Ask the Expert: Prosperity & Possibilities with Heather Abbott

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Hello, hello amplify you Michelle Abraham, your host of amplify you here today with an ask the expert interview. Today I have special guests Heather Abbott with me. Hey, Heather, how are you doing?

Amazing, Michelle, how are you?

I'm doing great. This is a great time to have you on Heather because we have not talked about finances in a long time. Let me tell you guys a little bit more about Heather. Heather is a prosperity Pro, a speaker, coach, author and a podcast host of prosperity and possibilities. So she uses her 30 years of experience as a CPA and financial advisor to help us entrepreneurs. Get that mindset right around our finances and to make those big shifts in our life. So Heather, I'm so glad that we're having this conversation. As the beginning of the year comes around, I think finances are in a lot of people's minds, how can we make this year better than last year? For me, it's how can I save more of what I make, then rather than spending I want all of us spending last year. So I would love to just start with what are some big tips that you have going into this year for entrepreneurs.

First of all, don't be afraid of your money. Don't be afraid of the numbers. And it's easy to say but so many people are they just don't want to look because they don't have an easy way to look. I do offer an easy way to look the freebie on my website, which I think I gave you a link or one. That is an overview of a system that is a totally different way to look at your finances. It's easy, so easy. And that is key, making it easy. Anything that's hard, it takes a lot more motivation and willpower to get it done. Whereas if we only have to do something small, it only requires a tiny bit of willpower, and we're much more likely to get done and stick to doing it.

That makes a lot of sense. You know, it's interesting. Last year was my first year of business where I actually looked at my numbers on a weekly basis. And I had goals with my numbers. And boy did I see a change in those numbers over the year. And I really honestly think it was just from looking at them being aware of the numbers instead of just, you know, forgetting about them, or like shoving them away or not wanting to look at them. And it was really interesting. So I love what you're saying how it has to be something simple. And it has I think consistency too probably plays a big part in it as well.

Yeah, it's like your homework in high school. Just because you don't look at it doesn't make it go away. I tried that didn't work is to lose points. But in business, you lose money and potentially your business. So if you don't want to deal with the numbers, definitely hire a bookkeeper hire someone to do it. But you have to look at it still, you have to talk to that person, they have to be able to explain the numbers to you the balance sheet and income statement. You don't have to know yourself how to make them. But you do need to know what they mean. And there's there's a lot of people out there who teach you that I don't. That's not my focus. I mean, obviously I can teach you that I started learning accounting in 1984. But it's if you don't look, those numbers won't help you. But if you do look at them on an ongoing basis, you will be able to make informed decisions. And besides goal setting informed decisions are one of the biggest things that you

need. Thinking about it's one of the things that will help me this year now that I was looking at the revenue goals and revenue growing each month and and focus on the revenue now I need to start looking at the the expenses going out and keeping track of that and so I can make proper decisions. I feel like I was kind of going before without a lot of informed decisions and saying we I think I can afford that show or why not let's just do that program or course and I'm putting a stop to the programs and courses this year. I've got plenty and so many and I feel like that's something that I'm not sure I would love to get your take on this Heather but is there a way that we helping entrepreneurs no like without that shiny object syndrome, they're going all over the place buying things here and there, what are some keys to help them like honing in and make those informed decisions.

That's actually part of what I do with people is that comes from goal setting. And before we get to that, there's just remind me to come back to that there's one thing I wanted to touch on, from what you said, it keeps popping in and out of my head. And it's gone again, I wish I remembered it, it was really good. Knowing where you stand is key, always are keeping your overhead expenses low. That was what I wanted to touch on. First, when you're trying to start a business, start a new product line, branch out any of that, make sure that the overhead costs and overhead means the cost that you're putting in that aren't directly related to sales, make sure that you're not building them up to be too big, where instead of having to make $1, to make $1, you now have to make $10 to make $1. And that happens when you're buying all kinds of online systems that you don't need yet. There, it could be buying a whole bunch of courses, you don't need courses, or I compare it to shoes. We like buying shoes, right? Like buying shoes, Michelle? Absolutely, of course. Okay, so if you see a really nice pair of shoes, and it's on sale, the temptation is there, it was always, it's, I'm gonna buy these. But how many pairs of shoes like that you already have in the closet that you haven't looked at that are collecting dots. And that's what's happening with a lot of these online courses, people are just collecting them because they're on sale. And it's fear of missing out squirrel and shiny, shiny object syndrome. That is something to be very wary of as an entrepreneur. Another thing is, a lot of people are selling you their method. And before you sign up, especially for high ticket offers, where they're selling you their method where they say you're going to get fantastic results. Be very wary. Do you want to be doing their method? Do you want to be just like them? Because that's what they're selling. They're selling a way to do what they do what works for them. So customization is key. Yeah, that's a

