Episode Transcript
[00:00:00] Speaker A: We've made it to episode 151. This is sustainable Photography and I'm your host, Ingrid Kolnas. Gillian Todd as a finance coach for creative entrepreneurs. She also was the first ever person to be a guest on my podcast way back in episode number two. So you should definitely go check that out. We were just in Norway together. She was in Kristen, Sweden and Mainz study abroad. And we had such a good time and it was just really nice to meet and hang out with someone you've known online for years. And I just knew that we had to talk again on the podcast because what Jillian does is she really helps creatives transform their relationship with money and show that you can do what you love and still build money and wealth. She's all about making money shame free and she loves to really encourage you. And it's just really nice to talk with Gillian.
You're listening to Sustainable Photography, a podcast all about business tips, inspiration and confidence building. I'm Ingrid Collness, the host of this podcast. And after over a decade as a photographer, I now help talented photographers run sustainable businesses. And for full transparency, you should know that I'm a mentor with paid offers and I will probably mention some of those in this episode.
I don't know if you know, but you are like the first ever guest to be on my podcast. You were in episode number two. And it's been. Well, it has to be over three years ago because my first episode launched in, I think it was October three years ago. So it's been some time. It's been a while.
[00:01:50] Speaker B: That's amazing. I didn't know. Yeah, I was like, I know, it's been a long time. I didn't know as your first guest, but I do remember, like, encouraging you to start a podcast.
[00:01:59] Speaker A: You did.
[00:02:00] Speaker B: And like, look at us three years later. It's amazing.
[00:02:03] Speaker A: I know, I know. And also what we have to talk about first is we just met. We were just hanging out together in real life like a month ago.
[00:02:15] Speaker B: I know. It was so beautiful. It was. And it was so nice to meet you irl, because again, we've been friends for at least three years because I was on your podcast three years ago, but probably four.
[00:02:25] Speaker A: It must be four. Yeah. It's so strange how you can know someone so well and you haven't even met.
[00:02:32] Speaker B: Yeah, I know. You're taller than I thought. That was one of my first things. I feel like that's what I said to you first. It was like, oh, my gosh, you're tall. But you know, I'M just so used to seeing shoulders up in a zoom room.
[00:02:43] Speaker A: Yeah. All you see is just, like, the top of the top. Yeah. So that's really funny. But finally we've met, and that was great. And I'm sure we're going to hang out again soon because we're both probably going to Kristin's vision retreat in February, so we're going to be hanging out again soon. That's nice.
[00:02:59] Speaker B: I love it.
[00:03:00] Speaker A: But first, though, we are going to talk about money.
Probably one of both of our favorite topics, Right?
[00:03:08] Speaker B: I know. I feel like our favorite topic and probably not a lot of people's favorite topics, so I'm glad to talk about it with someone else who loves it.
[00:03:14] Speaker A: I know.
And I think maybe part of your challenge as well as mine is, like, not talking about it, but making it not be so boring and dreadful that people will actually want to listen to it.
[00:03:28] Speaker B: Yeah. I think that's, like, the biggest pushback I get is, like, I don't really want to look at my money. I don't really want to talk about my money. Everyone's had a bad experience with, like, an uncle or, like, a financial advisor who, like, mansplained money to them, and they just, like, tune out. And so, like, showing them that it doesn't have to be that way is definitely a big hurdle.
[00:03:47] Speaker A: Yeah. Because my interest in talking about money is. I think it's fun. I think it's motivating to look at numbers and see how, like, they go up and what I can tweak and change and what I can do to kind of help people have a more profitable business. But your angle is probably a bit different because you're both an accountant as well as a money coach, right?
[00:04:07] Speaker B: Yeah. Yeah, absolutely. I also think it's really fun.
[00:04:09] Speaker A: Ingold.
[00:04:11] Speaker B: And I think, you know, I don't want to speak for all of my clients, but I think in working together, they get to see that it's fun, too, because it's not just, like, looking at things you hate. It's your business. It's like, yeah. Very involved in something that you're already knowing and loving, and it's just like, oh, cool. Like, what levers can I pull to, like, make more money? Or if, like, you know, the holidays are coming up and I'm like. And I have a lot of travel. How can I, like, pull some levers, move some things around to be able to afford that? So it gets to be fun, even though. I don't know. Fun is the word a lot of people would Use with money.
[00:04:41] Speaker A: Well, it can still be our fun, but it can be, like, a source of empowerment for other people. Like, if you learn to just look at your numbers and maybe get help to, like, look at your numbers and see your opportunities, then it can be. If maybe not fun, then you'll get to see what opportunities that are there.
