“Know your money and know yourself”: Financial success tips for young entrepreneurs from Shay Myers

Knowing the ins and outs of your money is a powerful step toward business success, says Shay Myers, an Ontario-based licensed financial professional and founder of Finance for the Culture. The company offers an accessible, fun approach to financial literacy, with a special focus on young entrepreneurs.

From personal journey to professional impact

Shay’s own story is a testament to the power of understanding your finances. Four years ago, she had only $200 to her name, a 476 credit score, and no savings. But after diving into financial education and learning the rules of the money game, Shay’s entire outlook—and finances—transformed: she saved $40,000 in just nine months and invested $25,000 by the end of the year. Her journey inspired her to become a licensed financial professional, empowering others to make the same changes. “I wanted to help people understand how money works so they could make real, lasting changes,” Shay says.

In this guest blog post, Shay shares her top tips from her recent Master Your Money workshop hosted by Futurpreneur, where she offered valuable advice to help young entrepreneurs better understand financial fundamentals and build a solid money mindset.

Start with the basics: Your budget

If you’re reading this, it’s NOT too late to get your money right! We often know more about the financial moves of celebrities than we do about our own, and that has to change. The only way to know how well you’re doing financially is to dig into your numbers—because in the wise words of Drake, “know yourself.”

A budget is more than a list of things you can’t buy. Today’s budget is elevated. It’s an outline of your income and expenses, giving you a clear view of where your money is going. It’s your financial plan that helps you tell your money where to go rather than wondering where it went.

Most people cringe at the word “budget,” imagining restriction and guilt, but the truth is, a personalized budget can give you financial freedom. Knowing your numbers is the first step toward building financial confidence and making better decisions for your future.

Personal finance: It’s all about cash flow and credit

On the personal finance side, it’s crucial to know how your money is moving. Understanding your cash flow (the money left after paying bills) helps you adjust your spending habits. If your income can’t support both your bills and the lifestyle you want, something has to change.

Your credit score also plays a huge role in your financial life. Knowing your credit score allows you to make smarter decisions about managing debt. For young Black entrepreneurs, this is especially important. If your business doesn’t yet have established credit, lenders will look at your personal credit when deciding whether to loan you money. A solid personal credit score shows financial reliability, making it easier to secure the capital you need to grow your business.

Quick guide to knowing your personal finances:

• Income: What are your main sources of income? Do you have side hustles? Is it enough to sustain your lifestyle?
• Expenses: What are your fixed and variable monthly expenses?
• Debt: What’s your total debt? How much do you owe monthly, and at what interest rate? Are you seeing progress in paying it down? What’s your credit score?
• Savings: Do you save each month? How much do you have in savings? Is it earning interest? Do you have an emergency fund that can cover at least six months of expenses?
• Investments: Do you invest? Where are your investments, and what are they earning? Are they aligned with your long-term financial goals?

Business finance: Track everything from Day One

Whether your business is new or established, tracking your business finances is key to growth. Potential lenders and investors want to see what you’ve done so far—your revenue, expenses, and plans. Knowing your business numbers not only helps you stay on track but also positions you for success when applying for grants or investments.

Essential business finance questions:

• Revenue: How much does your business make each month?
• Expenses: What are your fixed and variable business expenses?
• Profit: Are you operating at a profit (in the green) or a loss (in the red)?
• Marketing: How much do you spend on marketing, and is it driving growth?
• Delegation: What’s the cost of outsourcing or delegating tasks?
• Projections: What’s your projected revenue for next year?

Even in the early stages, knowing your business numbers can make all the difference. Grant judges and investors will want to know how well you’ve managed your income and expenses and how you plan to use any additional funding. They’ll also want to see your business plan, including your financial projections for the next 3-5 years.

Personal and business finance go hand-in-hand

Your personal finance habits often spill over into your business. If you’re disorganized with your personal finances, that will likely carry into how you manage your business finances. You can’t just wipe the slate clean by starting a business. Building strong money habits now will benefit both your personal and business financial success.

In short, get to know your numbers, and you’ll know yourself better as an entrepreneur. Because YOLO? That’s not the motto when it comes to your finances.

Ready to take control of your finances?

There are so many resources available to help you gain financial confidence. If you’re ready to take your finances to the next level, explore free tools and templates from Futurpreneur’s Business Resource Centre. Check out our cash flow templates, including a BESP-specific template designed for Black entrepreneurs.

And for more on Shay’s financial literacy work, visit Finance for the Culture. Stay tuned for details on upcoming Futurpreneur events and Master Your Money workshops to keep building your financial know-how. For a deeper dive into these personal finance basics, Shay recommends Investopedia’s Personal Finance Checkup as a helpful resource.