Selena concludes by recommending Ramit SETI’s series and discussing the importance of understanding what “rich” means to oneself and taking physical steps towards that goal. She also encourages listeners to follow her on social media and leave a review for the show to help independent retail and ecommerce stores scale.

Chapters

| **Timestamp** | **Summary** |
| ————- | ———– |
| 0:00:00 | Introduction to Bringing Business to Retail podcast |
| 0:01:24 | Parenting moment with daughter discussing financial advisors |
| 0:05:48 | Daughter’s question about retail ownership |
| 0:06:21 | Importance of understanding retail metrics |
| 0:07:13 | Retail metrics to track |
| 0:08:58 | Importance of tracking customer acquisition cost |
| 0:10:23 | Ways to reduce customer acquisition cost |
| 0:12:23 | Importance of tracking customer lifetime value |
| 0:12:30 | Investing in yourself and your business for a guaranteed return |
| 0:13:27 | Criteria for investing in a business |
| 0:13:47 | Importance of focusing on what you want for your business |
| 0:14:24 | Investing in yourself leads to financial acumen and control |
| 0:15:16 | Managing money in your business |
| 0:16:54 | Take advice from a 14-year-old and invest in yourself |
| 0:18:05 | Recommendation for a family show and defining what “rich” means to you |
| 0:18:58 | Call to action for audience to leave a review and help independent retail and ecommerce stores. |

Quotes

1. **Ramit SETI-(0:03:13)**
> “You have to be in control of your money.”

2. **Selena Knight-(0:04:14)**
> “It’s so important to understand that you don’t have to have everything perfect before you start.”

3. **Selena Knight-(0:05:48)**
> “If YouTube taught our kids nothing, it is about affiliate income and referral fees.”

4. **Selena Knight-(0:06:20)**
> “They generally invest your money, not invest in you.”

5. **Selena Knight-(0:06:49)**
> “So when they invest your money, do they guarantee that you’re going to make more money? Or is it like sometimes you buy a house and it’s worth less, and sometimes you buy a house and it’s worth more?”

6. **Selena Knight-(0:07:47)**
> “She’s kind of always understood money.”

7. **Selena Knight-(0:08:46)**
> “Why wouldn’t parents teach their kids about money? And why does school not really teach us about money?”

8. **Selena Knight-(0:09:17)**
> “Well, now I’m confused, because you guarantee that someone will make money or at least make their money back if they work with you, but you’re saying a financial advisor doesn’t do that. So why would you give your money if you owned a shop? Why would you give your money to a financial advisor?”

9. **Selena Knight-(0:11:02)**
> “But most importantly, she’s looking at a scenario and saying, if I invest in myself or if someone invests in themselves to make more money and is guaranteed a result, why would you not choose that option over something that is completely optional, whether you would make money or not?”

10. **Selena Knight-(0:12:30)**
> “Hey, if you want to invest in yourself and you want to invest in growing your business with a guaranteed return, send me a DM.”

Show Notes

# Bringing Business to Retail Podcast Show Notes: Financial Responsibility and Retail Investing with Selena Knight

## Introduction
In this episode, Selena Knight, a retail growth strategist and multi-award-winning store owner, talks about financial responsibility and retail investing. Selena shares her insights on how to take control of your money and invest it wisely, as well as the importance of understanding how financial advisors work. She also shares a proud parenting moment about teaching her daughter about financial advisors.

## Overview
Selena discusses the importance of being in control of your finances and not leaving everything to a financial advisor. She explains what a financial advisor does and how they get paid, comparing them to real estate agents in terms of commissions. Selena shares a conversation with her daughter about financial advisors and retail investing, highlighting the importance of teaching children about money management. She emphasizes the importance of vetting potential clients and being invested in the growth of their business. Selena encourages listeners to invest in themselves and their business, and to take control of their finances by understanding the basics of money management.

