For your business, how much money is enough? How much is too much? Is there ever such a thing as "too much"? These questions are prompting today's episode and bringing awareness to the area of money. If we're honest, we must admit that money is on our minds all the time. Our mindset is usually "More is always better," but is that really true? Not having enough can certainly bring its own set of problems! The key is to find the happy medium that we need to live comfortably.
What you'll hear in this episode:
- Consider what you want to have and experience in your life
- Put down on paper your bills and income
- Look at your day-to-day expenses and savings to identify what you need
- Break down your expenses into weekly and hourly needs
- Put some away for a "rainy day," emergencies, and retirement
- Don't forget taxes! Use IRS calculators to help you figure amounts
- When you first start your practice, you're "testing the waters" to see if your hourly rate is enough to meet your needs
- Along the way, you'll come up with things you want in your life and find ways to have them (For me, having a hot tub was a must!)
- Set aside a little extra as you can until you can afford those wants, needs, and "guilty pleasures"
- The bottom line is that we each must decide what is right for us regarding financial resources. We each want our business to be a profitable success, and managing money is another piece to game-changing your business.