brilliant. I love that looking at if the method is what you want to be doing. And you know, I think we get caught up in all the bonuses and the shiny, this shiny things that the course can all do for you. And yeah, I think that's brilliant looking at is this really a method that you want to actually implement into your business? I can't tell you how many countless courses that are still sitting there don't know where the login is never went through them didn't watch the replays? Yeah, no more of those for sure. The other thing that I'm wanting to do this year, and I'm sorry, I'm turning this episode all about me. I just went well, I have an expert here might as well get your opinion on this. And I think this is gonna be really helpful for our audience is doing a digital detox of all the subscriptions to things. What's your, what's your opinion on that Heather.

I did that two weeks. At the end of the year, I had my calendars cleared out as I couldn't get it. And it took me four hours approximately to empty one inbox. But that was unsubscribing and deleting and then organizing for this year. The other inboxes weren't bad at all. But that's one thing like when you come across these any offers like they could be giveaway offers. They could be courses, they could be anything that you're tempted to get into remember, they just like the clutter in your house. digital clutter sucks your energy, if you've ever sat down to your computer and opened your email inbox and lost four hours of time. And you're just you can feel your energy, just ebb when you come away from there, there's nothing left. You need to take the time to do the detox of your inbox, unsubscribe, if and check in with your instincts. I'm very big on actually going going on whether it feels right or doesn't feel right. You have to combine the two. But when you actually do a deep clutter clear in your home or in your digital space, the things that will happen is you'll have more energy. But I have seen numerous people actually lose weight, which is a great motivator because it fits right in with the other things for the beginning of the year. But I get overwhelmed if I have too many things pulling in too many directions. So you really need to narrow them down and focus and what I do with that is I help people to figure out what their biggest Go. Yes. Do you want me to share a little tip on on how to do that?

Sure. Yeah, great. And I was actually thinking, the subscriptions I was thinking of is actually, the ones that you're paying for, that's probably should be the first ones, we look at. options that come out that we don't even know. Because they're $4, or $3, or $2. Those should probably be the first ones that go before the inbox. And then for sure, the inbox ones. No, my inbox is insane.

Yeah, definitely there were and you do have to call up anything that you're not actually using is the same as anything you're not actually wearing, you should get rid of, if you're not actually using it, yes, it is a great time. And that's one of the things if you look at my system, it gives you absolute clarity on where all your money is going. So you will be able to make those informed decisions on what you want to do. But to get to the goals. There's two different ways to do this. The most common way is take an hour, and a notebook. And you're going to do a brain dump of what's important to you. And what brings you joy as another exercise you can do this with and you have to do that when you're in a good mood, because you don't have access to those answers when you're in a bad mood. So I encourage you to do both one hour for what makes you happy and brings you joy, but do another hour for what are the goals that matter to me. And what's the other way I look at it is when you get to the end of your life. And you're laying on your deathbed, and you're very happy and satisfied with your life. What are the things that you did that make you so happy with how you spent your life, that's your answer. That's what you're driving towards. And that will help you work backward from there, to what should be important now. And once you have your goals, because you can't hit a target if you can't define it, right. So setting the goal, and then working towards it. But when you do the mind dump of the things that you want to do. Like, I'm combining the two things here, when you look at what when you look at what you want to do that hour, the reason it takes an hour is because you have so many things top of mind, and those are all going to come out tumbling over each other, you won't be able to write fast enough for like 1015 minutes, you're just gonna be going oh my gosh, it's so much I can't do this. There's too many keep going push through it, because it will slow down. And once it slows down, this is why you have to do it all in one sitting. Once it slowed down all the things that are on your to do list all your things that you want to accomplish, then you're going to start digging into those file boxes in your brain. That's how I look at it. It's like anything from last year you filed away and think of when you were 18 that you filed away anything from when you were 10 that you filed away? What was important. If I go way back, I remember when I was a teenager seeing cats on the street and being like, somebody needs to have a shelter for these cats. That was important to me. Well, there's a shelter. So I supporting the shelter is something that you know, it's easy to do, right? So there's all these things that we've packed away. If you have just looking if you're always just looking at the toys on the floor, you're never gonna get to the important things that you packed in the boxes.