## Timestamped Chapter Summary
– Introduction to the episode [00:00:00]
– Selena shares a proud parenting moment about teaching her daughter about financial advisors [00:01:24]
– Selena explains what a financial advisor does and how they get paid [00:04:14]
– Selena compares financial advisors to real estate agents in terms of commissions [00:05:15]
– Selena shares a conversation with her daughter about financial advisors and retail investing [00:06:20]
– Selena discusses the importance of being in control of your money and investing in yourself [00:11:42]
– Selena issues a call to action for listeners to invest in themselves and their business [00:12:30]
– Selena emphasizes the importance of vetting potential clients and being invested in the growth of their business [00:12:58]
– Selena encourages listeners to think about what they want from their business and to invest in themselves to achieve those goals [00:13:47]
– Selena shares her personal experience with understanding the basics of money management and encourages listeners to do the same [00:14:24]
– Conclusion and call to action [00:18:58]

## Relevant Links/Resources/References
– Ramit SETI’s I Will Teach You to Be Rich series on Netflix

## Quotable Phrases/Takeaways
– “You have to be in control of your money.” [00:04:14]
– “It’s kind of the same thing for a financial advisor. They’re going to invest your money in different products and then the owner of those products gives them a commission for getting the investment.” [00:05:15]
– “If I invest in myself or if someone invests in themselves to make more money and is guaranteed a result, why would you not choose that option over something that is completely optional, whether you would make money or not?” [00:11:02]
– “Think about investing in your physical knowledge. Think about what your business could do for you if you felt clearer about what you wanted, if you felt more confident about the decisions that you were making, and if you felt like you were back in control.” [00:16:54]

## Social Media Handles/CTAs
– Selena Knight’s website: https://selenaknight.com/
– Selena Knight’s Instagram: @selenaknightretail
– Follow Selena on social media and leave a comment or DM to chat about the episode
– Leave a review of the podcast on your platform of choice to help independent retail and ecommerce stores scale

## Conclusion
In this episode, Selena Knight emphasizes the importance of taking control of your finances and understanding how financial advisors work. By being knowledgeable about your investments, you can make informed decisions and invest your money wisely. Selena also highlights the importance of teaching children about money management and investing in oneself to guarantee results. The episode concludes with a call to action for listeners to invest in themselves and their business, and to take control of their finances by understanding the basics of money management.