[00:04:59] Speaker B: Yeah, absolutely. And, like, the ways that you can, even if it's not fun, it can be calming for some people. It can be, you know, release some of that anxiety for a lot of people. I don't, you know, not everyone's gonna think it's fun, but I do think there's a lot, especially for creatives and for photographers, too, who I know is your audience. Like, there's a lot of anxiety when your money and your numbers are just kind of up in the air and you're just, like, looking at your banking account and, like, checking the vibes and being like, okay, I still have money. I guess I can keep doing this, as opposed to, like, feeling really grounded in it and knowing exactly what's going on.
[00:05:30] Speaker A: Yeah. Would you say that confidence is a huge part of what you, like, strive to kind of help your clients achieve? Like, just that sense of, like, I know what's going on here.
[00:05:41] Speaker B: Yeah, absolutely. I think I said this recently to someone else, too, but, like, it's one of my favorite parts of coaching. So, like, money confidence is, like, a big part of my brand. It's like, what I sell, basically, is, like, teaching you that you are smart enough, savvy enough, like, you are enough basically to manage your own finances. And so something that's really fun for me as, like, coaching containers go on is, like, we meet with a client. It's mostly, like, me talking and, like, giving pep talks and being like, here's how you can do this, or, here's some options if you hate spreadsheets. But then kind of like near the end of our, like, coaching container, they're like, oh, I think I want to do this. And I, like, pulled the projections and, like, this is how much money would make me. Like, what do you think about that? And I'm like, it sounds great to me. Like, you've got it, you know? And so that's a big part of my job, is, like, not just, like, telling you what to do the whole time, but, like, really teaching you the skills so that you know how to pull the numbers, look at the reports you want to look at, and you know how to make decisions in your business. And so I like to say I, like, work my Way out of a job a lot of the times. But I love it because, you know, my clients are like, I think I did it. And I'm like, yeah, you did it. That's amazing. And you wouldn't have been able to do that six or 12 months ago. So it's one of my favorite things, for sure.
[00:06:48] Speaker A: So what you do, is it like, education? Like, you actually go through numbers together and you show them how to. To do things? Or is it, like, more like cheering on and working on money mindset? Like, what is it you do?
[00:07:00] Speaker B: Yeah, it's my favorite answer. It's a little bit of both, depending on where my clients are. So, like, I work with clients one on one, so it really is like, where are you at with money? Like, what do you need the most help with? And for a lot of people, it's like, maybe you're making great money, and, like, you have an accountant or a bookkeeper who does the numbers for you, and you're really working on, like, mindset. So you don't, like, spend all your money because you don't feel like you deserve it or like, you're so afraid to spend it because you're like, what if it all goes away? So, like, sometimes mindset is really important. It's like, I have a client. We mostly. I'm like, teaching her how to use her QuickBooks. So we, like, open up QuickBooks, and she's like, I was reconciling, but then I ran into this issue, and, like, I was running my reports and looking at them. Can you help me, like, understand what this means? So, like, I go anywhere again, depending on the client and, like, what you're working on, what's going on, what stage of business you're in from, like, very tactical. Like, let's look up. Open up your QuickBooks and look at it together to, like, what beliefs do you have about money? And how can we challenge those to make your life easier?
[00:07:55] Speaker A: So it's very tailored to each person. Yeah. Okay. But just to kind of mention that as well. Like, when Jillian and I first met, you were one of the mentors in Kristen Sweeting's Mastermind, and you were talking a lot about finances and systems. And one of the most important things I learned back then is to, like, have those systems in place and to make sure that you're always paying yourself and. And all that. Can you mention some of what you taught back then? Because to me, that made such a big difference. So I would love to. I want everyone to have their finances in place in Their system?
