EP 035 | Bruce Sellery On Why Smart Entrepreneurs Do Dumb Things With Money – Part 2

November 22, 2017

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About this Episode

Why do smart entrepreneurs do dumb things with money? And more importantly, what can we do right now to make a positive and lasting change in our financial health and maturity? Part two with money and finance expert, Bruce Sellery.

In this episode we learn:
– how a tool (money) differs from your true desire
– how to identify where your financial risk is
– why action must be measured

 

Take Aways

Recommended reading: Nir Eyal is the author of Hooked: How to Build Habit-Forming Products.

Step 1: Lay the foundation. Consider the C factors:

  1. Context—what is my money for?
  2. Consequences—tangible and intangible consequences.
  3. Complexity—find a balance.
  4. Community—have a group of people (your Business of Design™ friends) who support you, offer ideas and provide accountability.

Step 2: Determine what you want. Think holistically about your life and formulate goals across a broad range of areas including experiences you want to have, where you want to contribute, your goals for family, career, home and health.

Step 3: Develop the plan. Identify the key actions you need to take to get what you want. 

  • Analyze
  • Brainstorm
  • Change

Step 4: Take action. Formulate declarations and reminders to help you overcome procrastination and get moving.

  • Patience
  • Creativity
  • Discipline
  • Courage

Step 5: Stay engaged. Set your life up so that your personal finances are easy and require little of your time and energy

 

DESIGN INTERVENTION – Homework

Take your credit card out of your wallet and go cash only for one week. Credit cards soften the pain of debt. Feel it and own it.

 

Personal Finance Expert CBC, Cityline, MoneySense Bruce Sellery is on a mission to help people get a handle on their money so they can live the life they want. He is the author of two bestselling books, including Moolala: Why Smart People Do Dumb Things with Their Money (and What You Can Do About It) and Moolala: Guide to Rockin’ your RRSP. He is the personal finance expert for the national lifestyle show Cityline and is a regular contributor on Breakfast Television, CBC TV’s On the Money, and CBC Radio. He writes advice columns for Chatelaine, Today's Parent and Moneysense Magazine and was the host of Million Dollar Neighborhood on OWN: Oprah Winfrey Network. He spent ten years with CTV's Business News Network, anchoring from both Toronto and New York City. Prior to a career change to journalism, Bruce was a Brand Manager at Procter & Gamble. He is a graduate of the Smith School of Business at Queen’s University and current serves on its Board of Advisors. He is also a Vice President of the Canadian Club of Toronto. He and his husband Dennis live in Toronto with their daughter Abby.

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