Today on The Ambitious Introvert, we’re talking about a topic that’s really close to my heart – business finances. I’ve found that so many online business owners are not transparent about this, so Dominique Mullally, Profit and Wealth Strategist, is joining us today to break it all down. She’s sharing what wealth actually looks like, and smart metrics to set for yourself to achieve business success.
Dominique and I discuss:
- Why women tend to avoid business finances and why this has to change
- What having wealth actually looks like and creating a money mindset
- How your mindset and EFT are related to wealth
- Why you have to build a business on your terms and defining what success looks like for you
- The legacy vs. the lifestyle business and why we have to think about the end game
- Simple steps you can take today to get clarity on the financial side of your business and create personal wealth
Dominique helps empower women in business with mindset and strategies to maximise profitable opportunities, so they can make more money, keep more money and grow their money to build personal wealth. Learn about all of the services she offers on her website.
Dominique’s book recommendation for The Ambitious Introvert:
Connect with Dominique:
Connect with Me:
Click here for a raw, unedited transcript of this episode
How they own what they are, you know, it can be a real vanity metrics, a real numbers game, and people are running businesses without any real clue. About what goes on behind the scenes with their money. So this is a massive, massive topic. Ultimately, we run our own businesses yes. For the freedom and yes, for the lifestyle.
But we also want to make sure that we’re growing our own personal wealth at the same time. So I cannot think of anyone better to come. And I’m going to guess get very animated about this topic than today’s guest. And I’m going to hand her over to introduce herself. Hello.[00:01:02] Dominique Mullally: Hi, how are you? I’m good. Thank you.
How are you? I’m good. I’m good.[00:01:06] Emma-Louise Parkes: Thank you. So tell my audience, you are and all about your business and who you help. [00:01:12] Dominique Mullally: Yeah, so I’m Dominic Malali. I am a profits and wealth strategist. What does that mean? Well, basically I help women in business really understand how to maximize profitable opportunities within their business, that, that they can then use and leverage for personal wealth. [00:01:30] Emma-Louise Parkes: I love it because I think we can get so focused on like, oh, the business, the businesses bringing in this amount of money, the business is doing there. So I’ve hit this metric in the business. So I need to invest in something else without really thinking about how it affects us in our personal lives. [00:01:45] Dominique Mullally: Yes, absolutely.
And that’s the thing, you know, there is no separation, it doesn’t matter whether you’re a solo ProNet, um, you know, whether you’re a sole trader for example, or your company. The business funds are lifestyle. So the two are interlinked and we need to make sure that our business is profitable and it’s sustainable and it’s saving us.
And that also means it’s not just about the financial aspect, it’s the energetic aspects, but we need to ensure that the things that we’re doing in the business of saving us and can provide us and to sustain the lifestyle that we have or, and, or want. So it’s really, really important topic. And it’s one that we, as women in business probably avoid more than anything because it’s, you know, it’s like women say to me all the time, I’m good at maths and you know, money, isn’t fun.
And I’m like, I will get you to a point where you will fall in love with money. Money will be fun. It’s all about your perspective and your perception and how you view money and money. To me is just simply a tool that we get to use as, as leverage. To have more of the things that we, uh, we want, uh, or we needs, um, and take the emotional aspects out of energies becomes a maths game.
It’s just, what do we need to put, uh, multiply in order to create that?[00:03:03] Emma-Louise Parkes: I love that because I think that I’m not good at maths as in, I didn’t like it at school and I didn’t do very well, but I’ve always been quite confident in managing my finances. I think the maths I didn’t like was like algebra and trigonometry and stuff, but actually when it, when it comes to money, I’m quite happy with that.
So what’s your background? How did you get to be a profit and wealth strategist?[00:03:24] Dominique Mullally: So my background is financial advising. So I was a financial advisor for many years in Australia. Um, I also create a financial independence, male myself at the age of 31. So what that means is that I created the portfolio of assets, which means that I get to choose life on my terms.
