Top executives and financial experts reflect on their leadership journeys, sharing how their personal finance mindsets have evolved. From embracing an abundance mindset to learning from entrepreneurial financial discipline, we’ve compiled fourteen valuable insights. Dive into the wisdom of CEOs and executive coaches as they unfold lessons learned in the realm of personal finance.
- Embrace an Abundance Mindset
- Shift to Long-Term Financial Health
- Invest in Education and Diversification
- Separate Personal and Business Finances
- Understand Financial Planning and Future-Proofing
- Adopt an Abundance Mindset for Growth
- Apply Business Principles to Personal Finance
- Diversify Investments and Build a Safety Net
- Persist in Financial Management Daily
- Prioritize Diversification and Stability
- Shift to ‘Earn-Save-Invest’ Mentality
- View Finance as a Strategic Tool
- Learn from Entrepreneurial Financial Discipline
Embrace an Abundance Mindset
My journey regarding personal finance has been that of an ever-growing abundance mindset.
This is congruent with continuous self-development, improving the services you offer, increasing client satisfaction, refinement of your brand, and simply feeling that you deserve to ask for more.
A growth mindset begets abundance. This can mean sitting down and planning your next financial goal, creating a visual of the six-digit figure you want to be earning, and putting it on the wall.
If I look back as an entrepreneur, I can say that what served me the most were discipline, self-motivation, and simply trusting in the excellence I bring to my clients.
Sylvia Larrass
Executive Coach, Sylvia Larrass Voice and Leadership Excellence
Shift to Long-Term Financial Health
Throughout my leadership process, I’ve shifted from chasing quick financial wins to valuing the importance of long-term financial health. When I started my career, I was all about aggressive investments to build wealth fast. Back then, I didn’t pay much attention to the necessity of financial stability or keeping funds accessible. But as I moved forward, learning from both my wins and my losses, I’ve realized how important a balanced financial strategy is.
This balanced technique means saving wisely, investing in a mix of areas, and embracing continuous learning. I’ve learned that it’s not only about effective planning and managing risks; it’s also about understanding the power of compound interest. Personal finance is more than making money; it’s really important for maintaining security and having the flexibility to adapt.
Patience, discipline, and adaptability have become important pillars in my financial strategy. I set clear goals, regularly check my progress, and change my approaches as needed, making sure I stay responsive to changing circumstances. This impressive and flexible method both improves my finances and shapes the advice I give to clients, stressing the importance of seeing financial management as a long-term game.
Gary Hemming
Commercial Lending Director, ABC Finance Limited
Invest in Education and Diversification
As an entrepreneur leading multiple initiatives, I learned that personal finance, much like business finance, isn’t just about money math but strategic control and resource use. My initial perception was focused on savings and not spending unnecessarily. Over time, however, my mindset has evolved to recognize that investing in oneself has the potential to yield the highest return.
I learned that time is the most valuable asset that cannot be earned back. Therefore, I started investing in education, health, and self-growth, improving my productivity and decision-making. Investing in my education at institutions such as the London Business School and Alta Scuola Politecnica significantly impacted my entrepreneurial instincts, enabling me to build ventures like the Open Institute of Technology and Docsity.
Additionally, saving for the future took on a whole new meaning after I drew parallels between business and personal reserve funds. I started considering emergency funds similar to a company’s cash reserves to help weather unforeseen circumstances. Moreover, my leadership journey has taught me the power of having multiple income streams, and hence, achieving financial diversification became a pivotal part of my financial planning strategies.
Riccardo Ocleppo
Founder & Director, OPIT
Separate Personal and Business Finances
My journey from selling websites and computers in the early 2000s to leading a fintech company with 150 employees has significantly shaped my perspective on personal finance.
In the early days of my entrepreneurial journey, I admit I had a somewhat cavalier attitude towards personal finances. I was focused solely on business growth, often reinvesting every penny back into my ventures. This approach, while driving business development, left me vulnerable during lean times.
A pivotal moment came when we faced a major setback at Ondato. Our first version of the ID verification system failed spectacularly, and shortly after, we had a term sheet pulled just before our runway ended. This double whammy was a wake-up call not just for the business, but for my personal financial strategy as well.
I realized that as an entrepreneur, separating personal and business finances is crucial. I learned to pay myself a reasonable salary and to build a personal financial cushion. This not only provided peace of mind but also allowed me to make more rational business decisions, free from personal financial pressures.
Another key lesson was the importance of diversification. While I’m passionate about Ondato and the compliance space, I’ve learned to diversify my personal investments across different asset classes. This approach has helped me weather the ups and downs of entrepreneurship more smoothly.
As an entrepreneur, your business is your baby, but your personal finances are your lifeline. Nurture both with equal care.
I’ve also become a strong advocate for financial literacy among our team. At Ondato, we now offer financial planning resources to our employees, encouraging them to think long-term about their finances, just as we do with our business strategy.
