Ways to be Financially Well
OneSpaceTop5: Members of our OneSpace community share their Top 5 helpful tips, pieces of advice, insights about their area of expertise or to introduce themselves and their business! It's a way for us to learn from each other, gain perspective, and grow as a community.
This week, Alexis Henry of We Are Talking brings you her Top 5 Ways to be Financially Well.
Alexis is the founder of We Are Talking, a platform providing empowerment, motivation and education on the topic of personal finance through one-on-one coaching, group workshops and fun events. Alexis’ mission is to turn the often avoided conversation about money into one you won’t want to stop!
For more from Alexis, follow her on Instagram and sign up for a free consultation to assess your financial plan via her website.
1: Budget for future success
Your wellness is as important as your business’ success. Take time now to plan for the future you are dreaming of.
Set goals, create a budget, track your expenses and then set times to regularly analyze your progress. Your budget should grow and change as you do. And be specific about your goals – where exactly will you and your business be in 5, 10, 15 years and what will you have accomplished?
Don’t forget to include retirement planning, investing and health costs - things we often overlook until we need it and then it’s too late.
2. Take a vacation!
Whether it’s a vacation or staycation, spending time away from work is critical for achieving work/life balance.
Make taking time off a priority – at the beginning of your fiscal year decide how many days you will allot for time off and plan exactly when you will take it. Do be sure to set up a system for when you are out of office in advance so you don’t have to worry about it later.
Most importantly, be sure to account for your vacation time in your rate so you can avoid the stress of an unpaid vacation.
3:
Community matters
Being a business owner can be lonely - Find a community (or two or three) of likeminded individuals who you can be in contact with regularly whether it’s to ask a quick question or to hold monthly check in meetings.
This group will play a large part in holding you accountable to your goals, supporting you when times are tough and act as a resource and advisor when you need it.
4:
Taxes, taxes, taxes
Taxes are important and sometimes complicated. Find a tax accountant you feel comfortable working with (its okay to shop around) to help you navigate how much you’ll owe and what deductions you can take advantage of.
Your accountant should help you feel knowledgeable about your money so you can make informed financial decisions throughout the year.
Bonus tip – your tax preparation fees are tax deductible so it’s worth the investment!
5. Spend money on expertise
Don’t kill yourself trying to have it all, instead spend your money on the things that make your life easier. Identify what skills you are good at and that are most critical to successfully meet your goals.
Next, identify where you have gaps and then hire qualified people to do the work (yes, hiring a delivery person to bring you dinner counts!)
The more you do this the better you’ll get at creating space to focus on what matters.
Want to invest in a financial coach to help you put these tips into action? Let’s talk! Schedule a complimentary session.