5 Crucial Questions To Ask About Money

Do you know what questions to ask about money in your business? That is, the questions that will lead to the financial future you want in your business? For a LOT of us entrepreneurs, that answer is NO.

Sure, there are tons of entrepreneurs on Social Media who are all too happy to share their latest story about their 20K months. Fair enough. But that’s not what I mean when I say “talking about money.”

I mean asking the RIGHT money questions. The questions that help you get real with things like cash flow, profits and losses, and taxes. The ones that can determine whether or not you keep more of the money you make, and set up a financial future that will last you for years to come.

This is usually the point at which money conversations get pretty dicey!

Of course, for a lot of us, talking about money isn’t the easiest thing.

Money can be a difficult subject. It’s especially tough at times for us entrepreneurs, as unlike employees, we are solely responsible for EVERYTHING when it comes to our money. That’s alone can trigger a lot of stress, anxiety, self-doubt, you name it. So if you’re an entrepreneur and you find yourself avoiding any kind of money conversations, you’re not alone.

But here’s the deal. Especially if you’re an entrepreneur, dodging the real money questions can prove disastrous.

If you don’t ask questions about money, you run the risk of damaging your relationship with money. You don’t ever learn what you need to know to manage and grow your money. It leaves you lost and confused about what to do with your money. This makes building the financial future you dream about a LOT more challenging (if not impossible!)

So if it really is that big of a deal, why do so many entrepreneurs still avoid the REAL, foundational questions about money?

I’ve found that the number one reason that entrepreneurs don’t ask the real questions and start the real conversations about money is that they simply don’t know what to ask. They don’t know where to start.

Honestly, it’s easy to see why people don’t know what to ask about money, if you think about it.

If you’ve never talked about money in your past, if money was never spoken of in your household, in your school, or in your partnership, you probably never learned how to even begin the conversation. (I know I didn’t!)

People often just don’t know how money works, how it impacts their lives (beyond the obvious ways), and how they can influence money. Even worse, they don’t know what to ask.

The result? You don’t talk about money all. Then, when you ignore the big questions and don’t direct your money, it doesn’t know what to do or where to go. I bet you can guess what happens next!

Now, if this is you, take heart! Not knowing what money questions to ask isn’t a bad thing. It just means that you need a few hints and suggestions about what to ask in the first place so you can get the conversations started.

Luckily, this is easier do do than you might think!

I’ve got 5 simple money questions to get you started. You can ask yourself these questions, you can bring them up in your business circles, you can discuss them with your partner, or your business bestie. They’re perfect for breaking the ice and getting the meaningful money conversations going.

Read all about them below, and click on the video for a quick description of each one!

Money Question #1: How much money do I make vs. how much money do I KEEP?

A universal truth in is that it’s not about how much money you make. It’s about how much money you keep. Determining how much money you keep is one of the most important questions, especially when it comes to creating positive cash flow and setting a solid financial foundation. Start with this question, and see what you discover.

Money Question #2: What does it take for me to create a program or service in my business, both in money and energy?

This is another important consideration. What investment does it take to create something to sell, both in money and energy? Are you getting the proper return on investment (ROI) for what you put into it? If so, great! If not, it’s time to look into shifting your ROI to a positive place.

Money Question #3: How do I plan for taxes?

This is a big question, of course, and there’s no one answer! But if you’ve been dreading or avoiding tax questions for any length of time, now is the time to take charge. Look at what you’re doing now, and how you can set yourself up to balance your taxes and profits in a way that benefits your business the most.

Money Question #4: How do I pay myself first?

This is a big one! Do you pay yourself first in your business? If not, what would it take to make this happen? (Find out more about why this is a big deal on this post HERE.)

Question #5: What are you doing with your money?

This is a direct money question you can ask your business bestie or trusted colleague. You might learn some great tips and tricks from others, or you might open up the conversation so that they can ask the money questions they’ve been avoiding. This is a simple question but can lead to a very productive conversation!

Start with these basic but powerful questions. Ask your colleagues, your partner, your business besties, and yourself, and see where the conversation goes. In the end, everyone learns something, gets more comfortable with money conversations, and with any luck, uses what they learn to build the financial future they want. That’s a win-win-win!

Now, let me ask you: how do you start money conversations? Do you know what to ask, or do money questions make you nervous? Which money question here resonated with you the most?

I’d love to hear your thoughts on money conversations! Leave me a comment and let’s get the money conversations started!

Until next time,

Love, light, and MONEY, Honey…

Kaylee