Building wealth beyond your business with April Stewart

Akua: Welcome back to our money talk series, where we are having the conversations about money that actually matter. And you are going to love today’s episode. But before we hop in, I know so many of us as business owners, we are currently getting ready for tax season. We are in the thick of it. And so we are providing a free resource, our tax filing checklist.

And this checklist helps you get all of your documents ready and organized that you feel confident going into tax season. So head to our show notes to download that checklist and let’s get into the episode. Today on the unbreakable business podcast, we are talking all about how to build wealth as business owners.

April Stewart, who is a financial coach joins us on the show to share with us strategies on how we can attain wealth as entrepreneurs. We talk about the key things you need to have in place before building wealth tips on how to get started and how to make money with your money. This episode is what you need to help you get one step closer to your money goals.

Now let’s get into it. Welcome to Unbreakable Business, the podcast where we uncover the untold stories behind entrepreneurship. This isn’t about polished success stories. It’s about the sleepless nights, unexpected roadblocks. An unshakable grit that builds businesses that last every week. We sit down with entrepreneurs who faced it all sharing raw, honest conversations about challenges, growth, and the moments that made them unbreakable, whether you’re just starting out or chasing your next breakthrough.

This podcast is your reminder that you have the strength to keep going. Hello, April. Welcome to the unbreakable business podcast. I’m so grateful that you’re here. How are we doing? I’m

April: good. I’m glad to be here. I’m excited for the conversation.

Akua: Yeah, I’m excited for us. Well, number one, for people to know your story, because number one, you are a seven figure business owner.

You have built wealth. And I think so many of us as, uh, business owners, we need to make this more of a priority. And so I’m really excited for you to just really share your, your wisdom, um, and how can we just attain more wealth in our, in our business? Just starting off, what is one thing that we absolutely need to do today in order to set ourselves up to attain, like for wealth in our business?

April: So I want to clarify first that I am a, um, a seven figure net worth. I have a seven figure net worth. So it’s not necessarily seven, seven figures in my business. So I actually built wealth using my, uh, my nine to five, my corporate income.

Akua: So

April: that’s what I really teach around. Um, and my clients today aren’t only nine to five, they’re also business owners.

But basically it’s that aspect of using your. Income to build wealth. Cause a lot of times people think building wealth is reserved for, you know, in that, or I, what I would say is maybe trading or real estate investing or things like that, or being a business mogul. But, um, I believe in the power of using your income, like everyone can build wealth.

So it’s not reserved for people that are just in certain categories. So that’s what I really empower people to do.

Akua: Yeah, I love that. And I think that’s such an important, um, and thank you for clarifying. I think that’s so important still is like you can work with what you have in order to attain wealth.

And so what would you say then is the one thing that business owners can start doing today to attain wealth?

April: So I would say, um, one of the top things they need to do is manage their, their business income wisely. So I think that a lot of times with business. Business owners, a lot of ones that I’ve worked with, they don’t really have good insight into what their numbers are.

So they either have an accountant who’s managing things or they’re just kind of doing things, you know, loosely, but they aren’t really clear on what’s really going on with their revenue.

Akua: And then

April: also just having a money management system in their business. So I think that’s really important. That’s really the key to knowing what your revenue are, your expenses.

If you’re even profitable in your business, a lot of times businesses aren’t profitable because they aren’t forward leaning and looking at their numbers. So I think that’s really important.

Akua: I love that you highlighted though too, of like, if you have an accountant, that’s great. But also like, you should still know your numbers inside and out.

Um, I think some of us, and I am guilty of this, which I, I’ve said on several episodes that I’m, I’m working through that of like checking my account every day, making sure that I know my numbers. And I think that’s just so, so important that yes, it’s, it’s great if you have an accountant who’s able to, you know, just make sure that your numbers are aligned and is really looking over your, the finances of your business, but you as the business owner, you need to make sure that you have a clear picture of your numbers and the revenue that you’re generating.

And so I want us to tap in more into just your, your own journey. So, you know, can you just tell us like what led you in the journey to financial freedom and having a seven figure net worth?

April: So I would say I grew up not being taught about money. So I would say maybe growing up, what I was taught was not what not to do with money, which is an example as well, which is a lesson as well.

So I think, you know, you can learn from any experience you’re in, but it was more so model for me, what not to do with money. I didn’t learn concepts about money. And as I went to college and left college and I was in my early career, I felt like I should have more to show for the money that I was making.