[00:08:34] Speaker B: Yeah, I love it. A big part of what I do with clients is helping them develop their own money system. And like money system I use kind of as like a broad term. It can be a spreadsheet, it can be quickbooks, it can be like a profit first system where you're like have certain amount that goes into certain bank accounts. I think where a lot of accountants differ is they have like the one right way and they want you to do it this way and you're wrong if you don't do it that way. But because my clients are creatives and I know that your brains all work different ways. Like the most important thing to me is that you use the money system. And so like, let's find a system that you like that makes sense to your brain that you're actually going to use because that's the system that you're going to get the most value out of. And there's lots of different money systems, so I'll just talk through some of them. So like cashflow is a really big system that I know a lot of creatives struggle with. Of like it's the fall, you're having a big wedding season, you're making lots of money, and then maybe the winter you're not making as much money and you're like tend to get into that like blight or fright of like, oh crap, how am I going to pay my bills? Or like do I have enough in savings? So like that's a system you can have. And I have a couple of tools that like help people map out like what are my high months, what are my low months, how can I save for that, how can I build another income stream to like buffer that so I'm not making $0 in December. So that's a really good one. I have like a taxes system. So like how much are you putting away? Projecting how much you're gonna owe so that you're not surprised when you get your tax bill. There's lots of different systems that you can implement in your business. But again like finding one that works with your brain and then actually using it because like we talked about in the very beginning, like it's one thing to have like nice and pretty books to like give to your account at the end of the year to file your taxes. It's another thing to like have numbers that make sense to you that you can like operate your business off of. You know, like that's really the value. So you can make decisions, feel good about yourself and know you're making Good money because you're working really hard and you deserve to be paid well for it.
[00:10:24] Speaker A: Yeah, I agree. Maybe the most valuable thing you taught me was setting aside money to pay yourself, like, to start their profit first. So when I started using that, I just set aside like, 1% of everything that came in on a different account. Like, that's all I did. Just like, if I got money coming in, I just took 1% and I put it in another account. And it sounds in a way, so little, like 1%, like, why even bother? Like, it's going to take me more time than like, these $12 is ever going to do. But then after a while, it just adds up. It just keeps adding up and adding up. So I think just kind of making sure that everyone understands that even the smallest changes, you do. Like, it adds up and it will make a difference.
[00:11:13] Speaker B: Yeah, I love that so much. Yes. I love that advice. Because I think a lot of people don't pay themselves and like, those small habits, like, I have.
I haven't done it in a couple years, but I've done, like, some programs where you set and achieve a financial goal in six weeks. And it's not about, like, making $100,000 in six weeks or anything like that, but it's really like those baby steps of, like, how can I save $500 in the next six weeks? Because once you've kind of proven to yourself, like, oh, I can do this, then it just builds that momentum and you're building again that confidence to be like, okay, I saved $500 in this six weeks. How can I save $1,000 in the next 12 weeks? And it builds on and on from there. But I think where a lot of people get money goals wrong, too, is they set huge goals that feel really exciting. But then if you don't hit it or you don't have the systems prepared to set it up, then you beat yourself up and you're like, well, why did I ever think I could do that? And it just sets you back even further than kind of like you said, setting those small incremental goals of like, you might be looking at your bank account right now and be like, I can't pay myself, you know, a quote unquote, reasonable salary or what I'd make at a day job. But you might be able to set aside 1% or 5% and grow it from there. So I love that so much. That's so important.
[00:12:26] Speaker A: Yeah, yeah. No, I definitely agree. And I think there are different kinds of goal setters. Like some people get really scared by having two big goals, and other people are really motivated by it. So again, going back to that, there's not, like, a right way of doing things. You have to know or figure out, I guess, what works for you and then. And do that and work with people who will support you and doing things your way.
[00:12:49] Speaker B: Yeah.
[00:12:50] Speaker A: And another thing that I know that you're passionate about, other than just, like, setting up the systems and stuff, and that is creating wealth, building wealth. Can you speak to that a bit?
[00:13:01] Speaker B: Yeah, I think I love this conversation because I think a lot of people shy away from, like, even the phrase of, like, building wealth. They're like, what does that mean? Who is that for? But I think, yes, there's, like, traditional wealth. There's, like, saving for retirement. There's making sure that you have a home that's nice and safe and you feel comfortable in. You know, there's a lot of those, like, physical things, but there's also freedom. There's also peace. There's also time off with your family. There's like, wealth is not just a certain dollar amount in the bank. And so when you really look at, like, building wealth, especially for creative businesses, it's making sure that you have the money, but you're also managing your stress, that you're doing work that you love, that you're working with amazing clients. That's my spiel, building wealth. But I think also, like, especially for a lot of small business owners and especially for a lot of creatives, they haven't even thought about, they've kind of written off the idea of building wealth, even when it comes to the financial side. So they might be like, I don't really know what my retirement plan is, or maybe they're, like, depending on a partner or lots of different things. So I think something that's really, really powerful is literally going through the exercise again, where we're going through our cash flow, when we're looking at our taxes, when we're planning for the future of saying, like, what is your goal? What would be that ideal for you? Do you want to live in a big city? Do you want to own a farm? And there's no right or wrong answer. But I think a lot of creatives don't really ask themselves those questions. And if they do, they kind of write it off as, like, yeah, but I'll never get there, or, yeah, but that's not really a possibility for me. And so something that's really fun for me is, like, number one, asking those questions and, like, getting to see Those like, inspired, lit up answers and then reverse engineering and being like, okay, so based on that, this is what it's going to cost. And did you know you can actually get there in 10 years and it's not going to be 30 years or 25 years or 40 years? Like if you follow this exact plan, you can have that like beautiful future that you thought was just kind of a pipe dream.