0:00:00 A You. Hey there, and welcome to the Bringing Business to retail podcast. If you’re looking to get more sales, more customers, master your marketing, and ultimately take control of your retail or ecommerce business, then you’re in the right place. I’m Selena Knight, a retail growth strategist and multi award winning store owner whose superpower is uncovering exactly what your business requires to move to the next level.
0:00:33 A I’ll provide you with the strategies, the tools, and the insight you need to scale your store. All you need to do is take action. Ready to get started? I wanted to jump in quickly and share this very proud parenting moment with you because I’ve only told one person this, and I feel like it’s one of those moments in your life where you think, I did good, like I’ve taught my child something. Because if any of you guys have teenagers, you know, 100%, getting any kind of feedback, let alone any kind of acknowledgment that you’re a good parent can sometimes be really, really tough. Now, I love my daughter.
0:01:24 A She is really easy. She’s not a difficult child. She’s very quiet. She loves to read books and draw pictures and all that kind of stuff. But like any 14 year old, she doesn’t talk an awful lot, especially to me. Well, she probably talks an awful lot to her friends, but there are lots of conversations that were like, I don’t know. And so when I was sitting down having a cup of tea yes, day before yesterday, and I was watching Ramit SETI’s I will teach you to be Rich series on Netflix.
0:01:59 A Now, if you don’t know Ramit, he’s been around for ages. He is not one of these finance crypto marketing bros, as my daughter would say. He’s, I guess, financial advisor would be a great way of describing him, but, like, real bare bones, just getting people to understand how money works and in a really down to earth way and getting them to look at what they want from life and how do they make that happen.
0:02:30 A And so I was watching the show, and she was watching it with me, and she got up to make herself a hot chocolate, and they were talking about how, if any of you guys are watching it, you know the lady who had Cocoa Queen, the French rotisserie chicken shop. Weird. But anyway, she has sold her house, and she has $2.2 million with which to do something. Now, the majority, in fact, I think all of her income comes from alimony payments, so obviously that’s not necessarily volatile, but there’s a chance that the money may not come in. And she says that quite often. She says, my alimony money was late, and she lives very much beyond her means. So she decides to sell her house.
0:03:13 A She has $2.2 million. And remit says to her, so what are you going to do with this money? And she said, I gave it to my financial advisor. And he was like, no, you have to be in control of your money. But not so much. No, don’t use a financial advisor, but the whole abdicating your entire fiscal responsibility to somebody else and not being in control of it was something that he was against. And he was also against the commission, which was like 1%.
0:03:46 A And so he worked out, I think he said, over the next five years, the guy’s going to make $25,000 off you. I don’t know if that was the right number, but it was lots of thousands of dollars. And so my daughter said to me, what’s the financial advisor? Great question, right? Great question for a 14 year old. And so I was trying to explain what a financial advisor does and I said, they can either give you advice about where to invest your money, or they can basically take your money and invest it in different areas for you.
0:04:14 A And she said, random question. She says, do they get paid a base plus commission or are they commission only? This in itself is a proud parenting moment for me because I’m like, at least she understands that there are different ways of getting paid. And I said, in most cases, especially overseas in America, a lot of them are commission only. Here in Australia, they have a base and then they get commission as well.
0:04:40 A And she said, well, how do they get their commission? I’m really excited because here is a conversation I love having and I’m having it with my child. So I was explaining to her how, one, they get a management fee just for being in charge of your money, and then two, they get a commission from the products that you invest your money in, or they invest your money in. And I guess I said, well, the easiest way I think I can explain it is kind of like a real estate agent. So when a real estate agent sells your house, they get a commission.
0:05:15 A And so it’s kind of the same thing for a financial advisor. They’re going to invest your money in different products and then the owner of those products gives them a commission for getting the investment. And she said, so smart, right? It’s all this YouTube stuff. But she says like, influencers get affiliate money or referral fees. And like, yeah, that is exactly it. If YouTube taught our kids nothing, it is about affiliate income and referral fees. So you have to love that, right?
0:05:48 A So she’s got her in her head what this financial advisor does, and by now she’s made the hot chocolate and she’s stirring it. And I could see she was thinking I kind of paused the show at this point to have this conversation with her. And she’s stirring the hot chocolate, stirring the hot chocolate, and she takes a sip and then she puts it down and she said, okay, so if someone owns a retail guys I’m not making this shit up, okay? I wish I could make this up, but it’s so good I have to share it.
0:06:20 A So she says to me, takes a sip of hot chocolate, puts it back down, and she said, okay, so if someone owns a retail or ecommerce store and they go to a financial advisor, does the financial advisor get them to invest in one of your programs or working with you? I was like, that’s a really good question, but no, that’s not generally how it works. They generally invest in your they invest your money, not invest in you.
