This week I'm talking about money. Why it's important to know as a leader, why you think you need more and where exactly yours is going.
P and L is a fancy term businesses throw around that simply means profits minus expenses/costs. This is a simple subtraction problem and it's math you should be calculating in your personal life.
Plan:
Download a copy of the last 60 days of charges in your bank account and credit cards.
Label each charge as security or variety.
You should have security and variety totals for the first 30 days and security and variety totals for the next 30 days. (A total of 4 data points)
Does your variety outweigh your security? Then you don't need to make more money.
What about retirement? This is hopefully coming out before your paycheck hits your bank account. If not, Houston, we have a problem!
Whatever you are spending in variety, some of it should be allocated to a retirement account of your choosing.
Not sure which expenses to cut out to up your retirement account? Or maybe you don't know what a retirement account even is. Read any of these titles from David Bach and you will understand in as little as 1 chapter how easy and powerful doing this can be.
The Automatic Millionaire https://amzn.to/2YO1Vdw
Smart Couples Finish Rich https://amzn.to/31eIDj4
Smart Women Finish Rich https://amzn.to/31niheU
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I look forward to watching you grow!
Emily
