As we start the month of April and my business moves into the second pilar of my framework, I will be discussing the topic of money and prosperity. My first podcast episode is an interview with Marlene Schmidt, of Insight Spending Planners, who is a money management coach and a certified Spending Planner.
I believe that every women in business should learn about money management in order for her to avoid the pitfalls that every start up is likely to face. As Marlene so aptly mentioned, more money does not solve problems, it magnifies them, so we need to give the money that we have some love before asking to receive more. And that comes with some solid foundations on money management. 90% of start ups die because of poor cash-flow management. That is huge. And so avoidable. And what people do not understand is that you can be profitable and still have cash flow problems.
Tip #1: Separate your business finances from your personal ones
Tip #2: Understand the difference between revenue and income
Tip #3: Put 10% of your money to create a cash flow buffer on good months
If you would like to hear these tips in greater detail, listen to the podcast on the link below or in iTunes or stitcher. Marlene has gifted us with so much more wisdom than these three top tips, so it’s really worth your time. One of the things she said that has stayed with me is that you don’t need to be good with numbers in order to be a good shepherd with your money. You have clever software to do that for you. If you put the time in to input the numbers and if you keep an eye on your expenses then you create a life for freedom for yourself because you are never worried about whether you have the money for something you need or if an unexpected bill (that you completely forgot about) is going to hit you. And that peace of mind, is worth the effort put in this exercise. To find out more about Marlene and her services, check her website here.
Thanks for reading, and see you next week. If you would like to watch the video of this podcast, join my Facebook group, Ange’s fabulous Big Vision Incubator here.
(c) Ange de Lumiere 2020