021 Personal budgeting with inconsistent business revenue
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resources & links mentioned:
The Little Book of Common Sense Investing by John Bogel
Millionaire Teacher by Andrew Hallam
The Index Card by Helaine Olen (those are affiliate links!)
YNAB (You need a budget)
About this episode
When dreaming of starting an online business, chances are you have more than just locational and scheduling freedom in mind. Financial freedom is also a huge motivator when it comes to saying sayonara to your day job!
Not-so-fun-fact: Businesses are notorious for making wildly different amounts of revenue each month. (My past income reports should give you all the evidence you need of that.)
So, now that you are the one in charge of signing the paychecks, it’s up to you to figure out how you will handle the highs and lows. including how to consistently pay yourself each month (and a handful of other financial adulting you must do when you own your own business)!
In today’s episode, I’m giving a BTS peek at my personal finances and how I handle inconsistent revenue in my own business. Get ready to hear my best budgeting tips so you can stop using your business savings as your bank account!
A FEW HIGHLIGHTS
Why paying yourself weekly may be throwing off your books (and what to do instead) (2:30)
How much you should be paying yourself based on what your business makes. (3:26)
What to do when revenue fluctuates (but your bills stay the same.) (4:00)
Why you should never treat your best month in business as your new normal. (5:03)
How to survive several months to a year, without bringing in a single dollar. (6:17)
Why a budget is your best friend. Plus, which categories to include. (7:07)
DIY-ing your retirement fund when you work for yourself (my personal plan, and the books I love to recommend). (9:22)
Managing and investing money as a digital nomad. (11:33)
The simple software I use to manage business and personal finances. (12:34)
How to keep your budget intact when the unforeseen arises (tracking the random and unusual expenses in life). (14:52)
Don’t let the fear of managing your own finances keep you from your dream of working for yourself!
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