Episode 144: The Importance of Financial Conversations

Show Notes

Episode Transcript

Jesse:
You are now listening to Leverage for Growth. Hey everybody, this is Jesse P. Gilmore, founder of Niche in Control and curator of Leverage for Growth. Welcome to the Daily Leverage Edition. Today’s topic is this, the importance of financial conversations. Join me as we unearth this profound impact of confronting and embracing tough financial dialogues. So the fear around money. Money is often labeled as a taboo topic, especially in personal circles. This fear in many ways, finds roots in societal norms, where financial struggles are viewed as failures. The psychological theory behind this is really the fear is deep rooted. According to the American Psychological Association, almost 72% of Americans report feeling stressed about money. By understanding this, we can recognize that we are not alone and that starting the conversation is the first step towards overcoming this universal fear. I recall a time when discussing finances was like treading on thin ice. But in a particular conversation with my wife that reshaped my perspective, the initial discomfort, the challenges, the unease, eventually led towards clarity. It wasn’t about the numbers. It was about aligning our goals, our dreams, and understanding each other’s vision. Reflect on your own past financial conversations. More often than not, they open doors to broader discussions about goals and aspirations and plans for the future. Research has shown that companies that practice financial transparency tend to fare better in the long run. They experience fewer turnovers and higher employee satisfaction as mentioned in a report from Harvard Business Review. By bringing finances to the forefront, we can align team objectives, make informed decisions, and foster an environment of trust. And trust in any business is the backbone of longevity and success. A transparent financial conversation is not just a top-down approach. Involve your team in these dialogues. And the benefits come from when employees understand the company’s financial trajectory, they become more aligned with the company’s goals. They understand the why behind decisions leading to enhanced motivation and a collective drive towards success. Drawing parallels from the game of chess, planning your financial moves in advance sets the stage for future success. By confronting financial realities today, you’re crafting a narrative for your business’s future. Each decision, each discussion, and each strategy implementation becomes a stepping stone towards that envisioned success. So now let’s dive into the daily leverage. Which domain of body being balanced or business Are you letting financial fears dictate your actions or inactions? Is it in your personal health where perhaps investing in your well-being seems financially daunting? Within your spiritual journey or self-direction, have financial constraints halted pursuits close to your heart? In relationships, are the financial topics that loom like a shadow unspoken and ever-present? Or within the realm of your business, are there discussions or decisions or strategies Awaiting a green light, hindered solely by financial hesitance. So think about this. What steps are you willing and prepared to take today to bring these financial matters to the forefront? That is the end of the Daily Leverage. This is Jesse B. Gilmore. You’ve been listening to Leverage for Growth podcast. If you’re enjoying these Daily Leverage and agency leverage episodes, make sure to subscribe on Apple or Spotify now.