Shannon on "CEO Glow Show" with Sheila Bella
Dec 11, 2024Today's episode features content from Shannon’s recent guest appearance on the “CEO Glow Show” with Sheila Bella. Their conversation was packed with valuable lessons and insights that listeners will find immensely beneficial.
Sheila Bella opens up about her early financial education, courtesy of her father. Instead of toys, he gave her a share of stock, teaching her the value of investments and financial growth at a young age. This approach highlights the importance of introducing financial concepts early, helping individuals appreciate the potential of money beyond just material possessions.
Sheila's mission includes changing the stereotypical view of accountants, often seen as boring and introverted. She aims to show the dynamic and engaging facets of financial management. With a passion for teaching, she helps clients understand financial processes rather than just managing them, emphasizing the empowering nature of financial literacy.
Mindset is a crucial factor in financial success, a point that Sheila underscores. Sharing her own experience of feeling intimidated by financial mail, she advises confronting financial issues directly. Sheila explains that communicating with creditors or the IRS can provide flexibility and options, whereas avoiding these responsibilities only exacerbates stress and problems.
Sheila also provides a refreshing perspective on money, describing it as possessing value and energy. She reflects on how cultural portrayals, like wealthy villains in 1990s Disney movies, skew perceptions of wealth. However, she argues that money is a tool that can be utilized positively, creating opportunities and helping others.
Successful business owners take calculated financial risks, a principle Sheila emphasizes by stressing the importance of differentiating personal finances from business finances. Treating business funds as capital for growth rather than a personal piggy bank is essential for thriving businesses. Protecting these funds allows for reinvestment, which is crucial for sustained growth.
Professional financial guidance proved indispensable in Sheila’s journey, influenced significantly by her father, a CPA. Mastering cash flow, revenue, and advanced planning with the aid of advisors is crucial for structured financial management. Sheila advocates for hiring a bookkeeper or accountant early in business development to set a robust financial foundation with separate bank accounts and meticulous bookkeeping.
Sheila also shares her philosophy of living a “pretty rich life,” encompassing not just wealth but also spirituality, emotion, and relationships. She encourages individuals to live their desired life now rather than postponing enjoyment until retirement. By focusing on what they want their lives to feel like rather than rigid plans, they can achieve a more fulfilling existence.
The insights from Shannon and Sheila's conversation serve as invaluable reminders of the importance of financial literacy, proper mindset, and professional guidance. Entrepreneurs, whether just starting out or looking to scale, can utilize these lessons to maintain financial health, make informed decisions, and enjoy a richer, more fulfilling life.
For more resources and the latest updates on episodes, listeners are encouraged to check the show notes for guest information and contact details. Ratings and reviews are welcomed to help spread the message of "Keep What You Earn." Thank you for tuning in. Until next time, keep what you earn and let it grow!
Sheila Bella is a renowned entrepreneur who built a million-dollar microblading business in just three years. Despite the success of her two Beverly Hills locations and hosting a 400-person live event, Sheila faced a devastating loss in March 2020, losing it all overnight. Determined to rebuild, she borrowed money to hire a business coach and, within six months, launched her second multi-million dollar venture: the online mentorship program Pretty Rich Bosses.
Through Pretty Rich Bosses, Sheila has empowered thousands of beauty entrepreneurs to scale their businesses to multiple six and seven figures. Her mission is to help others achieve financial independence and create wildly successful beauty businesses, enabling them to live life on their own terms.
Website: https://www.sheilabella.com/
CEO Glow Show Podcast: https://podcasts.apple.com/ca/podcast/ceo-glow-show/id1431091834
Social Profiles: @realsheilabella
What you'll hear in this episode:
06:05 Clients ensured confidentiality, professionals maintain discretion.
09:05 Separate personal and business finances for success.
12:38 Tax avoidance is legal, tax evasion isn't.
13:28 Master the tax code, play by rules.
16:49 Wealth enables choices; can be beneficial.
21:59 Shannon excels in accounting; needs to teach.
26:10 Communicate with IRS; don't ignore payment issues.
29:18 IRS workers enforce tax laws, not exploit.
30:16 Successful business owners take calculated financial risks.
33:01 Measure profit by cutting costs, boosting revenue.
36:20 Hire a bookkeeper first, then elevate services.
If you like this episode, check out:
How Living in Costa Rica Changed My Mindset
What Taylor Swift Taught Me About Business
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
