The Nitty Gritty:
- How the founder of DailyWorth and author of Worth It uses a two-prong approach to set financial goals that are ambitious.
- Why failure is an opportunity for learning and growth and you shouldn’t be afraid of it.
- How you view your identity and feelings of self-worth impact your ability to create financial goals that get you to the life you desire.
- How having a little “Steve Jobs” in you isn’t a bad thing. Just ask Amanda who established the roots that gave her wings!
It’s easy to assume that Amanda Steinberg, the founder and CEO of DailyWorth, the leading financial media company for women, and author of Worth It, has super powers when it comes to setting business and personal financial goals. But in this week’s Profit. Power. Pursuit. podcast she shares with us that while there were times when she appeared to outsiders to have it all together—$200K annual salary, $700K home—she wasn’t experiencing the “exhilaration of affluence.” So, she reset and can now teach you what she learned.
Two Approaches to Setting Financial Goals
It’s not about the speed of our growth, but about the unit economics. That’s what investors want to see. How much do we have to spend to acquire one customer? What is our profit margin on that customer? That’s actually more important for me to master and perfect…
– Amanda Steinberg
Whenever Amanda is setting financial goals there are two strategies she always takes to planning: a top-down and bottom-up approach. In top-down planning you look at your entire market and assume there are no limits on your marketing, capital, and talent resources. Once you have a framework for the possibilities, you bring it back down to earth to assess the possibilities through the realities you have. How many people are on your team. What you know about your sales ability. What capital you have.
You find a number that is both really ambitious and realistic relative to your resources.
– Amanda Steinberg
Battle the Imposter Complex when Setting Financial Goals
Oftentimes entrepreneurs, especially female entrepreneurs, struggle with self-worth when setting financial goals. We don’t set an audacious goal, because it feels like it’s bigger than what we can do. We worry about how we will be perceived—too aggressive, “She has a lot of Steve Jobs in her, and I’m not sure that’s a good thing,” (how Amanda was described once), or a failure if we don’t achieve the goal. Amanda learned something as a video-game playing kid that she suggests you employ as an adult when you fail:
“Treat it like a game. Then failure doesn’t feel like a reflection on you it’s just a normal part of the learning process.”
Set goals that feel a bit uncomfortable to you. In her book Worth It, Amanda explores the Good Girl to Lady Boss transition women are in the midst of and explains how to facilitate your own identity transition to create your life and your money on your terms.
Learn more about Amanda’s journey and what you can do to create more financial security in your life by establishing three crucial roots that then give you the wings to live the life you desire.
We’ll be back next week with another inspiring entrepreneur, but in the meantime, don’t forget to subscribe to the Profit. Power. Pursuit podcast on iTunes so you never miss an episode.