It is very difficult to find the right financial planning and coordination support in the entrepreneurial world. Some entrepreneurs feel they don’t make enough money to get help with their business. Nicky Morong is a certified financial planner, and she helps her clients understand how to use their resources to achieve their goals, by looking at their revenue, their tax situation, their debt and trying to structure a plan so that they can meet whatever their goals are on whatever schedule is most important for them.
Nowadays you hear a lot of business coaches say “I’m gonna help you make six figures!” Everyone wants to make six figures. Nicky noticed an interesting pattern with her one-on-one clients. One spouse would be self-employed, and the other spouse would have a job. The person with the job was the one with a lot more security, benefits, and retirement. The self-employed person might be bringing in $750,000 a year, but only pay themselves 50 grand. Why? Because they’re putting the money towards taxes!
It doesn’t matter what you earn, it matters what you keep, and there is this huge misconception. Anyone can have a seven-figure business if they spend $150,000 to keep any of it.
I want a six-figure business
When Nicky starts working with her one-on-one clients, she always starts with asking some of the following questions:
- When it comes down to your business, what are your specific goals?
- What kind of money do you want to make?
- What kind of vacations do you want to be taking?
- What kind of money do you want to be spending?
Then together with her client, she will try to figure out how to get the business revenue to support the goals her client has. Just saying, I want a six-figure business does not mean anything.
Be clear on what you want to achieve
When you are crystal clear on exactly what you are trying to achieve with your business and in your personal life, then it makes it a lot easier for financial advisors, accounts, and lawyers to give you the right advice. There is no such thing as “the best” that fits your life, your business, your personality, your numbers. Everyone is completely different.
What Nicole does with her one on one clients, she actually talks to the accountants, to the attorney, to the mortgage broker. She helps her clients “shop around”. The reason for that is, that you need one person who knows everything that’s going on in your financial business life. If you’re not that one person that knows everything and can articulate that properly, then Nicole can be it. For her one-on-one clients, Nicole talks to their accounts, attorneys, etc to ensure that everybody is on the right path.
Having clarity and being able to give the right information is very important. Understand what your number one goal is and the three ancillary goals. Keep communicating that and the people who are the subject matter experts can advise you properly.
You need to be able to communicate what you’re looking for and know what you are trying to accomplish.
Nicky Morong’s Business tip
Save $1 or a certain percentage of every single client or every product that you sell and invest it. Take that dollar and pretend that it doesn’t exist anymore and put it away to grow. That is the way to get in the habit of consistently building wealth.
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