position to be in. But at that time, 2006, 2007, I had to think about, every single bill that comes in, I have to pay half of that and I'm not going to ask him for money and I don't want to ask him for money. I want to be able to pay for things for myself. My parents would've helped me off if I needed it, but we didn't have that sort, I'd been trained from a very young age, to be independent, and make your own way. If you can't afford it, don't buy it. It's why I still don't have credit cards to this day. If you don't have it, you can't pay for it. I sat down and I went through, my rent is this much money, my bills and everything is this much public transport, is this much alcohol going out at the time I drank and that was part of my life.
I also went out for dinner. I would go out for pastries with my friend Paul. I would have all these things that I was spending money on. I line-itemed every single thing. I also thought about if I'm going out on my own, do I need a better Mac? Do I need a better laptop? Do I need all sorts of things to make that business legit and things like a coffee expense if I'm taking clients out for coffee, like every single thing I ran through and I tried to figure out what is my buffer number? What would that three months look like if money just stopped coming in, how much would I need to be able to have three months of my life paid for? You might be thinking, “Why are we talking about your life from 2007 to 2006?”
Why are we talking about that now? It's 2023. What has this got to do with my business today? I'm giving you some context because today's topic is all about buffers. If you have set yours up, if you know your buffer number, if you know how long that buffer will last and that you have this financial, I want to say security, but nothing is secure these days. But you have this financial peace of mind to be real about your business when it comes to your business. I know that people read this podcast from all over the world. I am here in Australia where we have not yet gone into recession. However, it is being talked about constantly. I know in the US as well, I just checked this before I jumped on to be certain they are also not in a recession in terms of the metric by which a recession is measured.
However, it is being preempted by everyone. The one that I looked at was by JP Morgan saying that the US will probably enter a recession at the end of 2023, or early 2024. In Australia, there is a lot of talk about a recession, but it depends on who you listen to and which economists, some are saying it'll be a paper-only recession in terms of by the metric of being measured. We will hit that, but we are not going to see people losing their houses and massive job losses and all these things. I'm not an economist at all, but maybe that is somewhat fueled by the fact that we were shut down so much during the pandemic. Many people left this country and we've had a massive shortage of employees. It's been a real employee market because there hasn't been that much competition in terms of people from overseas coming into Australia and applying for the same jobs that are set to change.
They're trying to make things much easier for people to get into Australia with visas. This wonderful space we've been in for employees where there haven't been high levels of unemployment is set to potentially change just with competition coming in. As I said, I'm not an economist, but the point is that this recession is being talked about constantly. I know I'm talking to small business owners all day long in some cases, but not all, I definitely want to stress that, but in some cases, some of my clients are starting to see sales shift in particular sales. Let's say they're a wholesaler, they're seeing that they're direct to consumer sales are still doing well, but their wholesale accounts are not people who run retail stores like physical shops are not necessarily buying as much and that is because they have a whole lot of pressures.
Commercial rent has gone up. I mean just so many things, freight shipping, a whole lot of extra costs have gone up, which is making the margin smaller in some cases. I'm hearing from people all day long about, I'm worried about this or I'm seeing the numbers and it's going down, or I'm seeing that the conversion rate is going down, we're still having the same people come to the site or come to the store but they're not buying as much or they're not buying at all. Or like I said, they're not buying as much. Maybe your ATV or your average transaction value might have been $158, but it has now gone down to $128 and that might not sound like much, but if you have thousands of transactions happening a year and each one of those is being cut by $30, it adds up.
What I want to talk about today is to try and give yourself a bit of peace of mind with everything that's going on by creating your buffer. It's a great idea to do this anytime the earlier you start the better. As I said, back when I was in 2006 and 2007, I had to think about what is the buffer. How long does it need to be? In my case, it was three months and I had to start saving that amount of money. Believe me, the minute that I got my bank account to that amount of money, I quit. I put in my notice at the publishing house that I was at and I went off and started my first business. The same thing happens now where when I've got into this business, I'm in my eighth year now with My Daily Business and I still have that buffer.