And I knew that, I think my burning question was. What is it that other people know about money? People that are winning financially, whether they know that I don’t. So I went on this big journey to study personal finance. So I began to, you know, read the books, listen to the radio shows. I’m dating myself a bit, you know, back then it was more so radio shows and podcasts, but, um, and then eventually, you know, the podcasts is that became more popular, but I just really devoured anything I could about personal finance.

And I began to apply it to my life and I soon became like the money. The go to person around my and my friends and family circle when it came to money because I felt like what I was applying was working for me. I was getting results, so I was, you know, enthusiastic to share it with them and just over the years of applying.

What I was learning with money, you know, I did things like, you know, getting out of debt, um, building up emergency savings and then increasing my investing and that investing part, of course, is what is what’s going to help you to build a wealth. So, through consistently investing over time, um, you know, that compound interest, that snowball of wealth, um, is what really helped me to achieve that, that seven figure, um, net worth in my finances.

Akua: Yeah. And so what are some of the challenges that you faced early on, uh, that has really shaped your money journey and just your money mindset overall today?

April: So, um, one of the things that I think shaped my money and really, you know, catapulted me into really wanting to get intention about my money was when I.

I would say early after college, um, I actually was talking to home ownership by a couple of friends that were going to move in with me and help with the mortgage. But one by one, they both backed out. So, you know, I thought I was going to be moving in with a couple of friends to help. They both backed out.

So I went forward, I bought the house and then two weeks after the buy in the house, you know, I bought my first car, you know, you’re not supposed to make any major purchases before a home. So I bought my car two weeks after buying the house. And then two weeks after that, I lost my job. So there I was, you know, new homeowner, new car owner, no job.

And I didn’t come from a family with money. So I couldn’t call up mom and dad for help. So I knew that I had to not only dig out myself out of that situation, but position myself. So hopefully never been in a situation like that. So that’s why I really began to, um, study personal finances and get more intentional about my income, because you know, what I re what I realized is that it’s.

You know, a lot of people focus on income and increasing their income, but more important than what your income is, is what you’re doing with it. So, you know, if you’re wasting, if you’re squandering it, if you’re not actually creating financial security for yourself, then, you know, it’s all for not so that one of the key things early on, I had to learn was.

To make my money work for me and to actually begin to do more with my money than just earn it.

Akua: Yeah. And I love that you shared that of like a lot of like, we, we need to take it a step further of like building that financial security in our business. Because I think again, to your point, a lot of us just naturally think I need to earn more income that’s building the financial security.

And that’s not necessarily true. And so can you give some examples of what building financial security, especially for you after you’ve lost your, like two weeks, like you lost your job. That’s really stressful. And then working through that, like what did building up financial security look like for you?

April: So what it looked like was really. Building out, um, a secure financial foundation. So a lot of times when we think wealth and all those things, you know, we think investing and we think, you know, all of our assets are great. Those things are very important, but without a secure financial foundation under it.

Um, you know, you really aren’t shaky ground. So the key elements of your financial foundation is having, of course, starting with like right mindset and, you know, habits and behaviors around money, but that aspect of, you know, having that budget or that spending plan, being intentional about how you’re spending your money, that elimination, like getting out of, you know, high interest consumer debt, um, having emergency savings.

And then having an investment strategy that you apply to your life that is based on your goals, your lifestyle, your needs, not what’s hot and trending, not what everyone else is doing, but actually an investment strategy that’s tailored towards your needs. So, um, you know, just having those things in place is really going to secure your financial foundation.

But I think again, that’s The spending plan, the emergency savings, the debt posture is really important before you do some of the more advanced things like the investing and different types of investing.

Akua: I love that you addressed that of like, You know, because I think a lot of us, especially like me as a business owner, that was something I have, like my financial planner.

And that was the thing that he told me similarly of like, you have to like late, like I still have my student loans and stuff like that, that I’m still paying off. And so like, he was like, all of these things need to be taken care of before you can really have a really. It’s a really solid wealth strategy and of course, like, you know, obviously saving for retirement and those different types of things, of course, but to build that wealth, that was the first thing of like me really eliminating that debt.

So I really love that you address that of like, what does this having that financial security look like, you know, having a solid budget, really making sure that you’re taking care of your debt and having emergency because life just happens. What are your thoughts on budgeting? Because I think sometimes some of us can look at it as restrictive.

Like, for me, I have this mindset, which I, I’m still gonna stick to it. It’s like, if I need something, like, okay, I have a budget, but I’m always like, well, I’m just gonna go make more income. Like, I’m just gonna make more money. Um, does budgeting have to be viewed as this really restrictive thing, or how can we really shape our mindset of it where it’s still, you know, where you don’t have to feel like you’re coming from a place of lack when setting up your budget?

