Bonus Episode 42

Making Sense of Personal and Business Finance | How to Separate Personal and Business Finances [Patrina Dixon]

by | May 5, 2021 | Podcast

In today’s bonus episode, Patrina Dixon is here to talk with us about money. If you’re currently running or planning to start your own business, it’s important to have a strong relationship with money and know what to do with it once you get it. Patrina’s here to help break this down to help set us up for success in the long-term.

Nick (00:01): This is the Nine-Five Podcast. And I'm your host, Nick Nalbach where we get into the minds of entrepreneurs and people just like you. So you can start, build and grow your own online business.

Nick (00:19): Welcome back to the Nine-Five Podcast. I'm your host, Nick Nalbach. And this is the show where we bring on entrepreneurs and business owners to help you start and grow your own business. And today we are going to be talking about really one of the main reasons we're all here, and that is money. Like when we're starting a business, we want money. So to help us talk through the finance side of business, I have Patrina Dixon. Patrina welcome to the Nine-Five Podcast.

Patrina (00:43): Oh, Nick. Thank you so much for having me. I'm excited to be here and to talk about one of my favorite topics.

Nick (00:49): Awesome. And I just love your energy. As soon as we got on this call, you're like ready to go, like amped up, super excited. I just love it. This is gonna be awesome. Awesome episode. So to kick things off to get this episode started, why don't you give the listeners a little bit of an idea of who you are and what you're doing in the financial business space online business? Like what do you got going on here?

Patrina (01:11): Of course. So, um, my name is Patrina Dixon. I like to always share two of my favorite roles is that I'm a mom and a wife, that those are the drivers as to why I do everything that I do. And I'm also my motivators. So that's, uh, my, my personal side. I am a personal finance coach or an expert. I've been in the financial space for about five years formally and my own business. And my business is called Pete Dixon consulting. And my brand is it's my money. It's my money is my registered trademark brand for which I teach personal finance courses and coach individuals on how to live their best life by getting their money in order. So that's in a nutshell what I do and I do it both through one-on-one coaching. And then I also have a lot of different media platforms, like a podcast and a blog where they can get information for free. If they're unable to make the investment to work directly with me.

Nick (02:06): Beautiful. I love it. Finance finance is a topic. We haven't really talked about a lot on the Nine-Five Podcast, which is really baffles me that we haven't done it because it's an online business entrepreneurship podcast. And we haven't really talked about it. It's kind of weird. You're just in time. So something I like to do with all the guests that I bring on the show before we get into the meat of this stuff, I like to ask my guests what their superpower is. And for anybody who's new to the show, new listeners that we have here, what I mean by super power is like, what does that thing that you do better than anybody else? It's something that you feel like you crush it in this area. It's kind of a brag moment here. Like, yeah, I'm, I'm the, I'm a girl for the job. Like what do you think your super power would be?

Patrina (02:47): Yeah. So you know what? I am really great at engaging folks and holding people accountable. Um, I think one of the reasons why people relate to me is because I have a similar story to that work with me either from a personal or a business level, so I can quickly engage them and hold them accountable in a way that I think they appreciate. And that is by not making them feel bad about where they are up until the point we get together. But like, we're all been there now let's go forward. So I think it's the compassion and the empathy on where they have been and definitely the encouragement to move forward.

Nick (03:24): Um, and I've heard a little bit of your story already and I can totally see that. I can see where that relate-ability the, I mean, just being where other people are currently at, like you do a very good job of demonstrating that and showing that so Y Y finance, like what's a little bit of this story here that we already kind of had a little bit of a pre-amp preamble words of before getting on the show. Like, what is the story? Why is finance such a big thing for you right now?

Patrina (03:51): Yes. So, um, part of my story, and it's funny, I was on another program and they taught the way they're asking me to describe it now is, um, I am a recovering, um, financial jacked up individual. So what that means, I made a lot of money. Um, I made good money now. I made good money back then for that time. But I fit, I spent money as soon as I got it. And so I learned that you went to work, you worked for 40 hours and you didn't get paid. You worked 40 more. So a total of 80, cause I got paid every two weeks and then you finally got money. And then you paid everybody from that money that you got, you paid your bills or not. Right. I knew enough to one cook them off. And that was my story. I owned a home, I own a car.