I have a buffer in my bank account that is about six months of my own wage, the wage for people that work for me, and expenses in the business to just keep it going. Hopefully, it doesn't happen, but if the money stopped coming in, if people stopped booking in, we would still be able to run this business and have enough of a buffer that hopefully things would pick up within that six months or we would go hell for leather in different types of marketing to help it pick up. What I want to get across is that I understand that there are going to be people listening thinking, are you serious? A buffer? I can't even pay my taxes right now. Like I have nothing in the bank. This is a situation that you don't want to stay in. I get it, I have been there. Where you are watching if your bank card is going to go through at the supermarket.
I have been there many times in my life and you don't want to be there. No one wants to, that is not something that you want to aim for, you want to be ahead of that. If you are in that situation where you're like, I don't even know where to start and you're talking about saving money and putting money aside, what I would do is ask for help and reach out if there is financial assistance available. Especially here in Australia, I think it's the ASIC MoneySmart website. They have a list of resources, things like debt counsellors, and financial counsellors. Financial counsellors are not financial planners but they will sit with you and go through like, let's look at your spending, let's look at every single line item. Of course, you're also welcome to book with me for coaching.
We also have a pretty affordable Money Mapping course and if you are in financial dire straits, please reach out to us and we can come up with some arrangements for that course. It is pretty affordable as it is, but I totally get, everyone's got financial strain sometimes that course is an hour and it will walk you through all sorts of things from how to figure out what your buffer number is, what your survival number, what is your thrive number, what are you aiming for? And look at all your different revenue streams. Reach out to us if you're in that situation. But I also just want to stress that there's nothing you haven't done something inherently wrong if you are in that situation, but I would reach out for help and keep listening to this.
Don't switch off your mind mentally and think, well this isn't me, I'm not in that situation because maybe you're not in that situation right this second, but you will be down the track and you want to have gained this knowledge and this education. If you are in this situation where you do have a little bit of money coming in, you have a bit of profit being saved each month or each quarter or however frequently you do this, I would urge you to figure out your buffer number now so that you can start putting that money aside and I'm not going to talk about the way that your banks are set up and financial accounts and all of that, that's for to figure out yourself or to talk to your accountant or a financial advisor about that. But what I will say is that the first thing you want to do is figure out how much your business is costing per month to just run.
This is your survival rate, that's what I would call it if you're watching the Money Mapping video, you'll see your survival rate, what is the absolute survival rate? Each month may be different in your business. You might buy a huge amount of inventory at certain times of the year, in which case your cash flow for that time when you have bought the stock but you can't sell the stock yet is quite low. The stock comes in and then you might have high great months where you're selling a lot of that stock and you're gaining all of that money that you've put into inventory back. You may have other parts of your business, your business might be seasonal. There are dips and there are ebbs and flows. What you want to do is think about the costs in your business for 12 months and then what you're going to do is amortize it and take the average that at least that is sitting there and again before you start arguing in your mind about this and be like, that wouldn't work for me because if I amortize it and let's say I spend my money in September to buy stock for December, that's not going to give enough.
It's not going to be an absolute perfect number. Even when I was back in 2006 or 2007, there are going to be other expenses that turn up out of nowhere or somebody's birthday comes up and you didn't put that into your budget. But what we want to do is give you some buffer rather than having nothing there or having an amount that is nowhere near what you need or it just doesn't reflect what your business needs to be spending in order to survive. That survival rate can come from a few different places. You can go through your Xero or MYOB or whatever software program you're using for your accounting. You can get an Excel sheet or Google sheet and line item, everything and submit at the bottom. It just added up at the bottom. This is how I started in 2006, 2007.
It is very simple sometimes easier for people to do that. You might just get out of your bank app your work bank app and go through the last couple of months and start looking at how much are spending. Because a lot of the time, especially if your business has done well, especially over covid, I work with a lot of people who are in the homeware lifestyle businesses and for many of them, even if they may feel some way about it they did pretty well throughout covid. People were at home, people were buying more cushions and more ceramics and things like that. They've done well. What can happen sometimes is if you have got a bit of extra money, you can get complacent with your spending and be buying things.