And I always give this little disclaimer to say, um, I’m not a millionaire by any means. I don’t live in a big flashlight. Sorry, a big flash house. But what I do have is a portfolio of assets, which affords me freedom of choice. And this is where it becomes attainable for most people, because most people will think that having wealth is the Beyonce lifestyle.
It’s the private jet. It’s the, you know, 20,000 pounds a months or $20,000 a month, depending on where you are in the world. Um, and it’s. It’s understanding, um, what do you need by way of assets to provide you with the passive, passive income to be able to sustain or maintain your life? Um, and you know, you always want to raising the bar on that, but it’s a lot more attainable than most people think.
And so I’m also qualified in, uh, I’ve got a diploma in finance, um, sorry, diploma in hypnotherapy. I’m also, I’m an NLP practitioner and an EFT practitioner. And the reason that’s important is because I am very strategical. I am very analytical in the way that I work. Um, but I have to do a lot of unpicking around the money mindset side of things first, before we even get to the strategy component, because it’s okay for me to say, We can do this in your business, or we can do that or we can create wealth.
We can buy assets, we can give you passive income. But if you don’t believe, and you don’t believe it’s possible, or B you don’t believe that you’re deserving of it, you are going to self-sabotage anyway. So the two go hand in hand, when we’re talking about building wealth, we have to come at it from a mindset perspective and overcome any limiting beliefs or blocks that we may have.
And then we facilitate the, how then it’s about understanding the strategy and reverse engineering. Well, how do we create the dream? Lifestyle, but the business then funds because they said the two of them are interlinked[00:05:26] Emma-Louise Parkes: on a slight aside. I’m in an LP and EFT practitioner as well. And I don’t know why I don’t, if you agree with this, I love an opaque.
Like I took it up to the Hills, but through something about EFT, with money mindset, the work so well, EFT, so awful with money.[00:05:43] Dominique Mullally: Amazing because. Money is so emotive. Like I say, it’s like an, it’s a mind field. Um, and it’s a very, when we talk about money or when we think about money, even from a pricing perspective, when I talk to him about increasing their prices or selling and promoting their products and services, there’s always a highly charged emotion behind it.
And what EFT does is it’s an amazing tool which allows us to reset and to bring those emotions back down to a level where it’s manageable, because I always say that money is simply energy. It’s just an energy exchange. So the energy that you’re creating, if by way of your relationship with money or how you’re showing up in your business, when you’re having those money conversations is translating and it’s being received by the other person.
On the receiving end of that. And if you’re highly emotive about it, your unconscious and your nervous, that energy shows and it presents an EFT is just a very simple tool and technique that we can use to bring that emotion back down to a level where you can facilitate those conversations and engage in a way that is saving you and empowering you rather than disempowered.[00:06:53] Emma-Louise Parkes: A hundred percent, if any of my clients, if we come across some, an issue with money or any kind of block or limiting belief, it is the first tool. Yeah. Tap it out. It is the first tool that I go to. So I’m so glad that we’re on the same page with that. So, um, this might be giving you the steps to the soap box.
But I’m going to ask you’re in the industry you’ve been in the industry a long time. You work with female entrepreneurs, you work in the online coaching space. There’s a lot of talk about income. There’s a lot to talk about revenue. There’s a lot of fans, team metrics. What annoys you the most about this?[00:07:29] Dominique Mullally: There was you have to pick one thing. No,
no. I think, you know, there’s so many people who are coming into this industry and they there’s a, such a dis disillusion around it. You know, people it’s like unicorns and fairies lost. It’s like this magical bale, but people think they can just. Charge, whatever they want, or it’s very frustrating because what it does is it puts people in the back foot and they find themselves setting targets, which are actually financial targets, which actually have no meaning.
And it would say that money has no means of in the meaning we give him. So when we’re setting these financial targets, we need to understand why we say what’s the, why are we setting that as a metric or a measure of success? Because for me, financial success is something that. It’s very personable. It’s very, it’s very individual to that person.
