Money Mindset for Creative Business Owners with Samantha Eck

Money talks can feel intimidating, especially when you're juggling the demands of running a business and raising a family. But what if understanding your finances could be as simple as having coffee with a friend who happens to be a numbers whiz?

Samantha Eck, the powerhouse behind Firestorm Finance, joins me to demystify business finances in a conversation that's refreshingly straightforward and empowering. Drawing from her six years in corporate accounting and experience running creative businesses, Samantha shares why she left the security of a corporate job with just two months of savings to help entrepreneurs transform their messy financials into crystal clear roadmaps for success.

We dive deep into the common barriers that keep us from mastering our money – from the crippling belief that we're "bad with money" to the simple fact that most business education completely overlooks financial literacy. You'll discover why looking at profit alone can lead to serious misconceptions (like wondering where that $40,000 profit actually went) and why understanding both your profit and cash flow is crucial for making informed decisions.

For busy parents, Samantha offers practical wisdom: schedule a non-negotiable monthly date with your numbers, even if it means putting on a movie for the kids while you review your finances. This simple habit can transform your relationship with money from one of anxiety to empowerment. We also explore the fascinating connection between physical organisation and financial clarity – how decluttering your space can actually improve your money management mindset.

Whether you're just starting your business journey or looking to take your established venture to the next level, this conversation offers valuable insights that apply regardless of where you live (though specific tax advice is US-focused). Connect with Samantha on Instagram and Threads @FirestormFinance, LinkedIn or through her podcast "Creative Minds Smart Money" for more financial wisdom delivered with warmth and clarity.

Also a special thanks and mention to Mike Nielsen (@_mikenielsen) for connecting Samantha and I. If you are after a great podcast editor and specialist- Mike is your guy!

Chapters

• 0:18 Welcome to Beyond Organised
• 2:46 Meet Samantha Eck, Finance Expert
• 6:00 Breaking Free from Corporate Life
• 9:43 Three Barriers to Financial Clarity
• 13:43 Money Mindset for Busy Mums
• 18:08 The Profit Reality Check
• 21:28 Money Management and Organisation Link
• 24:47 Final Thoughts and Resources

Transcript

Mel Schener: 0:18

Welcome to Beyond Organised, the podcast that helps you simplify your life and amplify your purpose. I'm Mel Schenker, life coach, speaker, founder of She's Organised and, more importantly, a wife and mom of four little kids. If you've ever felt overwhelmed, like you're constantly juggling everything but never quite catching up, this is the place for you. Here we go beyond just the tidying up and creating systems. We're talking about real-life strategies that bring order to your life, but also we talk about the things beyond the organizing, the things that really matter, like your parenting relationships and so much more. So grab your coffee and let's dive in. Welcome to another episode of Beyond Organised.

Mel Schener: 1:03

I have the lovely Samantha Eck with us today from Firestorm Finance. How are you?

Samantha Eck: 1:10

I'm good. How are you

Mel Schener: 1:12

Good, thank you. So just to give you all a little bit of background on Samantha, Samantha Eck is the powerhouse behind Firestorm Finance, where she transforms messy financials into crystal clear roadmaps for success. With six years of corporate accounting under her belt, a formal education in numbers and the street cred of running two creative businesses, she's uniquely equipped to help fellow creatives decode the story their numbers are trying to tell. When Samantha's not wrangling QuickBooks, you'll find her dominating on Xbox or curled up with a page turner and her husband by her side and her pup Vivi, so you can also tune into her podcast, creative Minds Smart Money, where she makes money talk. Feel like catching up with a friend, so it is so lovely to have you here today, samantha.

Samantha Eck: 2:04

Thank you, I'm very excited to be here.

Mel Schener: 2:08

I am probably more excited than normal just because you are my first. You're my first guest, so thank you so much for joining us and helping busy mums get on top of another part of their life, and a part that I am not that well versed in. Like I've done all right with financials and helping with organizing and stuff, but you are on a whole other level, so I'm looking forward to hearing. So tell me what inspired you to do what you're doing with financial stuff.

Samantha Eck: 2:46

Yeah, yeah, absolutely. So I used to be in corporate accounting and I don't know something just felt off to me. I guess I just did not enjoy corporate life. There was a lot of weekend work, a lot of late night work, which is funny to say now because, as a business owner, I'm working weekends sometimes and I work late nights sometimes, but I think it's different when you do it for yourself and not for someone else.

