By Makasha Dorsey
There is no time like a new calendar year to start thinking about your financial goals. A few weeks ago, I had an opportunity to sit down with Stacia Pierce, you know the life and career coach who was a top winner on Oprah’s OWN Network contest with 7.6 million votes, to discuss finances.
What are the biggest mistakes women make when managing their finances?
One of the biggest mistakes women make when managing their finances is not having a solid plan. Creating a wealth plan will help address your financial mindset and overcome inner issues.When I was in a similar situation, I created a financial plan and worked on it daily to achieve my goals. In the process, I was able to conquer negative emotions that were influencing and suppressing my moneymaking ability.
Start by implementing a 5-year plan of action outlining your financial objectives. Make sure it is clear and flexible to change. Constantly review your plan and do something daily that gets you closer to your financial goals. More importantly, once you start seeing a rise in your finances, learn to spend less than you earn‑that’s one of the real secrets to creating wealth.
How can women become financially independent while functioning in an interdependent relationship such as marriage?
It is important to talk about financial goals and expectations with your spouse. Get to know their spending habits and determine a financial plan that will improve your current situation. Open several bank accounts for different purposes such as shared household expenses, individual savings – or checking accounts to allow for financial independence. The key to success is communication in your relationship. With goals and a plan, you’ll be in control of your financial future.
If a woman came to you today and said, "I really want to start a business but I don't know where to begin," what advice would you have for her?
If you are going to start a business, it must be something you are passionate about. Pursuing money alone is unfulfilling and can result in poor business decisions to stay afloat. Evaluate your skills and research your interests before jumping in and always follow your gut…lean more towards the direction that is pulling at you, this is usually where you will find your bliss, where you will be satisfied and happy.
You speak often about women using their passion to make an income. How can women be certain of her passion when there are so many gimmicks floating around?
Discovering your passion requires inner work. It’s about you looking inside to take account of your gifts, talents and interests. The more you explore, the more explicit your passion will be. Before I take a new client, I always encourage them to enroll in my free Path 2 Purpose e-coaching so that they spend some time learning and discovering their true purpose and passion.
Another way to make certain is by keeping what I call Purpose Files. I often have my clients create purpose files to help them unlock their purpose and passion. You can try this simple exercise by labeling 5 file folders with 5 topics of dominant interest in your life.
Then go on a hunt for information to put in them. Collect photos, articles and fabrics, whatever jumps out at you and put them in the corresponding folders. Later,when you review the files, you will discover clues as to what you should be doing—what you’d rather be doing to make a significant impact in the world while getting handsomely rewarded for it.
If you could tell your younger self about business ownership, what encouragement and warnings could you offer?
Enjoy the journey, take as much ground as you can and don’t worry about what others
About Stacia Pierce
Stacia Pierce is a life coach, career expert and the CEO of Ultimate Lifestyle Enterprises based in Orlando, Florida. She has been an entrepreneur since the age of thirteen and in business for over 20 years. After successfully launching and developing a makeup line, opening a clothing store, launching an image and branding company and writing numerous books, Stacia began mentoring clients on how to profit from their passions. With the use of straight-to-the-point, candid stories and highly-charged anecdotes, she inspires people to find their inner ‘Dream Driver’. Regardless of the goal, Pierce focuses her unwavering dedication to empower women to freely and smartly chase their greatest desires with confidence and knowledge.
About The Author
Makasha Dorsey is Author, Loving Wife and Mom, and P.R. Strategist of the Dorsey Group. Mrs. Dorsey helps her clients take the guess work out of communicating personal, corporate, and institutional branding strategies to their target market.