Um, and as I said, you know, I don’t, I have a portfolio of assets which afford me the lifestyle, but I, that I, um, but I now live, but I’m not a millionaire. So some people could look at me and say, well, Is she successful because she only ends so much passive income a month, as opposed to this 10,000, 20,000, 30,000 per month.
I don’t even know where these figures came from. Like who set the standards for what the measure of financial success. I did. I don’t[00:08:57] Emma-Louise Parkes: know why it wasn’t 9,999, maybe because it’s got the extra figure on, but apparently it’s the 10,000. I don’t [00:09:04] Dominique Mullally: know where it came from. Listen, your business is one of the riskiest assets that you would ever invest in, and it was also one of the most rewarding.
Well, we need to make sure that it is giving a sort of tan on the investment for all the time, the money that we’re putting into it. Now, if you’re coming out at the end of your business and your fish, your business, and you’ve succeeded in maintaining a profit, even if that profit was 5,000 pounds, right?
For example, you have succeeded. You’ve done really well because most people will stay stuck in a corporate role or a corporate job the rest of their days, because they don’t have the courage to step outside of the system. Right. Because that’s what it is. And if you’ve stepped outside the system and you’ve created a business for yourself, right.
You know, I said, I just don’t know where these, these, these metrics have come from because to me it’s a vanity metric. It doesn’t mean anything you need to understand from your own personal perspective, how much do you need to be making in your business to be able to take home a salary, a consistent salary, because.
You’re honest, there’s some people who might be 10 over a hundred thousand pounds a year, and yet can’t even pay themselves whether that be through a salary or a dividends. So how much does your business needs to be making to actually pay yourself a consistent salary and work towards that? And when you achieved that.
That to me is your measure of success. And then what you want to do is increase it. It’s like a sliding scale. It’s incremental those targets and those increases need to be incremental. And when you set yourself, the bar too high, too quick, there’s almost like a subconscious doubt that comes up anyway that says it’s not possible, or you’re not deserving or whatever.
And then you start to compare yourself to other people. Then you start to beat yourself up and it’s like, it becomes a self-esteem self fulfilling prophecy. Not achieving the goal, the one thing that you want. Um, and money’s got to feel good. Any money has to feel good out if it doesn’t feel good, guess what?
We’re not going to be able to make the money anyway. So we need to make sure that we’re building a business that is built on our terms and no one else’s tears, because you know, this whole cookie cutter. Bullshit approach to business as well, which is like one size fits all. No, it doesn’t. Everyone has different personalities.
Everyone has different needs. Everyone has different values. Everyone has different, um, you know, ways in the way in which they want to market their business. For some people, they might be comfortable being all over social media for others that might not be their job. So it’s finding a way to build a business that works for you in alignment with what you follow.
And what feels good. And I said, as long as it is paying your way, and it is providing you with the income that you need to facilitate and maintain and sustain your lifestyle, then what’s the problem. Instead of just a thing. So many people are being set up to fail because they they’re being led to believe they don’t hit the six figures of success.
Then they’re a failure and it just it’s, it’s a whole load of bullshit. If you want, if you asked[00:11:56] Emma-Louise Parkes: me, it’s really interesting. Cause when I first bought the business online, I was already coaching offline and I bought it online. My goal was full, consistent. 11 and a half thousand pound months revenue, and everyone was talking at 10 K or 15 K 20 K, but I’d worked out that if I had 11 and a half, by the time I put aside for my tax and national insurance, by the time I allowed for any operating costs, by the time I’d put aside a 40% profit, it meant that I could take a salary, which was just under what my.
Salary was, and to me that was success because I could work for myself and still take the same salary. And therefore I wouldn’t take, um, a drop in life. And so that, but that was a really personal number, but the amount of people that left, because they’re like, we’ll ask specific. I was like, but that would give me what I’m used to, that it would mean that I could take a salary of X number of thousand pounds.