That is so meaningful to me. And I think it's really meaningful for my clients and for people as well. Because a lot, like I said, a lot of us as creatives don't necessarily feel like we can have like it's either Starving Artist or like Jeff Bezos. And there's like so much room in between for especially your specific vision of like wealth and happiness and peace.
[00:15:15] Speaker A: Do you think you can get there without having the mindset to kind of support it?
[00:15:20] Speaker B: You can, but I see, like, self sabotage is really big. So, like, if you don't have the right mindset in place, you like either won't let yourself get there because you're like, I am afraid of what's going to happen when I get there, or I don't think I can achieve it. Or you'll get to that place where you like have the farm and your eight children and the cows and the chickens. You know, if that's your dream. And then you self sabotage it because you don't feel like you deserve it or you're like beating yourself up because you're like, I should be doing more or this isn't right or, you know what I mean? So I think the technical stuff of how to actually get there is really important, but also making sure your mindset is right so that you let yourself have the things that you want and that you let yourself keep them as well.
[00:16:01] Speaker A: Yeah. Because when we were in Norway together at study abroad, we were in a sauna and then you said this thing that became like a big, a big deal further on in the workshop as well, where we were all sitting there and then you're like, can you believe that money got me here? And I just think that that just says so much about your kind of view of money. It's a tool to you. It's not like something scary or impossible. It's like a tool to get you to where you want to go. Can you say something around, like, your thoughts on money?
[00:16:35] Speaker B: Yeah, absolutely. I think that was a really funny moment. And I did have a moment where I was like, this is so money coach of me. But it's really how I feel.
So I went to Norway with Kristen Sweeting on study abroad, and, you know, that's how we got to meet in irl. And I think anytime you're making an investment in yourself, it can be scary. There's a lot of things that you can invest your time into, your money into, your energy into. And so I think it was just a really great reminder for me. And I love to say this out loud as often as I can, because it's nice to have the evidence, too. But, like, when I was making the investment and buying the flight and booking my hotel and paying the fees and making sure I blocked off the calendar, I was like, is this going to pay off? Is this going to be the magical, like, Scandinavian adventure that I'm expecting? Right? And you don't know, right? You're putting an investment in, you're hoping it's as magical as you want. And so for me, it's really nice to even, like, close the loop on the back end and be like, isn't it so cool, like, when again, we're in the sauna and, like, looking at the fjords and, like, doing a sauna and cold plunge and I'm here with all these amazing business owners and I'm like, just feeling so grateful. And I was like, isn't it so cool that money brought me here? And yes, it was also, like, time I took time off work and I put energy and I made decisions and I moved things around to block that time off. But it's really nice then to recognize on the back end of, like, this investment paid off and I'm here experiencing it, living it, and it's kind of closing the loop. So the next time I go to make a scary investment or I'm trying to decide if I'm going to go in a certain direction, I can remember that as proof of, like, my investments pay off and they're amazing and how cool. And it again, grows that confidence to do the next scary leap.
[00:18:21] Speaker A: I think that's so important because, like, there's the one side of it which is kind of pushing you or urging you to make the decision to, like, make investment or whatever it is that you have faith will grow your business. But then there's the other side of it that we don't really ever talk about where you've made the decision.
But then you have to, like, kind of decide that it is actually going to make a difference. You're going to have to decide that I am going to make it work in my favor. And sounds like that is Such an important part of it as well.