Patrina (04:33): My daughter went to a parochial school. Therefore there was a tuition, but, um, and I thought I was doing really well and as did everybody around me, but I D if one of those paychecks, just one did not hit my account when I expected it, things could have been really, really, really bad. So, um, I then thought, how can I do things differently? And it really was that mind shift when I did that, is that I need to do things differently. I didn't make more money. When I had this mind shift, I just started being more intimate with my money and know where every, the dollars that were coming in and really conscious of the dollars that were going out. So I became a student of getting my money, right. And when I learned how to do it, it was this aha moment that I said, I got to go around and teach everybody this. And this is why I'm doing what I do today.

Nick (05:21): What does that kind of look like? I'm thinking at the beginning, like you said, getting money in immediately going out to like bills, whatever expenses you normally have extra spending with, whatever's left. I'm guessing what, what actually kind of shifted then? Like what did you start doing after you realize that and kind of change that relationship with money?

Patrina (05:40): Yeah. So when I was looking at it, when I got it in right before I would, this, this was the literally the steps that I took. I got off from work. I picked up my daughter, we went out to eat, right. I forget paid the bill. We went out to eat and she had a great time in school. Maybe we also went to the mall. I treated her there. And then I came home and if my friends wanted to go out, then it was that then go out, which was later in the, in the evening. So I didn't even sit down to even pay the bill until I had nothing else to do for the weekend. And that may be Sunday or that Monday morning. So now I've already put a dent in the money that I received after 80 hours. Right. Cause that was the only source of income that I had coming in.

Patrina (06:19): And, um, and then I did the opposite of what you said. I then paid bills after I did all the other stuff for the weekend. The shift was, I then sat down with my money on that Thursday. Cause I used to get paid every two weeks on a Thursday, sat down and, and the term is budget. I know people don't like it, but the term is budget. You can call it a spending plan. You call it, meeting with your money, whatever you want to call it. But I sat now, right. That wrote down what I got in. So literally what was in my, my account. And then I wrote down things that I had planned to do, included things that I wanted to do. So going out to eat at that time, we were going to movies into movie theaters and wrote that down. So therefore, when I was doing the spending, the spending was something that I was conscious, that was happening.

Patrina (07:04): The goal was I saw it on the paper. And when I saw like, really I spent that much on entertainment, let me reduce that a little bit and put that to the savings category. It also showed me, you can say, when you say first, and then whatever you have left is what you then spend versus trying to figure it out after I spent it. So it was more about that intimacy sitting down prior to the spin, determining or writing down itemizing, listing, whichever word you want to use, how you're going to spend it. And then it leaves you with what you're able to do for your want. The key is not to re not to get rid of your Watts. What makes sure that you've allocated money so that you're able to do it. And then you trust me, trust me, you will then begin to have the mind shift of, I have to reduce the spending in these categories that aren't contributing to my overall goal. And for me it was have more money saved, began to have assets so I can do other things. And that's how it began for me.

Nick (08:02): Awesome. So, so what, what are those actual, um, I'm going to call them like buckets. What are those different like money buckets look like for you? Do you have like individual categories? Like I'm thinking like fixed income here, savings here, investing here. Like you have like dedicated categories like that, where you kind of allocate each paycheck or each month like that.

Patrina (08:21): Absolutely. So I'm going to reverse what you said. So the saving comes absolutely first. Like, and, and, and I, I want to make my point that out because that's what people do. Well, I have to pay my mortgage and my car and then I'll see how much I have for saving. So life happens right? The flat tire. But even if you have car insurance, right, you may have a deductible that you have to pay. If something goes wrong with the car, somebody hits you, not even you in the car, you need to have something aside for that. So that's the savings that for me automatically when my employer, cause I also have an employer, my employer directly deposits a sub subset of my paycheck into my online only high savings, high yield savings account first that's before I even get it, it goes directly there.

Patrina (09:03): Not into my operating account with is my checking account. So first a percentage or a set dollar amount that you have going into that account, the rest. So now in my checking account, the overall bigger account that I do my business through my operations, through for the house, then that comes. So once it hits there, yes, I have the mortgage car. That's like off the top. That's number one that hits it. Then it's um, all of what I call the, um, variable bills, because your light bill, your gas bill, all of those bills can change in a given month on the cell phone. Bill is actually for me is up here with the, um, mortgage and a car because the cell phone bill is essentially the same all the time as well. So you're able to know those numbers right off the bat, the other ones, um, I really try, they don't like me and my house, but I was like, turn off the lights for the room.

