Money Doesn't Grow On Trees: The Advice That Had Us Thinking About Wealth All Wrong & How To Get It Right
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In Part One of my profile of Mercedes Gomez, CPA, we learned how the loss of her mom and bosses made her re-think how she spent her time and money.
In Part Two, she turns well-worn advice on its head. Gomez also discusses the following:
🌴What happened after she realized "going on vacation" doesn't always solve problems.
🌴Why it's ok to go through a phase of not liking your business as much
🌴Making an intentional connection between health and wealth
Mercedes Gomez, CPA will get you thinking...
SHIFT YOUR THINKING
How many of you grew up with your parents telling you, “Money doesn’t grow on trees” or something similar?
I know. Didn't everybody learn that?
Mercedes absorbing lessons from her family as a kid
Mercedes Gomez, a CPA and money expert, says she heard that advice, too. The money lessons she was taught centered “around how money runs out. And it runs out quickly. And it runs out easily.”
Over time, she realized, “That’s all fear-based.”
THE TIP JAR (tips provided courtesy of Mercedes Gomez)
BEST KEPT SECRET: “I think that, sometimes, we are too afraid and think of certain people who have accomplished something as either being too far from us or untouchable… When it seems, sometimes, that we are too far from that contact or we are too far from deserving or being worthy of that relationship… do it [anyway].”
FAVORITE PODCAST: “I love “Afford Anything” by Paula Pant… I love her concept that ‘you can afford anything, but you cannot afford everything.’ And, so, she’s also very intentional about how to use your resources – your time, your energy, your money.”
CONNECTION BETWEEN WEALTH AND HEALTH: “I think that I’ve learned to listen to my body.”
PRACTICAL EXAMPLE: “The mornings [are] the best time for me to work. And, so, I try to schedule… the activities that demand the most from my mind earlier in the morning. At the same time, I’ve now been meditating for a few years, which has allowed me… to definitely have more bandwidth for my clients and really be present for clients’ needs.”
“[I] don’t let myself carry other people’s problems - but actually be present to help find the solutions.”
DON’T LET FEAR RULE YOUR MIND
As she prepared to launch her own financial planning business, she wanted to take those lessons and misconceptions that tripped her up and wanted to pass them along to her clients.
Gomez says she now focuses on things that she can change.
Essentially, she’s turned what is frequently viewed from a fear-based mindset into “an abundance mindset.”
She’s applied that to what she teaches clients, as well as to how she approaches life and her business.
OPEN YOUR MIND AND YOURSELF TO OPPORTUNITIES
“As we change our mindset, we also open ourselves up for opportunities with money, even though that’s not what we learned and that’s not what… our society supports.”
It was a process to get to that point.
Of course, she tempers it with realism.
MANAGE YOUR EXPECTATIONS
“We get super motivated about a business idea. We get it started… The momentum is going, and it’s kind of like we’re riding the wave. But, like anything, there [are] ups and downs in any business.”
And here’s the part where she takes it further.
DON’T FORGET ABOUT YOUR MENTAL HEALTH
“There [are] ups and downs in our own bodies and minds.”
So she brings that discussion to her financial conversations with entrepreneurs.
It’s the part about "taking care of your mental health. And it’s not talked about when we are looking at profit and loss and [the] balance sheet… What you don’t see in the numbers is, how are we feeling about our business?”
YOU WILL CHANGE – AND SO WILL YOUR BUSINESS
This acknowledges that, as we change personally, our business can change, as well.
And, yes, sometimes, your outlook and mindset aren't cheery and optimistic.
“Some entrepreneurs might feel like they don’t like their business as much anymore, or they are not finding the same motivation that they had before.”
But instead of reacting negatively to those feelings, Gomez says it’s actually an opportunity.
NEGATIVE FEELINGS GIVE YOU THE CHANCE TO RESET
“It’s really an opportunity to look again and say… how do I want to reroute this business, this service, this client?”
This way, she says you’re shifting the mindset from fear to abundance.
