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PART 2: Credit Cards & Debt {It's all about the mindset!}

Jan 31, 2020

I have to begin by saying that credit cards and debt aren’t necessarily a bad thing. It’s wonderful that you’ve become a person who banks and investors trust with money. So much so that they’ve loaned you money. That shows that you are a responsible person.

What happens in the thick of running a boutique though, is that we get caught up with the negativity around debt and investments. I see so many boutique owners either hanging their head in shame, or running around with crippling anxiety because they have this money sitting on a credit card or loan.

It’s not the debt that’s bad, it’s the MINDSET around the debt that causes a landslide of emotions, and those emotions then end up running the business. 

Debt is not bad. It’s something to be managed. It will not ruin your life… unless you allow it to.

Let’s all agree that we’re adults with agency over our bodies and minds, yes? How can I help you own your mind enough that you start looking at your credit card as something to manage?

I like to relate it to a car lease/loan or a mortgage, because it’s actually the same thing. For some reason, we’ve decided mortgages are “safe” and “a good investment,” but our businesses are not. TRUTH is that they are THE SAME. Money borrowed, money owed.

The difference is how the re-payment is structured. 

Credit cards let you do what you want, as long as you hit that minimum. Your mortgage however, is a set, structured re-payment over a specific amount of years. A number that you feel you can swallow each month and be mentally good with.

What if we just looked at our credit cards and business investments like we look at a mortgage? What if WE took agency and decided to follow the EXACT same steps to re-pay our credit card as we’re already doing with a mortgage? Crazy idea that just might work.

Stay tuned for next weeks blog where I'll give you an actionable plan to take so that you take control of debt anxiety. 

Here's to making lots of friends and making lots of money,

Emily

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