[00:18:55] Speaker B: Yeah, absolutely. I mean, and I love that you brought that up, because I think not every investment pays off and is a beautiful Norwegian adventure. Right. Sometimes we buy courses or we, like, invest in things and we never use them. Or we decide, you know, we look at it and decide we're going to go in a different direction. And I think that's also fine. I think something that's really powerful again and building that confidence is like not looking at that investment and being like, oh, my gosh, I'm so stupid. I shouldn't have bought this. I never even used it. But look at that as a lesson to be learned and be like, okay, what did I learn from this? I learned to trust my intuition because I was not so sure I wanted to invest in it. I grew my skills as a business owner because I was able to look at that and be like, this actually is not for me, and I'm not going to take this advice. Or I learned, you know, the kind of coach or program I don't want to have. Right. So they're all lessons to be learned. But I think, and this is something I teach my clients a lot, too, is like, depersonalizing yourself from the experience. So it's very easy to, like, look at, I guess, not tying your worth as well into the experience. So, like, me having this beautiful moment in the sauna in Norway was not like, and I'm the best person ever. Right. I was like, and this investment paid off. And I'm really grateful. And that's amazing. But that doesn't mean anything about me as a person. And I take that same attitude towards when things don't work out, if something doesn't work out for me, or, like, an investment doesn't pay off or it doesn't lead to the opportunity I was hoping for. I'm not like, ugh, I'm such an idiot, and I'm a bad business owner and et cetera, et cetera. Like, no, there's things to learn from it, but your worth, my worth, your worth involved is not how the investment turns out. Right. Like, I know that I'm a whole person regardless of how these things turn out. And it's amazing when they work out, and there's things to learn when they don't, you know?
[00:20:36] Speaker A: Yeah. And I also think it's important to kind of recognize that you might not necessarily get the thing you thought you were going to get from an investment. And an investment can be so worth it, even though it doesn't pay off. Like financially, maybe you got a new experience, maybe you learned something new. Maybe, I don't know. There's so many things you can kind of learn and get when you invest in something. I think that's really interesting as well.
[00:21:05] Speaker B: Yeah, I love that a lot. I talked about that a lot with like business owners who are growing their team. Like your new team member, whether it be an assistant or an associate photographer or someone like that, they can help you make more money or they can reduce your stress, or they can help you on the back end. Like my assistant helps me take my dog to daycare and that's a huge lift, right? Like I'm now getting late fees. I'm remembering to pick her up on time. But there's not a financial result and return of that investment.
[00:21:33] Speaker A: Maybe it's kind of the same or maybe it's different, but just saving energy, like that's a huge thing as well. So yeah, maybe that's what you're also getting. Like it's. You're not making money, but you're saving your energy and then you can spend your time and energy doing other things, which again probably can lead to getting more money. So yeah, yeah, it's a circle.
[00:21:59] Speaker B: It all adds up.
[00:22:02] Speaker A: If you want help with your business, you still have time to sign up for the Sustainable photography program. We start on December 1st and this year we've got such a lovely group of photographers working together towards their goal. So far, the students who've been part of the Sustainable photography program have achieved great things like doubling their revenue, quitting their jobs, booking out their highest packages and freeing up time to spend with their families instead of working non stop. If you'd like to know more, you can check out ingville colonist.com sustainable or you can DM me on Instagram. You'll find me Ingville Kolenez. That's in G V I L D K O L N E S so when you work with creatives, looking at their finances and stuff, do you have any like tips on how we as creatives can look at our books, our finances, our bank accounts without getting that overwhelming feeling like, I don't know what I'm looking at, I don't know what I'm supposed to do here. How can we do that?
[00:23:04] Speaker B: Yeah, there's like different steps, I would say, depending on where you are. If you're like a person who just like checks their bank account and vibes, something that can be really helpful is even just like downloading an app. So there's lots of different budgeting tracking apps. I love Monarch. If you want to just, you know, I have a referral code if you want to check it out. But getting used to even like watching what's coming in and out of the bank account and not just looking at the balance because I think for those people who are just checking their balance and be like, okay, cool, I have got $3,000 in the bank account, I'm good to go. I'm going to keep doing what I'm doing. But you're not really watching for those trends. Something that I found is really valuable. Even if you don't make a detailed budget or outline every expense and come in QuickBooks is just watching for those patterns because I think there's a lot of data in the patterns. Right. So you might be getting a coffee every day and paying your assistant and buying film and going to shoots and, you know, buying gas and buying your client a coffee. You know, when you start to look at all of the things that up, you're like, okay, this is where maybe this is where money is leaking out of the business that I wasn't noticing. Here's where maybe a client said they were going to Venmo me and they didn't actually Venmo me. So you're missing out on revenue. Literally. Looking and being more observant of those patterns can be mind changing, can be world changing. And I think the more you notice those patterns, the more inclined you are to change them. Right. So I'd say if you're a person who's just looking at your bank account and like I just look at my bank account and vibe, start even just looking at the bank statement, getting an app that tracks the transactions and not promising yourself you're going to do anything with it right away. So I think a lot of people love to pretend like, you know, it's about to be the first of the month and they're like, this month I'm going to not spend any money and I'm going to make tons of money and you know, same thing at the beginning of the year. I think we love to be really ambitious, but I think something that's really important to me and like we talked about earlier is like looking at those really baby steps, making sure the habits that you're building are sustainable, sustainable photography so that you actually can do them over time because that where you're going to get the most value out of it.