April: I know a lot of times people are adverse to the word budget. So actually with my clients, even though I don’t have an issue with the word, but, um, because of, you know, the clients I work with are high earners and they don’t want to feel restricted. They don’t want to feel like they’re on a financial diet.

So what we really talk about is their spending plan because you’re going to spend regardless. So it’s just about having that spending plan being intentional about your spending and actually being proactive about it, like planning out your spending. You know, before the month starts, I feel like we plan and we’re proactive in every other area of our life.

We believe in planning, but when it comes to our money, for some reason, it’s like, you know, taboo or you don’t want to do it. So I really want to, you know, ground them around the idea of having a spending plan. And I think that, you know, basically what that does is set you up to win for money. I call it, uh, your, that your roadmap to wealth or the tool, um, for how you’re going to use your money to navigate each month.

And I think that really being intentional about. What we do with our money month to month is what helps you to win with it. I mean, and having the spending plan that I created when I started my financial journey back in 2008, every single month, every single month of my life since 2008, when I first started doing it.

I’ve used a spending plan and it’s what really has made all the difference for me. It’s what has helped me to be intentional about my money and to actually really optimize. I’m gonna maximize the use of my income. You know where whether it was corporately before it now is a self employed business owner.

You know, and now doing it as well. Like it’s really helped to optimize the use of my my income

Akua: Yeah, I like that angle too of like a spending plan of just like you’re gonna spend money regardless So now you’re just being a lot more intentional where every single dollar is going and now you know Where every single dollar is going so you feel more confident In just managing your finances in general.

Um, and it really allows you to really forecast as well, um, as a business owner, when you are really laying down and creating that spending plan or budget. But, and so I think that’s such a great, great way to look at it to where again, like you don’t feel like you’re having to be restricted. Cause I feel like if you feel like you’re being restrictive.

Then it can really lean into that mindset that you feel like you’re coming from a place of lack. And so, um, I like that where it’s just, again, a different angle, a different perspective to look at it as like, this is a spending plan of you just being aware of where all of your dollars are going, which similarly to like the point that you said earlier of that.

Like a lot of us as business owners, we just don’t know essentially a lot, like we don’t have the knowledge to know where our dollars are going. So I think that’s just such a good. really great and solid foundation for business owners. And so found this study where it says 77 percent of American households have some type of debt average nearly about 67, 000.

And so for business owners that are like, okay, I want to build wealth. I want to start moving forward, but also too, I have debt to pay off or I have other expenses, right? Like how do we balance it? I’ve like paying down our debt while also building wealth.

April: I think that it’s a it’s a both. I mean, of course, both can be done.

I think it’s a matter of prioritization and being strategic and attention about it. So I do believe that high interest consumer debt or just consumer debt in general. I do definitely do think that needs to be addressed before. You’re really positioned, um, for wealth building. So I, you know, when you look at, when you think about building wealth, really what it boils down to, and I think it’s a simple equation that people should keep in mind is that it’s about your net worth.

So, you know, you being a millionaire is not about you running a million dollar business. It’s not about you necessarily having a million dollars sitting in the bank. It’s about you having a million dollar net worth. So your net worth is, um, your assets minus your liabilities. So that’s everything you own versus mine is everything you owe.

So, when you look at that, um. You know, that, that debt is going to fall in the liability or the thing you owe category. So, you know, I call it, you know, don’t build with one hand and tear down with the other. So, you know, you could be building and building up these assets, but then you can have all this debt.

Whereas you’re not really moving the needle with your, your net worth, because you know, all this debt is being subtracted from all the good you’re doing and building up assets. So I think it’s important. Your debt posture is definitely important. So I think. To address that to take care of that. Um, first really frees up your income to build that even more.

So, you know, you can throw more in investing. You can, you know, invest more in your business. You could, you know, diversify your income and, you know, do other things, um, outside of your, your main business if you want, but when all your income is tied up in debt payments, it makes it really hard for you to really.

Um, use it at its full potential to build wealth.

Akua: I love that. I think that’s such a really great, great perspective of like, especially like what you’re using to build up. Don’t use the other hand to tear it down. And I think a lot of us, like for me, I want the quick results now and like, it takes time. And I think that’s such a good reminder of like, It’s okay.

If this is where, you know, especially as business owners, like it’s okay right now, if you are paying your debt and just making a living, right? Like that’s more than okay. If you’re not there yet, there’s nothing wrong with that. And I think that’s just a really great reminder that your journey is your journey.

And so if you’re able to make a little bit of progress, day by day, day by day. Um, it’s really going to propel you forward in the long run and write that sustainability piece and want to make sure that your business is here for tomorrow. But also too, then you can have eventually have more income to free up to build the wealth.