Patrina (09:52): You're not in. So those bills, I try, it's a, it's like a game for me. Cause I'm the one that pays the bills at the house or submits the buttons I should say. And it's how can I, how much can I reduce those other bills? So gas lights, um, and what else? I'm trying to think. The, I can't even think off the top of my head, but those other bills that have variables in the household, um, our water bill is the same and our Trask bill are the same. So those to me come back up here. So that's what I try to do. And then I always, for myself and for my clients, please put your, your Achilles heel on your budget. So for me, that was Starbucks coffee for our household is going out to eat. So I don't remove them. What I do is plan for them and then don't exceed the amount that I plan.

Patrina (10:37): So if I plan for a two week period, we're going to spend a hundred dollars. I know we have the room to do it. What I, and, and oftentimes you'll find we'll spend 80. We don't even spend the whole hundred. So now we've got 120 for next time. Cause I still keep it there and roll that over. But what, what I encourage people to do is when you start to see that reduction, reallocate that to saving or investing, or depending on where you are in your personal finances. So that's when, that's where you will see where you have the opportunities based on you writing down and then writing down what you plan to do. And then the key is going back, writing down what you actually did because sometimes that will vary and then you will see the movement within the money.

Nick (11:18): No, that definitely makes a lot of sense. There was a, I don't know, do you follow or pay attention to Rameet SETI at all? I do. So I actually had read his book. I will teach you to be rich. And that's what really got me thinking about the mindset and the shifts and all that to where yeah we did because we broke down like all of our expenses, our income, all of that, and broke it up into buckets. And it's amazing how much of a stress relief it is knowing that like, everything is accounted for like all of your individual buckets are funded where they need to be. And then yeah, you can have a little bit of money, like a play money bucket at the, that, you know, you got stuff in there.

Patrina (11:55): It's, that's exactly my stuff. One of my clients actually have accounts for each of her buckets. So not that she just bucketing within the budget actually buttoning it within certain accounts. If you're able to manage that, you know, that's another great way to do it. So your operating expense, your, your fixed, um, expenses can go to one bucket and then the others to another, and then your play bucket to another. So if you can manage it in that way, that's another way to ensure your required items are not jeopardized by the things that you like to do, because those, that those monies don't even touch each other.

Nick (12:27): Okay. I want to transition over now a little bit to the business side of things. So a lot of the listeners either have their own businesses or wanting to start their own businesses. So now we're throwing something completely new on top of just the personal finance aspect of it. We got so much more to keep track of and pay attention to. So starting out when we're just starting a business, how do we keep these two things straight? We have our personal finances over here. We got business expenses, hopefully business income, starting to come in, like, how do we delineate the two? So we're not like just have a big, massive pile of mess.

Patrina (13:03): Well, first of all, I love that. She's saying how we delineate between the two, because that's step number one, you need to have a separate business bank account separate. Like if you don't leave with anything from this interview today, no that you left. Oh, I'm asking you to please leave with, if you are an entrepreneur that you have a separate business count from your personal business account. The question that I immediately get after that is, well, what if the business isn't making money and I have a business expense. So here's a way that you can do that. So if you have personal funds that you can use to support the business, you actually take the money out of your personal account, put it into your business account and then make the transaction from there. Please do not combine the two there's. So there's a, a litany of reasons of why you should not do that.

Patrina (13:51): I encourage you to now please take E even if that's not the case today, which is okay, go tomorrow. Um, Saturday, the banks are open. Um, if you have your appropriate paperwork and you go and you open up a business bank account, um, some banks have a minimum amount that you need to open it with. So whatever that is, hopefully you can afford to do that. And you go and do that. Keep that separate all business transactions, financial transactions should happen through your business bank account. So that's number one, ensure that you have that. Um, if you need to use personal funds again, I told you how to do that. And then the other thing is have people that pay, you pay you into something that goes directly into your business account if they pay you electronically. So your, um, your Stripe, your cash app and all of that should be tied to your business.

