Mastering Your Money Today: Steps to Managing Money Your Way with Kimberly Graham (HHR EP035)

"Money affects every single part of our lives, and so understanding how it impacts us and how we're living our lives is so vital." -Kimberly Graham

SUMMARY (AI ASSISTED)

Money management is a crucial aspect of our lives, impacting both personal well-being and business success. It is important to engage in regular self-reflection and conversations about money, our spending habits, and distinguishing between needs and wants. By incorporating a "CEO report" or journal to track where our money is going, we can maintain a positive money mindset and make informed financial decisions.

Entrepreneurs, whether just starting out or well-established, must prioritize managing their finances, addressing any money mindset challenges, and ensuring they pay themselves appropriately. Surrounding oneself with individuals who will challenge their money mindset is key to growth and success in this area.

Understanding the realities of managing six-figure income businesses is essential. While achieving this revenue goal is impressive, it does not guarantee consistent monthly income. Proper financial management is crucial for business sustainability and personal financial goals.

Kimberly Graham's advice includes opening a separate business bank account, tracking business costs, and creating a financial routine. By forecasting income, paying oneself from sales, and determining the needed income for both business growth and personal goals, entrepreneurs can set themselves up for financial success.

Maintaining a routine for managing money, including tracking income, paying oneself, and saving, is vital. Implementing the Profit First method, which involves segmenting funds into specific accounts for taxes, backup pay, and expenses, can help individuals gain better control of their finances.

Avoiding reliance on credit cards for business expenses and focusing on managing funds through cash flow is crucial. Setting aside funds for future needs and potential outsourcing opportunities is also recommended to ensure financial stability and growth.

Money mindset plays a significant role in entrepreneurial success. Overcoming fears and doubts around finances and the value of one's work is essential for business growth. Establishing financial routines, setting clear financial goals, and maintaining discipline are key strategies in managing money mindset and financial management effectively.

Overall, mastering money management requires regular conversations, proper planning, and a disciplined approach to financial routines. By implementing these strategies, individuals can navigate their financial journey with confidence and achieve their business and personal financial goals.

GUEST BIO

Kim Graham built a debt free multi-six figure business by providing valuable Millionaire in the Making transformations to established female entrepreneurs. Kim creates a customized approach to give her clients the tailored understanding to organize their money, gain healthy money mindsets through tangible, actionable steps, humor and relatable storytelling. Are you ready to step into your millionaire lifestyle?

GUEST LINKS

Guest Socials:

https://www.facebook.com/KimBot711

https://www.instagram.com/kgmillionairecoach/

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