Creator Economy’s Post

"Why are you still charging less?" Because you haven't seen the need for the money yet. If you had created a budgeting funnel for your funds, you wouldn't be charging less for your service. So, what is budgeting? It's simply allocating your money to different categories, such as: Investment: You don't want to work forever. It's not a bad thing to retire at 35 or before 40. You should invest in stocks, shares, and let your money work for you. Allocate at least 30% to invest. Branding: Your brand shouldn't remain a startup or beginner forever. You should have a budget for brand upgrades, running ads, photoshoots, etc. Allocate at least 10% of your revenue to this category. Personal Development: It is often said that the highest return on investment is the one you make on yourself. Do you have a monthly budget for personal development? Allocate at least 10% of your revenue to this category. Emergency: Smart individuals don't hope for emergencies, but they are prepared for them. Allocate at least 5% of your revenue to investments that provide security during emergencies. Vacation: All work and no play will make even you a dull person. Plan occasional outings to visit new places, taste new meals, and create new memories. It's not extravagant; it's also essential for re-energizing yourself. Allocate at least 15% of your revenue to this category. Spending: You should have money for your daily expenses. You don't always have to dip into your savings or investments every time you want to buy something. Allocate at least 30% for your regular expenses. Now, imagine having this budgeting funnel where every money you earn goes, including taxes and tithes. Why would you still be charging N5000? Consider the fact that acquiring these skills took you years and required financial investment. Why do you still undervalue yourself? #ChargeYourWorth

Investing is for all businesses, regardless of size, age, revenue, and all other factors. Investing in your small business doesn’t always mean pumping loads of money into it! Maximising your growth with MaxGrowth #maxgrowth #investing #smallbusiness #money #sydneyaccountant #bookkeeper #tax #togetherwemakeadifference #cityaccountant #advisor #loveourwork

💰 Mastering Profit First as a Solopreneur: Your Path to Financial Success 💼 The Profit First method, created by Mike Michalowitz, is a game-changing money management system, initially designed for small businesses. But can solopreneurs benefit from it? Absolutely! In this guide, we'll show you how to tailor the Profit First method to suit your solo venture. 🤔 How Does Profit First Work? Traditionally, profit is what remains after deducting expenses from revenue: Revenue - Expenses = Profit. Profit First flips this equation: 📊 Revenue - Profit = Expenses. This revolutionary approach prioritises taking profit first, rather than treating it as an afterthought. It's rooted in Parkinson's Law, which posits that work expands to fill available time. Similarly, your expenses can expand to deplete your budget. Prioritising profit upfront helps curb spending and boost your margins. To implement Profit First, most business owners set up five distinct bank accounts for specific purposes: 1️⃣ Income - where 100% of cash flows in before allocation. 2️⃣ Profit - usually 5% of gross revenue. 3️⃣ Owners' Salary and Wages - typically 50%. 4️⃣ Tax - traditionally 15%. 5️⃣ Operational Expenses (including payroll) - around 30%. Michalowitz recommends transferring funds from the 'Income' account twice a month, on the 10th and 25th. 💡 Why Does Profit First Work? The Profit First system is a game-changer for discipline, curbing overspending, and transforming your mindset. It aligns your intention with purposeful profit. Moreover, it eliminates guesswork around profit, taxes, and expenses, offering a streamlined and organised financial approach. 🎯 Adapting Profit First as a Solopreneur While the Profit First system is fantastic, solopreneurs might need to tailor it to their unique circumstances: 👉 If you run an asset-light business, your operational expenses might not reach 30% of income. 👉 Your tax allocation might differ based on your income. 👉 Adjust your 'Salary and Wages' allocation to replace your previous job income, especially if your overhead is low.Make a smart move towards financial success! 💪💰 #ProfitFirstSolopreneur #FinancialSuccess #MoneyManagement