Patrina (14:40): Um, if you do use Kappa cash app, which is our popular right now, as we're speaking today, that could change later. Um, you want to make sure that the cash app, if you're not doing both transactions, cause be just like your personal situation over here with your account. So if you are going to have cash app, be one of the methods that people can pay you for your business, then that has to be strictly for the business for that particular cash app handle. So that's the second thing. And then the other thing I wanted to let you know, if somebody, Oh, somebody writes you a check and people still do that. People think that that's not that's a no, no, right now I get paid, especially from schools, they pay me in a hard copy check that they mailed to me. You want to make sure that they're making the checkout to the business, not to portraying a Dixon or, or you want it made out to the business. And then again, deposit that into the business account. And then you can do things from that once you get it in there, but even paying yourself, you will just write your check to yourself from the business account, if that's what you do. So that those are the things that I would say to start off and make sure that you have that account.

Nick (15:43): That's all really good stuff is okay. So if we're just a brand new website or a brand new business now, and I guess I'm even to say before, we're technically a business, like we're not a registered business. Maybe we're setting up an e-commerce store. We get the stuff rolling. We start getting a little bit of revenue, that type of thing going, it's not technically a business yet. Can we still set up a business bank account? Or how do we should the first step be to get that registered as a business and then get the bank?

Patrina (16:12): You said it it's a ladder. Get us set up as a business and get a business, make account. If you start to get money in from a business venture, a pseudo business venture, you should have a business account. Now let me, let me just clarify. Um, if you are, let's just say you have a side hustle and I define that as like somebody that loves to bake bake maybe on, during one quarter, which is for the holiday and they're baking cookies and cook cakes and pies or whatever, and getting money in for that. That's a little bit different because that's not something they're doing throughout the year. They get money all the time. But if you, um, if you are starting off on a business venture, regardless of you're just getting started, as you mentioned, and it's, t-shirts, it's the e-commerce store. If that's intended to be a business that should be structured accordingly for so many different reasons, so many different reasons. So yes, I encourage that from the start.

Nick (17:03): Beautiful. And I will, for everyone listening, I'll throw a couple of resources in the show notes page for that, like the differences between a sole proprietorship and an LLC and all that. There's a couple of really good resources out there that kind of guide you in which way you need to go. So I'll make sure to throw that in there, if you are in that beginning stage of getting set up.

Patrina (17:21): Yes. And on that point that regardless of which one you choose, I'm on those designations that you mentioned for your business, it that's still means you have a business account. So that's, that's the, uh, how you register your business based on the makeup of your business. And once you get that, that then is what's used for the bank account. Right. Perfect. Okay. Yep.

Nick (17:40): Okay. Let's, let's talk a little bit about budget. I know you said this, it's a weird word that not everybody likes, but this is something we have to think about with a business as well. Is it the same kind of principle that we have with our personal finances that we carry over to the business? I mean, now we have money that we hopefully can put back into the business, but then everyone's first question and thought is, well, when do I get paid? When can I start paying myself from the business? So I guess, how do we kind of gauge that and determine when it's a good time to stop reinvesting and start being able to take home money or if we need to just continue in bed?

Patrina (18:15): Yes, that's a great question. I'm a first dropper resource. So a profit first is a name of a book. Um, the author's name is Mike and I always forget how to pronounce his last name, but if you look up profit first is a very popular book that has a method in there that I use. Um, I adapted a little bit, a little bit differently than it's in there, but the concept came from him and what that is is, and I say this often across all of my social pages is you always have to pay yourself first in your personal budget. I E savings in your business. I E um, owners pay. So in profit first, it talks about having four different account for different business accounts. Even that person that's starting off new. So when you talked about earlier, if you just starting with an e-commerce store, even starting off new, you want to have four accounts and, um, without, cause I'm not going to remember exactly how he says it, but let's say the four accounts, the four accounts are your operating account, your tax account.

Patrina (19:10): Um, Oh, I can't think of the other term, but one of them is the owner's pay. I can't think of what the other one is because I actually used three of the four that he talks about and tense is for every, every, every dollar you get for your business, a portion goes to all the accounts. So you may say, well, the business isn't making enough money. How can I pay myself? Just like with personal. And you got to take yours right off the top now for, for you versus my business, that's been around for a little while. Somebody else's has been around 10 years, yours is brand new, your opinion, your percentage that goes to you may differ, but it's always something. So it may be 1% of what you get in. So it may be 10% for somebody else that may be three, 4% for somebody else.