Samantha Eck: 3:16

But I just found myself feeling lost and I was like I don't like my work, I don't want to go to work every day. And so I knew how to do bookkeeping, but I had no idea how to help people, like how to do client work, like how to talk to a client. So I took a course and I started to feel really inspired. I was like I can totally do this, like I feel like this is what I'm meant to do. And I told my husband. I said, hey, like I know that we're not in the best position right now, because you know it's just him working and then me working. And I said, but I don't think I can grow my business without, like, leaving work.

Mel Schener: 3:56

I was like because they want you to go network.

Samantha Eck: 3:58

They want you to do all this stuff.

Samantha Eck: 4:00

And we had two months of savings saved up and he's like, yeah, go ahead, go do it. So I mean the biggest inspiration that was so focused on creating and getting something out there and making something meaningful that I didn't have time to focus on the backend work. And every single time when tax season would roll around, that's just not in my stomach, like I don't know what my income was, I don't know what my expenses were, I don't know if I made money, I don't know if I lost money. So it was my inspiration to make sure that nobody ever feels like that again, because I don't want them to walk into tax season with that knot in their stomach.

Mel Schener: 4:56

Yeah, Stressful, I've got to say that's probably one of the things that held me back for so long. Getting started with my own business was stressing about tax, because it doesn't matter where you are in the world, it's not the most simple system. So it's just it stressed me out. But someone kind of remember where said how if you have to pay tax, then that means you're making money.

Mel Schener: 5:24

So it's a good thing and just get a professional to deal with it. You know, and it's good for me to learn and be across things, and I know the very basics, but I can totally understand where you're coming from in going. I need to be across this, I need to know what's going on. You've learned it and now you're like there are so many people out there that need my help.

Samantha Eck: 5:48

Yes, exactly.

Mel Schener: 5:50

That's fantastic. So what is your process Like? What do you do to help people people with their financials?

Samantha Eck: 5:59

Yeah, absolutely so. I mean I tend not to focus specifically on taxes. I help with the tax part of things, but I don't focus on taxes because, for me, my specific focus is I want you to be so in tune with your numbers that you don't second guess anything. You literally know them like the back of your hand. That you could be like seeing a course, maybe, that you want to take and you've been thinking about taking it for months and you're like I can actually afford that. Instead of having to go and look at your bank account and being like can I afford this? I want you to be able to be like yes, I can afford that. So a lot of it is walking you through your financials and saying, okay, like last month you know you spent 30% and I would use this example all the time you spent 30% on coffee purchases. Is that what you really wanted to do? And if you're like yes.

Samantha Eck: 6:57

I had the best month ever last month. I was so productive. Go for it like. If that's what's keeping you fired up, I have no problems with that I've got my coffee right now, yeah and it gets your creative process going right yeah but if you're like looking at that and you're like, uh, I probably shouldn't have spent 30% on coffee, you know that money could have gone to somewhere else in my business, fading my kids maybe as well. Yes, that's where I really want you to start thinking.

Mel Schener: 7:34

And.

Samantha Eck: 7:35

I try and help my clients reverse engineer that as well, because you know, I think that paying yourself first is very important, like even if it's just a small amount, because I feel like you get really burned out really fast if you don't pay yourself something. So I'll always say, okay, I know we're not going to make that right off the bat, but like, what is your ideal income? Like, what do you want to bring home? And if you're like, okay, I want to bring home three thousand, if you're like, okay, I want to bring home $3,000, and you bring it. Let's say, your goal revenue is $10,000. So essentially that's 30%. So you want to make at least 30% of everything you're bringing in. So what I'll tell them is okay, every time you have an income, you know, make sure your expenses are covered and then pay yourself at least 30% of that. That way you're getting paid, even if it's a little bit, and you can build up to that $3,000.

Mel Schener: 8:28

Yeah, now, that's a really good idea. My husband and I have done that for years where we pay ourselves a little bit, but we've been on such a tight budget and I've been on maternity leave and that, so it's literally like 40 bucks a week at the moment. So you know it's it's pretty tight, but it's important because then we know we've got some money that we can spend on whatever it is we want. If I want to blow it all on coffee, which I don't but for example, if I wanted to blow it all on coffee, then I can, and it's not coming out of the family expenses or anything else. It's my own thing, but then that means I miss out on something else that I might want instead. Like, that's how it goes.

Mel Schener: 9:11

But I do think having your own little pocket money is definitely a good thing, but I hadn't thought about it in the whole. Yeah, 30% type thing, like you were saying, and that's that's really good, that's really good advice. So what do you think is, I guess, the main thing that holds people back from budgeting or getting on top of their finances? What, what do you see?