0:06:49 A Okay? So she’s just sitting there thinking she takes another sip of hot chocolate and she puts it back down, and she said, so when they invest your money, do they guarantee that you’re going to make more money? Or is it like sometimes you buy a house and it’s worth less, and sometimes you buy a house and it’s worth more? I said, oh, no, there’s no guarantees in investing. Sometimes you’ll win money and you’ll gain and sometimes you’ll lose money. As I said, at this point, I’m really excited about having a conversation with my child about something that I enjoy and something that is going to help her as she moves forward. Even just knowing this, whether it ever is needed in her life. But even just knowing this, to me, is super important because one of the things she said that was not part of this conversation as we watch this show and it is a great show, totally like PG rated, watch it with your kids is she said, I’m really confused about how people don’t understand money.
0:07:47 A This is my other proud parenting money at moment. Is she’s kind of always understood money. We’ve always given her not necessarily a lot of money, but let her be in control of her money. So, for example, she gets a set amount each week to spend at the school cafeteria, and it’s up to her to manage that. It’s like $10 at the moment, which actually isn’t very much, but she has to do more jobs around the house if she wants more money. And so she has to manage. Does she want a big lunch order or does she want to get snacks each day?
0:08:15 A Totally up to her. That’s her choice. And we’ve always done that with her money. And so during this pre conversation, she had said to me, I don’t understand why people don’t get money. It’s money. I don’t understand why people like, why do people have such big problems with it? And I said, well, you just have to watch this show to see that a lot of people aren’t taught about money. She’s like, well, why wouldn’t parents teach their kids about money? And why does school not really teach us about money?
0:08:46 A That’s a conversation for a different Facebook Live. Okay, so back to our conversation where she says to me, would a retail or ecommerce store owner be advised by a financial advisor to work with you or buy one of your programs? And does a financial advisor guarantee a return on investment? She didn’t use those words, but that was what she was saying. And so she’s still in the kitchen at this point, and I’m still in the lounge room. So we’re talking across the room at each other.
0:09:17 A She takes another sip of hot chocolate and puts it down, and she says, well, now I’m confused, because you guarantee that someone will make money or at least make their money back if they work with you, but you’re saying a financial advisor doesn’t do that. So why would you give your money if you owned a shop? Why would you give your money to a financial advisor? Because remember, the lady in this scenario in Remit’s documentary does own a restaurant. So she’s the kind of person who we don’t necessarily work with hospitality, but she’s a business owner in retail. And so my daughter’s thinking, but why would a financial advisor not invest her to get knowledge on how to grow her business and make more money when it’s guaranteed versus just giving someone your money?
0:10:09 A You may or may not make your money back, and we’re talking $2.2 million here. I swear I am not making this up, right? This is the moment where my heart fills with pride. And I was like, you know what? That is a really, really good question, and it is probably the kind of kind of information that a lot of people aren’t brought up to learn. So whilst this woman has a lot of money, she doesn’t have a lot of fiscal experience.
0:10:38 A Like, she doesn’t know what to do with the money. And that was obviously quite evident because she was on the show, but it was also quite evident in some very frivolous decisions that she had made. For example, she had projected it would cost $250,000 to put the fit out into the shop and get the shop, the restaurant, up and running, and she ended up spending one and a half million dollars. That’s not just a blowout. That is I was not in control of my money.
0:11:02 A And so I wanted to share this with you. One, because I am like, literally bursting with pride that A, my child even listens to what I say. B, she kind of understands what I do. Like, clearly she’s just absorbing this stuff in. But most importantly, she’s looking at a scenario and saying, if I invest in myself or if someone invests in themselves to make more money and is guaranteed a result, why would you not choose that option over something that is completely optional, whether you would make money or not? Like, it may happen or it may not happen.
0:11:42 A This comes up an awful lot when we tell people that we guarantee that you make money or you’ll at least make your money back. If you turn up and you do the work and you ask for help and you do the things that we tell you to implement, we guarantee you will make money. You pretty much can’t not, right? Because we know what we’re doing and a lot of the times it is just having somebody who is external to your business look at the pieces of the puzzle and says, some things are out of alignment here. If we just tweak those up, if we just tweak them and put them back into a really good streamlined way like put those foundational building blocks in, then you will make your money back at least or preferably even more.
0:12:30 A And so what I want, this is not necessarily yes, one, there’s a call to action here because I would be silly not to, which is, hey, if you want to invest in yourself and you want to invest in growing your business with a guaranteed return, send me a DM. You can chat to one of my team, see if you are the kind of person that we work with, because this is the other thing is we have to vet your business and you to see if you are I’m going to say the word coachable, even though we’re not coaches.
0:12:58 A Are you prepared to listen to the advice and implement the advice that we give? But most importantly, do you have a business that we are investing in? Because that’s what we’re doing. We’re investing our time, our knowledge, our resources to help you grow. And if you don’t meet those criteria, we won’t bring you on as a customer or as a client. Same thing as you. Like if someone comes into your store and can’t afford something, then you’re not just going to say, well, just give me what you got, right?