Um, and so you’ve already talked about it a little bit, but so for business owners, they’re like, okay, great, great. I already have my debt like paid off. I’m Gucci. Now I really want to know. What it like, what are some of the steps that I can take to really start building wealth for myself? I know like personally for me, I know like some simple ones as like, you know, high yield savings account.

Um, you know, like those small types of things, but what are some other things that business owners can do, uh, to, to really start building wealth?

April: So I think that, um, you know, there are things, so how are you a savings account? I would say those are more so for saving. I mean, now, you know, the interest rates are great.

So, um, they do, you know, to a degree they give you a higher return than they traditionally have. I know when I first opened mine and that like nowadays that the interest rate or currently the interest rate is, you know, 4 percent plus for most, but you know, back when I first opened mine, it was. Less than 1%.

So how your savings account is not necessarily a place I would look at for building wealth. I more so look at that as, you know, you savings, you want to, you know, set aside if it’s for emergency, even in your business, there are different accounts you need to have set aside, like for your taxes, you know, things like that.

So. You know, okay. The money needs to be sitting for those purposes. You know, why not put in a high yield savings? I think that’s great for those things, but in terms of, you know, building wealth, it is going to be those tradition, those investing accounts.

Akua: So,

April: and I think the first place you need to start is, you know, taking care of your retirement, like we’re securing that.

So, um, that’s the first place I like to see people invest. And that’s, um, you know, I know maybe some of your audience, maybe. Um, do this on the side. So they may have a, a job. So making sure you’re taking advantage of your employer based retirement account, um, any matches they give you. You know, any things like that, even your health savings account, things like that, those benefits that you have to be tax shelters around your money.

And then, um, for your self employed people, you know, when you get to that point and I’ll be honest, and I think you mentioned in the previous question, we were talking about how. Um, things may look different, a little different from you as a, for, as a business owner or full time business owner versus, you know, an employee.

So the way that I was invested for retirement was different when I was an employee, now that I’m a business owner, like it’s, you know, the resources aren’t always there to consistently invest as it was before. So, you know, I think as business owners, you know, we give ourselves grace and, you know, as our businesses continue to grow, then, you know, maybe those things can be more consistent, but.

If you know, if you’re able to start, if you do have that, that surplus where everything is healthy, your business financially, otherwise, and you do have that surplus to invest, um, then I would say, yes, definitely setting up a retirement account in your business, um, for your business. So for you as a business owner, um, is definitely very important.

And then also, you know, for some people, when you get past that, I would say retirement place where if you’re on track, fully on track for retirement, then you can get into other types of investing. But I really think that, you know, people. You know, skip over and I don’t know if you ever saw that mean where show the person what they were taking their foot past all these initial steps to take that higher step where they were, you know, skipping over a bunch of, you know, more important steps or more fundamental steps to get to, you know, some of the quote unquote events of like trading options and.

You know, all these other things with a, you know, we’re stepping over just setting up themselves up for retirement because, you know, we’re all going to get there. We’re fortunate enough to live, so you definitely want to make sure that’s taken care of.

Akua: Yeah. Okay. So then in terms of retirement, what are some retirement account, like, especially now that you said it’s different from when you were a employee to you, you do run a full, like you are a full time business owner.

So what are some retirement plans, like accounts that business owners can look into?

April: So mostly, uh, people either choose between a, like a solo 401k. Or SEP, R A, which is like a simplified, God’s name’s on a blank on the acronym, but simplified employee program or something like that. But it’s basically an account where you, both of the accounts, um, they operate pretty similarly.

Um, but both of, both of them allow you to put away money in a retirement. One is, I think if you have an employees as well, then a SEP is what you’d have to use. So a solo one 401k, um, you know, I think it’s just generally a business. For yourself, but both of them, you know, help you to put away money. I mean, it’s different amounts.

So I think your SEP is capped at what the IRS limit is, but as a 401k, you know, you can, and this is, again, this is something you would talk with a financial advisor or someone about, so this is not, you know, what I do, but I just know as a business owner, you know, some of the, the ways they work, but, um, the, with the 401k, that’s something where you could.

Put aside money as an individual, plus also put aside money for yourself as a business owner. So you actually could put away more in a 401k. So it just depends on what your goals are, like how much you actually have to invest. If you want to, um, you know, if you have a lot that you want to invest, you could put away more in a, or save more in a 401k versus the SEP.

