Get Real With Your Finances: Finding Your “Why” and Building Your Entrepreneurial Foundation
Let’s be honest—most of us don’t love staring at our bank statements. We’d rather dream big, map out our empire, and conquer the world, right? But here’s the thing: a solid financial foundation is the backbone of every entrepreneurial journey. Without knowing your numbers, your goals, or your “why,” you’re basically trying to build a skyscraper on quicksand. If you’re ready to tackle your financial reality, get crystal clear on your motivations, and build a foundation that lasts, read on. This is about stepping up, getting real, and aligning your money moves with the life you’re working hard to create.
1. Know Your “Why” Like the Back of Your Hand
It might sound simple, but if your “why” is shallow (like “I just want to make money”), it won’t sustain you when things get tough. Brennan Schlagbaum, creator of BudgetDog Academy, explains it perfectly. He encourages entrepreneurs to dig deep and ask “why” at least five times to uncover the real driver behind your goals. For example:
Goal: “I want to make more money.”
Why? “So I can be financially free.”
Why? “So I can have time for what matters.”
Why? “Because I want to be there for my family and make a difference.”
Your why becomes the fuel that keeps you focused when distractions come knocking. Get specific, and don’t hold back—this is about creating a mission that means something to you.
Takeaway
Ask “why” five times to uncover your real motivation. When you get to the core of it, you’ll know what’s driving your dreams.
2. Face the Financial Facts (Yes, Even if It’s Scary)
Brennan has a saying: “Your spending reflects your values.” And he’s right—our budgets tell the story of what we really prioritize. Grab your last three months of bank statements, categorize your spending, and ask, “Does this match up with my goals?” For many entrepreneurs, this is a hard truth. Those impulse buys or endless food delivery bills are working against the very goals we say we value.
Facing the financial facts can feel uncomfortable, but it’s the only way to take control. This exercise may reveal that your spending doesn’t align with your dreams, but that’s okay. It’s about clarity, not judgment.
Tip
Take a Saturday morning, pull up your financial statements, and highlight the patterns. Then, create a list of non-negotiables that align with the life you’re building.
3. Set a Realistic, Game-Changing Income Goal
It’s easy to dream about being “financially free,” but what does that actually mean? If you haven’t set a concrete income goal, it’s like shooting in the dark. Aiming for “lots of money” isn’t enough. Figure out exactly how much you need to live the life you want, covering everything from rent to recreation.
Many entrepreneurs struggle with this. But here’s Brennan’s advice: Don’t be afraid to get specific. Define that number, and let it be your guide. When you have a target, it’s easier to make decisions that move you closer to it instead of spending mindlessly. You’ll work smarter, not harder.
Action Step
Figure out your “enough number”—how much income you need to reach financial security. Once you know that number, it will guide your decisions on what to cut back, invest in, or save for.
4. Prioritize Consistency Over Big Wins
In the business world, consistency is queen. The reality is, everyone wants the spotlight, but few are willing to do the daily work that leads to sustainable success. Brennan uses the analogy of a marathon: everyone’s packed shoulder-to-shoulder at the starting line, but by mile 16, the crowd thins. That’s what consistency does for you—it separates you from the pack.
Create small, consistent actions that align with your “why” and push you toward your goals, whether that’s contributing a set amount to savings each month or dedicating 30 minutes daily to learning a new skill. Over time, those small moves compound into big change.
Mindset Shift
Think of your entrepreneurial journey as a marathon, not a sprint. Focus on what you can do consistently instead of getting discouraged by how far you still have to go.
5. Be Real About Your Limitations and Adjust
Building a business and managing finances isn’t a one-size-fits-all. Sometimes, life will throw unexpected challenges your way, and you need to adapt. Brennan shared his journey through personal setbacks and financial responsibilities, showing that success isn’t about having a perfect plan; it’s about being ready to adjust when life changes.
Acknowledge that priorities will shift and that your financial goals may need to adapt. Embrace flexibility as a strength, not a setback.
Final Thought
Think of financial planning as an evolving process that will grow with you and your business. When challenges arise, lean on your “why” and the clarity you’ve built around your goals to keep you moving forward.
Keep the Conversation Going
If you’re vibing with these tips and are ready to take control of your financial future, you’ll love Episode 2 of Business Savage. In this episode, I chat with Brennan Schlagbaum about all things financial clarity, staying consistent, and the “why” behind our biggest goals. So, if you’re looking for a little extra motivation, head over to the podcast and give it a listen. You might just find the spark you need to keep going strong.