Lastly, I’ve learned the value of seeking professional financial advice. Just as we bring in experts to help with complex compliance issues in our business, I now work with financial advisors to optimize my personal financial strategy.
These lessons have not only improved my personal financial health but have also made me a more effective leader. By having my own finances in order, I’m better equipped to guide Ondato through the challenges and opportunities that lie ahead in the dynamic world of fintech and compliance.
Liudas Kanapienis
CEO, Ondato
Understand Financial Planning and Future-Proofing
As I’ve journeyed from establishing Or & Zon to growing it into a successful brand, my mindset about personal finance has developed significantly. Initially, like many entrepreneurs, I was heavily focused on basic survival, fighting to keep the balance sheet in the black. However, as I navigated through scaling my business, I began understanding the importance of financial planning and future-proofing my finances.
One pivotal moment was when I started investing in artisans worldwide. It diversified my business and enriched my personal finance repertoire, invoking a series of innovative investment strategies.
This journey has taught me two key lessons: firstly, that robust financial management means more than just survival—it’s essential for long-term growth and well-being. Secondly, direct investment in people and skills can yield unanticipated, valuable returns both in the business and personal finance spheres. It was a serendipitous discovery that investing in artisans worldwide not only benefited Or & Zon but also fortified my personal finance strategies too.
Guillaume Drew
Founder & CEO, Or & Zon
Adopt an Abundance Mindset for Growth
Reflecting on my leadership journey, my mindset regarding personal finance has undergone a significant transformation. Initially, I approached money with a scarcity mentality, always cautious and hesitant. However, as I grew in my career, I embraced an abundance mindset, recognizing that money is like oxygen—vital and ever-present.
When I began operating from this abundance mindset, I noticed that I earned more money. This shift allowed me to view financial resources not as limited but as tools for growth and opportunity. I learned to be a great steward of my finances, making wise choices with my money and ensuring each investment yielded a profitable return. This empowered approach has not only increased my income but also amplified my impact and influence.
Elizabeth Louis
Executive Performance Coach, Elizabeth Louis
Apply Business Principles to Personal Finance
Reflecting on my leadership journey, I’ve experienced a significant evolution in my personal finance mindset. As the CEO of Taizhou Srlon Food Container Technology Co., Ltd., I initially focused on the company’s profitability. Over time, however, I’ve learned that a broader perspective of financial health, encompassing both individual and company-wide finances, is critical.
One of my transformative experiences was our company’s IPO in 2017. It taught me the essence of financial foresight, disciplined spending, and wealth management for long-term security and growth. I learned that saving is just as imperative as earning.
On a personal level, I adopted a disciplined approach to budgeting, investing, and saving, thereby securing not only my future but also contributing to the company’s financial stability. This journey has shown me that personal finance is an avenue for fostering discipline, which transcends into successful company leadership. My advice to others is to apply the principles of sound financial management equally to personal finances as they would to a business, emphasizing saving, investing, and cautious spending.
Tony Chen
CEO, Srlon
Diversify Investments and Build a Safety Net
Reflecting on my leadership journey, my mindset regarding personal finance has evolved significantly. One key lesson I’ve learned is the importance of financial literacy. Early on, I made some costly mistakes due to a lack of understanding about taxes, investments, and long-term planning. For instance, reinvesting all profits back into the business without considering tax implications led to unexpected liabilities. Over time, I educated myself on these topics, leading to more informed and strategic financial decisions. This journey has taught me that continuous learning and adaptability are essential in personal finance, just as they are in business leadership.
Brandon Leibowitz
Owner, SEO Optimizers
Persist in Financial Management Daily
As someone who’s worn many hats—from military commander to high school teacher to business leader—I’ve learned that personal finance, like leadership, is all about consistent small actions.
In my journey, I’ve come to appreciate the power of persistence in financial management. Just as I’ve maintained a 1,098-day yoga streak, I apply the same discipline to my finances. It’s not about grand gestures, but daily habits that compound over time.
One pivotal lesson came from my grandfather’s work ethic. His dedication taught me the value of steady, long-term financial planning. This mindset has been crucial in growing Messente from a startup to a multi-million-dollar company.
I’ve also learned the importance of balance. Just as I collaborate with my wife to manage our family and work responsibilities, I believe in balancing financial goals with personal well-being. It’s not just about accumulating wealth, but creating a life that’s rich in experiences and relationships.
Looking ahead, I’m focused on growing our business messaging services while maintaining this balanced approach to personal finance. It’s about making smart, consistent choices that align with both professional growth and personal values.
Uku Tomikas
CEO, Messente
Prioritize Diversification and Stability
Early on, I focused solely on business growth, often neglecting personal financial planning. Now, I prioritize diversification and long-term stability. I’ve learned to strictly separate personal and business finances, maintain a robust emergency fund, and invest consistently outside my company. This balanced approach has reduced stress and actually improved my business decision-making by removing personal financial pressures.