And then also one is, I think. The SEP has less like administration and reporting requirements versus the other. So if you want a more simplified and, you know, you don’t want to have to report as much and you know, all the administration. So, um, it’s just a matter of when and both, but those are the two most popular ones that, um, self employed business owners use.

Akua: Yeah. And so I wanted to ask as well, just for clear, um, just from my understanding, like Roth IRA, is that under, that’s under a 401k, right? Like it’s No. Okay. So that’s a good

April: point. So that’s a third one. So yeah. Okay. So Roth IRA is basically that’s allowing you to, it’s a, you know, a program anyone can use, but you have to be under a certain income.

So, um, I think for individuals now, the Roth IRA income limit is. You get to a point where as an individual, you have to hit this income and then you start to phase out. But I think the, the minimum income you have to be at is around 115 or so. So, um, you know, which, you know, a lot for the. Quite honestly, for a lot of business owners, that tends to be applicable because if you look at the actual income you’re taking home,

Akua: um,

April: that’s, that’s different than what’s in your business.

So if you look at what you’re actually taking home, a lot of times, um, self employed persons are able to take care of, take advantage of a Roth IRA. And that just helps you to set aside your money. Basically tax free where it grows. Um, and then when you take your, uh, you pay it up front and then when you take it out in the future at retirement age, then it’s already been taxed.

You get to take it out, you know, with nothing else additionally taken out of it. And that’s another thing, you know, not to get too complicated, but with the 401k, if you do set that up for your business, there’s actually a Roth. 401k option as well. So we, we have that in corporate, but then also as a business owner, you could do some Roth 401k, um, investing, which basically just means you pay the taxes up front now, and then when you, uh, take the money out in the future, retirement age, you know, you’re no longer paying taxes on it.

Um, You’ve already paid it. So a lot of people, you know, find a, a mix to be good. And I actually did a mix in my corporate. I did, um, I wasn’t eligible for a Roth IRA cause my income was too high, but

Akua: I

April: was able to do a Roth 401k.

Akua: Um, a

April: company offered that and I did both traditional 401k and Roth 401k. So I had a mix of money that was.

You know, taxes already taken out and, you know, in the future I take, you know, I withdraw it tax free and then now I didn’t pay any taxes on it. But in the future I pay taxes. So sometimes it’s good to have that mix.

Akua: Yeah, yeah, absolutely. And I, I love that you just shared. Um, and again, of course, right? Like.

Going to an ex like an like, you know somebody and uh that has the expertise in that area But I love that you still just laid out the options of like just to highlight number one that there’s more than one way um to do this It really just depends on your goals You’re like obviously to knowing your business knowing your numbers well to really see of which one aligns for you And I think the point is too for business owners like if you are at that point really make the time like When we’re talking about finances and stuff like this, like tech, like none of this is sexy.

It’s not enjoyable, but it’s, it’s key. Right. Especially if you’re like, I want to build that generational wealth. I want to be able to, uh, you know, have a life that I’m comfortable with. Like we have to look at these things. And so I think of anything as well, like just all the apps that you shared. And just everything that you shared today is like really take that time, put that time aside as a business owner, you know, weekly, like for me, I have my finance days where I look at everything a lot deeper.

Like I check my bank account every day, but I have like my finance day once a week where I’m actually looking to make that time. Because as my accountant is educating me, I need to make sure that I understand because like he, like at the end of the day, it’s not his business is mine. And so like I need to be able to make sure that I’m equipped and.

That I care. Right. Cause sometimes we can just be like, well, somebody else deals with it. I don’t want to know the numbers and this and that, but I just love what you shared. Yeah.

April: And I always love to say you’re your money person. So a lot of people think, Oh, you know, I have a money person. Yeah. You may have people that work on your finances, but ultimately you’re your money person, like the bucks.

You know, starts and stops with you. So you definitely want to be educated, knowledgeable about it. I mean, you may not, you don’t necessarily have to be an expert on it. You know, your financial advisor, if you have one that’s helping to invest, you know, of course they’re going to be maybe more of an expert in that area, but they should also ideally have the heart of a teacher and they should teach you about what they’re doing, why they’re investing certain ways you should be involved in it, not just, you know, hands off, letting someone else make all the decisions with your money.

Akua: Yeah. 000%. I love that you added to that. And so obviously we have retirement, right? Like creating retirement accounts. That’s another option. I know you mentioned earlier, some diversified, like diversifying your revenue streams. And I think a lot of business owners, many of us are exploring that right now.

Um, I have seen that become more popular. And so for business solopreneurs, what are some good revenue streams that maybe business owners aren’t thinking of that could be a good viable option for them in terms of building wealth? Yeah.