[00:25:10] Speaker A: Yeah. Would you say that like looking at your numbers and keeping track, is that your way of making sure that your business is sustainable? Or what is. What's your secret?
[00:25:22] Speaker B: Yeah, I look at my numbers every single month. I do my own bookkeeping. And something that's really important to me and really nice is like, number one, not having a bunch of homework when I have to do my taxes at the end of the year and, like, having done it along the year. But you really can get information by looking at your numbers. Of like, I don't know if you felt this involved, but sometimes I look at my numbers in a month. You're like, oh, my God, I didn't realize I had such a great month this month. Because when you're in the weeds of it and you're like, invoice here, client there, meeting here, meeting there, it's kind of hard to take a step back again and look at those trends, look at the numbers. So I've had like my first ever 10k month. I didn't realize it in the month I was doing my bookkeeping at the end of the month, and I was like, holy shit, I did $10,000 this month. But that is the value of the numbers, right? Same thing with expenses. Like, I have a coffee membership and I get my coffee from the same place every single month. And I was like, oh, I actually got double charged during these two months. Reached out to the coffee shop. It was no big deal. But I wouldn't have known that had I not been looking at the numbers. So I really love, again, just looking at the numbers, making sure you have like a pulse check of like, how are things going? What are my numbers looking like? And then you can start to build on more habits from there.
[00:26:32] Speaker A: Yeah, I really love that. And I think, well, I look at my bank account probably every single day. Don't analyze anything. I just look. It's like a habit. I just think it's nice to know what's going on. And I'm in my accounting software probably every week, either, you know, sending out invoices or just kind of crossing off what's come into the account. My favorite thing isn't to add, like, everything I've spent money on. I think that's so time consuming. So that's something that always, like, put off. So it always looks like I have more money than I do. It's like, oh, no, I need to get better at that. But. Yeah, that's so funny. Yeah. But I do think there's something like there's. I don't know if it's a mindset shift, but there is a shift definitely from when you just look at the here and now and then you start looking at, like, the longer picture, like, what's going to happen down the road. How do you feel about, like, that change of going from, like, now I'm making this much until, like, starting to plan for the future.
[00:27:34] Speaker B: Yeah, I love it. And I think that is one of the big benefits of, like, looking at your numbers and planning in advance. Something that I tell my clients, we have like a spreadsheet helping you, like, track your revenue through the year. So you kind of know, like, summer's not my busy season. I know I'm going to be making lots of money in the summer. I'm not worried about it. But, like, maybe in December or maybe in February, things are going to be a little slower and I'm going to be like, panic a little bit. So how can I prepare for that now? And so I think really positioning yourself from, like, just looking at, like, can I pay my bills today? To, like, really looking forward, relieve not only a lot of stress, but make you feel better. I think there's something I say all the time, which is like, a lot of money. Stress comes from, like, the problem itself, right? Like, I don't have enough money to pay all the bills I need to pay in December. And if you notice that information in September, or if you notice that information on November 15th, you're going to have wildly different feelings, expectations, and even, like, options to problem solve that. Right. If you notice that in September, when you're still three months away, you can pitch new clients, you can save money to make up the difference, you can have a flash sale. There's lots of different opportunities, and you have time to carry them out between September, December. If you notice on November 15th that you don't have enough money to cover the bills in December, then it's panic. Then it's, you know, I'm even feeling it right now, like saying those, saying those words, it, like, really brings up that panic in you. But you don't have as many options and you don't have the time to do as many things. So I think giving yourself time, looking at not only your finances for the past, but also planning out for the future really can reduce a lot of, like, money stress. If that is like your number one.
[00:29:13] Speaker A: I think so too. And something that I see a lot is when kind of like at the half year mark, around summertime, it's like, oh, no, half year's already gone now. There's no way it's going to be as good this year as it was last year. And it's like, you can't give up. We have half the year left. And I think that feeling kind of grows when you get towards the end of the year. Right now it's the end of October, so we have two months left of the year. And for a lot of people, those can be, like, the biggest months. And my experience is if you kind of let yourself believe, like, there's nothing left, there's nothing more I can do, then that will be the reality. But I'm curious to know what your kind of experiences working with creatives have been.
