17: Breaking Through Money Dysmorphia: Transforming Fear into Financial Stability

In this episode of the NewLaw Podcast for Entrepreneurial Lawyers, Ali Katz coaches Stephanie, an entrepreneurial lawyer, through her mental blocks on investing money in her business. Stephanie shares her fears of financial instability, despite her recent success in booking new clients. Ali provides Stephanie with practical strategies and mindset shifts to overcome her fears and set up strong financial systems. Through the coaching session, Stephanie gains the confidence to build her business credit and trust her entrepreneurial journey.

 

Key Takeaways:

• Addressing Financial Fears: Understand that financial fears are common and can be managed by setting up proper financial systems and structures.
• Building Business Credit: Learn the importance of establishing business credit early on and how it can provide a financial safety net.
• Mindset Shifts: Focus on what you want to achieve rather than what you fear, and envision your success to drive positive outcomes.
• Regular Financial Reviews: Implement weekly, monthly, and quarterly financial reviews to build self-trust and ensure financial stability.
• Expansion Strategy: Recognize that at every stage of business growth, investment beyond current revenue is necessary for expansion.

 

Through Ali Katz's coaching, Stephanie gains valuable tools and perspectives to overcome her financial fears and make confident, strategic investments in her business. This episode is essential for entrepreneurial lawyers looking to overcome financial anxieties and achieve sustainable business growth.

 

01:43 Ali invites Stephanie to discuss her mental blocks on investing and how these fears can hinder business growth as a business owner.

 

02:14 Stephanie describes how a slow period in business pushed her to the brink of her savings and how that stress influenced her views on investing in new systems.

 

03:31 Ali discusses her personal journey of facing financial fears by running out of money and realizing that survival skills and self-belief are key to overcoming such fears.

 

06:24 Ali suggests building financial self-trust systems to keep track of one's financial realities. These systems help in calming fears and making informed decisions.

 

07:18 Stephanie receives both practical and spiritual encouragement from Ali, realizing the value of her services and finding ways to stabilize her business financially.

 

10:27 Ali highlights that every business expansion stage requires investing beyond current revenues and that understanding and planning for this discomfort is part of growth.

 

11:26 Ali brings up Elon Musk's example, who had to borrow money to pay rent despite his ventures, illustrating that even successful entrepreneurs face financial crunches but continue to push forward.