SNM010: Controlling Financial Mistakes
Spending all your money up front puts you in the hole. You spend years trying to recoup your losses, rather than make an actual profit. You’re stuck trying to get back to where you started. Tons of courses out there work, but it’s impossible to implement them all at the same time.
Don’t buy all my courses at once. You will never be able to take action and you will get overwhelmed.
Buy one course and use the profits from that course to pay for the next one.
We are trapped by instant gratification. You pay for stuff now with your FUTURE.
Track your business expenses. Even buying my book is a loss until you earn back the cost. You can take a loss but think it was a profit if you don’t pay attention to your expenses.
How do you feel about your online work right now? Is it a business or a hobby? Is it entertainment?
Ready to make your first $1,000 online? You can do it in less than 30 days with my absolutely free guide "Make Your First 1K This Month" Click here to get the guide.
When we spend money from the entertainment budget, we expect no return on our investment.
You want to start with a business bank account and a tax ID. These cost nothing to setup but can save you from a mountain of headache down the line.
Don’t mix your money.
When you mingle your business and entertainment budgets, you mingle your mindsets as well.
Business owners do not act or think like employees. They have a totally different mindset and you need to transition to that mindset.
Start early, because if you aren’t fiscally responsible with small things you won’t be with big things.
The Business Mindset.
Treating your blog as a business changes your focus and creates productivity.
This is not about passion projects, feeling good or impressing your friends; those goals don’t pay for you kid’s braces.
You should make more money than you spend on any product project our course
This website, blog, and podcast are not hobbies. Hobbies are easy to quit because we don’t really take them seriously.
Wealthy people control their spend as much as they control their income.
Enjoy the Journey to the Top.
I work 1-2 hours a day to pay bills, the rest of the day is focused on growth.
Wealth is a process, not an event.
This is the start of a long relationship between us.
I am invested in your long term success. I make more money if you succeed.
We are tied together with the same goal.
Key Points:
- Treat this like a business from day one
- Separating your money also separates your mindset
- Businesses succeed, but hobbies fail
Resources Mentioned:
Send in your questions to podcast [at] servenomaster [dot] com
Sponsor:
Freshbooks: When you are starting a small business, tracking your money is the most important step Fresh books is there to help you from day one so that your business never falters.
Ready to make your first $1,000 online? You can do it in less than 30 days with my absolutely free guide "Make Your First 1K This Month" Click here to get the guide.
