In this episode, we dive into financial well-being and how to find it for yourself.

Episode in a Nutshell:

Liz welcomes entrepreneur, speaker and master of financial planning Tracey Bissett to the podcast. Tracey and Liz talk about the importance of leveraging debt as a business owner as well as how to maximize that knowledge to enhance your business. Tracey discusses the origin of her own small business, including how she became a teacher of financial services. Finally, Tracey talks about her upcoming Master Class where she will be offering advice on how to be certain of what you can afford in your business.

In detail, we covered:

• 01:01 – Introducing today’s guest, Tracey Bissett
• 02:37 – Tracey’s entrepreneurial journey 
• 05:45 – Tracey speaks to the shift she’s seen in the financial industry over the years
• 07:35 – The pros and cons of automated financial interactions 
• 08:37 – Tracey’s perspective on funding start-ups via credit cards versus loan credit
• 11:59 – The biggest misstep entrepreneurs make when first starting their businesses
• 13:03 – The importance preparation in advance of asking for a loan
• 15:10 – What a polished and prepared loan presentation looks like
• 17:51 – Advice Tracey would give for those struggling with their credit 
• 21:24 – The importance of communication
• 22:25 – Understanding all of your options for credit
• 28:13 – How Tracey got into teaching financial services
• 30:35 – Why financial fitness is akin to physical fitness
• 31:30 – Tracey shares the most difficult aspect of starting her own small business
• 33:10 – Moving into the virtual space
• 35:45 – What Tracey likes best about working for herself
• 36:14 – Strategies Tracey utilizes to help build her brand
• 36:59 – Tracey’s Master Class 
• 38:04 – What Zen Money means to Tracey

Sound Bites:

• “I think for those entrepreneurs who are organized, prepared, have all of the required information – and they know what it means – I think it [automated interactions] bodes really well.” (07:48)

• “One of the missteps I think that entrepreneurs consistently make is they don’t arrange their access to capital early on.” (09:12)

• “It’s better to have a higher limit on your credit card and borrow near the middle of the limit versus always being at the top of the card because that negatively impacts your score.” (19:07)

• “So, it’s good to have relationships or just connections at different organizations so that if down the road you want to make a switch, you’ve already got somebody that you’ve been getting comfortable with.” (28:02)

• “For me, it means thinking of money as a tool, knowing how to make it, get it, use it such into a place where it doesn’t control me and I’m controlling how it interacts with me. To me, that’s what Zen Money means.” (38:11)

About Tracey

You can connect with Tracey online here: Instagram, Twitter, Facebook, and Linked In.

Join the Zen Money Conversation!

My favorite part of recording a live show every week is the conversation we get to have on social media, with comments posted here, and messages I get from listeners.

This week's question is:

How are you using debt in your business and where is it coming from?

If you're a new listener to the Zen Money Monday show or a long-time fan, I'd love to hear from you! Hop on over to the Contact page and let me know how you liked this episode and what topics you'd find most meaningful to hear about next!

Fun Free Stuff

Check out these resources we discussed in this episode:

Tracey's Free Masterclass: www.bissettfinancialfitness.com/afford - How to be certain of what you can and can't afford in your business in 5 minutes or less every time!

#ZenMoneyMap: www.zenmoneymap.com/moneystyle - Learn your Zen Money Financial Archetype and start levering your unique money style to your advantage with quick wins today!