What does a wealthy, healthy, and fulfilled life look like to you? How can you plan for the life that you want to live for yourself and your family? Why should you invest in yourself?
In this podcast episode, Joe Sanok offers 10 money tips.
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In This Podcast
- The tool of budgeting
- Set financial goals
- Separate your personal and business finances
- Monitor your cash flow
- Manage your debt
- Build an emergency fund
- Save for retirement
- Hire a professional in specific areas
- Review your expenses regularly
- Invest in yourself
The tool of budgeting
Create a budget, personally and professionally.
Creating a budget and sticking to it is telling you where you want your money to go … [and] to make sure that you’re not overspending.Joe Sanok
Consider your budget like a tool. It is something that helps you achieve your goals and ambitions, not something that holds you back.
If you want to build your money and use it well, then you have to be smart with it. Of course, you can adjust this as you need to, depending on your needs and what happens in life.
Set financial goals
This ties into your budgeting tool.
You can budget all day long, but for what purpose? What is your financial goal, and what do you want your money to help you do, accomplish, or build?
Separate your personal and business finances
If you haven’t done this, then you need to do it right away!Joe Sanok
It’s a good idea to separate your personal and professional finances because:
- It makes doing taxes so much easier
- It protects you legally and financially to keep your practice funds separate from your personal funds
Talk with a local accountant and lawyer from your state who can help you to figure out how to register your practice so that it can become its own entity financially and legally.
Monitor your cash flow
How much money is coming in and out of your hands and your business?
[Look] at your profit and loss each month. Is your payroll more expensive than what’s coming in [to] your private practice?Joe Sanok
Look at what adjustments you can make to boost income and lower expenses wherever feasible.
Manage your debt
Consider paying off high-interest debt sooner and negotiating lower rates with creditors.
There are a lot of ways to manage debt and what you can pay off now versus later.
In general, go with what helps you to sleep at night with a full belly.
Build an emergency fund
I never want a decision that I make in the business to negatively affect my personal life.Joe Sanok
There will be times when you take a risk in your business to try something new and see if it works.
With any new attempt, there may be hiccups, and an emergency fund protects you and your family if a risk doesn’t pay off.
Save for retirement
Utilize compound interest!
Work with an accountant to see how you can set up saving for your retirement in the correct way when it comes to taxes, but start now, and let compound interest build on those savings for you.
Tip: deposit on Mondays and sell on Thursdays!
Hire a professional in specific areas
Hire an accountant to look at your taxes. Hire an attorney to make sure your practice is correctly set up.
These people are professionals and experts in their fields, so leave them to do their magic because they will know how to help you based exactly on your needs.
Hiring a financial planner on a cost-per-hour basis to help you get things set up can be a really smart use of your money.Joe Sanok
Review your expenses regularly
Reviewing your expenses regularly can help you to identify areas where you might be overspending, or where you could cut back on something that you used to use but no longer really do.
Sometimes monthly payments can stack up, so be sure to do a sweep-through and see who you are paying for what, and whether it’s still necessary.
Invest in yourself!
Invest in yourself by attending workshops, doing continuing [education], and hiring a business coach [or] consultant to help you improve your skills.Joe Sanok
Make the time to invest in yourself, because ultimately, everything that you do is coming from you. You are the source of your work, your life, your habits, and the way things run.
So, make sure that you pour into your own cup!
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Meet Joe Sanok
Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners that are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.
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