3 Money Mistakes that Keep Your Business Broke

3 Money Mistakes that Keep Your Business Broke

“Good companies fail to become great not because of bad employees, but rather bad management” ~ Ike Ikokwu

Poor money management has been the cause of more business failures than any other single issue.  Having held a CPA license and worked with businesses for over two decades, I know this to be true.  And, is there any reason to wonder why this happens?

If you think about it, you’ll realize that the vast majority of us aren’t born knowing how to manage money.  Truth be told, our parents were likely lousy at managing money. And, our educational system does little to correct the financial illiteracy epidemic.  With a vacuum in sourcing this piece of education, most of us simply “figure it out” along the way, through much trial and error, while creating a poor money mindset.

Those same money mindset issues and bad habits that wreak havoc in our personal finances can plague our businesses as well if we’re not careful.  Below are 3 common money mistakes I see that keep your business broke.

If you’re a Coach, Consultant, or Professional Practice Owner, kindly pay attention to these 3 mistakes:

1. Catching Shiny Object Syndrome

Some things are just hard to resist.  Apple pie a la mode was one of those things for me.  But seriously, many things in life and business are kind of hard to resist—especially when your friends and colleagues are all jumping on board!  New tools, training, group coaching programs and even business models can all have a strong pull, and if you aren’t careful, these shiny objects can quickly distract you from your current goals.  Ask me how I know (wink wink).

If you find yourself catching shiny object syndrome frequently, try this three-step plan instead:

• For “too good to refuse” offers, make a plan for achieving a positive return on investment (ROI) before you purchase.  If you cannot find a (realistic) way to make the purchase pay for itself, don’t buy it. 

• For exciting new business ideas, create a “someday” list.  Jot down your idea and a basic outline, then get back to the task at hand.  Now that great idea won’t be lost, but it also won’t join the ranks of half-finished business plans that litter the internet. 

• For other irresistible offers that you become aware of, do a “PVG” check.  Look back at your Purpose, Vision and Goals and see if this new offer is in alignment with meeting the goals you’ve established to manifest the vision you have for fulfilling the very purpose you exist.  If it is, give it further consideration. If it’s not, then you can calmly and confidently kiss that shiny object goodbye knowing it isn’t in alignment with your PVG. If you haven’t determined your PVG, that’s likely one of several reasons you should be working with a coach and/or mentor.

2. Falling for the Sunk Costs Fallacy

If you’ve ever said to yourself, “I’m not using this subscription, but I can’t give it up!  I’m still paying the launch price and now it’s much more expensive!” Then you’ve fallen for the sunk costs fallacy. 

This common mistake is famous among economists, and we all fall victim to it from time to time. Simply put, the sunk costs fallacy is what makes us justify investing more money or time in something—even though we’re not seeing results—because we’ve already spent so much. It’s what encourages us to repair the car one more time (after all, you just put new tires on it), eat a meal we don’t enjoy (simply because you’ve paid for it), and yes, continue to pay for tools and resources you’re not using. 

Take a few minutes and examine your current business expenses. What are you paying for month after month that you’re not using? Either make a plan to put them to work for you, or cancel them. Stop falling for the sunk costs’ fallacy.  Rather than focusing on the sunk cost, think opportunity cost. Had you not invested money into that subscription, what would it be worth today invested in somewhere else that would have provide a more productive return?

I saved five figures annually by simply letting go of subscriptions that at one point I thought were “good” ideas, but upon further consideration of my “PVG” and realization that I hadn’t done anything with those subscriptions in 3 years (shameful I know), it became obvious it was past time to cancel!

3. Too Much Penny Pinching

You thought this was all going to be about overspending, didn’t you? Here’s the kicker: Spending too little is just as bad for business.

When you’re constantly on the lookout for free and low-cost tools or working 16-hour days because you “can’t afford to outsource,” you’re not doing your business any favors. Sure, it looks like you’re bootstrapping and working really hard to make something from nothing, but what you’re really doing is digging yourself a rut it will be nearly impossible to climb out of.  Not only that, but you’re reinforcing a scarcity mindset that will continue to plague you for years if you let it.

