{"id":11439,"date":"2024-11-26T12:00:57","date_gmt":"2024-11-26T17:00:57","guid":{"rendered":"https:\/\/futurpreneur.ca\/?p=11439"},"modified":"2024-11-26T12:01:00","modified_gmt":"2024-11-26T17:01:00","slug":"know-your-money-and-know-yourself-financial-success-tips-for-young-entrepreneurs-from-shay-myers","status":"publish","type":"post","link":"https:\/\/futurpreneur.ca\/en\/blog\/know-your-money-and-know-yourself-financial-success-tips-for-young-entrepreneurs-from-shay-myers\/","title":{"rendered":"\u201cKnow your money and know yourself\u201d: Financial success tips for young entrepreneurs from Shay Myers"},"content":{"rendered":"\n

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<\/a>. The company offers an accessible, fun approach to financial literacy, with a special focus on young entrepreneurs.<\/p>\n\n\n\n

From personal journey to professional impact<\/strong><\/p>\n\n\n\n

Shay\u2019s 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\u2019s entire outlook\u2014and finances\u2014transformed: 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. \u201cI wanted to help people understand how money works so they could make real, lasting changes,\u201d Shay says.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Start with the basics: Your budget<\/strong><\/p>\n\n\n\n

If you\u2019re reading this, it\u2019s 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\u2019re doing financially is to dig into your numbers\u2014because in the wise words of Drake, “know yourself.”<\/p>\n\n\n\n

A budget is more than a list of things you can\u2019t buy. Today\u2019s budget is elevated. It\u2019s an outline of your income and expenses, giving you a clear view of where your money is going. It\u2019s your financial plan that helps you tell your money where to go rather than wondering where it went.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Personal finance: It\u2019s all about cash flow and credit<\/strong><\/p>\n\n\n\n

On the personal finance side, it\u2019s 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\u2019t support both your bills and the lifestyle you want, something has to change.<\/p>\n\n\n\n

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\u2019t 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.<\/p>\n\n\n\n

Quick guide to knowing your personal finances:<\/strong><\/p>\n\n\n\n