💰 Mastering Profit First as a Solopreneur: Your Path to Financial Success 💼 The Profit First method, created by Mike Michalowitz, is a game-changing money management system, initially designed for small businesses. But can solopreneurs benefit from it? Absolutely! In this guide, we'll show you how to tailor the Profit First method to suit your solo venture. 🤔 How Does Profit First Work? Traditionally, profit is what remains after deducting expenses from revenue: Revenue - Expenses = Profit. Profit First flips this equation: 📊 Revenue - Profit = Expenses. This revolutionary approach prioritises taking profit first, rather than treating it as an afterthought. It's rooted in Parkinson's Law, which posits that work expands to fill available time. Similarly, your expenses can expand to deplete your budget. Prioritising profit upfront helps curb spending and boost your margins. To implement Profit First, most business owners set up five distinct bank accounts for specific purposes: 1️⃣ Income - where 100% of cash flows in before allocation. 2️⃣ Profit - usually 5% of gross revenue. 3️⃣ Owners' Salary and Wages - typically 50%. 4️⃣ Tax - traditionally 15%. 5️⃣ Operational Expenses (including payroll) - around 30%. Michalowitz recommends transferring funds from the 'Income' account twice a month, on the 10th and 25th. 💡 Why Does Profit First Work? The Profit First system is a game-changer for discipline, curbing overspending, and transforming your mindset. It aligns your intention with purposeful profit. Moreover, it eliminates guesswork around profit, taxes, and expenses, offering a streamlined and organised financial approach. 🎯 Adapting Profit First as a Solopreneur While the Profit First system is fantastic, solopreneurs might need to tailor it to their unique circumstances: 👉 If you run an asset-light business, your operational expenses might not reach 30% of income. 👉 Your tax allocation might differ based on your income. 👉 Adjust your 'Salary and Wages' allocation to replace your previous job income, especially if your overhead is low.Make a smart move towards financial success! 💪💰 #ProfitFirstSolopreneur #FinancialSuccess #MoneyManagement

💰 Mastering Profit First as a Solopreneur: Your Path to Financial Success 💼 The Profit First method, created by Mike Michalowitz, is a game-changing money management system, initially designed for small businesses. But can solopreneurs benefit from it? Absolutely! In this guide, we'll show you how to tailor the Profit First method to suit your solo venture. 🤔 How Does Profit First Work? Traditionally, profit is what remains after deducting expenses from revenue: Revenue - Expenses = Profit. Profit First flips this equation: 📊 Revenue - Profit = Expenses. This revolutionary approach prioritises taking profit first, rather than treating it as an afterthought. It's rooted in Parkinson's Law, which posits that work expands to fill available time. Similarly, your expenses can expand to deplete your budget. Prioritising profit upfront helps curb spending and boost your margins. To implement Profit First, most business owners set up five distinct bank accounts for specific purposes: 1️⃣ Income - where 100% of cash flows in before allocation. 2️⃣ Profit - usually 5% of gross revenue. 3️⃣ Owners' Salary and Wages - typically 50%. 4️⃣ Tax - traditionally 15%. 5️⃣ Operational Expenses (including payroll) - around 30%. Michalowitz recommends transferring funds from the 'Income' account twice a month, on the 10th and 25th. 💡 Why Does Profit First Work? The Profit First system is a game-changer for discipline, curbing overspending, and transforming your mindset. It aligns your intention with purposeful profit. Moreover, it eliminates guesswork around profit, taxes, and expenses, offering a streamlined and organised financial approach. 🎯 Adapting Profit First as a Solopreneur While the Profit First system is fantastic, solopreneurs might need to tailor it to their unique circumstances: 👉 If you run an asset-light business, your operational expenses might not reach 30% of income. 👉 Your tax allocation might differ based on your income. 👉 Adjust your 'Salary and Wages' allocation to replace your previous job income, especially if your overhead is low.Make a smart move towards financial success! 💪💰 #ProfitFirstSolopreneur #FinancialSuccess #MoneyManagement

Discover the freedom and flexibility of quitting your job to start an online business. Learn about the benefits of being your own boss, including financial security, pursuing your passions, and retiring on your own terms. https://lnkd.in/dVdixPPg #BeYourOwnBoss #OnlineBusiness #QuitYourJob #DreamBusiness