0:13:27 A It’s a transaction. You’re in business to make money. I’m in business to make money. We’re both in business to help people. So yes, there is a call to action because I would be silly as a marketer and a business owner not to put a call to action into this Facebook Live, which is, hey, if that’s you, send me a DM, hop on a team with my call. Hop on a call with my team, we’ll see if any of our programs are right for you.
0:13:47 A But most importantly, what I wanted to take away, what I wanted you to take away from this is it’s really easy to get boggled down in the day to day and forget about what we wanted from our business and what we want our business to achieve for us. So I’m saying take the advice of a 14 year old, which is think about what you want and why shouldn’t you invest in yourself rather than investing in something or somewhere else?
0:14:24 A Because the more you learn, the more you become resilient, the more confidence you have, the more clarity you have, the more control you have. Of your money, of your business, of your life, then the more you have the ability to make more money. And you probably hear this over and over again, right? You hear if you lost it all or business people who’ve lost it all and have risen from the ashes, it’s because they have that financial acumen.
0:14:50 A Now, I do not shy away from the fact that I failed accounting twice in my degree because I just didn’t understand double journal, bookkeeping book Double, whatever that’s called. But the minute I understood it was money, I literally remember opening up an Excel spreadsheet, like the first couple of days of my business and putting money in and money out, and I was like, oh my God, it makes sense now.
0:15:16 A It’s money. Sounds stupid. And from my 14 year old, she’s like, well, why don’t people understand money? And I had been managing my or have been managing my own money since I was 14 when I had to leave home. And so you would think if anyone knew to how to manage money, it would be me. And yes, I can manage money really well. But the theoretical side, the accounting side, didn’t make sense to me because I thought I was not a numbers person.
0:15:47 A But the minute it became money, it was like, oh yeah, money. I can manage numbers on the paper. That was really confusing. So if you are struggling to understand where money is going in your business, instead of thinking about thinking about it in numbers, maybe think about it as money. Like, think about it as, I am putting money into the bank account, I am taking money out of the bank account. How am I feeling? When that happens and when you live that, it becomes so much more real.
0:16:24 A But also it puts that skin in the game, right? We all know what it’s like to look at the bank account and there’s not an awful lot of money in there. Or look at the bank account and there’s loads of money in there. We want the scenario where there’s loads of money in there, right? We want that feeling more than the holy crap, how am I going to pay for everything feeling. So take the advice of a 14 year old who clearly understands money better than a lot of adults in this world, and think about investing in yourself.
0:16:54 A Think about investing in your physical knowledge. Think about what your business could do for you if you felt clearer about what you wanted, if you felt more confident about the decisions that you were making, and if you felt like you were back in control. Because a lot of the conversations that I’m having with you guys, it’s like, I don’t feel like I’m in control anymore. The business controls me. Like, I just get up and do what needs to be done versus I’m making decisions that affect the entire business and affect the future of the business.
0:17:26 A So if that’s you feel free to reach out. I’ll put you in touch with one of my team. We can see if any of our programs work for you. And other than that, if you want a really great family show to watch on Netflix, ramit SETI S-E-T-H-I-I will teach you to be rich. He’s got a podcast, he’s got a blog, he’s got some books, all the things but a great opportunity for not only you to learn more about money and what rich feels like to you. Because sometimes rich is just being able to pick your kids up from school or going on a holiday and being in premium economy rather than sometimes just going on a holiday.
0:18:05 A What does rich mean to you and some of the physical things that you can put into your life to get you closer to that goal. All righty, guys, thank you so much for listening to me. And please, in the comments, drop me a love heart if you think that I am very much right. Let’s be honest, I am so right to be sharing this conversation because I don’t have an awful lot of these to share. I think my last one was when she was in year six and she was trying to explain cost of goods without knowing that’s what it was called to her friends. And so occasionally, like every few years, we have these moments where she understands value at the end of the day and what value means to her and how we can appreciate value in our lives. So drop me a love heart if you’ve loved this and send me a DM if you want to have a chat. And other than that, have a fantastic day, guys.
0:18:58 A Bye. So that’s a wrap. I’d love to hear what insight you’ve gotten from this episode and how you’re going to put it into action. If you’re a social kind of person, follow me at the Selena Knight and make sure to leave a comment and let me know. And if this episode made you think a little bit differently or gave you some inspiration or perhaps gave you the kick that you needed to take action, then please take a couple of minutes to leave me a review.
0:19:28 A On your platform of choice. Because the more reviews the show gets, the more independent retail and ecommerce stores just like yours, that we can help to scale. And when that happens, it’s a win for you, a win for your community, and a win for your customers. I’ll see you on the next episode.