I've done that many times myself. I'm like, “Why did I buy that course?” Or why did I buy this? Or why did I do that when it wasn't a great use of my money there? What you want to do is pull it back and think about what are all my expenses. That'll include the expenses for the business and also the expenses for yourself. How much do you need to pay yourself, and how much do you need to invest back into your family or your home life? For your actual business, what are all your subscription fees? What are the fees for your point-of-sale system? What are the fees for security? What are the fees for commercial rent or your studio rent? What are the fees for your admin, your freelancers, your graphic designers that work for you every month or a web developer or your website costs?
All of those things you need to add up so that you can see. I would say most times people are spending more than they think they're spending. The amount of people that I've talked to that are like, I think my expenses are probably about five to $7,000 a month or let's say 50 to $70,000 a month either way. They'll be like, I calculated it. We're closer to a hundred or we're closer to $10,000. What you want to do is be honest with how much you are spending when you are listing out those expenses. There may be some that will think, we can cut that subscription, we never use it. That should be cut now and also shouldn't be part of survival or a buffer.
But there'll be also other things that you're like, that that is important for our business and we need to keep it there. You may decide to even go even further and think about the rising costs of living and everything else going up, you could add a 10% buffer to each expense line and look at it from that point of view. Let's say, if your expenses are $70,000 a month, you might decide, I'm going to put in $77,000 a month. Give yourself that little 10% buffer because things are going up, but you want to come up with that number. What are all the expenses for the business? What are your expenses? Are the other things coming up? If you give yourself a 10% buffer, is that going to be enough? Is it a 20% buffer?
What are the other things that you want to be doing in the next year in the business? We're not going to get to thrive rate, which is all the fun, exciting stuff. This is just a buffer. This is making sure that you can pay everything and keep yourself afloat if something happened or if your orders start to go down or the clients or customers start to drop. We want to come up with a figure, first of all, that accurately represents a month in your business. A month for business expenses, including wages, superannuation, all the things, insurances, legal fees, whatever you are paying for throughout the year, you want to add all of that up, divide it by 12, that is your monthly expense. This is a very basic way of doing this. You can go into way more detail.
However, I do think sometimes the detail is where people just stop. If we can do something that gives you a base number, it's something to then work from. Once you've got your base number, the number that you think is accurate for a monthly expense and your monthly bills in your business, you also then want to think about other things like if you had to replace anyone in your staff, if you have staff, how much would that cost? Because let's say things do get tough and you need to cut some of your expenses and a lot of the time wages are one of the biggest expenses that small business owners have. Let's look at so many companies now that are coming out and saying, we slashed this many staff, we had to get rid of this. They are trying to cut their costs quickly and one of the quickest ways to do it is to cut down staff.
However, you still need staff to keep a business going. You also want to be thinking about that when it comes to your buffer. If you had to rehire somebody or if you had to, let's say you said, “I can't afford this person full-time, I'm going to offer them part-time.” They said, “No thank you very much, I'm going to walk and go somewhere else.” How much is it going to cost to rehire that person? Thinking about your buffer in terms of whether is there a little bit in there if something like that, which is pretty major will happen to the business once you have that number, so you've come up with the number and you don't want to think about every possible negative scenario, but just some big ones like losing staff if you do have staff and they're absolutely important to the business like they should be, all staff are important, but if they're crucial to the business running, then you need to be putting that into your buffer.
Once you have that number for that month or for all of the months, but you have a monthly number, you then want to think about what buffer would make you feel comfortable. I have some clients who think three months is fine, and some clients who think 12 months is the minimum that they need. It will be depending on yourself, on your risk, and on all sorts of things in your life. If you've got a fallback plan if you've got investment properties if you've got wealthy parents or family or spouse, if you are the breadwinner versus if you're not the breadwinner. There'll be lots of different things that you want to think about if you're a single parent, if you want to have children soon and if you need to have a bit more of a buffer because that's going to take time, all of that needs to come into it.
