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Vince Shorb’s Process On Financial Coaching
Sean: Vince, I noticed that one of the first things that you actually gave advice for is are you going to be able to sleep well at night when you take on this loan? And I wonder right now, I’m just curious how many people actually say, no, I can’t. I don’t think I could. And how many people say, ‘yeah, you know, I sleep well at nigh. No problem.’
Vince: Yeah. You know, on the personal finance side, a lot of people are worried, scared, concerned right now. You know, I’m in the States. I know this is a global thing, too. We work all around the world and there is concern with people and it’s scary, you know, having inflation here, the average home pays about 3 to $500 more a month. So that can hit somebody very, very hard. And these people that have these visions for putting away money and they’re starting to just make progress, they feel like they sunk back down underwater. So I know a lot of people are having sleepless nights as of right now. You know, we try to encourage that proactive approach. Right. If you feel worried, if you feel concerned now, I felt that way before, too, you know, is my car going to start? Will I have enough to pay rent? Do I have that set aside? I have those concerns, but I think I utilize that as a motivator. I didn’t want to feel that way again. So if you are feeling that way now, we can either earn more cut down expenses. Those are pretty much the two ways. But if you’re still feeling that, hey, let this be a motivator to gain skills so you can boost up that income, start that side business, you know, finding other solutions to get that up or, hey, cutting that expenses. So let this be a motivator for improving your personal finances or your business finances, whatever the case may be.
Sean: And I notice that you ask the question during the role play that do you have a split between your business account and your personal account? Like how many people actually don’t have that? And why is it so important to split that?
Vince: Yeah, we see that a lot. So our financial coaches see that quite a bit out there in the space. So especially with the newer, upcoming startups, right? So there have a business in their drawing off that without a set ‘Hey, if you’re doing a $4000 a month draw or whatever, that’s one thing. But if you’re doing half, $4000 a month and oh yeah, I’m short on my car payment or I need money for health insurance this month.’ We have a problem on your personal side that can impact not only, again, you and your employees, and your clients. So we really need to stem that tide. I think at least here we see that quite a bit where there’s that intermingling. And commonly when we work with small business owners or the financial coaches do, they’ll try to figure out what they have in their accounts, how much do they get paid? And they’ll look deeper into their finances. They say, ‘oh, what’s this 3000 transfer from your business account for?’ ‘Oh, we went on vacation.’ ‘Okay. Is that a business expense or is that a person?’ ‘Okay.’ So they’ll see a lot of this and people don’t really understand how much that adds up until again that numbers are in front of them. ‘Hey, you pulled over 30,000 from your business to your personal thing for this.’ And then this kind of again, that aha moment when they see it in black and white in front of them.