April: So, um, it really is going to vary based on, you know, your, your talents or Rick’s tolerance, like what you want to do.

I mean, like some people like to diversify with real estate. Um, I, you know, I want to be honest in saying a lot of times people think it can be passive. I don’t think real estate is passive at all. I feel like if you want passive real estate, the only way you’re really going to get that is with a REIT. So that’s the REIT, which is, um, a way to invest in real estate, like through the stock market.

Um, so you’re investing in real estate, but it’s, um, you know, more sold in the stock market, but it’s not hands on properties, but yeah, you know, so definitely things like that. Um, if you want to actually, you know, get properties and things like that, real estate is a, some way people that like to diversify, but then also, um, you know, if you can think of ways of diversifying your income streams in your business, I personally believe in.

You know, getting really good and profitable at one streaming your business. First, I think a lot of times. With this, but then also with personal finance and other things we do in life, I feel like we stretch ourselves too thin. Like we like to have our hands in a million different pots, which like really, um, I would say weekends or it’s, um, decreases like the, the effectiveness of things.

I feel like the most effective you’re going to be is when you’re focused and intense, um, on one particular thing. So. You know, but if you’re in a place where you have this stream of income and you feel like you’re really solid in and profitably in it, then you know, you can start to think of other ways to, you know, diversify the use of your, your knowledge, your expertise, your skill sets.

Yeah.

Akua: I think, um, just to add to that, that I think a way to have, like, you just pointed it out of like really looking at your skills of like what the things that you like to do. Um, I know a couple of business owners that have started to lean into real estate, but a lot of, I haven’t met enough, like, you know what I mean?

I haven’t met a lot, but I know a lot of. business owners are leaning. Like for me, like another diversified revenue stream is for me, it’s getting paid to speak, you know, that has now started to, it’s starting to become a revenue stream that has been great. Uh, people don’t know this about me, but I do voiceover ads.

I do a lot like that has now turned into another revenue stream for me, um, that I have leaned into also as well. Like I think, you know, courses, I know, obviously like I’m getting launched my first course. So I think, but to your point, it’s like, you have to take your time with each one. Like I did not start doing all these at the same time.

It’s like, well, the voiceover ad came over unexpectedly. Effectively and has become a really fun source of revenue for me. But I think, again, like really, I think it just goes to the point of like working with what you have. Like you don’t have to start from scratch, and if you want to, you can, but my point is like you have skills and talents, um, and I just created a new service that I literally did for fun as a beta.

That has now turned into a new service for my business that I didn’t even think was going to be one. So, I think in terms of like, when you’re trying to figure out if you’re diversifying your revenue streams, I’ve, like, it’s like, you’re exploring. You’re truly exploring. And then like, revenue streams can just pop up and you may not even have been looking for it.

Um, and then obviously, yeah, like, you know, but to your point, I, I do like what you’re saying of like, Really taking the time to really hone in on each one because the purpose of it is to generate income. So if you just have all these multiple streams and then like you’re not pouring into it to where it can really, you know, lead to something huge where it can actually really generate a lot of income for you, then you may need to go back and like take some time and like how can I really refine this specific one until it gets to the point that I need it to get to so then I can move to the next one.

April: Yeah, because otherwise it’s just a bunch of hobbies.

Akua: Yes.

April: Yep. . And I, another thing when you, I thought of when, when you were talking was that also it can be born out of what the market is asking you for. So, mm. Well, my expertise and, you know, where I started out is with personal finance. Um, ’cause I really wanted to reach back to the person that was me and the corporate space.

And they were making good money, but they just weren’t. I’m optimizing the use of their income. They didn’t, they weren’t actually building wealth with their income. They were just, you know, spending it, enjoying life, which you can do, but you can also set up, um, a money plan, a money system, a money foundation to also help you to, um, increase your wealth as you’re enjoying your life.

But, um, now I feel, I find that what I’m, um, Kind of being caught into is business finances to a degree, but it’s in the sense of, um, not doing like bookkeeping or accounting or anything, but it’s the sense of helping people to set up, um, like a, a system around their money. So just the way I’ve helped people to set up systems around their personal finances, it’s, you know, are you.

You know, do you have a person, I mean, a business budget, are you, you know, setting aside your profit, your taxes, you know, are you, um, making sure your, your expenses are taken care of, making sure you’re able to pay yourself. Like a lot of times people. They, um, don’t have all those things in place to make sure their businesses are running optimally.

So

Akua: that’s

April: another stream that has kind of come out unexpectedly. Cause I wasn’t, you know, planning to do anything around business finances, but it kept coming up. I kept, I’ve been asked to speak on it. You know, I’ve been asked to help people with their business system. So. Um, so, yeah, sometimes you can see what the market is asking you for.