Of that. Yeah, looking around my house and all the things that my kids don't play with anymore. The clothes that we don't wear anymore. Oh my gosh, I just want to declutter, there's such a big movement for that simplicity. And the minimal the minimalist living in Do do you follow that? Or is that something that you? You touched a little bit on it about decluttering?

I do and I don't I? More so yes, my fiance is really good at that I'm learning to be better at it. But there are certain things like if they bring you joy, you keep them right. That's a test. For any object that you have. If it brings you joy to have it, keep it if it doesn't bring you joy, but you feel obligated to keep it don't because it's draining your energy. I don't care if your great aunt did paint by numbers and it's on your wall and but she gave it to me and she'll see that it's gone. Like, if you're if your relationship with your aunt isn't good enough that you can say, hey, look, I love the painting. I'm going to keep a picture of it, but it's actually taking up space and I'm trying to minimalize if you can't have that conversation with her how good is the relationship that you need to keep that anyway? So yes, you do need to but I mean if you when you're clearing your kids stuff out if you come across Lego you can send that to me. But no um there are certain things like even I have a lot of rocks and crystals and stuff but I will put some way, I don't get rid of them because I love them. And they do bring me joy. They may not be space to put them all out. But even just opening that box, it's like, oh, look at this. Right like you're. So that's the measurement. If it brings you joy, keep it if it doesn't get rid of it.

Now, can we take that same principle and apply it to our finances? Like we're spending?

Yes, definitely. When you're putting your money towards something, if it's something you feel like you should be doing, should they're horrible. Don't do them, don't they? Should their energy sucks. That's what they are. If it's something that you have to do, because it's going to move your business forward. And that's a good measurement. Is this going to move my business forward? Jota Maria, great guy, he has teach to scale. He always says, What are you hiring this to do? When it comes to your business? Anything that you start any project, you start any thing that you buy any? anywhere you're putting your money or your energy and attention? What are you hiring it to do? And is it going to be worth that investment of time or energy? or money?

Interesting, I think that will align well with our entrepreneurs who all love doing so many different little things. And is that is that there is that taking too much time away from your own mental capacity to focus on one thing that is going to bring you that return that you're looking for love what you did all

this goes back to that being goal? What is it truly important to you in this lifetime? And are these little things that you're doing moving you toward it? Or are they not? Because that's what I do I help you define that goal. I help you define where you are and create the path. So I'm kind of like a Sherpa, right? I help you up the mountain. But it's your mountain and your path and your plan. And I try to keep you off the side roads, so that you're not just wasting your time going down. It's like if you're doing a labyrinth puzzle, you don't want to keep going into dead ends, it's gonna take you a lot longer to get to the end than if you're on the one trail.

That's right, yeah. What do you find? What do you what are some tips that you have for us to get started looking at finances. So maybe our listeners haven't been paying attention to any of those things you've you've shared some really great tools to take, do a big mind dump. And then then you set a goal. And then what are some steps on a daily basis that we can do?

