Am I earning enough money?
Do I have a clear financial plan?
My income- expenses. Is it worth it?
Do I know how much I owe right now and to who?
Do I know my net worth?
How often do I review my financial situation?
How satisfied am I with my net worth?
Where do I want to be in 5 years?... 4,2,3,1?
Am I always playing catch up?
Am I tired of playing catch up?
Am I really prepared to work hard?
The money I earn is a result of
a) the work I do
b) the effort I put in
c) the service we offer
If you do not make the money you want it is because
a) you did not provide service people wanted
b) you did not set goals or achieve them
c) you did not control your spending
Profitability is the result of creating revenue and controlling expenses
Learn the numbers required for you to achieve the finance goals you have set and then act on them
Set up 6 bank accounts to manage your money.
1. Business account 30%
2. Personal expenses 30%
3. Income Taxes 25%
4. Untouchable savings 10%
5. Gifts and charity 5%
Hire an accountant
Hire a financial planner
Create a simple budget and live with it
Whatever the cost… multiply it by 5… that is the actual cost with inflation, lost savings, etc.
Cut unnecessary expenses by 20%
Increase your income by 20%
Do both of the above
Pay off your credit cards every month
Stop throwing money at problems
work ethic is the solution
Do not give your client gifts… your service is enough
Do not spend money that you have not paid taxes on
Respect the money you earn. Financial worry is never worth it
Get a line of credit in case you come across a great investment
Once per week visit your money
Set some realistic financial targets for where you intend to be at all times
Do not spend money you do not have
Every time you spend a dollar multiply it by 5 and ask yourself if it is worth it
The treat is getting out of debt and having money in the bank
Business expenses should be no more than 30-35% of overall income
Decide what it is you really want
Decide what the price is
Pay the price