Rather than pinching pennies, learn to spend money strategically. Buy what you need, when you need it. Invest in top-quality products and programs rather than settling for the low-ticket, half-baked plans. Just like quality clothes, cars and furniture, quality services and software last longer and work better.  And unlike that car, good quality business tools will pay for themselves.

Bottom line is that with resources in abundance to outsource a laundry list of tasks from as little as $5 per hour to $25 per hour, the simple question to answer is this: Do you know how much your time is worth?  Or have you fallen into the trap of being busy doing those $5 an hour tasks in your business just so you can “come across” as being busy? Trying to save money not outsourcing is like tripping over dollars to save a penny.  Don’t do it. Your wallet and business bank account will thank me later!

These 3 mistakes are just a few of many that could be causing you to repel all of the money that is trying to make its way to you.  If you aren’t experiencing money and life abundantly, here’s your chance to fix it right NOW by grabbing your FREE GIFT below.

Click on the link below and subscribe to my newsletter.  Just for subscribing, you’ll receive a complimentary copy of my E-Book and Workbook: 7 Steps to Experiencing Money and Life Abundantly

FREE GIFT LINK: https://ikeikokwu.com/free-gift


If you think you can create a financially empowered life you can’t wait to live, one that’s designed around your purpose and that brings immense success, satisfaction and fulfillment beyond even your wildest dreams, you can. If you think you can’t, just borrow my “you can” until it turns your “I can’t” to an “I can.”

That can happen easily and effortlessly for you by simply taking your first step and completing the assessment and then booking a call so we can chat!


Cheers to you thinking BIG!

With Abundance & Fulfillment,


3 Ways To See Money As A Spiritual Journey

3 Ways To See Money As A Spiritual Journey

While most discussions about money often focus on the physical, tangible Federal Reserve Notes, few people understand money is more spiritual than it is physical.  Here are 3 ways to see your relationship with money as a spiritual journey, not a physical one!


For where your treasure is, there your heart will be also” Matthew 6:21

As water reflects the face, so the heart of man reflects man” – Proverbs 27:19

Rightly or wrongly, the fact is that there are few things we treasure more in life than money itself. It’s been said that we never see things as they are, we see things as we are. I’ve been quoted to say that I can generally tell most of what I need to know about someone by taking a look at their calendar and their checkbook.  How you spend your time and money says a lot about you.  When you look at how you engage with money, like a mirror, it will reflect back how you feel about yourself, how you’ve defined your self-worth, how much you think you deserve in life and how much you think you are capable of accomplishing.  As such, many have a love-hate relationship with money as it exposes the hidden things about us that we would rather not share with others.


The Good Book tells us we are “like gods” and that we’ve been created in His image.  In our first introduction to God, we see him expressing his creativity as the heavens and earth are formed.  Then we were empowered with the right to name the things He created and take dominion over the earth.  In my studies of the Universal Laws of Creation, I know that through the law of the Perpetual Transmutation of Radiant Energy, energy is perpetually in motion and that it can be transmuted to create things.  When we have thoughts backed by a strong desire, the amplitude of vibration from those thoughts can be transmuted into the creation of products and services that solve problems in the marketplace.  As entrepreneurs, that’s what we are in business to do, solve problems.  And when we do that, money naturally flows to us.

Elsewhere in that Good Book, we are told that God knows the thoughts that he has for us, and they are thoughts to prosper us.  It’s His desire to release divine thoughts to us that enable us to co-create solutions with Him that address the problems of those we serve as entrepreneurs.  When we do, money flows freely to us and those we serve can look at us and say we are just like our Father, which is the greatest compliment a Father wants to hear about his son.  In that regard, your lack of money is really a function of three questions:

  • Do you believe God wants to prosper you?
  • Do you believe God wants to co-create with you?
  • Do you believe God loves you?


