Most people don’t know their numbers and don’t want to look at their checkbook. Money flows into you and money flows away from you. The Cash flow system is about how you control the flow of your money. Common mistakes most entrepreneurs make when it comes to their finances and credit is not building business credit and why you want to pay yourself 10% first and so much more. Listen in for more details.
Show Highlights:
-Money flows into you and money flows away from you.
-Cash flow system is about how you control the flow of your money.
-With this flex and flow of money, why is it important to know your financial numbers? People seem to avoid the balance in their checking account and knowing the limit on their credit card.
-Strategic cash flow plan is looking at all your numbers and from that we put a plan together.
-Then every month you look at the plan. Your life is so much easier and stress free because you are following a plan.
-It takes all the stress out because you now know where your money is going. What your overhead is, what you need to bring in and what goes out.
-Money make the world go around
-As long as you are controlling it, you have access to your information, you are doing what you want with your money instead of what the rest of the world
-Common mistakes most entrepreneurs make when it comes to their finances and credit is not building business credit.
-You want to build credit in your business name, so it doesn’t affect your personal credit score.
-Tip for savings: take 10% and pay yourself first. Put it in a saving account then when you have enough invest it on something that gives you a better rate of return. Save the 10% and don’t touch it for anything.
-The reason why is because when you see money to start building up in your account you feel better.
-Make sure you have the correct tax structure in place for a 401K or Roth. Make sure you are putting the right amount into it.
-If you can get a Self-Directed IRA, do it. Hottest tip!
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Eileen brings a totally new approach as she evaluates each of her client’s unique situations. As a Business Credit and Financing Coach she can co-create, along with her clients, a Cash Flow Systems that releases stress and saves them time, effort and money. Eileen has a passion for all things Credit.
For more interesting podcast check out: http://innerabundantmindset.com/podcast/ Have a question about the show or want to be a guest for a future show? Email me at: jolen@jolenphilbrook.com