Akua: Yeah, I love that. That’s such a good point, too, of, like, leaning into your audience and, like, seeing what, again, of, like, what you can provide because we don’t, we don’t think about that. So, I love that you shared that. That’s such, such a good point of, like, think of questions that you’re commonly asked from your audience, right?

Like, think of past clients that you’ve worked with that have hired you for one service, but what were other things that they needed that you can now potentially provide, right? That’s more money that you’re keeping in your pocket, right? Absolutely. And if they don’t have to go seek somebody else. To go, uh, to get whatever it is that they’re looking for, additional things that they’re looking for.

So I, I love that. That’s a really, really good point. This conversation has been so, so impactful. I think many of us as business owners, I, I feel like wealth is, is attainable. And, you know, I think it’s just a point of like, Staying in your own lane, really focusing on your own journey, looking, knowing your numbers and understanding where your every single dollar that you’re making every single penny that you’re making, you know, where it’s going in your business and really taking the time to understand your goals, your values.

What is it that you want out of life to really determine, um, your wealth journey, like building that wealth. And so is there anything else that you want to share with business owners today in terms of building wealth?

April: So I would just say start where you are. Like nothing is, nothing is too simple. Nothing is too small.

So just really look at your overall financial picture. Um, where do you need strength? Do you need to get expenses under control? Do you need to increase revenue? Do you need to, you know, take care of debt? Do you need to build up cash reserves in your business or even invest? Like, are you. Um, actually doing any things in terms of, you know, retirement investing or, you know, future investing.

So just kind of look at that area that you most need help and, you know, seek out help if you, if you need it. And then, you know, where possibly, you know, I support people mostly is around the personal finance aspect or just kind of setting up business management systems, but yeah, just, I would say, um, or business, you know, income management systems, but yeah, I would say just.

Look at what you need and, you know, just kind of focus on that area first, seek help, and then, you know, grow from there. So I would say nothing is too small, even if you invest a little bit, um, if you have a little bit to put aside, that’s, that’s better than nothing. And the thing with investing is that you want to invest early and often.

So of course, for the younger business owners, if you can start. investing now and let compound interest do all the work for you over the years. That’s really great. But regardless, um, I even, you know, talk to people that are in their forties and they feel like it’s too late. It’s never too late. It’s better than, you know, getting to 65 or 67 and having done nothing.

So,

Akua: um,

April: I really encourage you to just start wherever you are.

Akua: Yeah, I love that. Just start wherever you are. And I think a lot of us, if we’re thinking of like, well, I have all this debt and this net, which you said earlier, like you can start these things. So like, it doesn’t have to be this big thing. Like you can start small with whatever you have to start investing.

I think that’s just such an important, important thing. And it’s never too late to do those things. So, um, I think that’s, that’s the perfect way just to like, Just to get people encouraged and, and hopefully excited about building more wealth and just getting on better track with their finances because finances just aren’t sexy.

It’s not, I mean, I think so when you’re making money, but you know, everything, but it’s like stressful to build it. You know what I mean? It absolutely can be. So

April: yeah. But yeah, but I, I think that it doesn’t have to be, and I think the stress comes from a lack of clarity and insight. So I have someone I’m working with and she’s, um.

Because you know what business owns, of course, income and cash flow could be irregular,

Akua: but the

April: thing is, if you have systems in place, no matter when it comes in, and if you know your when your revenue is coming, if you know your expenses and all those things, you can plan for the irregularity of how cash flow kind of moves through businesses.

So I think. It really all comes down to having a plan, having a money plan.

Akua: Yes. Absolutely. Okay. So on the show, we do rapid fire questions. And so we have a couple here for you. And so there’s no right or wrong. You just go ahead and answer it. So I’m really excited to kind of shoot some of these at you and, uh, see what you say.

Okay. Okay. Okay. So. So here are the rapid fire questions. Okay. So when it comes to wealth, do you think mindset or strategy is more important?

April: I got to start with mindset. I think mindset. Okay. Okay. Okay. Because they shape habits and behaviors. And I think those are the most important.

Akua: Yes. 1000%. I love that.

Okay. Favorite book about money.

April: I would say the millionaire next door. That was, um, and it’s a, I feel like it’s really a big money mindset book. So it helped me to. And you don’t really have a clear understanding of what building wealth looked like, what it meant, who were the people building wealth, like it’s not, you know, the people that you think of as celebrities and all those type of things.

It’s a lot of times the person next door.

