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Now that you’ve mastered the ins and outs of your business finances, it’s time to check in on the emotional side of money. Financial burnout is real, and finding the right balance between running a successful business and taking care of your mental health is a constant balancing act.

In this episode, you’ll hear from Aseel El-Baba, an expert financial therapist, on how to ground yourself before making financial decisions, and how to deal with financial challenges that may come up as you manage your business.

  • Episode Transcript

    Episode Seven, From Dollar One. Mind Over Money.

    You’re listening to From Dollar One by Interac, an audio series for entrepreneurs, freelancers, and anyone with a business looking for quick tips and ideas aimed at helping you manage cash flow, avoid financial burnout, and hit your money milestones. This is chapter two, Mind Over Money.

    Where chapter one was about managing the money side of your business, this chapter is about managing the emotional side of it. Finding the right balance between running a business and taking care of yourself is a constant balancing act. So for this chapter, we turn to expert financial therapist, Aseel El-Baba, to learn about techniques that can help you stay positive, empowered, and balanced.

    Aseel is a former award winning financial planner and spent the last ten years working for four out of the five big Canadian banks. Today, she helps people explore their own relationship to money and develop personalized tools to achieve financial wellness. She does this through her own practice as well as her involvement with Conscious Economics, a national not for profit organization that collaborates with Interac to develop programs with a focus on economic education, financial literacy programs, research, events, and experiential learning.

    We’re grateful to have Aseel join us at From Dollar One. Listen on as she takes us through how we can work through the emotional side of money, feel more confident and in charge of your money, and provide some free mindfulness learning courses for entrepreneurs along the way. So without further ado, let’s pass it on to Aseel to talk to us about how we can tackle some of the emotions that come with talking about money.

    Aseel El-Baba: Given that money can be one of the top sources of stress for people, even talking about money is a subject many would prefer to avoid. What we normally hear when people talk about money is stress, anxiety, depression, confusion, and a lack of clarity about what the future holds.

    Aseel El-Baba: The first step is to learn how to address the emotional impact the subject of money can have on our body and then regulate our emotions better so we can make calm, rational decisions about finances.

    Aseel El-Baba: That’s why I recommend trying grounding techniques before making any choices concerning finances. I use the five senses grounding techniques, often referred to as the five-four-three-two-one, which is all about engaging our five senses to soothe our nervous system and experience the present moment.

    Aseel El-Baba: Acknowledge five things you can see, four things you can touch, three things you can hear, two things you can smell, and one thing you can taste. Remain rooted in the present moment and focus on what you can control.

    Aseel El-Baba: If we learn to lift the emotional weight of money largely by being mindful and aware of how emotions interact with our bodies, we can learn to see money less as a distant scary thing and be able to face financial challenges heads on.

    Aseel El-Baba: Another way to face emotional side of money is just to talk about it. We chat to a friend, family member, or a loved one and have these conversations. When was the last time you got together with a girlfriend and talked about your finances openly or with friends in university or your workplace? These are things that can naturally make space for money to be normalized as a conversation that you talk about.

    If you’d like to learn more about how your self worth may be impacting your business, check out the Mindfulness and Money for Entrepreneurs course by Conscious Economics and Interac. You can find a link and sign up for our newsletter at Interdac.ca/DollarOne.

    The content for episode one and other materials contained on the Interac website are for informational purposes only. The content is not intended to be a substitute for professional advice, diagnosis, or treatment. Always seek the advice of a health professional with any questions you may have.

     

This article offers general information only and is not intended as financial, legal or other professional advice. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subject matter discussed. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Interac Corp.