How This Entrepreneur Started Managing Her Money
By Melissa Houston
When Julie Solomon moved to Los Angeles, a city where she had no ties, she felt lonely. She turned to spending money to fill the loneliness, filling that emotional void that loneliness caused.
When her husband found out that she had been hiding $30,000 in credit card debt, Solomon had to deal with her spending habits and explore her fear of managing her money.
Solomon grew up without much money in the family. She carried scarcity beliefs around money and found she didn’t feel worthy. She had started a business that was flailing, and she had to take a good look at what was going on in her life and relationship with money.
Through that journey of self-doubt and self-discovery, Solomon was led to the business that she grew into today. Julie Solomon, Branding and Marketing Strategist for Influencers, created her company. She offers courses, masterminds, and her new book, Get What You Want: How to go From Unseen to Unstoppable.
Through her journey, she learned that there are two types of people where you either make money, are afraid to lose it and stockpile it, or you make money and spend it quicker than you make it. Solomon identified with the latter. She learned her core beliefs that were associated with that, in that she found she was not smart enough for the money and had deeper issues around the worthiness of money.
Having gone through the journey herself, Solomon offers these tips for those who are struggling with managing your money:
1. Get steps in place to build financial independence
When it came time for Solomon to use her credit, she was informed that she didn’t have enough credit. She had purchased her home and cars through her spouse’s credit or business and had credit cards but failed to work on her personal credit score. Alarmed by this information, she feels compelled to share it to help other women build their financial identities.
2. Get help in budgeting and forecasting in your business
Solomon quickly realized her relationship with her business finances also needed improvement as a business owner herself. She recognizes the importance of financial planning in her business and understands how proper planning helped her build a successful and profitable business.
3. Find a mentor who inspires you
You can follow many finance experts on social media, read books, and listen to podcasts where they offer solid financial advice. Make those experts a part of your day to get information from and use that education to improve your financial health.
4. You can’t hide from money
Money is a daily part of our lives, and we cannot hide from it. Money is meant to be used as we exchange money to purchase our needs and wants. Having a positive relationship with money will help you build financial confidence and wealth.
The bottom line is that positive financial health will affect your life in so many ways. Your stress will be reduced, thereby lifting a physical toll on your body. Your financial confidence will improve, and your wealth will improve along with it. Financial literacy is worth the time it takes to invest, and you will see a positive return on that investment when you apply the methods and strategies for wealth building.
Photo Source: Kara Coleen