Leaving Corporate America and Managing Your Own Business | Terrie Chantel
The FI Show
Today's episode features Terrie Chantel from TerrieChantel.com.Terrie is a successful speaker and business coach.She teaches teach business owners how to monetize their skills, uplevel their personal brand, create profitable offers, and convert followers into buyers.Being an entrepreneur wasn't always comfortable for Terrie.Check out how that changed for her and how she's helping others do the same.Listen, learn, and let us know what you think about this awesome episode!Episode SummaryTerrie's Background Terrie graduated high school at age 16 and college at age 20 Both of her parents were “workaholics" This made Terrie believe that "amount of work = financial benefit" At 17, her uncle wanted her to co-sign on a car to build her credit That gesture changed her life At age 22 she went on to buy a house and really understood moneyPassing Down Money Lessons Terrie has three boys, ages 10, 15, 17 Her #1 tool she uses is to “paint a millionaire vision in their mind” This is the act of making wealth achievable in their mind She also gets them to use her debit card to pay bills online Just getting them involved in finances and eliminating the taboo Now her 17-year-old is already an entrepreneurBondage vs Freedom Her uncle was like her dad and went towards the plan he set out She graduates college and goes directly into corporate Terrie stayed there for 10 years 5 years into that career, she started moving into management The pressure was increasing, work was coming home, and the money didn’t seem worth it That’s not what she envisioned It felt more like bondage than freedomSeeing a New Way She didn’t have other peers she could turn to who felt this way Terrie was always the girl, the youngest, and often the only black person Being surrounded by all these 6-figure earners, Terrie saw how high earners spent money But everyone worked themselves to death and just watched their vacation pile up Simply put, Terrie had no idea there was another option So Terrie started her own side-hustle Through this, she begins to meet other entrepreneurs Then she did realize there was another wayCan't Let Go of Stability Terrie gets laid off around the holidays and gets pregnant with her second child So she really starts taking her side hustle serious In her first month, she had 100 clients through a lot of hustle She would even set quotas for handing out business cards But even with all that success, she still went back to corporate work It just felt too secure Terrie did keep the business going by hiring and training someone She admits not everyone is driven to be an entrepreneur But if you have that passion, you have to follow itTips for Starting that New Business She says some people jump to marketing too fast To help others you need to be financially stable yourself She focused mainly on customer service and building a solid product Once those frameworks are set, then you can focus on other things like marketing If you can’t consistently hit the number you need for bills, that’s a bad sign This means it’s time to take a pause and look at your processes She likes to look at it in three-month chunks Terrie says you should be seeing a consistent profitability to know your frameworks are setValuing Yourself Then we talk about valuing yourself This includes charging a premium for your services Stop focusing on yourself and think about the client Think about how you’re going to change their life Then you’ll see just how much you're really worthKey Takeaways Security is addicting: Terrie had trouble walking away from her normal W-2 job. It's a valid feeling! Don't Jump To Marketing: Solidify your product offering and take care of your clients, let marketing come later.Call to ActionGet creative with that work ethic.
Terrie Chantel Covers Credit Repair, Tax Preparation, and the Racial Wealth Divide
Terrie Chantel climbed the corporate ladder in the IT field for over a decade before turning her focus over to the side hustle she had been building along preparing tax returns and doing credit repair. She has now launched The Greenhouse Academy, which is full of how-to trainings on everything from personal and business finance to credit repair. Today Terrie will share with us more about her personal credit story and how she learned about credit repair firsthand when discovering she had negative accounts in her name from childhood. She also shares with us about her emotional climb up the corporate ladder as an African American woman in the IT field and the passion that drove her to helping others with their finances. In This Episode We Discuss: The negative effects of trying to look and play the part of corporate America. How she got started in investments. What credit repair really is and who it can help. The importance of chasing passion and not money. Chantel's Website: https://mygreenhouseacademy.com/ The Word of the Day: Racial Wealth Divide Earning a middle-class income does not guarantee middle-class economic security. White households in the middle-income quintile own nearly eight times as much wealth as middle-income Black earners and ten times as much wealth as middle-income Latino earners. This disconnect in income earned and wealth owned is visible across the entire income spectrum between these groups. If the middle class were to be defined by wealth rather than by income, Black and Latino families in the middle-income quintile would need to earn 2-3 times as much as White families in order to enter the middle class. This is one reason why educating yourself is so important. There are plenty of initiatives working to help address this major problem. Institute for Policy Studies and Prosperity NOW have done extensive research and have very good resources to provide you with more information. We have a long way to go and one way I can see to start making changes is to keep financial conversations going. Remember, It’s not about the numbers but about the strategies. If you have financial questions, suggestions for guests, or would like to share your own money memoir, please contact us through our website worth-listening.com. If you're liking the show, make sure to let me know by leaving a review or sending an email to email@example.com.