Patrina (19:56): So no matter if you get $10 for that, t-shirt $20 for that book, whatever it is, you split literally split it amongst the accounts that you have set up for your business. And therefore, every time the business makes money, you make money. Now again, the immediate thought or question that I get when I, when I talk about this is, well, I, I feel weird that I'm getting money in the business. Isn't generating enough. Now. It doesn't mean that you can't take this and put it in there. If you need to, that will be caught owner's investment. Just like the personal money that you take and put in there that's owner's investment. You can do the same, but at least you will see how much you make from the business based on the revenue that the business got it. So it's that, it's that, um, intimacy with the money from the business, by seeing I made this much in the month of February, this is how much it came in.

Patrina (20:48): This is how much was for expenses that I needed. And this is I'm I'm, I'm using my fingers. I'm sorry. Um, this, this, the PO how much the business made an operating expense operating, uh, budget operating dollars went here. I put some away from my taxes and I gave myself some. So you know what that is. Now, if you're a self, some needs to go back in so that you can pay bills, that's fine. But you at least know that you took that away. And then what happens is you start to take from there and they you're a bucket that's for your pay and you don't have to go to your personal savings. Cause you're using the money that the business made that was going to your yourself. If that makes

Nick (21:24): Sense. That's really smart. Yeah.

Patrina (21:26): And what's different. Imagine when the revenue increases that bucket increases and eventually it's, it's the bucket where you write your check from that's actually for yourself, we're really getting

Nick (21:35): Right. That's when the fun starts, right? Yeah. I mean, w and with everybody, the, depending on your business, depending on where you're adding it, like you said, those percentages might vary greatly. I mean, maybe a big portion of your revenues and sales are coming from advertising. And if your business is very heavy reliant on advertising, you're going to have to have more built into that bucket. And it might pull out of the personal bucket, the owner pay bucket. But I do like what you're saying, like always contribute something to each of those buckets. I think that's a really great tip and really good strategy.

Patrina (22:12): This is exactly right. And then the other thing that I'll mention there as well is talking about budgeting right? For the business. Um, I'll use an example for me. So my brand is it's my money. And I have t-shirts in the summer is sweatshirts in the fall and winter. And what I used to do was buy a whole stack of them. Cause I didn't use an on demand, which is another topic that I need to consider, but so I would buy a bunch. And then my goal was to promote them and sell them. So I had the promotion costs, right. It could be a flyer, whatever it is that I was doing. And then I had already purchased the t-shirts. So now I'm trying to, you know, obviously my costs, my price that I was selling it for with over the teacher price. So I'm trying to recoup money back.

Patrina (22:54): So when I became intimate with my business, finances, just like, I, you know, with my personal I'm like, okay, this is how much it costs to sell this. T-shirt, I'm really not making any money the way that I I'm doing it. And t-shirts, don't sell in the winter. My last two years showed me. They don't tell them the winter. They sell them the summer. So my strategy this upcoming year, and now it will be for spring. Was I, um, in, by the sweatshirts, I sold them. Like I marketed them. I put them out there, advertising them, people purchase them. I told them they'll deliver at the end of the month. And then I only bought what people bought from me. So I didn't have to buy this overage of sweatshirts. So I made money. I didn't have the stock sitting around in my home office and, um, everything was all good. So it, again, that, that intimacy with the money will help you reduce expenses and increase your revenue or profit. Once you start to look at your numbers on a more regular basis. Yeah.

Nick (23:50): Yeah. I think that's a great tip because if you're not, if you're not paying attention and you're not, if you don't have that intimacy with the money, you might not even realize like, Hey, I'm bringing, I'm spending so much on these t-shirts and I'm not recouping it all back. I'm not making money off of it. Like, you're just not even going to notice that and your business has kind of bleeding money on the side and you don't even know it. I think

Patrina (24:11): Why is coach that? What was that? I, cause I'm not, I'm not a retail company. Right. But I, I thought it was cute when I have my register brand where people would send me pictures with, you know, my logo on the front of their t-shirt or sweatshirt, but it was really not returning the way that I thought it was until I started, when I saw the numbers for the first year. I'm like, maybe because it was new, that that's, that's what we have. And I had were new to doing that. You know, that'll change once people start to see the pictures, et cetera, and no, I was doing a process wrong and the numbers told me that. And then I saw the stark difference when I did it differently. Yeah,

Nick (24:46): No, that makes a lot of sense. One thing that I did want to touch on before, because I do want to talk about your courses and everything that you have going on. I did want to touch on debt because that is also another big topic taking out like business loans and incurring this debt upfront. Is debt a bad thing? Do you think that we should be avoiding debt at all costs or can debt also be something that actually helps us?

