106. Five Minutes A Day To Take Control Of Your Finances with Nicole Barham

The Easily Distracted Entrepreneur

If you’re a busy entrepreneur who doesn’t know how to make sense of your business profit and loss statement---let alone figure out how to create one for your accountant to review---well, you are definitely not alone. There are so many of us out there running six-figure businesses and yet we’re not actually on top of our finances. I have been guilty of this, and so has financial coach Nicole Barham, my guest on this week’s podcast.

A few years ago, Nicole found herself in financial straits when revenue from her successful online business suddenly plummeted. Bouncing back from bankruptcy, she learned from her mistakes and created the 5 Minute Bookkeeper™, a painfully simple system to help fellow solopreneurs get up close and intimate with their own numbers. I’m a big fan---especially because five minutes a day is very doable for my ADHD brain.

Nicole and I are talking about money mindset and confronting financial shame head-on with preemptive action. Her inspiring story shows that it is possible to flip your financial situation, no matter how deep you think you’re in it.

Tune in!

About Nicole Barham:

Nicole Barham is a Finance Coach who created and founded Design Your Wealth to help women solopreneurs go from stressing about money to financial peace of mind by showing them how to be not just the boss in their business but also the boss of their finances—all in just 5 minutes a day.

Over seven years ago Nicole started an online business when affiliate marketing was just beginning to be cool, and her business exploded! She made more money than ever before, traveled the world, and was living the dream. Then, in the blink of an eye, her business slowed down. When she finally took her head out of the sand and looked at her finances, her business was six figures in debt. She had to file for bankruptcy and start all over again, literally from scratch.

With a strong background in accounting, bankruptcy wasn't supposed to happen to her, but it did. From that day forward Nicole vowed to never ever find herself in that position again. She went back to her accounting roots, figured out the secret formula to financial peace of mind, and created Design Your Wealth to share that formula with entrepreneurs, particularly solopreneurs, everywhere looking for an easy way to manage finances. Through her 5 Minute Money suite of digital products including her flagship, 5 Minute Bookkeeper™, Nicole shows just how easy it is to put a super-simple, efficient financial system in place with just five minutes a day—so finances never have to be left for "later" again.

Follow Nicole on Instagram and Facebook.

Links and Resources:

• Design Your Wealth

Time Stamps:

[2:07] - Nicole’s bankruptcy was the catalyst to creating 5 Minute Bookkeeper™

[4:34] - Amber has paid the ADHD tax

[7:26] - Getting your hands dirty in your finances

[12:39] - Nicole’s Friday money dates provide support and accountability

[13:50] - Money shame related to not keeping up with your finances

[19:06] - The more you look at your money, the more you take care of it

[22:59] - Strategies emerge to achieve business goals when you pay attention to your finances

[25:18] - Can’t forget your silent partner

[27:00] - How Nicole regrouped with a positive mindset after bankruptcy

[31:45] - 5 minutes a day with your finances helps counteract ADHD impulsiveness

[34:07] - Reaching seven figures doesn’t necessarily mean you’re profitable

[35:30] - Where to find Nicole and 5 Minute Bookkeeper™