Dear entrepreneur, small business owner, side hustler, or whatever you call yourself, I know that you have the innate talent to spot opportunities and create solutions that changes lives.
I know this, because this is the basic requirement of living the #entrepreneurlife.
But, here’s the thing. I meet so many entrepreneurs with this talent to create money/revenue/profits but lack the awareness and understanding of having a say of how/when you get you paid, managing it and actually putting that money to work.
Let me tell you this quick story on when I realized I was speaking gibberish in the language of money, so you can see the ridiculous inconvenience of not being fluent in money.
Sometime in the year 2010, when I was a freelance makeup artist in NYC, I was booked for a 12-hour video commercial shoot on a Sunday morning. The pay was good, and I assumed like most shoots that I would be paid in cash at the end of the day.
Guess what, I was paid by check.
Now, at the same time, I had several unpaid invoices out there that I was waiting on clients to pay, leaving me with ZERO cash in that moment, when I was starving and needed to eat and get back home on the train.
I was left with no choice, but to ask strangers for money, which ended up being a disaster, probably because I didn’t look ‘homeless’ enough.
When that didn’t work, I put my tail between my legs and called my mom and asked her for $20, which she ended up transferring to my account and saving the day.
I vowed in that moment, to never leave my fate in somebody else’s hands, to set payment terms of how and when I need to be paid, and to know exactly what my expenses were each month so that I KNEW exactly what my minimum income needed to be.
You see, becoming fluent is not an accident and quite frankly, a lot of us entrepreneurs learn this the hard way.
Listen, here’s the reality that applies to us:
We need vacations too. We know 24/7 365 is the required attitude to live this life, but we need time off too to recharge.
We need a retirement plan too. That’s not just a thing that only our parents setup, because eventually we will get old too. In fact, we’re aging right now.
We need to grow our team, and fire ourselves eventually. Because, let’s face it, we can say “why, hello Burnout!” if we think we can wear every single hat in our business forever.
I can go on but I think you get the point.
It’s time to become fluent in managing your money, and here are three (3) things that you can start doing right now to make that happen:
Calendarize ALL money activity
For this, you can use whatever calendar program or app that you are currently using. I recommend using the color green to mark these activities, for obvious reasons. Now, input everything related to money coming in and going out in this ‘Money’ calendar, including when you’re getting paid and who you need to pay. The more specific that you can be with the exact amounts, the better.
KNOW what your baseline monthly income and expenses are
Surprisingly a lot of us don’t know the EXACT number of our baseline income and expenses per month and we end up putting fires out all the time. The reality of being the creators of our own income, a lot of times our income is different every single month. So, how do we track this? Start with knowing your expenses, then you can plan on how much income-generating activities you need to do, to at least meet your minimum.
DAILY Wealth Affirmations
This one is SO important. We need to constantly nurture our mindset for this journey success. Because let’s face it, it is NOT easy and it takes tons of courage and tenacity to live this life. With daily wealth affirmations, you simply write down affirmations that supports you mentally, spiritually, and emotionally and commit to studying them for at least 5 minutes every day. An example of one of my affirmations is: I’ve built a money making and profitable empire.
So, make a commitment to pay attention and become fluent in your money, because it’s a critical part of staying in the game. Guess what, you may have made some not-so-good decisions in the past, but that’s part of the journey, so don’t beat yourself up too much. Becoming a GREAT entrepreneur is a process and journey that we all must travel, so embrace it and improve upon it every day.
Now the question remains, what will you do starting today to speak money more fluently?