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 Secrets To Developing The Superpower Of Belief

3 Secrets To Developing The Superpower Of Belief

Think you canthink you can’t; either way you‘ll be right.” ~ Henry Ford

I have a confession to make.  I’m addicted to success.  Actually, I’m obsessed by it. And if you knew the full extent of my story, you’d understand why!

After I suffered significant losses to my domestic and international investments right after the tech bubble of 2001, ended up unemployed for almost 18 months in which time real estate investment properties I held went into foreclose due to tenants not being able to pay their rent and my loss of income, I ended up filing bankruptcy.  If I hadn’t had belief in God’s purpose for my life and his ability to turn my life around, I know I wouldn’t have ended up with a 7-figure net worth and over 6 figures in passive income just 5 years after my bankruptcy filing.

Needless to say, I’m a big believer in the superpowers of belief.  If you are ready for 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, one of your first steps will to develop the superpower of belief in you.  To help you in that endeavor, I’d like to share 3 secrets to developing the superpower of belief.


1. Think success, don’t think failure. Whether at work or in your home, substitute success thinking for failure thinking. When you face a difficult situation, think, “I’ll win,” not “I’ll probably lose. When you compete with someone else, think, “I’m equal to the best,” not “I’m outclassed.” When opportunity appears, think “I can do it,” never “I can’t.” Let the master thought “I will succeed” dominate your thinking process. Thinking success conditions your mind to create plans that produce success. Thinking failure does the exact opposite. Failure thinking conditions the mind to think other thoughts that produce failure. Disbelief is a negative power. When your mind disbelieves or doubts, the mind attracts “reasons” to support the disbelief. Simply put, think doubt and fail. Think victory and succeed.

2. Remind yourself regularly that you are better than you think you are. It’s been said that Mohammed Ali, the greatest boxer of all time, hired someone just to follow him around all day and tell him he was the greatest. What if you had someone following you around all day, whispering in your ear, you’re the best, no one can stop you, you’re the greatest, you’ve got this. Imagine the impact these words could have to your life. From Japanese researcher Dr Masaru Emoto we’ve learned that positive words positively impact water’s molecular structure and ability to form crystals, just as negative words negatively impact water’s molecular structure and its ensuing ability to form crystals. Dr. Emoto’s scientific research only proves what the Bible has long told us, that the power of life and death is in our tongues. What we say about ourselves and about our future has a directly correlation to the future we create for ourselves. You can watch a video on Dr. Emoto’s research on YouTube here at https://www.youtube.com/watch?v=bm0h3DXs6-4

Now, you have both biblical and scientific reasons to only speak positive words over yourself and to remind yourself that you are better than you think you are. Remember, successful people are just ordinary folks who have developed belief in themselves and what they do. Never – yes, never – Sell yourself short by speaking negative words over your potential and future.

3. Believe Big. The size of your success is determined by the size of your belief. Think little goals and you can expect little achievements. Think big goals and you can expect big successes. One last thing. Do remember that big ideas and big plans are often easier and certainly require no more effort than small ideas and small plans. That’s why Les Brown says to shoot for the moon and if you miss, at least you’ll be among the stars.

Sit with this, meditate on it, internalize it and when you become “ONE” with these 3 secrets to developing the superpower of belief, you’ll realize that you now possess the one thing within you that guarantees success in life. Those secrets I shared came from a book I highly recommend, The Magic Of Thinking Big, by David. J. Schwartz, PH.D

Needless to say, I’m a big believer in the superpowers of belief. I get the sense you might be too. And even if you don’t have the requisite amount of belief to live the life you’ve been waiting all these years to live, I’ve got good news for you. You can borrow my belief in you until you believe in yourself as much or more than I do. That’s one of many benefits clients get from a private coaching relationship with me. You can enjoy those same benefits as well if that’s something that’s of interest to you. Just take the assessment and then book a call so we can chat!


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,


6 Guidelines For Finding Your Purpose

6 Guidelines For Finding Your Purpose

“Purpose is the place where your deep gladness meets the world’s needs” ~ Frederick Buechner

To waste 30 years of your life working for a company that isn’t fulfilling your life purpose is s complete waste of three decades.  When people tell me that they are overwhelmed by life, that’s usually a clue they are not in purpose.  When you are in purpose, you have passion on your side.  Passion ignites and drives you.  It gives you the discipline needed to overcome every obstacle on your journey to your greatest aspiration.