[00:29:57] Speaker B: Yeah, I agree a lot. This is like booking season, right? So a lot of people are booking projects for next year. And the coaching community, it's really busy because a lot of people are, like, locking things in for early next year when they're like, new year, new me. And I think something that's really helpful to me when I'm like, oh, I guess I'll just mail it in. There's nothing else, you know, to be done for the rest of the year is literally going back again. This is the value of having your numbers and looking at my numbers from last year or the year before. And I'm like, oh, I actually made a lot of money the last quarter of the year this year. I should not just ship it in or, like, looking at specific clients who've reached out to me in November, December, and, like, how long we worked together, how exciting it was. And me, like, if I just, you know, mail it in the rest of this year, I could be missing out on another client that's like, that. I could be missing out on my biggest quarter of the year. That being said, if you're in an industry where maybe, like, everyone does everything in the beginning of the year and no one does anything in Q4, yeah, take a vacation, take some time off, put your feet up. But I think that's also the value of, like, knowing your patterns, knowing your revenue, and being like, when is my busy season? When is the time I can take some time off? When are things going to be a little quieter? Because it really can dictate, like, how you move throughout the year and not having to be on 24, 7, 365.
[00:31:11] Speaker A: Yeah, I agree with that so much. I think that feeling of having to hustle all the time and you have to always work and you have to always be on, I don't think that's healthy at all. And if you can work with the trends, like you just said of like, okay, so take a holiday. Why not? Instead of feeling defeated and like, okay, so there's nothing left I can do. Okay, so just do it differently next year and just learn from it.
[00:31:38] Speaker B: Yeah, absolutely. And I love that too, because, like, even if, you know, if you're maybe looking at your books now and you're like, yeah, actually, no one books me in November, December. So, like, I don't know what I'm going to do. Like, yes, you have to deal with it this year, but next year you have the whole year to kind of plan for that and be like, okay, so I'm going to plan a sick vacation and I want to go to the beach in November because it's not going to be expensive because no one else is at the beach. And I don't have to be stressed about it because you've saved, you've put money aside, you've booked extra work during this time, maybe. But again, that's the value and the power of knowing your numbers.
[00:32:10] Speaker A: Or just see, is there something else I can do slightly related to what I'm already doing, that I can actually book in those months? So, yeah, I'm a huge fan of planning. And I also like setting goals. And we kind of touched on this earlier, but I know that, as we said, some people like to set lower goals and some people like to set higher goals. Do you have any advice around setting goals and making sure that you're actually on the right track?
[00:32:36] Speaker B: Yeah, I think I talk about two kind of, like, motivation styles. So there is the carrot and the stick. And it's like, depending on, like, what feels exciting to you. So for some people, they're motivated by the carrot. So you're like, striving for something. Like, I want to have $100,000 a year. This year. I want to save up enough money to go on this incredible vacation with my family. Right. You're working towards something, and that feels really motivating to you. Then there's the other, which is like, the stick. So, like, it's more motivating to avoid something painful than it is to work towards something that's exciting. So I'm a stick person.
[00:33:09] Speaker A: Me too.
[00:33:10] Speaker B: I love to treat myself as well. So I'll be like, I'll just book myself rekishin. Anyway, so for me, when I'm setting goals, it's not about what am I working towards, it's what I'm working against. So for me, it's like, I was feeling really stressed about money, and I don't want to feel that way anymore. So what do I need to do going forward? Do I need to raise my rates? Do I need to book more work? Do I need to plan further in advance? It's really motivating for me to, like, avoid pain or avoid those negative things than, like, being like, if I make this amount, I'm going to go on vacation or I'm going to do this. So I think looking at when you've accomplished a goal before is a really good way to, like, be aware of your motivation style. Because it's one thing to be like, yeah, I love a fancy vacation, but, like, actually look at the, you know, the data. Look at how you behave in the past when you really made significant change. Was it because you were really excited about a future possibility? Or you're like, this sucks and I never want to do this again, so I want to make some changes. And that will tell you a lot about what is really motivating to you and then you can set up your goals accordingly.
[00:34:06] Speaker A: Yeah, I love that. I also think it's really important to kind of note that if you have a goal and you don't reach it, that's okay. Like, there's not actually a special price if you hit the goal or if you're like, a little bit away from it or a lot away from it, because as long as you work towards it, then that is the most important thing. I just think it's really important to note that because so many people get really upset if they don't reach their goals, and it's not really a big deal.
[00:34:33] Speaker B: Yeah. I had a recent talk like this about someone else, and I was like, it's like when you realize that you're an adult and like, your mom and your teacher is not going to be like, I'm disappointed in you that you didn't get straight A's, you know, like, we're adults and, like, you're not in trouble. It's going to be fine. You'll just, like, set a new goal. You'll learn from the lesson and you'll move on. You know, you're not going to get in time out, I promise.
