Episode 197: Setting Financial Goals in a Cost of Living Crisis with Catherine Morgan

Find out your next step in bookkeeping.
Free calls and books. https://bookkeeperssupport.com
-----------------------------------------------
In this episode of The Bookkeepers' Podcast, we were joined by Catherine Morgan, business coach and financial expert.

Catherine believes that our emotional relationship with money plays a significant role in shaping our financial goals and how we make financial decisions. This isn't just an issue for us, but also for our clients who may tie their emotions to money and may not even realize it. Understanding these emotions is an important step towards creating a healthier relationship with money and setting achievable financial goals - both for us and for our clients.

Catherine suggests that we need to change our mindset from feeling like we "need" more clients to feeling we would like to attract more clients. This shift in mindset can help us focus on creating a positive and productive relationship with our clients and help them feel more comfortable working with us as financial professionals rather than attracting the wrong clients.

When it comes to setting financial goals in a recession, Catherine stresses the importance of knowing your numbers. Understanding your current financial standing is essential in developing realistic goals that can be achieved within the current economic climate. This means being aware of your expenses, income, and profits, and using that information to create a comprehensive plan.

One challenge that many businesses face in a recession is the pressure from clients to cut prices. Catherine suggests that instead of simply lowering prices, we can have a conversation with our clients about their financial concerns and offer solutions that can help them overcome these challenges. This can involve working together to find ways to reduce expenses or exploring alternative options for generating income.

Finally, Catherine highlights the importance of helping clients worry less during these uncertain times. She suggests that as financial professionals, we can offer guidance and support to our clients to help them feel more confident and secure. This can involve having open and honest conversations about their financial situation, offering advice on how to handle their finances during a recession, and being available to answer any questions or concerns they may have.

In this interview, we learn that setting financial goals in a recession requires a holistic approach that takes into account our emotional relationship with money, our current financial situation, and the needs of our clients. By focusing on creating a positive and abundant mindset, knowing our numbers, and being there for our clients, we can help them feel more confident and secure, and ultimately achieve our financial goals as well.

Resources:
Are you 6 Figure Ready? Take our Quiz
6figurebookkeeper.scoreapp.com
----------------------------------
Find out more about Jo and Zoe by following The 6 Figure Bookkeeper on YouTube.
https://www.youtube.com/c/6FigureBookkeeper
----------------------------------
Community: The 6 Figure Bookkeepers' Club on Facebook
6figurebookkeeper.club
-----------------------------------------
Book
Order your copy of our bestselling book
The Bookkeeper Rises

The information contained in The Bookkeepers' Podcast is provided for information purposes only. The contents of The Bookkeepers' Podcast is not intended to amount to advice and you should not rely on any of the contents of the Bookkeepers' Podcast. Professional advice should be obtained before taking or refraining from taking any action as a result of the contents of the Bookkeepers' Podcast. The 6 Figure Bookkeeper Ltd disclaims all liability and responsibility arising from any reliance placed on any of the contents of the Bookkeepers' Podcast.