Beyond the levels of satisfaction and fulfillment that come from living out your purpose in life, another reason why it’s paramount to get into fulfilling your purpose is that it’s the answer to increasing the flow of money into your life.

What is it that you do uniquely well and enjoy doing more than anything else?  Perhaps you have something you do better than others.  Or perhaps there’s something you so completely enjoy that it galvanizes you and brings out the best in you.  To find your purpose, look no further than your passion.  You can start that search by following these 6 guidelines I learned from Dave, one of my mentors:

  1. Get curious

    Embrace the fact that you don’t know what your purpose is and simply begin to ask, “Why?” Why am I here? Why am I driven by “X”?, Why am I motivated by “Y”? Why am I passionate about “Z”? Develop a hunger to understand the new, unknown and unfamiliar.

  2. Engage

    It’s tough to find passion without leaving the house. Hermits by definition are not passionate people for all of their energy isn’t being directed anywhere outside of their home.  Passion is directed energy, and revealing it requires that you create opportunities to engage in new activities, meet new people and get out of your comfort zone.  Get comfortable saying “Yes” when you normally might have said “No.”

  3. Get out of the details

    Passion requires that you take a big-picture view of things and see things from the 30,000-foot level versus being stuck in the minutia of it all. Book an appointment with yourself on your calendar for this time of reflection

  4. Think back to when you were a kid

    At one point in time, we all felt passion. Children have boatloads of it by default, but over time it has a way of slipping away.  Spend some time mentally revisiting your childhood.  Reflect on times when you were most engaged, vibrant and alive.  What did you love?  Why did you love? What did you want to be when you grew up?

  5. Recruit help

    Sometimes we can’t see the forest from the trees. You may find it necessary to enlist the help of others to help you find your passion.  Working with a mentor or a coach should be high on your priority list.  Others that may provide insights for you could be a close friend or spouse/partner who can tell you when they’ve seen you really come alive.  Sharing your quest with a professional or others will prove to be a valuable experience for you.  You won’t regret opening up this way to others that can help you.

  6. Move on

    An old dog lies half-asleep on the port of a general store, moaning and groaning in the sun. After watching him go on like that for a few minutes, a customer asks the store owner, “Why is your dog acting that way?”

    “Oh, him,” the store owner says, “that’s Homer.  Homer’s fussin’ cause he’s lyin’ on a nail.”

    “Well, why doesn’t he move?”

    “Cause it ain’t hurtin’ him bad enough.”

    You can become so absorbed in your story of financial hardship that you can’t focus on anything else.  When I lost millions to a Ponzi-scheme and the SEC wanted to hold me responsible for me and my clients’ losses, it seemed like I held onto that story for years much like a scarlet letter had been etched into my chest.

    It’s easy to get into a rut of telling our stories of loss and how unfair the system is.  Frankly, we’d tell that story over and over again to ourselves and to anyone who will listen….the boyfriend or girlfriend who left, the cheating spouse who wrecked your marriage, the scheming business partner who stole from you, the lousy boss, the job we can’t stand but can’t quit, the government, the economy….the list goes on and on

    While there may be some truth or even a whole lot of truth to any of these stories, at the end of the day they are just that, stories.  There comes a time in your life when you just need to move on, when you just need to get off the nail you’ve been lying on before you can see clearly enough to find your passion and ultimately, your purpose.

I hope you find these 6 guidelines helpful in your quest for finding your purpose.  I believe there is no more noble cause in life.  It’s been said that the two most important days in your life are the day you were born and the day you find out why?

Today, I stand on the sidelines, rooting for and cheering you on in your quest to find your purpose.  It’s something I take very seriously and is a part of the work I do in my Total Money Language Mastery one on one coaching program.  If that’s something that would interest you, take the assessment and then book a call so we can chat!


Out of all the gifts I could give you, the gift of finding and living into your purpose is one of the best ones I could pass onto you.  It’s made a profound difference in my life and in the lives of the clients I serve.  Here’s what one of my clients had to say:

I hired Ike to be my life coach during one of the toughest seasons in my life!  In just a few short sessions, he helped to guide me towards a path of success and purpose!” ~ Chanel E. Martin, CEO PNTHRClaw Consulting

Rooting for and cheering you on your quest!

“If a life unexamined isn’t worth living, perhaps the unexamined life is truly worth living? ~ Socrates & Ike Ikokwu

A life built around your purpose is really the only life worth living.  It’s the life where purpose and passion meet to let money flow abundantly into you so you experience money and life abundantly.

