Should personal finance for the entrepreneur be the same as for the employee?
In some ways, yes. You need to save, budget, and so on. Basic financial principles apply to all people who earn income.
But entrepreneurs are different. We have more say over production. In this episode of the podcast, I cover three basic principles for personal finance for the entrepreneur.
Quick Tips: Personal Finance for the Entrepreneur
#1 – Don’t let your accountant limit your growth
This one is simple. Never let an accountant or bookkeeper tell you what you should or shouldn’t spend your money on. Your job is growth; to continue growing, you have to invest in yourself. Many people don’t understand this fact.
#2 – Quit trying to save. You’re an entrepreneur…GROW.
Setting aside some savings is fine. However, don’t focus too much on how much you can save and invest… That’s wasted energy. Instead, focus on how much you can grow! An entrepreneur should focus on earning money, not saving it.
#3 – Profit over everything
Lastly, know your profit! Take your revenue, pay everything, and pay everyone. What’s left? YOUR PROFIT. We can calculate it in other ways, but what I stated above is the simplest way to track profit. Always know your profit, have a goal for it, and track it!
Please enjoy
-JM
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
TIME-STAMPED SHOW NOTES:
(02:59) #1 – Don’t let your accountant limit your growth
(06:49) #2 – Quit trying to save. You’re an entrepreneur…GROW.
(09:15) #3 – Profit over everything