Akua: Yes. Okay. I love that. All right. What is the number one piece of advice you have ever received about money?

April: Actually, one of the greatest ones was to pay off my mortgage early and it’s counter to culture and I’ve had people actually argued with me when I was in corporate as you know, co workers that it wasn’t a good idea, but I’m so glad I did it.

I’m so glad that I accelerated my payments and paid it off early because now as a business owner, not having that mortgage just gives me a lot, so much freedom. You know. Yes.

Akua: Oh, love that. Okay. That’s, oh, that’s such a good one. Okay. Uh, is there any financial advice that you think is outdated?

April: Um, quite honestly, the debt stuff, like an amount of outdated, but I just think it’s, it’s not.

So it’s not, you know, really telling the full story. So leverage this and leverage that. Um, and you know, I just feel like, you know, debt is debt rather is, you know, quote unquote good debt or not. At the end of the day, the way you feel with and the way you feel under it, people aren’t honest about that. Um, it does have a, it does pay a price.

It does, you know, carry a toll. So

Akua: I love that. Debt is debt regardless. Oh, that’s a good one. Okay. So if you were given an extra 10, 000 tomorrow, how are you spending or investing it? Like what are the steps that you would do with that 10, 000?

April: I would probably put in two places. Um, there’s some coaching I need in my business.

Um, so there’s some coaching I’ve been thinking about getting. So I would invest in my business around that. And then I also would, um, build up my cash reserves. So I, cause you know, you have to have cash reserves both personally, personally and for your business. So I’m still working on that. So I would, you know, increase my cash reserves or my savings.

Yeah. That’s the way of saying you’re saving.

Akua: Yeah, absolutely. Okay, cool. Should people focus more on increasing their income or cutting their expenses if they want to build wealth?

April: Um, it’s definitely, if you’re going to pick, it’s going to definitely be, um, income. They’re both important, but you can only decrease your expenses so much, but you know, earning income, I think, hopefully I said that, but yes, earning income is, you know, really is what’s going to help you to.

Uh, you know, build your wealth.

Akua: Yeah. Okay. And last one. What’s your favorite way to celebrate a financial win, big or small?

April: I need to do better with celebrating, but I would say right now it’s probably doing something like a spa day or something. I don’t do anything too fancy. Um, but yeah, a good massage. I mean, I love a good

Akua: massage.

I mean, that is, I’ll take it. So I love a good massage. I’ll just be like knocked out. So love that. Okay. So every episode that we love to end with, with this specific question that we like to ask at the end of each conversation is what does having an unbreakable business mean to you?

April: I would say a business that is, um, So financially sound, um, in this case, and I think that’s a key differentiator, whether you’re going to be around, um, for the long term, like you have to pay attention to the finances and the numbers, you know, all those other things are great.

The talent, the skills, all of that, but the numbers matter as well. You know, that’s the main reason people go out of businesses because it’s not a, um, they don’t manage their finances. Well, it’s not a financially sound business. So yeah, it makes it unbreakable,

Akua: makes it unbreakable. I love that. Yes. That’s such a good point of like the talent, the skills are there, but you need to know your numbers.

You need to be able to look at that data because your numbers are telling you a story. And so whether you receive it or not, it’s still telling you the necessary information that you need, um, to be able to have a successful business. So April, thank you. Thank you so much for coming on the show. It has been such an amazing conversation.

I definitely am like, all right, I still got more work to do, but it like, it inspires me. Like I’m excited. And I hope if you’re listening, you feel the same way too, of like, okay, this is still attainable. I’m just going to keep moving forward, working with what I have and really getting the people to be able to teach me, to give me that support.

And so, um, if you’re listening, I hope you feel the same way as well. So for people that want to connect with you, how can we support you?

April: Um, so I hang out mostly on Instagram. So I’m at a booth of money coach on Instagram. And actually, if you go to my link on the bio there, I have a complimentary.

Millionaire money checklist that will step through all the areas of building your financial foundation, just kind of help you, you know, think through, um, you know, do I have these things in place or not? And it’s just kind of checklist to help you know, what to have in place for a financial foundation.

That’s going to help your money make money. Yeah. So, um, you can find me there.

Akua: Yeah, absolutely. And we’ll put that resource too in the show notes already so that you guys can be able to download that. So April, thank you so much for being here today and for everybody listening until next time. Thanks for tuning into Unbreakable Business.

If you loved today’s episode, don’t forget to subscribe, leave a review and share it with someone who needs a little extra inspiration. Remember, no matter what life throws your way, you have the power to keep going and your business can be unbreakable too. Until next time, keep building, keep growing and stay unbreakable.