Freedom is found in your Finances.
‘Lastly keep a keen eye on the finances. We’ll discuss that next time folks.’
Well folks that moment is here and I have a great set of ideas and facts to help you.
Keep in mind I’m no expert or licensed CPA and or FInancial advisor. I’m simply sharing what I’ve learned and encouraging you to seek out further growth and expertise from those who can shape your fiscal future.
Freedom being found in the financials is almost an oxymoron in most peoples minds. Money, taxes, costs and revenue are practically the devil when they should be a breath of fresh air to all moguls. The sad fact is the details that make money work are the very things that scare most people.
Now I’ve a got a few clues and a few ideas to get you where you need to be.
Let’s unpack this people.
Whether you have bills or not you need a budget. Start with your monthly income. Whether you work off the books or on you need to know what you take home on average. I recommend you work on the books as every dollar you make is bankable towards your future.
Add up your monthly income and arrive at a total. Next add your expenses up- cell phone, cigarettes, metro card, insurance groceries. Everything until you have a clear picture of what you spend monthly not just your bills.
From there see if the two number match or if you are running a surplus or a deficit.
Now let’s assume you bring home 3200 and your bills are 3100. In this case you have a small surplus. And it should be used to either build a safety cushion for future issues or to pay down current debt. If you see that cash as free money or mad money you won’t survive the next recession/depression. Sorry folks but we all need a plan. I personally save almost nothing- why? All my credit cards have a debt relief plan. Also you can’t erase debt on cc’s in a bankruptcy. However you can’t rebuild as fast as you can clear. Now I’ve never used this strategy. I don’t even recommend it but you see the use? What we need to do as business people is now the limits of our dollars. And to do that always pay your bills and debts first. I don’t care how small- pay the bills first! Next take what’s left and pay off more bills. Either remove debts or be ahead of debts. That’s sound financial strategy my friends.
Also, look for cheaper insurance and cell phone/ internet/ cable plans. Bundling may save you money. So look into it.
A few more points:
-A Good Cpa.
A good cpa will find you money and deductions not hide from the irs’ eye. Many tax preparers’ will tell you to take the automatic, minimal deductions for your business. However that helps them and their licenses’ not you. Remember you get what you pay for and the cheapest cpa/ tax prep person isn’t your best friend.
-Good software.
Good software helps. A LOT.
Why? Simple. The easier it is to track your expenses the better your records will be. The company I use shows real time usage, and deductions and links to ALL my checking accounts,credit cards, et al. This puts me at ease as I know I can be lax. I only have to input my customers, clients, prospects, and new team members as I meet and or sign them up. So simple, so freeing.
-Receipts.
Even with great software I keep all my receipts. I also mark the date in blank ink and any correlating data as well on the back of the receipts. If you sign a client or partner in a restaurant or bar you get deductions as well. So next—
-What you can deduct.
If you sign people at certain venues and certain cost points you will win. Meals, phone bills, office rent, and many more options are available to a serious mogul. Get your paperwork in order, get a real CPa and you will prosper. Remember spending money on you business is necessary. However losing money on a new or existing venture isn’t.
-Debt control.
Controlling debt, public and private is key. Know the difference. You can spend money on your business, for your business, and from said businesses credit when you set things up properly. Pay off the debts of any and all businesses first so you are in the green sooner. This will ensure you win.
-Spending is good.
Autoships, company letterhead, insurance policies, etc are all useful expenses. Not everything will get you a deduction but if you can legitimately spend a dollar to get your venture off the ground you will win!
Money spent on training, mentors, and advertising is well spent. So long as you don’t go to the person(s) who seems creepy or isn’t making you money.
In life and in business you need to spend money to make money so spend it wisely.
Bonus- Money comes with math and emotions.
So make sure your math, their emotions, and your emotions are all in sync. If not you are wasting time. You need to bond with people to create an empire. When you don’t you have nothing. Make a choice.
#thriveorsurvive.
“You will be what you put into this life.” Tony
“People don’t buy for logical reasons. They buy for emotional reasons.” — Zig Ziglar
Thoughts? Concerns?
Questions? Think I’m wrong?
Let’s chat.
Need ideas?
Want to learn how to invite?
Let’s chat.
Want a mentor or maybe the guy who will bounce ideas back and forth with you?
Let’s chat-
Tony@Changeinadvance.com
@changeinadvance
http://www.changeinadvance.com
Or simply reply to this article.
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