You’ve chosen the entrepreneurial path. You love the flexible work schedule. You love not having to answer to anyone but yourself and your clients.
But what happens when your money calls you for a play date? You turn into a Shrinky Dink and hide under the covers. You don’t want to deal with it. It doesn’t have to be this way.
I want you to own your financial worth (And I want you to grow it!). It’s time for you to step up and kick some serious bootay in the 4th and final quarter of this year!
Here are a bunch of ideas I have for you that could get you on your way:
1) If your business is incorporated, call your CPA and make sure you have taken enough of a salary in your business. Also make sure that you’re on track with your estimated tax payments.
2) Consider refinancing again! Seriously, if you have a loan for over 5% and you have equity in your house, call your mortgage broker/banker and refinance. It’s a no brainer.
3) Clean up your books. Are they a mess? Do they have mold and fungus on them? Get a bookkeeper. If you have one, ask your bookkeeper to prepare a profit loss statement from Jan 1- Sept 30 and email you and your CPA a copy of your P/L. Analyze it. If it’s too overwhelming to do on your own, get some help. Take 2 Advil as well.
4) As I write this, the stock market is on fire. Are you invested appropriately? Now that stocks have gone up, do you have too much of your money in stocks? Consider rebalancing your portfolio. Call your financial advisor and get a recommendation.
5) Revenue. Revenue. Revenue. That wasn’t a typo. You know what you need to do. Marketing, delegating, time management, meditation, raising prices, introducing a new product/ service, taking time off to recharge.
No more Shrinky Dinks. Water your money. Be a Chia Pet.
Please consult your tax and mortgage professional for more information and specific advice to your situation.