- 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
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