So, you know, that, that to me was something to, to aim for. And it felt realistic to me because I’d been earned in that in a corporate role. It’s just like, okay, I just need to look at I’m earning it in a different way.[00:13:05] Dominique Mullally: Yeah, absolutely. And I have to say to people like it’s not important, it’s not so important.
What you’re making. Most of what’s most important is what you’re keeping. And that means that that applies to both your business and your personal finances as well. Like I’m obviously privy to people’s finances on both sides. And I can tell you that having a high income does not, does not, it’s not attributed to being wealthy, you know, as stores, um, having a high rough revenue doesn’t mean that your business is profitable.
And I think a lot more people need to be transparent about that because they said, you’re talking about this, this 10 K. And as you just mentioned, what is 10 K actually mean? You know, you might have a team of people by the time you’ve paid out all of those expenses and all the taxes that go with that, then you might be as a business owner left with 1500 pounds a month, you know?
So again, it’s understanding when you’re setting financial targets in your business, you need to understand. Your costs, your expenses, your tax, you know, making sure that you’re, you’re planning for profits because as we know, um, quite often in business, uh, profit is an afterthought. We need to be thinking about forward-thinking and building that into our revenue targets and making sure that the revenue targets that we set, as I said, have some kind of meaning, and we are motivated to want to accomplish them.[00:14:26] Emma-Louise Parkes: It’s funny because when I was a kid, I remember we have neighbors who lived in the big houses. I’m going to say they had like the big detached house with the double garage. And they had, I’m going to say an investor comes, they have a lot of money. They always had two brand new car. She was really glamorous.
She had lots of jewelry. They went on foreign holidays, all the things that as a kid, I thought like, wow, And I remember the day that the big lifts came, uh, this was in the eighties and they were literally carrying their furniture and they tip their TV and everything out. And I remember saying to my mum, like, what’s going on?
And mom’s like, oh, everything was on the never now. Yep. They had just bought everything on credit cards, maxed out credit cards. They’d remortgaged the house. Numerous times over they’d taken out loans against his business. He was self employed. So what looked from the outside to be like, oh, these people are really rich and wealthy.
They were in so much debt. They were drowning in[00:15:18] Dominique Mullally: debt. Yep. And I see this all the time, you know, working with high net individuals, I said, you know, income doesn’t mean wealth and income is not, sorry. Wealth is not income. Wealth is assets. And what happens is most people end up in consumerism cycles and they make decisions in their business based on these cycles and these patterns with money to keep up with the Joneses or to keep up the appearances.
Um, and they, when you actually strip it all back, they have very little profitability. They have very little take home pay or dividends, profit, the payouts in selves. Um, and they have a lot of liabilities and non lot of assets. Um, so, you know, it’s a real, it’s a real problem in society. I was, um, I’ve recently been updating some of my course material and, um, one of course is to have us around debt and the most recent, um, Ratio for debt to income ratio in the UK, I’m actually discussed the, by this is 128%.
So what that means is for every pound that someone is ending, they’re paying back one pound 28, and it’s because of these money habits and these patterns and these beliefs that money. Is attributed to things, sorry. Success is attributed to things. It’s the flashcard. It’s the big house. It’s not, you know, we’ve got to move ourselves away from that.
The measure of success, being a volt, all of these tangible things, because that’s actual the need to consume consumers and cycles that we live in, because all it does is put people into further debt and make them feel even worse about.[00:16:57] Emma-Louise Parkes: And I saw that a lot in my corporate job where it was like, oh, so-and-so is getting a new car or where are you going on holiday?
Or someone’s buying a share in a boat or someone’s buying a share in an airplane. And these things that there was always more and more to buy. There’s always something else. It’s not like people often go. Yeah. Do you know what? I’m really happy with that now? I’m just, I’m just sticking it.[00:17:20] Dominique Mullally: Mm, absolutely.
