The most recent session of our Business Mastery Program wrapped up Module 6 on Financial Management. Here is what we touched on from my notes during our session:
- The different ways that you as a business owner get paid
- The important differences between salary, 1099, distributions, loans – and the worst form of payment you never want.
- The incorrect way that many business owners get paid – even in surprisingly large businesses!
- The most common cycle of The Rat Race
- How to decide what to pay yourself – and when to make that decision
- The importance of payroll taxes and Social Security contributions
- When social security typically maxes out – and pays out
- How to figure out of your business can support your salary – and when it can’t
- When to start investing – and where many business owners invest
- How to know when you can pay for your dream car – and the sure sign that you shouldn’t even though you think you can
- Which of your accounts to fill first
- Just how little cash the average American can put their hands on if they needed it today
- When to use credit cards – and when not to
- How to remember why you’re working in the first place
- What investors look for in businesses and investments
- How to analyze your personal balance sheet – just like a business
- How to define WHAT you have
- The 7 (and a half) main categories of Assets
- How to define WHO owns the assets
- How we define Equity and Net Worth
- What it takes to get out of the Rat Race
- How to know when you can live off the fruits of your investments
- The 4 categories of expenses that your Personal Income covers
- Which category too many people put at the top of the list when it belongs at the bottom
- How to make sure the category you most want to spend on doesn’t get left behind
*As always, we’re not attorneys or financial advisors and this is not legal or financial advice! Always consult your legal counsel and financial professionals about what’s right for you and your business.
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