Samantha Eck: 9:41

Yeah, I think there's really, when I like really think about it, I think there's three key things. So there's three things I've seen patterns of. The smallest one I've seen a pattern of is people who believe they're bad with money. So they have this mentality and this fear and this anxiety around money avoidance. So they're like I'm just bad with it, like I don't want anything to do with it because I'm not good at it. Um, you know, the second thing I think I see is just fear and like kind of tied to that bad with money, but fear and anxiety around it, um, but also like just this mentality that it's not something that should be talked about or something that should you should get help with with, like you should just know what you're doing with it. But I always, I always say this like education on business finances is so limited, like people tell you okay, here's how you run a business. There's so many like self-development books on here's how you run a business, here's what you do, but they don't tell you what to do with your finances.

Samantha Eck: 10:43

They don't tell you how to figure out your finances. So you're like, yeah, I'm fired up, I can run a business, but they're not actually giving you the information.

Samantha Eck: 10:51

You need to know what to look at in your numbers to grow your business and then I really think that the third thing is just that they don't know what they don't know. So again they kind of all tie into each other, but again there's not enough education out there, so they have no idea how to look at their numbers, how to make sense of them. So they look at their profit and loss at the end of the month and they say, okay, I made money, but they don't realize that that's the whole picture. Like that profit that he made, at the end of the day you might've already spent it and you don't know that so now you're like okay, I have $5,000 in profit.

Samantha Eck: 11:34

I'm going to go spend $5,000 on something, not realizing that that $5,000 isn't there anymore, being accounted for somewhere else.

Mel Schener: 11:41

Yeah, yeah, oh goodness, it can be so stressful, particularly when you're starting out in a business. But even just running a household and I'm sure your skills and that have been very helpful with your own household in keeping on top of things. And do you find that, particularly because I know I focus a lot in terms of mums and the mum side of things if there were some mums out there starting a business and that, what would you think is important for them to know when it comes to their money?

Samantha Eck: 12:23

Yeah, absolutely. I mean, I think the most important thing to understand is that it's not scary and instead of trying to take a big bite of the elephant especially because we all have such busy schedules and our lives are just- so busy, like take it one step at a time. And the one thing I always tell everybody like make a date. You know, as a mom, I'm sure that you put stuff on a calendar and I'm sure that you have to find some way to keep yourself organized in some fashion.

Samantha Eck: 12:55

So make it a non-negotiable once a month. You know, put on a movie for the kids or something you can sit with them, even on a laptop or a computer, and just look at your numbers with intention and learn and use them to grow. That way it doesn't become so scary. Because I even tell people this, even if you're not at the point of hiring a bookkeeper. This is so important because you need to know what's going on in your business more than anybody else and, like I've told clients, I've turned down people before because they don't care enough, like they don't care what's going on in their business, and I'm like you need to care.

Mel Schener: 13:37

Imagine I can't fathom that. I cannot fathom someone not caring enough about their own business.

Samantha Eck: 13:45

yeah, that blows my mind like a lot of the times. It's like they don't look at the information I'm sending them or I. They're just like, oh, just just do the or the categorizing and stuff like that and I'm like lazy half the equation like that is that's half the equation. The other half is actually understanding what's going on after that yeah, wow, I just.

Mel Schener: 14:10

I mean, I guess we all have different personality types and all of that, but I just I don't know. Like, especially when you're starting a business, even if it's, you know, starting out as a side hustle, you know you're starting a business, even if it's, you know, starting out as a side hustle, you know you're making some soaps or something that you're selling on the side, it doesn't really matter what you're doing. I can't imagine someone not wanting to understand their money. I mean, what's the whole point of doing a business if you can't even look at the money side of things like what's working, what's not working? And yes, oh my gosh, do you have any like interesting stories or anything to share? I know to put you on the spot a bit, but is there any stories that kind of stand out that you just think, oh my goodness, like, don't be like this?

Samantha Eck: 15:03

I mean that kind of ties back to what I was talking about with, like the profit thing. I think there's been so many times where people have been like at the end of the year, we look at their profit and loss and we say, okay, well, this year, you know, you retained 40% of your revenue. And I've had this asked a couple of times. And it's funny because, like one of the business books that I've read is Profit First, where it's all about understanding, like, what your profit actually is. Because, similar to him, I've had clients come to me and say, okay, where's the $40,000 I made? And I'm like it's gone, like you don't have it anymore, like here's what's in your bank account right now, this $3,000. But I said that $40,000 you've already done something with. You've either put it towards expenses, You've either bought assets, you've either taken the money for yourself, like it's gone.