And look, I don’t believe I’m, I’m not one of these people who believes in deprivation, but budgets don’t work. It’s like it’s dying. I just want the best somewhat of a diet. I don’t want the 10 times exactly. Two times. You’re going to want the 10 times. And it’s the same thing when it comes to stuff, you know, but what I’m saying is we need to be financially responsible and smart.
And we need to make sure that we have the means available to spend before we die before we buy, before we die, before we buy. But what most people do is they spend before they have the means available to them to afford them that luxury, you know, delayed. Um, most people don’t live by delayed gratification.
It’s instant gratification. If we want something, we can get it on the here and now, you know, you want a new car, a new car. You can get it, obviously through a line of credit. There’s so much accessibility now. Things and consumerism, and that’s why people are in debt. And this is why people are just so much pressure and put themselves into so much pressure to have these 10,000 pounds a month in business or 20,000 pounds in business.
It’s because they’re constantly chasing and seeking something usually outside of themselves. Um, and you know, when it comes to your relationship with money, I always say that it starts with yourself for me go through a lot of this is really understanding what’s your relationship with yourself because you’re.
Relationship with yourself present by way of your bank balance. It presents by way of your pricing. It presents by way of your lack of negotiation with suppliers of your product based business. For example, all of these things manifest in your business and your life in one way. I know that, and you’ve got to understand that fear.
Before you can really build a profitable, sustainable business that you can then leverage for personal wealth. And I think, you know, over the last 12 months, people need to be really putting a focus on diversifying assets. Um, you know, COVID has really highlighted the financial risk of having all your eggs in one basket, because obviously we’ve seen a lot of businesses fall.
Overnight, you know, people’s income trade off in a matter of, you know, two or three days, for example. Um, and you know, so we’ve got to get, we’ve got to get past, um, You know, um, I’ve lost my train of thought. Yeah. We’ve got to get past the need to put all our eggs in one basket and understand that our business is a risk.
And having everything built into that business is also a risk. So we need to be thinking about what are we doing with the money’s coming in? I would say as well, there’s two different types of businesses. There is a legacy business and a lifestyle business, and a lifestyle businesses where you accumulate, uh, assets, or you should be thinking about accumulating.
Through the course of the lifetime of that business and let it let you have a legacy based business, which is where you go on to then on sell it to an investor, for example. Um, but a lot of women in business are not thinking about the end game, you know, and for most of us hate to say it, but we’re like w you know, we’re less than 20 years in some instances from having the potential to retire.
Uh, but 80% of women go into retirement in poverty. And with none of the money in their, uh, in their pension pots to actually fund their retirement. So we need to be thinking strategically as well about what we’re doing with all the money that’s coming in our business and not just buying more stock, not just accumulating more liabilities, but actually, you know, forward-thinking and being very intentional and putting the money into buying assets, which then can provide us with passive income.
Something[00:20:59] Emma-Louise Parkes: that I find really interesting to do is go like, right. If I went 20 grand on the premium bonds this week, what would I do with it? Or if I want a million pounds on the lottery next week, what would I do with it? And I think it’s a really interesting exercise because very rarely for me. Is it buying more things?
I don’t have a car, you know, I might buy a bike maybe. Um, but a lot of it is, you know, my first thought is like, I’ll invest in this or I’ll pay the mortgage off. Or then there are always things in the business that I’m like, oh, I know if I invest in this, it would help me grow the business. And that I know, and I get really excited.
I’ve got quite an investor mindset anyway, but I get really excited by that. And when I think about like say, uh, you know, 20 K fallen into my lap, I’m thinking about two or three going on treats and being a bit frivolous and the rest of it, I’m like, oh, that can, that can go there. And that can invest in this.[00:21:51] Dominique Mullally: Yeah, absolutely. And that’s the way you have to think. Like I said, I don’t believe in denying ourselves of anything and if you want something, you should absolutely go after that, but make sure you have the means available and that’s where you actually. Forecasts in your business. And that’s where you obviously project in terms of your financial targets to allow for that.