Patrina (25:09): Uh, you know, this is an interesting topic for me. So pre pandemic, I would say I was awesome. I felt great that my business did not have any debt on it. Right. That was pretty cool. Um, again, post COVID business had to change based on COVID cause I was in person I'll, um, delivering, uh, financial workshops that completely shut down. So then when this money is offered to small business owners, I started to think about that differently. So what I'll say sitting here today, which in my thought on this has evolved is I rather have, um, the access to capital that I need to ensure my business is running smoothly versus not. So if that means that not none, that, and when I say this, I don't mean credit card debt on the business. Although, you know, that that's something totally different, but having access to capital and that may mean alone.

Patrina (26:02): That's at a very low interest rate that may be better for a business than scrapping to make the business happen. Um, not knowing if you have enough to pay your employees or pay your contractors or whatever, have you. So now my thought process is don't bite off more than you can chew is sure, whatever it is, the debt that you're getting is for the greater good. So if you're taking a loan, I'm making this up for $10,000 because you need certain contractors, you need whatever happens so that you could make that a hundred thousand that's worth it. So you just have to really weigh that out, um, and make sure that it's right for the right type of debt for the business. Um, and then the other thing that I'll say is if you don't have, um, and this, this holds true to personal as well.

Patrina (26:46): If you don't have anything for them to rate your business, your business credit worthiness, then when you really, when you may need it later on, you may not be able to access the capital. So let me just say that differently. So if you never had a loan or never had to engage in financial capital access and done, right by that money that you've gotten. So people were like, yes, Patrina or Nick. Yeah, we, they loaned them. They paid it back. They used the money accordingly. So now that bigger contract country, you, and you need some more money in order to obtain that if nobody could vouch for you, I E your loan, your business credit, then you may not be able to take advantage of that. So that's why it helps in those two prongs that you're preparing for the bigger right, using appropriately. And then now you have information from lenders to say that you have done right by the money that you have been given before. So then more people will take that chance on you to be able to give you a larger sum so that you can access those bigger contracts, but no different than personal. You have to honor what you agree to and make sure that it makes sense that you don't bite off more than what you can chew.

Nick (27:55): That was great. I honestly didn't even think about that. No, that's a really good, good tip there. So Patrina, let's talk about your courses. You have, you have stuff going on, you have resources out there that can help the listeners of the podcast. What is it? Where can we find it? Give me the details.

Patrina (28:16): Right? So first, Nick, I want to first thank you for having me on, I enjoy talking about both business and personal finance. I am a true blooded entrepreneur. I'm not wonder ones. I say that, um, you work all the hours that I'm off work. I work in my business, so I love talking about it. So I'll start with, um, the chorus. So I do have a course, it's a money management course that it really, the course is designed to help you live your best life, how you live your best life to not be stressed about money, to not old debt, to everybody and their mother. You have figured out, you have tried and true strategies to help you manage your money in a way that will help you live your best life. Um, the course is available. You can go on my website, which is it's my money to access the course.

Patrina (29:04): It is a self-paced course. So I am your coach on a recorded session that brings you through various different modules. And I take you step by step in order to, uh, get your money together, get your bills organized, how to budget the best ways to pay off that and things of that nature and how credit works. Because a lot of people want to just erase credit. This goes you through the process of how you can increase your credit with doing some things that I put within the course. So that's the course. You can check that out. Also, if the course is not the investment that you want to make, when that may not be for everybody, I do have a money management workbook. You can also that off the website, it's, it's my money, and you can go in the shop and then you could just check it, um, grab it there. So those are the two things that I have right now. Um, again, self paint course where I am the instructor and then a, a workbook that you can, um, you know, to by that and just follow everything there. If a course is not your thing. So those are the two things that I think will help both personal and, um, entrepreneurs through managing their money.

