I hear all the time from people making $400-$500,000 that they still feel they’re scraping by on a college kid’s budget.
That usually means they are focusing on their business revenue but aren’t being transparent about their expenses.
When we only look at cash coming in, we aren’t being accurate about the cash going back out.
We often ignore knowing all our numbers because of the emotional weight those numbers carry. For example, “Does the amount I’m spending make me a bad business owner?”
While transparency in our numbers can be scary, it is also freeing. The only way to up-level our business is to account for everything and then make informed decisions based on the picture those numbers paint.
As a business owner, we can’t afford to not look at our numbers.
Focusing on our revenue but not our expenses will always leave us feeling short on cash and fearing the unknown.
If we are transparent about numbers, we’ll actually be able to see our whole business and know how to move it forward.
Here’s the 3-2-1 on this aspect of the Attitude of Growth.
- When we start to make more, it seems we spend more. The truth is, we are already spending that money via credit cards, loans, etc.
- Our numbers can illustrate where our business is now and what we need to do to move our business forward.
- Transparency with ourselves about our numbers is the first step in releasing the emotional weight those same numbers carry. Looking at our numbers can be scary, but it is necessary for true growth to occur.
- Create a list of your income and outgo. Income: Who pays you and how much do you make? Write those amounts down. Outgo: Who do you pay and how much? Write those amounts down. (Don’t forget the little items like internet and phone expenses.)
- Subtract your total expenses from your total revenue to get a clear picture of where your business stands.
- What numbers am I trying to avoid?
If you found this NextGen Millionaire Minute helpful, send it to a friend or associate that would benefit from the conversation.
No matter what your income is if you are not seeing the results you want it means there is tension between you and money.
You are resisting one or more of The Attitudes of Money.
And before you start yelling “But I’ve worked on this. I have an abundance mindset!”, just know that brilliant business brain of yours is selling you out.
Abundance is only one of the TEN attitudes you need to be paying attention to if you want more income, influence, and impact in your life.
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To your impact and legacy,