Taming the Chaos with Bryan Hasling
As an entrepreneur, managing finances effectively while navigating personal and professional life changes can be quite challenging.
Recently, I had the pleasure of speaking with Bryan Hasling, a financial planner, who shared valuable insights on how to tackle these challenges. This blog post is aimed at highlighting the key lessons from our discussion, which are particularly useful for individuals looking to balance entrepreneurship, family life, and financial wellbeing.
The Entrepreneurial Decision-Making Process:
Evaluate the right time for entrepreneurship. Bryan emphasized the importance of having a catalyst for business ventures. A significant life event can often spur the decision to start a business.
Assess your financial runway. "We decided on a two to three-year timeline to test the waters," Bryan noted. Ensuring financial safety nets are fundamental before embarking on a new venture.
Partnership Dynamics in Financial Decisions:
Regular check-ins with your spouse are vital. I recommend, "Once a month, sit down, even if one person handles the day-to-day finances. Discuss the bigger picture."
Understand individual risk tolerance. Bryan highlighted that couples often have varied comfort levels with risk. It's important to align on risk factors and the overall financial business strategy.
“Decide what amount of money is enough, so you’re not chasing endlessly.”
Routine Financial Management:
Monthly financial reviews are critical for maintaining clarity. Bryan suggests, "We look at our net worth once a month, seeing how our finances have evolved over time."
Simplify spending. Limit spending to one or two credit cards to better track expenses and prevent leaky finances.
The Importance of Money Conversations:
Talk openly about finances to eliminate fear and shame. From my experience and Bryan’s insights, having candid discussions can prevent conflicts and promote a healthy financial partnership.
Encourage frequent discussions about money with children to dismantle fear. "Parents are not talking enough about money," I observe, reflecting on wider social attitudes.
Invest in Life Experiences:
Define your financial goals and recognize when enough is enough. Bryan shared, "For those who have saved too much, the challenge is knowing when and how to enjoy the money."
Family experiences and relationships should not be sacrificed in the pursuit of monetary gains. Decide what truly matters in life beyond financial success.
Conclusion
Balancing financial planning with personal happiness and entrepreneurial ambitions is a nuanced yet crucial part of achieving a successful life plan. As Bryan eloquently conveys, embracing structured financial discussions and setting clear family-focused goals can significantly enhance both personal and business endeavors. For fellow entrepreneurs and aspiring financial planners, adopting these proactive steps fosters not just economic success but also longstanding fulfillment and relational harmony.
Empower your financial journey and enhance your entrepreneurship skills today by speaking openly about your goals and aligning both your professional and personal paths.
Upcoming Event
Join me for a free webinar on November 22nd at noon, where I will be discussing essential money principles for running a business. This informal session is designed to build a solid foundation in financial literacy for entrepreneurs. I look forward to connecting with you and sharing further insights!
Join me every Tuesday for Taming the Chaos of Entrepreneurship, a live LinkedIn/Facebook series where I sit down with entrepreneurs and business owners who have faced the same hurdles—and come out stronger on the other side.