But I don’t think you people should be putting themselves into debt to facilitate that, but yeah, you have to enjoy your money. Otherwise, what’s the point. So I’m, this I’m exactly the same. It’s like a, spend a little. I save a little, I invest a lot. That’s the way I work. So for me, if, if I, if someone give me a million pounds, I’d be like, okay, well, I’m going to invest.
I’d go straight to investing because I know that by investing that money, I get a return on my investments, you know, and that’s the way we have to be thinking with regards to our money is when we’re putting it back into the business. What’s the return on the investment. And again, it might not be financial.
It might be in terms of leverage. So in terms of buyback advantage or buyback of time, you know, that then may come back around by way of the bottom line, for example, but we always want to be asking ourselves whenever we’re spending money in our business and also in our laws Babs about big amounts, because big amounts of cash.
Now we need to be thinking. How is that saving us? How was that save is in terms of building our personal wealth, because it said a business is there to make an impact, of course, but it’s also there to provide us with an income and we can’t escape that and we shouldn’t escape that and we should be celebrating that and we should be unapologetic about that.
But I think for a lot of women in business is they hide behind what I just said. Give volume. I just want to make a difference and that’s great. We all want to do that, but we also want to make sure that we’re getting paid accordingly and the business is also saving us financially, not just energetically and emotionally.[00:23:39] Emma-Louise Parkes: So for anyone that’s listening, that’s like, oh my God, Dominic, I’m really panicked. Now. Like my business is a mess. Like I’m just invested in things that I really know what I’m doing. And I’ve just realized that I haven’t taken a salary for the last six months. What’s really simple step that they can just sit down and do to get clear on things. [00:23:57] Dominique Mullally: They need to sit down and go through the numbers. They need to get a clear line of sight on. What is your business actually making? What is it costing you and where are you profitable? Because I see a lot of entrepreneurs, especially cause we’re creatives. You know, we, we create things like to create things and because we create things, you know, these are our babies.
We don’t like to let them go. So what I see a lot of women in business doing is promoting products and services that are actually not profitable. So they’re putting a lot of time and energy into things that, and not saving them financially or not saving them emotionally because they’re not saving them emotional.
I don’t want to do them. They don’t want to do it. They don’t want to show up. They don’t want to do the wake that’s involved to actually service that product or that service. So it’s really important to have clarity and all of that. You can’t. Looking at your numbers. You know, we have to step into that seat, roll C E O C E O role, and that C F O role, which is knowing the numbers and getting clarity on that.
When you know your numbers, you’re able to make decisions from a place of empowerment. So you’re not being driven by emotions. You’re being driven by data. And that’s the difference because you’re able to look at something and say, okay, I know that I need to achieve X, Y, Z in terms of a target. I know that it’s going to cost me this much money to create the Facebook ads or to bring someone in to actually help facilitate the launch.
It was so my coaching business, for example, but you need to know your numbers. There’s no way that we can escape those. So sit down, pour a nice glass of wine or whatever is your thing, green tea, and just rip the bandaid off. And I promise you. With the clarity comes control. Um, and the more in control we become, the more empowered we become and the more empowered to become the easier it becomes to start making those decisions.
But we need to get clarity on that, because that is the thing that’s going to also motivate us to create that consistency, because you need to create consistency in your business by way of revenue, but also in terms of the personal income that you’re taking home, I said, you know, I understand that when in the early stages of business, some people will delay the payments of, uh, receiving an income, but that’s something that shouldn’t be sustained long-term because what that does is that then de-motivated.
It also robs you of your energy because you’re not seeing the financial rewards of that. It creates a lot of stress and it creates a lot of unhappy business owners because you’re not wanting to do the thing that you need to do to create more revenue, because you’re just burnt out. You’re exhausted.