Nick (30:07): Amazing. Patrina I will put the links to that in the show notes to both that workbook and the course. So if you are interested in getting this whole world of finances figured out whether it's for your personal life or your business life, make sure you go check those out. Thanks again, for coming on. This was a blast. I know I learned a lot just in the short time we've been here. Where do you want people to go? Social media? We had, we already talked about the website. What do you want people to go to get in contact you if they have any other questions or they just want to say what's up to Patrina.

Patrina (30:37): So, um, check me out when I G y'all I'm trying to increase my followers on ID. My IgE and Twitter, both are it's my money on S underscore. So that's I T S M Y M O N E Y underscore. And, um, I also have a YouTube page. My YouTube page is it's my money with Patrina Dixon. So check me out there and I'm babbling on, um, Tik TOK. So it's my money underscore as well. So if those are, uh, various different ways that I put a lot of free financial information for both personal and business. So if you follow me there, you can grab a lot of information. If you like to listen to the same type of stuff, you could also check out my podcast. My podcast is an audio podcast across all audio platforms, and it's called the money exchange three separate words. So check that out.

Nick (31:30): Awesome. And I, I was checking out your Instagram and you have a lot of great content on your Instagram page. So definitely go give Patrina follow us, build up that Instagram account and definitely go check out the podcast. I'm I have to check that one out as well. I'm very interested in this whole realm, but anyway, Katrina, thanks for coming on. Like I said, this is extremely helpful, extremely informational. I think the listeners will definitely get a lot out of this. So I just want to thank you for coming on and sharing your knowledge and story with us.

Patrina (32:00): Thank you. Thank you, Nick. Thank you for having me and keep doing what you're doing and anytime you need me, I'm here for you and just I'm holler.

Nick (32:06): I appreciate it.

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Links & Resources

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Additional Resources and Links Mentioned

If you haven’t done this already, go leave a review of the Nine-Five Podcast over on iTunes!


Show Notes

Patrina Dixon is a mom and a wife, first and foremost. After that, Patrina is a personal finance expert and she’s here to help us manage our money better.

After developing a poor relationship with money, Patrina was realizing that her money was leaving the bank account as soon as she’d get it in. If you’re in a similar situation right now, you understand just how frustrating that can be.

Once Patrina realized this, she started building a better relationship with money. In this episode, Patrina shares how we can also build a better relationship with money and how we can separate our personal and business finances to set ourselves up for long-term success.


Key Takeaways and Topics from the Interview


It can be a difficult thing managing our personal finances. If you’re a business owner, the difficulty can greatly increase.

By not manaing your money the right way, you may be spending money before you even get it without ever knowing that it’s happening.

I highly encourage you to listen to this special bonus episode, but here are just a few of the key points:

  • Take a look at your money when it comes in – this was something Patrina wasn’t doing early on. By checking in when your paycheck arrives, you have a better sense of what’s happening with it.
  • Write down what you make, write down where it’s going – we all have fixed costs (operating expenses) in life. When your paycheck comes in, pay attention to where the money needs to go.
  • Turn saving money into a game – Patrina challenges herself and her family to save more money each month on electricity. Can you beat last month’s bill?
  • Include your achilles heel into your budget – if you want Starbucks everyday, get Starbucks everyday, but account for this in your weekly/monthly budget.
  • Separate business and personal finance – this is one of those most important points discusses in this interview for all you entrepreneurs and business owners out there.

Listen in on the full-episode, where we dive deeper into all these topics.

This is a slightly shorter episode, but it is absolutely packed with valuable information to help you better manage your money.



I Want to Know…

I hope you enjoyed this episode of the Nine-Five Podcast. Thank you so much for listening!


Do you have a good relationship with money? Is there anything that is still confusing to you when it comes to personal and business finance?

Leave a comment below and let me know!



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"The value you provide to others directly correlates to your success. The more value you provide, the more successful you become. Focus on the value!"

- Nick Nalbach

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I am an entrepreneur and adventure enthusiast, looking to break free from the Nine-Five grind. I'll show you what has worked and is currently working for me, as well as what hasn't worked so well.

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