“Rich is I have a lot of cash flow and I have a lot of things. Wealth is I have an abundance of value, and I have an abundance of opportunity. That value gives me opportunities, it’s leverage.” – Hannah Koenig

Growing up below the poverty line and living on food stamps, Hannah had a terrible relationship with money. She believed that building wealth wasn’t for people like her. It was reserved for people whose dads belong to the country club -money was just something she didn’t have.

Hannah has experienced being evicted from multiple apartments, maxing out credit cards, taking out student loans, having a car repossessed, and overdrafting her bank account. She has committed to transforming her relationship with money and coming from negative net worth, she is now a multiple six-figure entrepreneur and investor. She shares with us the core principles that helped her get to where she is now:

Keep track. For women in general, entrepreneur or not, fear and stress are the top two feelings associated with money. Not keeping track of cash flow tends to create avoidance in our relationship with money and business. It’s nothing to be afraid of, especially when there is a system in place. A simple spreadsheet will do, just as long as it can show you what’s coming in and what’s going out.

Pay yourself. A lot of entrepreneurs are guilty of paying for everything and keeping whatever’s left. This creates instability on a nervous system level and affects your personal life – one day you’re living it up in Mexico and the next you’re struggling to pay for housekeeping. Pay yourself a decent amount that can sustain your lifestyle. 

Follow a budget. To many, budgeting seems intimidating because it sounds like a lot of Math. Do not think of it as not being able to have the things you want. Instead, consider it as prioritizing the things that matter. It’s actually telling money to work for you, how it gets to show up and contribute to your life. 

Prioritize investment. There are a lot of investment types for entrepreneurs:

• Investing in yourself. Monetize your education and your skill set. Continuous learning puts you in the scope of earning potential.
• Investing in your business. This allows you to increase your cash flow.
• Investing in the market. Take the benefit of having an increased cash flow and convert it into wealth. Eventually, money will become your best employee, and that is experiential wealth.
  
  

These are but a few of the things that Hannah and many other financial educators share during the annual Lead Well Summit. It’s a free event for people who would like to transform their relationship with money and build their wealth. Learn more about the Lead Well Summit here!

More from Hannah:

• LinkedIn: https://www.linkedin.com/in/hannah-koenig-830896160/
• Instagram: https://www.instagram.com/iamhannahkoenig
• Website: https://hannah-koenig.com/
• The Lead Well Summit: https://leadwellsummit.com/