Do Entrepreneurs Face Financial Anxiety?

Even though you think you are savvy enough to start a business with an innovation:

Do you feel you have a grip on what it means to be financially literate to teach a child how to manage their money?

Yes would mean you got this, but it never hurts to keep studying.

Do you have a plan for yourself and your family to stand the tides of economic change in the US as you build your business?

Yes would mean you've done your best to measure and strategize based on research and observations in political and economic changes over the years.

Are you financially anxious?

CNBC reported in October 2023 that fewer Americans put money in an emergency fund this past year due to inflation and higher interest rates taking a financial toll.

But wait!?!

The Department of Treasury said in December 2023, “the median American worker can afford the same goods and services as they did in 2019, plus an additional $1,000 to spend or save—because median earnings rose faster than prices.”

Who do I believe? Well, like you answered yes above, I like to be prepared, too.

My financial research, bank account, spending habits, income, and strategic savings goals led my family to prepare, even when we didn't have a lot. We've taught our kids this principle, too.

How about you?

If you want to evaluate yourself because you know your truths regarding habits, pitfalls, wise decisions, and otherwise, you can check out one of my lessons learned. It helps me not be so anxious when I break down a goal when investing.

We'll call them Financial Asset Hacks, if you will…

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Physical

Do you need equipment, tools, or a vehicle to achieve this goal?

Financial

Do you need money to start or pay for other assets? Will money help you create a buffer when you have lower income or higher expenses? How much do you need to get started, and will you have enough time to finish the project?

Productive

Do you need good credit to get a loan? Do you need a college degree?

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? Make a personal strategy with practical steps for financial security.

If buying a house, your goal:

?? Focus on assets like good credit and savings for a down payment.

?? Plan to acquire specific assets that align with your goals.

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These are your FAQs to ask yourself when considering the ROI of a goal,

(and remember~> this could be the personal or professional goal:)

What additional financial, physical, and productive assets would help me meet this goal?

What resources do I need to get those assets?

What specific steps could I take to get those resources?

What obstacles may get in the way as I build assets?

How will I manage those obstacles?

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All right, that is enough self-reflection and introspection for one goal.

Feel free to share your upcoming or quarter goals so I can cheer you on and celebrate when you meet your goals??

Cheers with another cup of coffee and encouragement to nevertheless persevere with joy as you tackle your day.

--Nikki Estes ??