You can embark upon that life by taking your first step and completing the assessment and then book a call so we can chat!



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,


A Roof Over Your Head Protects From Rain – Not Recession

A Roof Over Your Head Protects From Rain – Not Recession


There’s a lot of talk about housing market stabilizing. Some homeowners, for instance, see the value of their houses rise simply due the decreasing availability in their specific area. Unfortunately, from a bigger-picture perspective, a look behind the curtain reveals that the recovery from the bubble-burst has a long way to go. Seniors, in particular are getting killed by the foreclosure crisis


Here’s why:


  • There are still 23 percent of all loans in America that are underwater where the mortgage on the house is greater than the value of the home
  • There are still almost 1.5 million homes in the shadow foreclosure inventory
  • More than 1.5 million seniors have lost their homes and millions are still at risk
  • Billions in home equity loans will require principal AND INTEREST payments to be made starting in 2012.  And, many of these loans are backed by properties that are not worth the amount borrowed against them


Seniors are particularly unprepared because they have no way to increase their income.  Many elderly are losing their homes because they cannot pay property taxes.  Reverse mortgages are not available because there is no equity.  Many more will lose their homes because they have used up all their assets and do not have enough income to stay in their homes and they live in a home that’s now worth about half what it used to be worth and part of their net worth has been consumed by the huge decline in housing values.  Many of these people would have benefited from the kind of planning and strategies I offer where they treat their home as a place to live and not an investment….hence keeping their equity in their homes outside of their homes in an account that’s safe, accessible and earning a real rate of return.


Bottom line is there are many things you can do independently to succeed no matter how robust or disastrous the economy is; one of the great advantages of living in the land of liberty, freedom and rugged individualism. Unfortunately, your real estate is not one of them. You can do everything right, over and above and to the letter; but if your next door neighbor doesn’t exercise personal responsibility in his own back yard, yours will suffer as a result.


For those that still view their home as an investment, I’ll share a pop quiz I shared in a prior article in hopes that you might reconsider your position.  Pop Quiz: If someone were to offer you an investment where you can pay more than the minimum contribution, but not less, which would result in loss of previous contributions, the money is not safe from loss of principal, is less safe with each payment, is not liquid, earns 0% rate of return, the tax liability increases with each payment, and when fully funded, no income is paid out, would you be interested? Before you passionately answer “no” with possible expletives, I just described your home….yeah the  one you probably still view as an investment.


While your home is certainly your castle, it’s definitely not a savings account. Unless of course your entire neighborhood knows your PIN.

Personalize Your Retirement Reality

Personalize Your Retirement Reality


I’ve stated in previous posts and blogs that this country doesn’t have as much an economic problem as it does with priorities. While there are great and indisputable fiscal issues making success unnecessarily difficult, success is never easy to begin with even in the best of times. Conversely, there are people determined to be successful and stay that way, regardless of who’s in The White House or on Wall Street.


Among countless issues in the news, there’s a growing statistic of people experiencing difficulty achieving the necessary savings for retirement. Some cynics have gone far enough to declare retirement as dead as the Latin language, citing everything from dropping income and slashed pensions, to the simple fact that the numbers necessary to live off the interest are impossible for most to achieve. Since everyone is different, there aren’t any easy answers. But since everyone is different, there are personal decisions you can make to determine which statistic you want to be.


First off, assert your individuality by recognizing the fact that the idea of 65 as your retirement birthday present was introduced in the US in 1935 when the average life expectancy was 61.7 years. This does not need to be a drop-dead date to determine success or failure. In a day where the morning shows seem to constantly report a 100 years-young codger in the mid-west, people need to realize this isn’t a race. Just because retiring early is an accomplishment, retiring at 70 is not a tragedy. In fact, the odds of success by working five more years shoot up to 85%. You’ll get there when you get there.


Everything else lies personally within you and your ability to honestly answer questions you need to ask yourself. How much do you need to retire? What do you need to do to get there? How long will it take? And here’s the one nobody wants to ask themselves. What are you prepared to sacrifice to get there? Do I need a pool this year or can it wait? Does my car have another 10,000 miles on it? Can I afford a vacation right now? Is this flip-phone good enough? Do I need to spend even more time away from home to get where I need to be?


You are not a statistic. You are an individual. Success is attainable and so is retirement. What are you prepared to do?