EP 035 | WHY SMART ENTREPRENEURS DO DUMB THINGS WITH MONEY – PART 2

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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.


Meet Bruce Sellery

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.


Recommended Courses


Legal Disclosure | This podcast is for educational purposes only and should not be used for any legal decisions. Kimberley Seldon Design Group, Kimberley Seldon Productions Inc., Kimberley Seldon Design and Media, Inc., Business of Design, or any of its affiliated companies or staff is not responsible for any errors or omissions effecting accuracy in any content, and they will not be held liable for the use or misuse of information, facts, details or any other aspects should there arise any defects, errors, omissions or perhaps inaccuracies. Extensive research has been conducted to put this podcast together for the purpose of educating our industry in order to better serve the public. Care has been taken to acknowledge ownership of copyrighted material. The advice and strategies contained herein may not be suitable for every situation. This work is offered with the understanding that we do not render any legal, accounting or other professional advice. Seek the advice of a lawyer and/or other competent professional person in all matters of law. Further, listeners should be aware that internet websites mentioned may change or disappear between when this was recorded and when it was listened to.

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