Samantha Eck: 15:55

Made yourself more, yeah, and a lot of times they don't. They can't wrap their heads around that, because they're like what? I don't understand, where did it go? And I'm like, well, see, that's the thing is because that money is usually already accounted for, whether it's the next month's expenses, whether it's money that you're trying to take out to pay yourself, whether it's, you know, money that you've put aside for taxes that's now gone to pay your taxes.

Mel Schener: 16:25

So, it.

Samantha Eck: 16:27

A lot of times they look at that and they're like, okay, like I made a lot of money. But if you don't understand, like where that money's going every month at the end of the year, and you're looking at that and you're saying, okay, where's that money? Like, how do I get that money?

Mel Schener: 16:41

It's not there anymore, it's just.

Samantha Eck: 16:44

I don't want to say it's a fictional number, but it really is. It's an accounting number. Like profit is an accounting number to help you understand your business better. And I always tell people, if you're only looking at profit and you're not looking at your cashflow, then you're just going to miss out on so much you're not looking at your cashflow, then you're just going to miss out on so much.

Mel Schener: 17:06

Do you find that? Because I guess for businesses a lot of people have like credit cards and stuff, no-transcript you know, maybe loans or credit or other things like that they're not seeing numbers clearly. Because if it was literally money in their account coming in and coming out, then the money would be there if they made that kind of money and it would be accountable, because it's just one in, one out kind of thing. But because of credit, because of loans, because of all of that, do you find that that can blur the numbers for people?

Samantha Eck: 17:40

um, I think that that's that's an interesting question, actually, because I, most of my clients, don't have credit cards. Um, okay, a lot of them do have the one in and out, but I think there there are quite a few people who just I think they can't wrap their head around the fact that, like you know, they made $40,000, but it's just not there anymore. Like they don't understand. And I don't think that's a bad thing. I think it's just like some people just don't understand the concept that profit is like yeah, that's what you made, but it's already allocated elsewhere. But I think that's where I really focus on the education, of helping you understand, like, where your profit is going, so that you don't have that question. You're not like where is that money? Now, you're like I know exactly where it went.

Mel Schener: 18:33

Yeah, yeah, that's I'm just trying to think even just from like a personal perspective, cause I love my spreadsheet, I've got my budget, got my spreadsheets, I do all that. I'm a bit, you know, special in that sense, but I love a good spreadsheet and I've been using it for years now and and I can see it, and I guess even sometimes at the end of the month I can see, oh, I'm, I'm down a little bit or I'm up a little bit, but then my bank account looks completely different to what it's saying on the spreadsheet, even though I've literally tracked to the cent. So I guess I can kind of understand how, yeah, when people are looking at their bank accounts, it's a different figure to what's showing on paper, because there's just, yeah, there's so much that goes into money.

Mel Schener: 19:21

And what started me on my organizing journey was money. It was actually it came down to my finances because when I came into my marriage I had debt. It was terrible, it was embarrassing. My husband cleared it at the time because I guess, you know, once we're married it's sort of both of our problems and that was really hard and very humbling. But once I started to learn a bit more about money, because I didn't even know about interest, I didn't know anything, like I was so clueless. But once I started to know about money, I started to understand organizing better, because then I looked at things in my home and stuff that I had that I went. I don't even remember buying that, but clearly like I bought it, it costs money, it went somewhere and so then you know, I start decluttering the house and then I start saving money because I'm not wasting it on frivolous things. So do you find, even from a business perspective, that the more organized someone is, the better they are generally with their money?

Samantha Eck: 20:30

Yeah, I think that plays a big part and I think, in that sense, like it's kind of funny to say, but I'm kind of like the home organizer, a little bit of like your business finances, because I really do go in there and like help you see things clear, like exactly what you're saying like, declutter all the things and show you what your frivolous spending is like, where that is.

Samantha Eck: 20:55

And again, like I'm saying like if that, if that frivolous spending is coffee, and you're like, hey, like I made an extra like five thousand dollars last month and you're, that's what's keeping you fueled a hundred percent, because I think we're all different and I think we all have a different way that keeps us motivated. So I would never want to be like okay, like cut that out.

Samantha Eck: 21:18

But, I think that's something important to note too is that cutting expenses is not going to help you grow your business, because you know, sometimes we do have to put in a little bit of money and I'm not saying don't, go like I'm not saying don't go broke, don't go into debt. But I'm saying like you, sometimes you have to put in a little bit more to get more back.