Well, when you have the big goal, you set the minor goals and the details. But for the finance fly's getting clear on the numbers, you need to make a list. And this is what the booklet has in the back, it has an overview. Um, when you actually get in a class with me or something, there's either the spreadsheet or the PDF of it, which is easier to use. But it has a list to help you remember all the things where you could be putting your money. So all the things where your money's coming in, because your income, all the places your money is going out as obligations and obligations does not include anything food and fun. That's a separate category. So I have obligations, food and fun and paying you food and fun is anything that you decide how much you're going to spend on it, spur of the moment. And we know that with food, it's very discretionary, right? Like if you go eat in a restaurant, you could be clipping coupons using the flyers and have a meal plan. So it can go so many ways, all your addictions, your, your pets, all the things that you love to do. They tend to be in food and fun obligations are the things that you can easily put a number to, because you're not going to be tempted to go out and spend, like, Oh, I think I should splurge on gas this week. No, you're gonna fill your tank, it's probably going to be about the same amount you spent the week before. So those are related to housing and transportation and medical and they can be donations, it can be travel, if you've already, if you know that that's something that's going to happen. And you know how much is going to be yes, that can be an obligation, but obligations, you're going to take that number, I get you to convert everything to weekly, I tell you how to do it in that booklet, convert all the weekly and take your obligations as a percentage of your net income. And there are some details to that that you have to know but as a percentage, so you take the income, sorry, you take the obligations divided by the income and it'll give you a percentage. That is where you stand on your means level. Are you living within your means or are you not? So if you come in at 80% you I can tell you right now You're finding things tight, you're not having much money left over for money. You're, you're running up against times when you don't have any cash. If you're at 50%, oh, my gosh, you're doing so well. That's great. But I've seen people over 100% on, like their obligations were higher than their net income for the week. But because you fill it out the way I tell you to, you see what all those obligations are, and you have a list. And when you've converted it to weekly, all those larger ones will jump right out at you. And it makes it easy to trim if you need to trim or change what you need to change.

Yeah, that's great. So Heather, while we're talking about that, why don't we share where people can find your book plates? You help them kind of get it's called three steps to money clarity, right? Yep. Yep. And this will go to your website. And you'll find it there. Okay.

Yeah, it's on the very top of the website, when you come in, it says, Be an insider, because it puts you on my email list where you will not get bombarded with emails, I guarantee it. But anytime I'm doing something, if when I post podcast, I will send out an article and let you know that it's up. If there's new content, or if I have something valuable to say, or if I'm giving something away or discounting something, I'll let you know. But yeah, you don't get a ton of emails there.

Yeah, I really get it. We'll link it in the chat. But it's each see habit, a BB ott.ca. You can go there guys, and grab it. And and Heather, before we let you go tell us a little bit about your podcast. When people want to hear a little bit more about what to do and what you're up to tickets to the Podcast,

the podcast is prosperity and possibilities. You can get to it hc ebit.ca/p, and P takes you to the YouTube version, or just search prosperity and possibilities. But what I'm doing on there is helping you to recognize the possibilities in your life and every episode. My goal is to have you walk away with an actionable tip to increase your prosperity, which is joy. And well, because well without joy is not true prosperity. But yeah, so I say get a notebook. When you start watching, I've only got three episodes up. And one of them is me telling my story, which is a longer episode. It's important because there's a lot of people who go through the similar thing, and I want them to know, it's an important journey, I recommend it. People listen. It's called abuse to abundance. And the other episodes up, one is on a holograph will. And one is setting priorities. So there's more coming, I have some interviews that are going to be going up, but um, they tend to be every two weeks right now. And it's not regular, but it's getting there. So I just have some writing to do before I post.

That's okay, you have some things for people to go and listen to they head over there right now. So make sure guys go check it out his prosperity and possibilities. And so Heather, thank you so much for being with us today have enjoyed some of the great tips you shared with us today. I know our listeners are got their minds ticking of all the things they need to start decluttering and focusing on in some of those big numbers that they need to start paying attention to. Because as we love in well, I don't know if everyone entrepreneur is like this, but I certainly love the the sales and the revenue and looking at those numbers, but not necessarily all these. It's time to start paying attention to those and see if we can keep more in our pockets. And I love what you say can you share that quote again? That with the joy? The the quote you just said?

Yes. To increase your prosperity. Prosperity is wealth and joy, because wealth without joy is not true prosperity.