Millionaires think differently about money. While many entrepreneurs pour their hearts and souls into their businesses, they often bring the same emotional attachment to their finances, too. But according to Elijah Cheeks, owner of CBR Capital, a done-for-you business credit program, the real power comes from seeing money and credit purely as a tool—not as a reflection of personal worth or success.
"People who win in business don't look at credit with any emotion. They look at it purely as a tool," Cheeks explains during our conversation for Financial Literacy Month. "That's why you hear of people who are famous and wealthy who go bankrupt all the time, strategically."
This perspective shift may be one of the most overlooked aspects of financial literacy among business owners: the emotional intelligence of money and credit. While countless resources outline the mechanics of business finances, few address the mindset needed to approach it effectively.
The Strategic Mindset of Credit
When Cheeks bought his first business at the age of 25, he didn't use his personal savings. Instead, he leveraged business credit cards to fund the down payment for a candy kiosk that would become a pivotal learning experience. "I used business credit cards and turned that into cash," Cheeks says, reflecting on his entrepreneurial beginnings. "The business sold for $75K, and I used business credit cards as the down payment to buy it."
The result? A candy kiosk that generated $120,000 annually with minimal involvement from Cheeks, who was still working full-time elsewhere. "It was the best learning experience of my life, being a business owner who never had to show up to the business except to pick up money," he reflects. "I used to think running a business meant you were there 100 hours a week. It changed my entire mindset about business."
The Psychology of Financial Detachment
And that’s exactly what’s needed for business success: a changing, better yet, a growing mindset.
For most people, emotional attachment to credit stems from broader money beliefs. Maybe your money story originates from your parents’ experience of it or from your own experience not having enough of it. Either way, Cheeks suggests that the path forward is to tell yourself a different story. "The easiest way to start changing the way your brain thinks is to input different data into your brain," he advises. "I recommend ferociously listening and reading books about money."
And he's quick to distinguish between different financial philosophies. "I'm not referring to Dave Ramsey or Suzie Orman. Not [books on] how to not be poor,” he recommends. “I would lean on [books] like Millionaire Mind, The Science of Money...books that literally talk about being the outlier financially."
The mindset shift Cheeks advocates is about understanding money’s role as a tool. "Money is just a tool, just like bricks,” he emphasizes. “You don't get emotional about bricks, but you might get emotional about the house you build."
Operating with a stronger understanding of credit without emotions sets you up to make strategic decisions versus emotional ones. For example, in Millionaire Mind, the author describes what rich people look for in opportunities. They’re asking questions like, “what’s the least I could put in to make the most?,” Elijah recounts of the book. “They'll leverage other people's money, they'll use owner financing—and at the end of the day, they may have used none of their money at all,” he explains. “And they come out on top."
The Funding Trifecta: A Framework for Business Credit Success
As you’re improving your money mindset, it’s equally important to improve your financial strategies, too. Here’s a quick glance at Cheek’s “funding trifecta” that he teaches his clients.
1. Personal Credit Compliance: Maintain at least ten accounts on your personal credit profile including bank-issued credit cards with limits over $5,000. Keep utilization under 30%.
2. Business Compliance: Ensure your business presents professionally to lenders with proper entity classification, a professional website with logo, business phone number with human answering, business email with your domain name, and consistent information across all platforms.
3. Business Credit Building: Strategically build your business credit scores across Dun & Bradstreet, Experian Business, and Equifax Commercial through vendor accounts and business credit cards.
When Credit Becomes Freedom
There’s a freedom that comes from separating your emotions from your finances, and it’s about more than just dollars and cents. It's about the mental bandwidth to see the opportunities before you. It's about sleeping soundly even when circumstances change. And perhaps most importantly, it's about approaching your self-employment journey with strategy rather than stress.
“Money doesn’t solve every problem, but it creates the opportunity of more limitless possibilities,” Cheeks shares confidently. "It really can completely change the trajectory of the way your life looks on the outside.”
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