Here is your Virtual Mastery Training for the month of March! As requested, this month's topic is: 'How To Manage (And Make) Money As An Entrepreneur'. Join us for an hour of financial organization, abundance, and inspiration. Grab a pen and a notebook and enjoy!
1) How To Spend Your Money
Make a list of your expenses:
Netflix/Amazon Prime/Now TV
Now total that figure.
One of the most essential things to have in your tool kit when developing a stronger relationship with money is to know what your outgoings are every single month.
The people that don’t have as strong a relationship with money as they would like tend to be those people that are too afraid to know what that number is. We want to get rid of the fear behind knowing the total of what you spend per month is.
Prioritize three things that you know you will always spend your money on:
Now write three things you are willing to sacrifice:
ALCOHOL & DINING OUT
Our favourite financial guru, Ramit Sethi and his book “I Will Teach You To Be Rich” states that a “rich life exists outside the spreadsheet". If you make a list of every single thing you spend your money on, you are not living in financial freedom. By knowing what you are prioritising and willing to sacrifice you will have a better relationship with how you are spending your money.
2) How To Save Your Money
PAY OFF YOUR CREDIT CARD. Clear your debts.
Take the monthly expenses you have an x 12 that number. Whatever the number is, is your next savings goal. That lump sum of money becomes your 12 month Emergency Fund.
The next step is an ISA account. Instant Saver Access (tax free savings account). You can have multiple accounts but the total combination of those accounts must total under £20,000 otherwise you will be taxed. Every week a direct debit can be set up from your current account and sent to those ISA’s.
Examples of ISA’s…
Stocks & Bonds ISA
The biggest hack to saving money is AUTOMATING your saving. Treat it like a bill.
3) How To Make Money
The 7 Streams Of Income:
1. Earned Income | Time For Money
2. Profit | Buying & Selling
3. Rental Income | Property & Leasing
4. Interest | ISA Interest & Investments
5. Dividends | Stocks, Shares & Bonds
6. Capital Gain | Assets Increasing In Value
7. Royalties | Trademarks, Residuals
Let’s brainstorm how we can create another stream of income for yourself!
What can you do, sell, provide? What product, service or subscription can you create?
Publishing a book
Regular product selling (a weekly or monthly service)
Digital Art (NFT’s)
What services can you provide and potentially have people subscribe to?
What physical products can you create and sell?
What digital products can you create and sell?
What can you create once and sell it over and over again?
Don’t let resistance beat you! Does this sound familiar? "You don’t know enough, you’re not good enough, it's already been done"… blah blah blah. There are always two lawyers in court: Prosecution and Defence. The prosecution (your ego) will always be loud and aggressive.
REMEMBER TO CALL ON YOUR DEFENCE ATTORNEY!
Have a watch of this 49 minute financially focused meditation by Kyle Cease!
Thanks for tuning in!
Christie Lee Manning
House Of Jazz Company