Karl Rowntree
Founder and Director, RotoSpa
Shift to ‘Earn-Save-Invest’ Mentality
My journey as a leader and entrepreneur has greatly reshaped my mindset regarding personal finance. From a naive approach of “earn-and-spend,” I’ve shifted towards an “earn-save-invest” mentality. Two paramount lessons I’ve absorbed over the years include the art of delayed gratification and diversification. Initially, I was inclined towards instant gratification—a pattern I inevitably realized leads to short-term happiness but long-term financial instability. Hence, I embraced the concept of delayed gratification, investing in assets instead of liabilities, enabling substantial savings accumulation.
Moreover, I have learned not to put all my eggs in one basket. Diversifying my investment portfolio has been instrumental in mitigating risk and generating a balanced return. I’ve spread my investments across real estate, mutual funds, and innovative start-ups, thereby maintaining a healthy financial balance. These shifts haven’t just made me a financially savvy individual; they have enabled me to run DealA in a financially sustainable manner.
Oleg Segal
CEO & Founder, DealA
View Finance as a Strategic Tool
Reflecting on my leadership journey, my mindset regarding personal finance has evolved significantly, driven by personal experiences and professional insights. Initially, my approach was basic, focusing on saving and budgeting. As I advanced in my career, my understanding deepened, revealing the connection between financial stability and well-being.
One crucial lesson is viewing personal finance as a strategic tool rather than a necessity. Early on, I saw financial management as a means to pay bills and save for retirement. Exposure to diverse financial scenarios highlighted the power of proactive financial management, enabling me to leverage personal finance for long-term goals, fostering resilience, and creating opportunities.
Diversification and risk management are also vital. My journey underscored the importance of not putting all your eggs in one basket. Diversification mitigates risks and enhances security, guiding my investment strategies and decisions.
Continuous learning and adaptability are crucial. The financial landscape is ever-evolving, influenced by technological advancements and market dynamics. Staying informed and adaptable has been key to navigating these changes effectively. Embracing financial literacy and seeking professional advice are integral to my strategy.
Fostering a mindset of long-term planning over short-term gratification has been transformative. Early in my career, immediate rewards often overshadowed future benefits. Leadership roles reinforced the importance of foresight and delayed gratification. Planning for the long term, whether through retirement accounts or investments, is essential for a secure financial future.
Finally, financial well-being is intertwined with overall life satisfaction. Financial stability contributes to peace of mind, enabling one to pursue passions, support loved ones, and engage in meaningful activities. Understanding this holistic view of finance has prompted me to prioritize financial health as part of my life strategy, ensuring balance and fulfillment.
In summary, my leadership journey has profoundly shaped my approach to personal finance. From a basic understanding to a strategic, diversified, and adaptive mindset, this evolution has been instrumental in achieving professional success and personal fulfillment. These lessons form the cornerstone of my financial philosophy, guiding me toward a secure and prosperous future.
Mohd Adnan
Senior Analyst, esgbook
Learn from Entrepreneurial Financial Discipline
Reflecting on my leadership and entrepreneurial journey, my mindset regarding personal finance has undergone significant transformation, shaped by the challenges and successes I’ve encountered, specifically over the past 10 of the 17 years I have been in business. In the early stages of entrepreneurship, personal finance was often overshadowed by the immediate demands of growing a business.
However, as my leadership role expanded, I recognized the critical importance of a solid financial foundation not just for my company, but for myself and my legacy. Through this evolution, I’ve learned invaluable lessons about the importance of financial discipline, estate planning, and the need for continuous education. These lessons have not only enhanced my personal financial stability but have also informed my approach to leading a successful and resilient organization.
Four key lessons I have learned:
- Separate Business and Personal Finances – Initially, we as entrepreneurs often mix personal and business finances, but as the business grows, it becomes crucial to maintain clear boundaries between the two. This helps in accurate financial tracking, tax compliance, and personal financial health. Big lesson!
- Tax Planning – With growth, tax liabilities can become more complex. Yowzer! I made some huge mistakes previously. I strongly recommend entrepreneurs engage in proactive tax planning, potentially working with a CPA to optimize both business and personal tax strategies. I am blessed to work with astute CPAs that keep me out of trouble.
- Estate Planning – As your wealth increases, I recommend entrepreneurs consider estate planning to ensure their assets are protected and appropriately transferred to beneficiaries or charitable causes according to their wishes. This gave me a great sense of peace.
- Philanthropy – With increased financial success, I recommend entrepreneurs consider their role in giving back to the community, which can be planned and managed as part of their overall financial strategy. I did not do this at the beginning of my business; now, it’s a part of my business model.
By evolving my mindset in these ways, I was able to ensure my personal financial health keeps pace with the growth and success of my business.
Kimberly S. Reed
Diversity, Equality, Inclusion and Belonging Executive and Advisor, Reed Development Group
