Being an entrepreneur can be one of the toughest challenges a person can face. Creating and maintaining a profitable business can be overwhelming and stressful. Many business owners get so focused on where the money is coming from that they lose sight of where their money is going and why they started their business.
On a recent episode of Influencers Radio with Jack Mize, Dawnette Palmore, founder and owner of Proverbs Financial Coaching, discussed how she empowers professional and entrepreneurial women who make great money but don’t know where it goes to gain control of their finances without sacrificing their lifestyle so they can live a financially stress-free life.
During the interview, Dawnette shared how her own mistakes with money led her to discover that being vision-focused instead of budget-focused allowed her to get out of debt, save, and invest in her future while enjoying the things she loves, saying, “I’ve been a business owner for over 20 years. I was running my house, homeschooling my kids, being all these things I needed to be, but I was not managing my finances. We were co-mingling our business and personal finances. We viewed our business as a bank account, just there to draw money out and not really having a plan or saving any money. Even though we were making half a million dollars a year, we were just broke every month; it was so ridiculous. It caused a lot of shame and guilt because I knew that I needed to be doing better with my money. I just didn’t know how. I felt so overwhelmed with what I already had on my plate. I didn’t know how I was going to do all these other things. So I began to research, taking one step at a time – one goal at a time. Creating those steps made it so easy and refreshing and it just brought a lot of peace with my finances. I was able to change this relationship I had with money so that it was no longer controlling my life and telling me what I could and couldn’t do. Instead, I was controlling the money and I was telling it where it was going to go and what it was going to do.”
Planning is the key to success according to Dawnette. Explaining how budgeting is more about creating awareness rather than restrictions for a business owner, she said, “Budget can be a dirty word. People hate hearing that word because to them, it means they can’t do something they love, they’re going to be restricted, their budget is going to tell them No. But done properly, a budget is just a plan for our money. This is our income, this is what we want to do with our money. And when you look at it as a plan instead of a restriction it changes everything. It gives us freedom, but it also gives us boundaries that we set, not that anybody else has set for us. We have the freedom to do the things we want to do with our money within the boundaries we set so that we can also do the things we want later in our life, like investing, saving to buy a home, purchase another business or whatever it might be.”
As a Financial Coach, not a financial advisor Dawnette works with female business owners and professional to get clarity with their money, define what they are trying to accomplish, empower them to make the changes in their behavior with money to reach their goals so they can run a thriving business and fulfilled life.
Dawnette doesn’t sell any financial products such as stocks, mutual funds, or insurance. Her work goes far deeper. By helping her clients understand their emotional relationship and behavior with money, she shows them how to change those behaviors to match their goals and values—a true transformation from where they are to where they want to be.
Listening to this episode, it’s easy to understand how Dawnette Palmore has empowered hundreds of women to create thriving and profitable businesses, live their life on their terms, and be at peace with their money.
To listen to the full interview, visit https://InfluencersRadio.com/dawnette-palmore
To learn more about Dawnette Palmore, visit https://www.proverbsfinancialcoaching.com