She speaks from experience.
Fear once gripped her.
It’s also what eventually led her to explore entrepreneurship.
SOMETIMES, THE “DREAM JOB” CAN LEAVE YOU FEELING EMPTY
It happened early in her career after she landed her “dream job” working as a consultant for a financial firm.
Yes, she was learning a lot. Yes, it was fast paced.
But, no, she didn’t feel happy nor fulfilled.
“I had really bought the story that the higher up the corporate ladder I was going to go, the happier I would be. But as I was promoted… I just was not feeling it.”
SOMETIMES, A VACATION WON’T SOLVE THE PROBLEM
It got to the point where she developed anxiety attacks.
Gomez told herself all she had to do was go on vacation, and she’d be back to feeling better in no time.
“But I would come back and experience the same thing.”
In trying to nurse herself back to good mental health, she started going to yoga classes.
Mercedes teaching a meditation class
Even though the yoga classes were packed, Gomez learned that some of those yoga studio owners “were not necessarily making enough money to break even.”
She started working with those owners and, pretty soon, she was doing bookkeeping and teaching money workshops in yoga studios for yoga teachers.
Gomez has since expanded her services to other industries. But it was those early lessons, while trying to find a healthy way out of her anxiety attacks, that helped her find her path to business ownership.
EVEN IN AN ECONOMIC DOWNTURN, THERE ARE OPPORTUNITIES
The money and mindset connection is the reason she named her business, Intentional Health and Wealth.
She says that mindset is especially relevant today.
“Even though the markets are down [and] we are experiencing large inflation, I still believe that we can prosper from this because new opportunities open up.”
And that's how she views life now - full of opportunities.
NO NEED TO GO IT ALONE
HELP ON THE OUTSIDE... because we can all use a helping hand:
Where’s the Money?
If you’re wondering about different sources available for financing, you’ll want to attend this workshop. You’ll learn, not only about the various types of traditional financing available, but also online lenders to micro loans to even crowdfunding. The presenter will also explain what’s required for each type of financing. Here are more details:
SCORE (Service Corps of Retired Executives) – Jacksonville Chapter
“Where Can I Find Financing for My Small Business?”
Thursday, July 14, 2022
5:30 p.m. EDT – 7:30 p.m.
Virtual Webinar
FREE
WORKING ON THE INSIDE... because we know our culture has a hard time asking for help:
The Entrepreneurial Mindset - Why It Matters
This recorded webinar intrigued me because the presenter, Marcus “Dr. A” Alexander, makes the case that the most valuable skill you can have when you start as an entrepreneur is having an entrepreneurial mindset. Wondering what’s involved with that and how you use and sharpen that skill? Find out in this class. Since it’s a recorded webinar, you can also download a transcript of it.
SCORE (Service Corps of Retired Executives)
“The Secret Sauce to Success – The Entrepreneurial Mindset”
Recorded Webinar
90 minutes
FREE
https://www.score.org/event/secret-sauce-success-entrepreneurial-mindset
INSPIRATION FOR THIS ISSUE:
One day, as I was researching possible webinars for you, I found out about Mercedes Gomez. She was hosting an event for SCORE (Service Corps of Retired Executives).
The more research I did, the more I thought her health and wealth approach was something that deserved more attention.
We know that entrepreneurs experience a lot of pressure. Having said that, I think it makes even more sense that aspiring small business owners take a more active interest in how their personal mindset affects their decisions, and vice-versa, as they embark on their journey to start their own companies.
What I thought was really important was how Mercedes rejected those negative-sounding money lessons that, no doubt, most of us have had drilled into our heads at a young age, and how she turned them into a more-positive approach.
Look, I don’t believe in sugar-coating things. But with all of the things that we’re dealing with these days, I welcome people who help us re-train our brains to view the world differently while going after our dreams. #theskyisNOTthelimit
Mercedes celebrating with her family her Master's degree in Accounting (with honors)
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🌴Sending you my very best wishes for the weekend. Thank you for your loyal support. 😻