You’re just not seeing those rewards. So it’s really, really important that you get client clear line of sight and your numbers, and that you create that consistency and start paying yourself consistently because it says you have to allow your business. To sustain and maintain your lifestyle. There’s no way, there’s no way you can get around that because if you’re not, if you’re not getting that from your business, you’re highly unlikely to want to motivate yourself, to then continue to work a little bit harder to generate more revenue.[00:26:58] Emma-Louise Parkes: Something that I did fairly recently. Cause I, you know, I’m on top of my finger. So I knew this was the case. I wanted to invest in a Pinterest manager because I know that Pinterest is a great place for me. You know, my audience are that I’ve got tons of podcast episodes. Blog posts things to, you know, bring, bring people over to.
So it’s a great way to build my audience, but I was at that stage, like you said, time and energy. It doesn’t make sense for me to go and do a Pinterest course and learn about it because that’s not my zone of genius, that’s coaching. So I wanted to outsource this, but that would have meant taking a dip in my side.
Yeah. So I knew when I signed the next client, it was almost on the list. Like that’s the next hire, the next person that signs up with me. I’ve already apportioned some of that money to hire the Pinterest manager, because I knew I could’ve just done it, but then I would’ve got to the end of the next month and gone, oh, I don’t have as much money left.[00:27:53] Dominique Mullally: Yeah, absolutely. And that’s where you got to think of it is, you know, where are you spending the money and what, what type of retainers are getting you? Uh, because the trade off is if you’re buying back time or energy, then it’s it’s, then it’s usually an investment that says you, but whenever you’re spending money in your business, you need to make sure that.
You know your numbers and also as well, you understand the return that you’re looking for and the timeframe in which you should be seeing that return, because it said it might not come initially by way of the revenue. And it might be intent to frame your, um, in terms of your time as the business owner, but then that will come back around maybe, you know, three months from now, four months from now in terms of the bottom line.
So it is really important to get clarity and all that.[00:28:36] Emma-Louise Parkes: And I’m going to ask you one more question, which I know this is probably a whole other episode and it’s very individual based, but for anyone listening, that’s thinking I really need to create some personal wealth and Dominic’s talking about assets and I’m not really sure where to start.
If someone literally has just been, you know, having the money, come in, spending it under the things. And now they think actually I would like to look invest in. I would like to look at building up a bit of a portfolio. Where’s the easiest place to start. Hmm.[00:29:09] Dominique Mullally: Okay. Okay. I mean the easiest place to start is to start with self-education. So buy yourself a book. Um, you know, there’s plenty of books out there on investing. Um, what I would say to you is spend some time educating yourself, um, and also come follow me on Instagram because this, the stuff that we talk about because.
Investing shouldn’t be complicated, but it can feel like that. And it can feel very overwhelming, especially for women because especially when the town sells, you know, these stories while I’m no good at maths and I’m awkward with money and all this, then they’re the ads too. Well, I’m not going to invest.
You know, I don’t even know where to start with that, but self-education is a big part of that, you know? And you know, what’s the cost of the book these days. Like not a 10 pounds, you can read it in your own time. Um, but sit down and just start to. Empower yourself with this knowledge, we have to take responsibility.
We want to change our financial circumstances and start accumulating assets. So we have to start empowering ourselves with the knowledge and the financial literacy to do so, because there is a lot of information out there and sometimes it can be. You know, information overload. So I would just say, start with books com and follow the likes of myself.
You know, the likes of ad Wilson as well. Who’s the wealth chef. There are a few, like couple amazing people out there who can get some place. Uh, information from that. So the most important thing is when someone is talking about investments, you want them to explain it to you in a way that is simple. Um, because that of it sounds all in consuming and overwhelming, then you just want to live with the information.
Anyway,[00:30:53] Emma-Louise Parkes: I read two or three books before I got involved in it. And I remember saying to a friend of mine, like, oh, I’ve just bought, you know, just my, my first investment have to put some stocks and shares and she went, oh, that’s risky. You don’t want to do that. Which if I hadn’t read the books and understood it, I might have just gone, oh, I don’t, I don’t want to do that.