When you understand DNA and how each of us have been uniquely created, then you recognize that there’s no such thing as competition when it relates to fulfilling your purpose in life. No one else on planet earth has the same set of experiences, the same set of skills, gifts, talents, or the unique voice that you have in communicating your unique value proposition to the world. And before you were formed in your mother’s womb, you were uniquely designed to fulfilling a very specific purpose on earth.The problem with those who spend their lives complaining about being overwhelmed by the amount or the lack of flow of money into their lives, overwhelmed by their lack of motivation, their lack of ideas or any other excuses they may offer as to why they are not experiencing an abundant flow of money into their lives is that they don’t recognize that they are “under-purposed.”  They haven’t tapped into that thing they were uniquely designed to do.  Because when they do, being overwhelmed becomes a thing of the past.  Being unmotivated no longer applies to them.

When you tap into purpose, the universe stands at attention and opens every door necessary and releases every resource you need to fulfill that which you were divinely created to do.  And when you do that, you will find money flowing to you in abundance because you are using all six of your intellectual faculties and tapping into the seven laws of creation to release unique solutions into the marketplace for which you are generously compensated.

If you’re not satisfied with what you see in the mirror, if you feel like there are opportunities to improve your relationship with God, if you feel like the flow of money into your life is an indictment that you are not ‘living your purpose,” and you’re ready to start experiencing money and life abundantly, take the assessment and then book a call so we can chat!

I’m sure you’re curious of what a life experiencing money and life abundantly feels like.  That life is well within your reach when and it starts by taking your assessment now!


With Abundance & Fulfillment,


How Does Personal And Business Financial Management Advice Nurtures Your Business?

How Does Personal And Business Financial Management Advice Nurtures Your Business?

The pain of being in a state of financial crisis in both personal and business is real. It can cause a great deal of stress and can make your day-to-day life absolutely miserable. While some business owners may fail to realize the significance of hiring a business mentor for earning and saving extra money, those who have already secured their services are achieving greater levels of success in their personal and business lives.

Can you imagine yourself in a situation where you are doing pretty well — running your business and selling your products and services, only to find out later that your company is not growing at all, neither does it have a consistent revenue stream?

The point is, managing your personal money and running a business requires you to hire a business mentor who can devise a solution to efficiently manage your money and cash flow lifecycle. This means that businesses may require business and financial advice from time to time in order to meet their business and financial obligations and to fund their day-to-day operations.

Hence, a business coach can help you earn extra money, capitalize on best business opportunities, ensure high-interest savings, generate passive income, build your credit, rejuvenate your cash flow, and propel you on the path to accomplishing your personal and business goals. In other words, personal and business funding boosts your  finances, nurtures your business, and gets you out of your declining credit condition faster. The only solution for coming out of a financial crisis is to acquire the financial advisory services of an experienced business coach who knows how to improve your finances, enhance business profits, lower operating costs, increase cash flow and grow your wealth.

What Else Does Financing Help You With?

Besides providing unparalleled financial support, financial stability, and fast and easy access to money, a business mentor and strategist prevents your debts from mounting, and provides you an opportunity to maintain and leverage more control over your day-to-day business operations and finances.

If you are looking for a personal mentor to help you earn extra income or are considering hiring a business expert to meet both short-term and long-term goals, the right type of business and financial management advice can bridge cash flow gaps and can help you get back on track.


Fire Your Financial Advisor

Fire Your Financial Advisor

That’s right I said it…Fire Your Advisor! If you have one, pick up the phone right now and do a Donald Trump on him or her and let that person know “They’re Fired!” And if they ask you why, tell them Ike, The Financial Independence Coach told you to do so. That’s right I’ll take the blame for you. And you know why? It’s because I am convinced that the financial planning industry has failed you the consumer. And, since I am a part of the industry that failed you, I want to take the blame. (more…)

Becoming Debt Free

Becoming Debt Free

Ever feel the weight of the world coming down on you? That’s the way anyone feels when they are buried under the rubble of what I call “bad debt.” So what is bad debt? Bad debt is any consumer debt that does nothing to increase your financial position but instead further deteriorates your financial position. (more…)