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How An Entrepreneur Manages Money: Separating Personal Finance And Business Money

The first task that I ask the participants of our marathons to complete is to fill out a special table on income and expenses.

Mega is useful to look at the numbers that characterize the ability to manage money. They will show you what is happening with your personal finances now. After completing this task, our participants have many surprises.

So, in the process of analyzing such express analyzes, I see that not all people are able to separate personal finances and business money. This is one of the reasons that makes it difficult to achieve financial goals.

In this article, I will give one of the options for how to divide income into business money and personal money, if you are an entrepreneur.

The easiest way is to have two signs.

If you are a freelancer, you should record all your income and expenses in terms of freelancing.

For example, I am doing a consultation. I can do it remotely, or I can do it in a cafe if it’s an offline meeting. Accordingly, I may have expenses for a cafe, for example, if I drink coffee or tea.

For me this would be freelance expenses. I do not write them down as personal ones, because if there were no offline meeting, I would not have spent this amount.

Or, for example, I’m a designer and I need a tablet to work with. This means that these will also be business expenses.

And everything that is connected with business expenses, for example, you use services, paid advertising, you write it all down. Otherwise, you won’t know how successful you are as a freelancer.

If you work officially as an individual entrepreneur (IE), then you have the expenses of the individual entrepreneur and a personal card.

From the IP card you transfer to your personal card how much you want to spend, leave the rest for the business.

This is the first option.

If you are working informally, you can get two cards. Accept customer money on one card (but remember that you are breaking the law), and on the other card, pay for personal expenses.

Once you create such a scheme, you will understand what happens to money in business and what happens to personal finance. And if you continue to spend money chaotically, then you will have chaos in your head, which means that the achievement of financial goals will stretch indefinitely! …

Where To Find A Quality Environment To Reach A Different Financial Level

Many of you know that your environment influences your behavior and, as a result, your income level. And in general for life.

We are so made up that we subconsciously try to match the environment. And if you want to move forward at times faster and achieve your goals, look for a supportive strong environment.

In this article, I will give you a list of places to find those who will inspire you to grow.

Job. If you have senior leaders, you will definitely grow up as a professional and learn a lot from them.

Social networks . Now there is everything on social media, including dollar billionaires. Therefore, every self-respecting person who wants to advance in this world should have a decent social media account. Regardless of where you work, hiring, business, whether you are an expert or just a specialist, it does not matter, you must have a cool social media account.

The modern world is very electronic and informational. When a person writes to me: “I want to work for you,” do you know what I do first? Of course, I go and look at this person’s account.

Conferences and business events . Monitor everything related to your professional development and visit.

Neighbors . If you have a nice neighborhood or know neighbors who have made themselves, don’t miss out on the opportunity to get to know them.

Hobby or hobby .

Relatives . Perhaps you have someone who is more successful than you.

Children . When we take children to clubs and classes, we can get to know the parents. And the more expensive your kindergarten, school, circle, the better your environment.

And some people are not ready to give up the expense item “paid school or kindergarten”, not only because the child will feel good there, but also because they cling to this environment.

Casual contacts (on the plane, traveling). And the more expensive your ticket or travel, the more likely you are to meet better people.

Training .

Community of interest .

Isaac Newton also said: “If I saw further than others, it was because I stood on the shoulders of giants.” And it is true.

If there were no such cool entrepreneurs, investors, financial consultants in my environment, then I would not have achieved anything. I share my experience with them, they share theirs and this is very important.