You may come up with, I want three months, I want six months, I want 12 months, whatever that is. Then you want to calculate whatever that number is. Six months. Buy whatever your monthly number was and look at that amount of money. This is where it can get very confronting and where people often just give up because they're like, that's impossible. I can't save that amount of money. I'm not saying you have to save it tomorrow, but I'm saying start looking at what amount of money you can put to the side to start building that up. When I'm talking to clients about this, I will often have people who say, “My buffer is $36,000 and I'm sitting at 16, so where am I going to get the other 20 from?”
I'm not saying, it's not about you trying to get that $20,000 overnight, but it is you starting to chip away at building that buffer up from 16,000 to 36,000 if that was your buffer. Let's say that person, that business owner is like, “This month I didn't spend this on my subcontractors because the project was fine or I could handle it.” I'm going to take some of that money and I'm going to put it into that buffer account so I'm just going to chip away at it. Let's say you're not going to have the whole 20,000, but maybe you've got $400 and I am going to put that over there and I'm going to start building this buffer up. Again, everyone is going to move at their own pace.
Even if you are adding $5 to it, add the $5. It's better for it to sit there rather than you to just think, well that's not enough or that's not much, it's not going to make much of a dent. It all adds up. It's like those fundraising things like a diagram, you often see them in kids' schools where they're saving for something or they're trying to fundraise. They'll have like a thermometer almost and it will go they'll have like little coloured lines where maybe somebody's donated $2 and maybe somebody's donated $5 and $10 and you see it grows, it's like a crowdfunding campaign. The amount of times that I've gotten donated to somebody and it'll say we've got $3,000 that we're trying to get to $39,000. You think I'm only giving $40 or I'm only giving this much.
It's like, if every person felt like that, no one would give and then they wouldn't get anywhere. Whereas if people give $5, $10, $15 to $40, it all adds up and then over the next couple of days you're like, oh my god, they hit their number because so many people gave a small amount. It's the same with you trying to build that buffer up, small amounts add up. That's why everyone gets into share markets or compound interest, things add up over time, but if you don't add to it at all, that's where you're going to be in that stalemate. You're going to be putting future you into a stressful mode versus thinking future I am going to be relaxed in a way, as relaxed as you can be in a recession when you're a small business owner, but it's going to feel some financial peace of mind because they've been chipping away at that buffer number.
If nothing ever happens to your business, that's great because then you have that buffer number and down the track you might decide to pull that out and put it into shares or put it into something else for the business that can grow and increase your wealth. But to be feeling okay right now in the economy, I think there's nothing wrong with putting a buffer together. If you do have some money at the moment, you might be like, let me put that number in. It's almost like an emergency account. A lot of people, if you're in looking at budgeting or finance, personal finance, you'll be told a lot of the time, get your emergency account in hand because things may come up, maybe you hit another car, or something goes wrong with your hot water system and suddenly you're out by $3,000 that you didn't plan for.
Think of this as an emergency bucket for your business. As things are heating up in the economy and we are hearing more and more and more about this recession, it is an important thing to be thinking about in your business. What is my buffer? How much is it? How long would I need it to last me so that I'd feel okay and be realistic? You're not going to be like, I need a three-year buffer because that's just a bit. Who knows, maybe that's what you need. But I would say that for most people, it's about a six-month buffer that they would be trying to put away or to have somewhere and that they can easily pull out if they need it so that it gives them peace of mind. You don't have this feeling of I'm going to have to shut everything down.
You are like, things are going to be tight, I may need to get rid of some stuff, I may need to cut people's hours, I may need to work more myself to get out of this, but I have that buffer. I know that my bills are going to be paid, I know that I'm going to keep the lights on. I know that we're going to keep the doors open during this time and we will ride it out. As I said at the start, I get that not everyone is in this position to be able to make this. I get that whenever we talk about money it can be very triggering for a lot of people. As I mentioned, there is a lot of support, especially here in Australia from government bodies. I'm not saying, the government's so amazing, there's a lot more that they could be doing for small business owners.