Mel Schener: 21:44

Yeah, yeah, I agree, it's funny because even starting this business and it sounds very similar to your story and starting because I I, you know had the idea and everything, and talking to my husband about it and he was supportive and I haven't given up my nine to five yet, so I'm scared.

Mel Schener: 22:05

But even talking to my husband about it all and I didn't realize how much it was going to cost to start the business, and I think now I can understand why a lot of businesses fail in the beginning and I think it's because a lot of people don't take into account how much a business is.

Mel Schener: 22:26

And like, I've got a friend that makes soaps, sells them in markets and does all of that and so and she's put in a little bit. But when I'm looking at going online, where a lot of people think, oh yeah, I can make passive income and I can I don't know put in 50 bucks and I'm going to make a million Not that I had that, I definitely did not have that point of view but so many people do they just think I go online and I'm going to be rich and um, and I've spent so much money and thankfully, you know it's accounted for, we're okay, we're good, but it did cost a lot more than I thought. And do you find that perhaps with some businesses that might not be working out a lot of it is just because they actually had no idea how much it would cost for them to run their business when they started?

Samantha Eck: 23:17

Yeah, I think that's a thing and I do think that they tend to miss a lot of the expenses, but they also tend to miss, like, what goes into their business. So you know, the software, the licenses, the bank fees, the fees that are like a lot of people are when. That's been a big thing too is when they get the merchant processing fees taken out, whether that's from stripe or whatever they're like.

Mel Schener: 23:45

Yeah, is there a way that I can like lessen that and I'm like really there's not, it's a it's a cost of business at this point, yeah yeah, and, to be fair, like I don't find a lot of the processing fees exorbitant, I feel like it's reasonable for them to have their business and for us to run it using those things. So it's just. It's funny how everybody pretty much just wants things for free and that's just not how it works, especially if you're running a legitimate business, and it can be a bit overwhelming. But anyway, I feel like I've asked so many questions already and been picking your brain. It's been fantastic. So if people wanted to get a hold of you wanted to look, and I know that you're US-based, particularly in what you do. So for all the US listeners, they can, you know, actually work with you. But even for other people around the world that just want to get your tips and ideas, where can we find you?

Samantha Eck: 24:48

Yeah, I think that's important to note as well that, like I can't help you specifically with like the tax laws or the financial laws in your place, but the tips are still applicable and, like the mindset that I have around, money is still applicable, so I think that's a good thing.

Samantha Eck: 25:04

But you can connect with me on Instagram and threads at Firestorm Finance. I'm also super active on LinkedIn. So if you're like Ooh, I want to connect with her, like, feel free to send me a connection request. And then, yeah, my podcast, Creative Minds to Mert Money. If you're like I just need more tips, I need more education on finances. Honestly, I would love to call it just like the guidebook to your business finances, Because I just want you to understand how you can grow your business in meaningful ways, even without me, because I want you to succeed. I'm someone who wants people to get past the statistics of the two years, the five years, whatever it is, so that you can grow a sustainable business.

Mel Schener: 25:50

Wow, that's great. Look, I mean I'm in Australia so you know you can't even necessarily help me with the tax stuff, but I like following you. I like actually seeing what you have on Instagram and a lot of your stuff even just the mindset stuff getting your head in the right space when it comes to money, and that it's been fantastic, and I think you have a lot to offer, no matter where we are in the world. So I definitely encourage everyone listening to follow Samantha, and I'll pop the details in the description as well. So if you didn't quite catch it, you can just look at the description on the podcast. And, yeah, you can find Samantha. But was there anything else you wanted to share with the audience today?

Samantha Eck: 26:34

No, I mean, that's really everything. And if you are, you're 100% like. You know what, samantha, the way you talk about money just makes sense. I want to work with you. You know. Feel free to hit me up on my website and we can chat, and there's no pressure. I never want you to feel pressured. Questions are free. I'd rather you ask a question and get support than walk away with nothing. And if we don't end up working together, that's totally okay then walk away with nothing.

Samantha Eck: 26:56

And if we don't end up working together, that's totally okay. Sounds great.

Mel Schener: 26:59

Well, thank you so much for coming on today, samantha, and I look forward to following you more on the socials. Awesome, if you loved this episode, don't forget to hit subscribe so you don't miss what's coming next. And if you want to continue the conversation, you can connect with me on Instagram at @shes. organised. Or, for some free resources, head over to beyondorganised. com. S toolkit. Remember, organising is a tool to live the purposeful life beyond it. See you next time.