[00:34:53] Speaker A: Yeah, yeah. No, I think that's. That's great. It's nice to just say it out loud as well, like, we probably all know, but just having almost like that permission to like, oh, actually, nothing bad is going to happen.
[00:35:06] Speaker B: Yeah.
[00:35:07] Speaker A: Yeah.
Another thing that. Well, I don't really do it, but I know that a lot of people find it helpful, and that is budgeting. How do you recommend using budgeting as a tool? Do you even recommend it?
[00:35:20] Speaker B: Yeah, I do recommend Budgeting, like, everything, it's about the clients. So I have some clients who like, love a spreadsheet. Their budget template is like, far Elsie exceeds mine with like, the lovers and the colors and the formulas. Right. So, like, some people love it and some people are like, I hate budgeting and I never want to, like, get into the weeds of it. So I think for me, like, what's most important is, like, the data of it and like, knowing what's coming in and out of your business. I think there's a lot of different ways you can get those numbers. If you have a bookkeeper and they prepare everything for you and they're like, here's what you spent, here's. And then you have an idea of what you want to spend in the coming month. Great. If you want to have like a very detailed budgeting spreadsheet and you like or you love an app, it really depends. Like, I think the mode of budgeting is not so important. I think what's really important is like, again, taking that active seat as a business owner and saying, like, what have I spent? What am I going to spend? What's coming in, what's going out? Because that's how you're going to make those decisions when you're planning six months to a year out.
[00:36:22] Speaker A: Yeah, I agree. And while I don't have a budget, I do use the profit first system. So I do set aside a certain amount or a certain percentage for different things. And to me, that's just made such a big difference and I just keep adding onto it and adding more things. So, yeah, I'm just really grateful that you introduced that system to me in the first place because it's made such a big difference. I talk about it in my program a lot. I've had a couple of podcast episodes about that topic as well because I just see how easy it is to use and how big a difference it makes when you start using it. So, yeah, I think that's. That's really brilliant.
[00:36:59] Speaker B: Yeah, no, I love that so much. That's so powerful. That made me think of. I do have a client who like, doesn't really budget is was a check my bank account vibe kind of person. But like splits their money. So when they pay themselves, certain amount goes to a bills account, certain amount goes to like a savings, certain amount goes to like a spending. And like, they're allowed to spend whatever they want out of that, like, spending amount. And then that really works for them. So, yeah, I love, like, I love that the profit first system has really Worked for you. And again, I think that just highlights like there's a different system for everyone. You don't have to follow a specific formula to be successful.
[00:37:33] Speaker A: Absolutely, yeah. If you could like say a final thing to encourage creatives to see the possibilities in their money and to see the value of kind of being in tune with their money, would you have anything to say to that?
[00:37:55] Speaker B: My go to final word is always that you are smart enough and capable enough to run a money confident business.
And I think what I'll add to that is if you are feeling like I have like a good grip on my business, I know what's coming in and out, but I feel like something's missing. To follow that inclination, there is a solution that works for your brain, that's going to answer the questions that you need to know to feel like you're so grounded, so in control and know exactly what's going on with your business. Because as the CEO and as the person who runs your business, you deserve to know exactly what's going on. So that's going to be my pep talk.
[00:38:37] Speaker A: Yeah, that's great. Because I do think that a lot of people are kind of leaving money on the table because they're not looking at their numbers. They're probably spending. I think that's the most common thing. I see people spending way too much on things they don't really need instead of paying themselves and instead of investing in things that can actually give them the advantage that they want. And I just think looking at your numbers, that's probably the first step.
[00:39:04] Speaker B: Yeah, I love it. Look at your numbers, people.
[00:39:08] Speaker A: Yeah, look at your numbers. So if people want to keep learning from you, I know that you have an amazing Instagram account that you put out so much great content to. Can you tell us where to find that?
[00:39:21] Speaker B: Yeah. I'm Jillian Todd on Instagram and I spend a lot of time on Instagram. I love, like, I'm very active in the DMs. I will like comment back and forth with you. I love lots of emojis. So come be friends with me on there.
[00:39:35] Speaker A: That's great. I will be sure to link to that in the show notes. And thank you so much, Gillian. This has been great.
[00:39:42] Speaker B: Thank you. I'm so excited we got to do this again and can't wait to come back. Hopefully sooner than three years.
[00:39:47] Speaker A: Me too. Thank you so much.
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