103: Money: You Got This!, with Justin Krane

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Welcome to this of The Sex, Money and Food podcast! When it comes to money sometimes we bury our heads in the sand; it just seems like too much to deal with so we avoid it.

 

On this edition of the Sex, Money, and Food Podcast, we’re getting out of that sand and into a fun, lively and engaging discussion about money with Justin Krane. Justin is money savvy, and he believes in living a life you enjoy - not skipping that latte so you can be a gazillionaire at 80!

 

Tune in to hear how you can actually enjoy talking about and dealing with your money, no matter where you are financially.

 

More About This Show

 

Justin Krane is a certified financial planner who has been featured on CBS, MSNBC and Fox Business News. He’s also written a book called Money. You Got This; if you combined Seinfeld, Curb Your Enthusiasm and money you’d have a taste of what Justin’s book is like!

 

In his work, Justin primarily focuses on helping entrepreneurial women and female business owners be strategic about their finances. He believes in saving for the future but still living a great life today - having your latte, buying those great shoes, etc.

 

On today’s Sex, Money and Food we talk about goosebump goals (what they are and why you want them), how and why to start tracking numbers even if you think you can’t or haven’t done it before, and the exact steps you can take to start handling your money right now no matter what your financial situation looks like.

 

Justin’s avatar is the female entrepreneur or small business owner. Her name is Rachel and she’s flying by the seat of her pants. In fact, she’s building that plane that is flying her as she goes along!

 

She doesn't have a plan of what to do with the money when it comes in and she's guessing on her numbers. She is aware and feels bad about not doing more in this area, but she keeps her head in the sand until suddenly her friend gets breast cancer. In that instant, everything changes for her.

She realizes she has got to take care of her money because if she don't deal with it then her money is going to deal with her.

That’s where Justin comes in. He helps her avoid shutting down about her finances, like she has in the past. He makes the process much simpler and more approachable for her. He also makes sure she doesn’t feel terrible for where she is, he shows her things are always possible no matter what.

 

Tweetable: “You have to put your oxygen mask on first.” - Justin Krane

Here is how he recommends getting started:

First, have a glass of wine!
Chill out and take the edge off of the experience. Don’t let yourself get wigged out, have a glass of wine or a cup of coffee/tea/green juice.

 

Second, get your head out of the sand!
It’s okay you put it there in the first place but now is the time to get out and get on with things. You can’t move ahead if you don’t know where you are right now; when you get your head out of the sand you can see where you are right now and create a path to moving forward.

 

Third, pay yourself first.
Are you doing this? When money comes in take a certain percentage and put it into a different account. This should be between 10-30%. 10% would be for an emergency fund so we don't have to do things because we need the money.

The other 20% is for you have to pay taxes. Most accountants will say to set aside 15-20% of your sales for taxes because this helps you avoid getting a big financial surprise! It also keeps you out of the poverty/lack mindset where we are afraid to take the right risks and grow.

On this episode, he explains what the right risks are and how you know whether to take them or not. We also talk about goosebump goals and why they are better than SMART goals! Goosebump goals are the things that get you excited, it could be buying a home or taking that trip you’ve always wanted to take, etc. If you have a spouse be sure you talk about your goosebump goals and your money with him or her.

 

To wrap up the show, Justin shares why he hates it when personal finance gurus tell people not to buy their daily coffee and I candidly share how I have learned to ask for help in my business and in my life. Get your notebooks out because you’ll hear all of that and more on this edition of Sex, Money and Food with Justin Krane!

Justin Answers The Questions

 

Q: Rank the following in order: Sex, Money, Food?

A: I’m going to go with sex and love as my own co-mingled #1, then food and money is third.

 

Q: There is nothing better in life than…

A: I think a great day that’s like exercise, a great meal, meditating or a nap and then a cool movie.

 

Q: What does  “money” smell like to you?

A: Initially it’s that dollar bill smell, it’s not a great smell. It’s a little like moldy! I think it’s not a great smell, but we hardly use cash anymore.

Episode Resources

• Justin Krane’s website
• Justin’s gift to you
• Money. You Got This., by Justin Krane
• Justin Krane on Twitter
• DoTerra’s Emotional Aromatherapy Kit
• Connect with me on Instagram
• Sign up for my Five Day Self-love Challenge
• Follow me on Twitter
• Subscribe to the Sex Money and Food Podcast on iTunes