How to Get Financially Fit with Tracey Bissett

No matter who you are or where you grew up, there’s a pretty good chance that you didn’t learn enough about financial literacy in schools. Whether you own a business or you’re a young professional considering starting one, knowing how to avoid the mistakes that will haunt you for years to come is incredibly important in the early stages of running a successful business.

My guest, Tracey Bissett, has spent much of her career helping people become financially fit, with a special focus on entrepreneurs. On countless occasions, she’s walked people through the nature of profit and loss, how balance sheets really work, and what sustainable cash flow actually looks like. She’s also had to help people navigate extraordinarily tricky situations caused by a lack of understanding.

Today, Tracey joins the podcast to talk through the mistakes she’s seen many entrepreneurs make, things you can do right now to get on top of your financial game, and what you should be thinking about in the months, years, and decades to come to maintain your financial fitness.

‍In this podcast interview, you’ll learn:

• Why these past few years have been very bad for some business owners and very strong for others.
• Why schools in both the United States and Canada do such a poor job of teaching people about money - and why so many entrepreneurs with strong skill sets lack a deep understanding of how their finances actually work.
• Why completely delegating your finances to someone else is a bad idea, why so many business plans prove to be astoundingly inaccurate, and Tracey’s advice for the many clients she’s met who end up building businesses on maxed-out credit cards.
• The age-appropriate lessons about money we should be sharing with our kids as they grow up.
• Why it’s so important for anyone pursuing a post-secondary education to apply for scholarships.

Interview Resources

• Bissett Financial Fitness
• Young Money Podcast
• YM Scholarship Fund
• Cash Coach
• Xero