But in terms of getting help with debt, getting help with just managing your money, getting help with somebody who can sit with you, perhaps you're in a financial situation right now where you're thinking about, okay, this buffer thing sounds good, but I don't even want to share my financials with my family or friends. I want to maybe have an outsider look at that. As I said, ASIC, the MoneySmart website has a whole lot of information about financial counsellors that you can get. I also know here in Australia the Beyond Blue Foundation. Most people know about Beyond Blue, the Mental Health Advocate website that offers, I think it's 10 free sessions of counselling. It's not with a psychologist or psychiatrist, but it's with a mental health coach that is free for anyone who has an Australian Business Number in Australia.
I would be looking at that as well if you want to talk to somebody about stress or financial stress that you're going under at the moment. But I think that one of the best ways to alleviate that stress is to think about and figure out what is my buffer number. What is the time period that I need that buffer to be in place and how can I start chipping it away, because even very small amounts add up, rather than trying to get it all saved at once, you're not going to do that. Most people are not in that situation, but trying to chip away at it, even if you think, okay, I tried to get to six months and my buffer right now is at three months, that's great, you've still got three months, it's better than having nothing.
You want to think about doing this work. It can seem tedious. A lot of people bury their heads in the sand because they don't like the numbers, they don't want to look at this stuff. They think if they avoid it, it'll get better. Believe me, it will not. You do not want to be in a situation where you're having to let go of all your hard work or give up on some dream that you had when it could have been alleviated to some degree. I'm not saying every business is going to be completely saved by this concept, but putting together a buffer, and knowing your numbers. This also sometimes can be an incentive to get a few more things to go out. Put yourself out there, and find a few more opportunities so that that cash that's coming in can then go onto the buffer.
Think about it. As I said before, we do have a Money Mapping course, you can find that at mydailybusiness.com/courses. We also go through all of this in one-to-one coaching and group coaching. Group coaching has finished for this year. It'll open again next year. If you want to get on the waitlist, you can go to mydailybusiness.com/groupcoaching. If you want to do one-on-one coaching, we are booking people in, I think from October onwards as the point at which I'm recording this, but you can find all of that over at mydailybusiness.com/shop. But as I said, there are a lot of places to get help as well. If this episode has triggered anything in you or made you feel some way, please reach out for help. Whether it's just talking to your GP in the first instance, we will also link a bunch of places online that are particularly helpful for small business owners here in Australia.
If you're reading from overseas, I would still urge you to do the same thing. Get out there, see what's available. There are also some fantastic financial podcasts that are out there that I often talk about. Dave Ramsey is one of them. I think it's called The Ramsey Show. That's outta the US remit set. The I Will Teach You to Be Rich is another one closer to home. We have Canna Campbell, she has the Sugar Mamma’s Financial Fire. She also runs another one with a guy Michael. That is called How Do They Afford That? There's Girls that Invest, there are Financial Feminists, and She's on the Money. There's so much free education out there as well that I would urge you to look at and start listening to and start feeling confident around this.
The whole point of today's episode was to alleviate the financial stress. Whether they're not in it yet, they are predicting that they'll be in it because of everything that's going on with the global economy. What small thing that you can do is to start looking at your buffer stuff and put that money aside, understand how long it's going to last you and give yourself financial peace of mind. Don't sit there worrying when it may not ever happen. There's stuff you can do about it, like follow the actions in today's podcast. That is it for today's episode. You'll find the show notes to this, plus the links to those places that I mentioned over mydailybusiness.com/podcast/336. If you found this useful and you think your friends or your community would, please feel free to share it. You can just link it wherever you are listening by just hitting three dots at the button or the top or a little arrow that says share. If you do put it on socials, please tag us @mydailybusiness_ so we can see and connect with you. Thank you so much for reading. I'll see you next time. Bye.
