Listen on…
Why your income potential has everything to do with your mindset
Question for you, friend. When you first started your business, what made you most excited? Let me guess — building something incredible, having the opportunity to help others and give back, and being your own boss topped the list.
And while I’m sure making a ton of money was also on that list, I’d hedge a bet that creating budgets was not.
I can’t say I know too many online marketing entrepreneurs that get excited about the money management aspect of creating wealth — because let’s be real, it can be intimidating and very tricky, especially when you have no idea where to start.
But here’s the thing. It’s incredibly important, and proper management of your money can make or break your business.
That’s why I’m so excited for you to listen to this episode, where I chat with Anthony O’Neal — a number one national bestselling author, speaker, financial expert, and host of the popular YouTube series and The Table Podcast with Anthony O’Neal.
What’s great about Anthony is that he’s able to explain things in a way that is super relatable and easy to understand for those of us (ahem, yours truly) that don’t particularly enjoy putting together budgets and spreadsheets.
In this episode, we answer those questions that most business owners have when they’re getting started, like:
- How do you budget when your monthly income varies?
- How do you set revenue goals that are in alignment with your business goals?
- When should you start paying yourself, and how much?
- What happens when you don’t meet your revenue goals?
Plus, Anthony shares how changing your mindset around money serves as the foundation for creating financial growth and freedom, plus simple tips on how to put it into practice.
Here’s a glance at this episode…
- [06:30] Anthony knew nothing about finances and racked up tons of college debt. He decided that he needed to change his decisions in order to change his future. Dave Ramsey helped him change his mindset around money, and learn how to have a debt-free true ownership life.
- [11:00] If you’re first starting out in business, create vision of where you're going with your money that’s based on your last quarter. Your budget should be based off of the bare minimum that you'll be bringing in.
- [13:40] It’s important to have a budget for your personal life and a budget for your business life.
- [14:32] You always want to pay yourself something from your business. Have a CPA assess the proper payment. Usually the minimum is 20 to 30% of what you're collecting.
- [21:10] You should not feel guilty for having money. It's a blessing to be blessed.
- [27:03] If you want to meet your revenue goals, shift your money mindset. Go deeper into your ‘why.’ What are you actually trying to do? Does your ‘why’ make you cry (in a good way)?
- [36:51] Everyone eventually needs a financial advisor. As your income grows, your need for wisdom grows. Grow with someone who can properly advise you.
- [40:05] The number one money mistake people make is not having a vision. The number two mistake is living above their means, and the number three mistake is not investing that money. Create a monthly margin to add to your investments and savings.
- [42:41] The best piece of money advice that Anthony has received is that for every dollar brought in, give God ten cents. This is about being generous and a good steward of money.
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