High Performance

How to Win with Money by Finance Expert Rachel Cruze

BY Amber Metoyer

How to win with money

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Being a BossBabe means taking control of every area of your life—especially your money because it affects every aspect of your life!

I spoke with Rachel Cruze, renowned finance expert on how to win with money. She explained what BossBabes can do to take charge of their money and make the best financial decisions in their personal life and in their business. Let’s dive in.

  1. A common theme of your message is to stop feeling guilty about making money. Many of our readers are aspiring entrepreneurs, and they struggle with asking for money or making money. What can they do to not feel so guilty about it?

“Your perspective of money has to be healthy. Money is amoral – it’s neither good nor bad. When you put it in a person’s hands, they can use it as a tool for either good or bad. It can enable you to live a fulfilling life and live out your goals.

Your goals could include running your business. In his book Thou Shalt Prosper, Daniel Lapin says that your profits are the applause your customers give you. They are giving you their money because they want your goods or services – you aren’t taking money from them. Making more money means you’ve helped people on a larger level.”

  1. I’d like your perspective on how our readers can set themselves up financially for starting or running a business. How does an entrepreneur separate her personal finances from her business finances?

“Tactically speaking, you should have two separate bank accounts. One should be for your personal finances for you to pay your rent, utilities, and other personal bills out of, and one should be for your company revenue and expenses. If you don’t have a separate account for your business, you often don’t see the wins in your business because they’re covered up by your personal expenses. Then pay yourself out of your business account.

Although your bank accounts are separate, don’t compartmentalize yourself. Every part of you is going to seep into every part of your life. The word ‘integer’, meaning a whole number and not a fraction, comes from the word ‘integrity’. You are a whole person, and you take your whole self into every part of your life. When it comes to your money, you can’t run your business effectively if you have bad money habits in your personal life. Your habits carry over.”

  1. You’re a big proponent of budgeting. What is budgeting? Why is it so important, especially if you’re starting or running a business?

“Put simply, a budget is a plan, or roadmap, of what you’re going to do with your money. I suggest a zero-based budget, where all money is accounted for. Your income minus your expenses should equal zero. Every dollar coming in should be assigned to a category. Just like you should have separate bank accounts, you should have a one plan for your personal income and another for your business revenue.

When you create a budget for your business, you give yourself an outline for where your money is going to go. When you write down your expenses, you get clarity on what your true costs are. Having a plan empowers you to make better business and strategic decisions.

Being intentional is my first answer when people ask me how to win with money. You have to happen to your money. A budget gives you control. It doesn’t limit your freedom; it gives you freedom, without wondering where all your money went.”

  1. You talk a lot about being debt free. Why is that so important? What are the implications of being debt free as a business owner?

“Being debt free in general is important because it gives you freedom. You can make better decisions in your life with less stress. When your freedom is limited because you owe money, what you can do is limited.

In business, you take on risk when you take on debt. One of my favorite pieces of advice is to move at the speed of cash. Don’t spend money before it comes, or you’ll outpace your business. Most businesses fail because of lack of cash flow or too much debt. If your idea doesn’t work, you have to go back to work to pay it off for the next several years.”

  1. What are some key takeaways our readers can start applying today in both their personal and business finances?

“Things can and do go wrong. Protect yourself and your business financially by having a plan, or budget, and staying out of debt. Don’t turn to credit cards; have an emergency fund to cover your expenses for three to six months.

Finance is 80% behavior and 20% head knowledge. You have to build strong financial habits to carry you in both your personal life and in your business.

Find someone who is getting results in their business, and more specifically, someone who has experienced financial success in their business and try to learn from them. How did they build their business financially and sustain it long term?”

As a #1 New York Times best-selling author and host of The Rachel Cruze Show and The Rachel Cruze Show podcast, Rachel helps people learn the proper ways to handle money and stay out of debt. She’s authored three best-selling books, including Love Your Life, Not Theirs and Smart Money Smart Kids, which she co-wrote with her father, Dave Ramsey. You can follow Cruze on Twitter and Instagram at @RachelCruze and online at rachelcruze.com, youtube.com/rachelcruze, or facebook.com/rachelramseycruze.


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