In this episode of Welcome to Eloma, Chelsea Ransom-Cooper, Chief Financial Planning Officer of Zenith Wealth Partners, talks about how entrepreneurs can build wealth within their businesses and outside of their businesses. Kiley and Chelsea explore the potholes that women founders often fall into when it comes to navigating wealth creation, such as thinking of their business as a lifestyle practice and not considering scale and profitability. They also discuss the importance of managing people and creating a culture that inspires and motivates employees.

They touch on the topic of debt and how entrepreneurs can strategically leverage it to grow their businesses. Chelsea also emphasizes the importance of paying oneself a healthy amount and having a clear financial plan. The conversation concludes with a discussion on money mindset and the need to adjust our mindset to see risk as an opportunity for growth.

Furthermore, the ladies discuss the mindset and risk tolerance of entrepreneurs, as well as advanced strategies for building wealth. They explore the concept of risk as an opportunity for loss and how entrepreneurs bet on themselves. They also discuss the importance of mindset in wealth creation and the need for support from coaches and experts. Both Kiley and Chelsea emphasize the importance of small habits and intentional saving, as well as defining what wealth means to each individual. Lastly, Chelsea shares her mission to help bridge the racial and gender wealth gap.

Quotes

• “If you know that you're looking to grow and scale your business and you want to look at bank loans or small business association loans or even considering bringing on investors, how do you have that advocate in your corner so that you're not necessarily making mistakes because you're not familiar with the lay of the land?” 5:11
• “There's this super negative connotation around debt where it's like, hey, if I don't have the cash flow or I don't have the money, I probably shouldn't do it. But debt isn't always a bad thing. We have to acknowledge that a lot of really big publicly traded companies have a lot of debt and they have a lot of debt to grow and scale, to innovate. Debt gives you the opportunities to invest in growth and strategies that you have.” 6:25
• “The goal and the purpose for this business was to meet the demand and the mission that you wanted to serve, but also to make sure that you can pay your bills. Cutting your own pay to invest in other things isn't actually helpful in the long run. So making sure that you are paying yourself and making sure you're paying yourself a healthy amount of the revenue that is coming in.” 13:02

Links and follow-ups:

Connect with Chelsea Ransom-Cooper:

Instagram: https://www.instagram.com/chelsea.cfp/

LinkedIn: https://www.linkedin.com/in/chelsea-ransom-cooper-cfp-6b198346/

Website: https://zenithwealth.partners/

Email: chelsea@networthzenith.com

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