35 Mastering Your Money Today: Steps to Managing Money Your Way with Kimberly Graham

Episode Description:

Join Kim Graham who provides valuable Millionaire in the Making transformations to established female entrepreneurs. She 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. Did you know six figure business owners DO NOT take 100% of their earnings AND it may not come consistently... Making six figure sales is a great goal- but it's more than just the clout that this phrase brings- how are you managing the dollars you're bringing in? It's not how you make the money, it's how you manage and KEEP your money! Kim provides her money mastery tips for female entrepreneurs in this episode today.

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 Socials:

https://www.facebook.com/KimBot711

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Summary:

Kim Graham, a profit coach and millionaire moneymaker, shares her story of overcoming financial fear and paying off $230,250 worth of student loan debt in 28 months. She is passionate about helping female entrepreneurs achieve financial freedom and gain healthy money mindsets through tangible action steps. The speaker emphasizes the importance of understanding how money affects every part of life and encourages people to pay attention to their finances.

They explain that making six figures in revenue does not necessarily mean it will be easy to pay yourself or manage money. Mike McCallewitz's book Profit First is referenced as he talks about how many corporate business owners don't understand how to talk about their profits. It is suggested that businesses should operate on a 50% profit margin with half going back into the personal account and the rest going towards taxes, reinvestment, and backup funds.

The conversation also explains that even established businesses may not have consistent income every month due to variables such as clients falling off or not picking up new clients.

Finally, it is noted that while making six figures in your business may sound exciting, you need to be consistently paying yourself in order to actually bring home $100,000 into your personal finances.

This podcast conversation provides advice for both established business owners and those just starting out on managing finances for entrepreneurs such as opening a separate business account with no minimum fees, writing down costs for the business to run, dreaming about what could be done with additional clients or money, creating a budget, and building up a cushion of money before paying yourself. This podcast conversation focuses on the importance of managing bank accounts and developing a positive money mindset in order to keep more of one's money.

Kim, a financial coach, emphasizes the need for entrepreneurs to create a routine with finances from the beginning of their business and track income and payments each week or month. The Profit First method is recommended as a great way to manage bank accounts, with separate accounts for taxes, backup pay, and backup expenses. Additionally, it is important to avoid relying on credit cards or borrowing money when starting a business.

To combat negative money mindsets, it is suggested that entrepreneurs develop routines that include revisiting goals, writing down financial plans, and having conversations with oneself about spending habits.

Finally, Kim invites listeners to join her Facebook group Six Speaker Finances and visit her website at kgfinancialcoach.com for more information.