But yet that education piece is, is key. And I, I read, like I say, two or three different things, so they’re coming at it from different angles. And then I was like, okay. I feel quite empowered making this decision. I felt very excited the first time I invested. Yeah, it is.[00:31:25] Dominique Mullally: Especially when you start to see the compounding effects come into play.
Oh, my God, I’m actually ending money for nothing like that is true. Passive income. That is when you know, the compounding effect comes into play. So, you know, stocks and shares, uh, incent by way of an index fund is a good way to start. Um, but as that would be a whole episode because of the co you know, because it can be, it can sound overwhelming, confusing to a lot of women.
Um, but what I would say was just an important point that you just touched on there. Um, Please try them out the noise when it comes to building assets and building your own personal world. And don’t take advice from people who’ve never done it before, because there’s a lot of fear mongering that goes on around buying assets, investing in the stock market.
And I usually contract people. They policy information. So they know a friends of the no offense, you lost money for example, or they might’ve been invested themselves. What, they’ve got a hot tip from a friends, but friends of friends who then lost money. So it makes sure that when you, whenever you go to invest, um, as I said, you’re educated and you’re empowered with your knowledge.
You’re confident with decision you’re making and you’re making the decision based on knowing what’s right. And what’s best for you and not taking the advice of others. Who’ve never walked that path before. Well, don’t have the experience or the qualifications to give you an educated and informed decision, an educated and informed opinion as well,[00:32:54] Emma-Louise Parkes: which leads beautifully into my last question of the podcast, which is as always, which book would you recommend to my audience who are growing and scaling their online business? [00:33:05] Dominique Mullally: So hands down
I absolutely love. I love the way. Um, he talks about, uh, building a business and, you know, being a business versus an employee, because a lot of people, what they do is they create a job. They leave corporation and they just create another job by way of their business. But he also talks again about the stuff that I talk about, which is.
Well, understanding how to leverage the money that’s coming in in a way that efficiently saves you to build your personal wealth and to allow yourself the opportunities to fund a lifestyle from those assets. Um, so that would be my recommendation and a more recommendation.[00:33:50] Emma-Louise Parkes: Well, I love about that book for anyone that’s thinking, oh, book about finance or money is going to be really dry or overwhelming is it’s so accessible because it is written as a story.
Yeah. And it’s like the 5:00 AM club and a lot of guests recommend the 5:00 AM club. And I think the reason is it’s not just a list of things, go and get up at five o’clock and do this. It’s, it’s woven into a story and people can see and really start to, you know, get into it and feel it. And that’s the same as rich dad.
Poor dad.[00:34:14] Dominique Mullally: Yeah, absolutely. It’s digestible and it’s fun. And that’s a thing as well, like. Well, it’s all about money and finance. It’s always been a man’s world and it’s always been very stuffy and took it wrong. Robert Kiyosaki is obviously a male, but he tells as a way in a way, as you said, but it’s empowering and it’s storytelling and it’s just interesting and fun.
And it just brings you to the end of the book where you think, well, anything is possible, you know, and that’s the point you want to get to. You want to really empower yourself with the knowledge that anything is possible. You know, you can use your business. To help accelerate your way to wealth, but you just need, it need to be very strategic and very intentional with what you’re doing with the money that’s coming in.
And that’s the difference. That’s going to make the difference in the longterm.[00:35:01] Emma-Louise Parkes: I love it. Dominic, thank you so much for coming and sharing your wisdom. I’m going to drop all of your links to everything you do in the show notes, but for anyone that’s, you know, drive in or out on a walk and they’re like, I need to connect now, where is the best place that they can find you online? [00:35:16] Dominique Mullally: Uh, so probably Instagram, Instagram. So my handle is just my name dominate [00:35:21] Emma-Louise Parkes: Malali. Perfect. Thank you so, so much for coming to chat to us today and let you step down off the soapbox. Excellent. [00:35:29] Dominique Mullally: To have me.