Money Habits of Successful Entrepreneurs
Feb 02, 2023Money Habits
Let's chat about a 50-year plan. Now most people freak out about the thought of planning out a 5 year schedule, a yearly schedule, or even a weekly schedule. And here I am asking you what you want your life/business to look like 50 years from now!
In order to obtain this lifestyle that you're picturing in your head, you have to start making decisions today for yourself and your business that will reflect the lifestyle you are wanting. How are we going to do this? We are going to talk about the one word most people are scared to say, but aren't afraid to desire and that is money.
Everyone always dreams about having a lot of money, building a successful business, and living the life of their dreams…but sadly few people actually achieve it. Coming in with a crystal clear vision of what you want your future to look like, allows you to know what actions need to be taken. For me I knew I wanted a simple life, I wanted to be financially set for whatever adventure came up, and I wanted to run a kick ass business that empowered others! In order for me to reach these goals I had to do these 4 things;
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Visualize, make sure you have a clear picture in your head of what you want to create.
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Make a list of what you need to live your ideal life. This means possibly talking to a financial adviser to see just how much money you need.
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Set up systems.
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Start implementing.
I was twenty when I started my business, and I had to figure out how to work with the little money I had, and build off of it. I had to be action oriented in every area of my business, and this meant sometimes skipping out on the little things that we really didn't need in our life. I worked hard to increase everywhere possible in my business, but I did it a little bit at a time. When you are able to give an extra 10% here and there, it will eventually add up to 100% which is the goal you're trying to accomplish. Analyzing your spending will be one of the biggest benefits you can do for yourself. When I get paid each week I work off percentage multiples, so this means the money automatically gets divided up into each of my categories. A glance at a few of my categories include:
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30%Mortgage
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10%Food
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10%Emergencies
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10%Investment
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5%Travel
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5%Charities
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5%Myself
Being successful in business and life does not happen in a blink of an eye, it takes dedication, vision, and hard-work. I have been wealthy, I have been broke, and I have been everywhere in between. And I have to be honest, it's way more fun to have money, than to not have money. Now, that may sound a little greedy of me to say, but that's not the way it's meant. Money is a good thing and when you are purposeful with your vision, and working hard you should be proud of earning it.
It's time to ask yourself, are the decisions you're making with your money right now something your future self is going to thank you for in 10 years or 50 years? Or are you going to be in the same financial position you're in now…It's time to get serious and start bettering yourself and your business and that all starts with:
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Having a clear image for your future self and business.
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Analyze your spending.
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Setting up appropriate ratios for percentage multiples, or if you don't like that system taking the time to find the correct system for you.
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Take action.
Let’s strengthen those money habits, and accomplish those goals you have.
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