2FD 102: Managing Your Personal and Business Finances

On this episode of 2 Frugal Dudes, we’re talking with Sharita Humphrey on how to manage your personal and business finances. Sharita is a certified financial educator, coach, and educator who helps individuals and small business owners reach their financial goals.

Sharita’s Journey

Despite being comfortable now, Sharita hasn’t always been successful. When she hit financial rock bottom, she lost everything, including her home. While this was a terrible time in her life, it was a powerful learning experience. Sharita learned that she could say no to people, that you can’t pour from an empty cup, and how to turn her life around.

Eventually, Sharita worked her way up to the job of her dreams: becoming an auditor for the government. She uses her perspective to help people manage their business and personal finances.

Where Our Money Went

Sean has been investing in his vehicle to prepare for his upcoming move.

Starting a Side Hustle

You can’t save your way to well. Starting a side hustle puts more money into your budget and opens the door for more income. For Sharita, her side hustle was being a signing agent. By doing so, she was able to make an extra $1000 each month for a few hours of work.

Money Hoarding

Sharita confesses that she used to be a money hoarder. She struggled with the positive aspect of investing in one’s business to help it grow, rather than putting it into savings. Once she realized that she would have to put money back into her business to grow, she became much happier overall.

Today, her fruitful business is a combination of side hustling and getting over her money hoarding habits to invest in growth.

Find Your Power Team

Sharita recommends that every business needs a power team: including an attorney, a bookkeeper, and a sounding board or accountability person. An accountability person should be someone in a similar scenario as you that you can bounce ideas back and forth with. Whether you choose to work with someone one-on-one or in a mastermind group is up to you.

Sharita and her accountability person wake up each morning and text their agendas to one another. They started a challenge after reading The Miracle Morning and now wake up at 4:30 each morning to grow their business using the ideas from the book.

Separate Business and Personal

As an entrepreneur, it can be challenging to separate your business from your personal life. To be successful in each, you need to be able to set separate goals for each and allow time for growth separately.

Tips for Starting a Business

Use free resources like SCORE.  SCORE is a free mentoring program that will partner with someone that ensures you’ve formed the right business entity, set the right intentions, and ultimately achieve your goals. The Small Business Association is another free resource that can answer your questions and prepare you for your industry.  Nav.com can help you build your business credit score to help you reach your goals.

What You Can Learn from Sharita

Visit Sharitamhumphrey.com for a free download that will give you ten tips to help you better manage your day.

Show Links & Related Episodes

Music: https://www.bensound.com/royalty-free-music

Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.