In late 2023, a new client, let’s call her Sally, started working with us. Sally was already doing quite well with her investments and career, but she felt something was missing with her financial strategy. Despite already having an advisor, Sally wasn’t getting the proactive planning she needed. Her investments were doing reasonably well enough, but when she asked questions about her comp plan, diversification, future planning, and budgeting, she didn’t get the answers she was looking for. Her old advisor's advice was simple: “Just keep doing what you’re doing; you’re doing great.” Indeed, Sally was, and is, doing great. She’s propelled her career, increased her income, and grown her investments significantly over the past few years. But “just keep doing what you’re doing” is a huge miss. We believe that even when you’re doing 90%, 95%, or even 99% of things right, that remaining 1% can have a massive impact. It’s that last piece that provides more flexibility and freedom in the years to come. In our partnership with Sally, we went beyond the advice of “keep doing what you’re doing.” We dove into her compensation, put a plan in place for her company equity (both what she  has and what she will be getting), diversified her investments, and crafted a proactive plan for the years ahead, The result? Sally not only continued her success but is now even better positioned for the future. Why share Sally’s story? Because it highlights a fundamental truth: even when you’re doing well, there’s almost always room for improvement. It’s about making the most out of your income, your career, and your equity, and ensuring that every piece aligns for your future.

As professionals, we often dedicate our time and energy to building our careers, but sometimes we forget about the importance of financial planning. Here are some financial tips to help you thrive in your professional life: 1️⃣ Create a budget: Know your income and expenses, and have a plan for where your money goes. 2️⃣ Have an emergency fund: Make sure you have at least three to six months of living expenses saved up for any unexpected situations. 3️⃣ Invest in yourself: Don't be afraid to invest in your personal and professional growth. Keep learning new skills. 4️⃣ Diversify your income: Whether it's a side hustle or passive income, aim to have multiple revenue streams to ensure financial stability. Remember, financial stability can provide peace of mind so you can focus on advancing your career without any unnecessary stress. Share your favorite financial tips in the comments below! #financialplanning #careeradvice #professionaldevelopment #personalfinance

💰 Mastering Profit First as a Solopreneur: Your Path to Financial Success 💼 The Profit First method, created by Mike Michalowitz, is a game-changing money management system, initially designed for small businesses. But can solopreneurs benefit from it? Absolutely! In this guide, we'll show you how to tailor the Profit First method to suit your solo venture. 🤔 How Does Profit First Work? Traditionally, profit is what remains after deducting expenses from revenue: Revenue - Expenses = Profit. Profit First flips this equation: 📊 Revenue - Profit = Expenses. This revolutionary approach prioritises taking profit first, rather than treating it as an afterthought. It's rooted in Parkinson's Law, which posits that work expands to fill available time. Similarly, your expenses can expand to deplete your budget. Prioritising profit upfront helps curb spending and boost your margins. To implement Profit First, most business owners set up five distinct bank accounts for specific purposes: 1️⃣ Income - where 100% of cash flows in before allocation. 2️⃣ Profit - usually 5% of gross revenue. 3️⃣ Owners' Salary and Wages - typically 50%. 4️⃣ Tax - traditionally 15%. 5️⃣ Operational Expenses (including payroll) - around 30%. Michalowitz recommends transferring funds from the 'Income' account twice a month, on the 10th and 25th. 💡 Why Does Profit First Work? The Profit First system is a game-changer for discipline, curbing overspending, and transforming your mindset. It aligns your intention with purposeful profit. Moreover, it eliminates guesswork around profit, taxes, and expenses, offering a streamlined and organised financial approach. 🎯 Adapting Profit First as a Solopreneur While the Profit First system is fantastic, solopreneurs might need to tailor it to their unique circumstances: 👉 If you run an asset-light business, your operational expenses might not reach 30% of income. 👉 Your tax allocation might differ based on your income. 👉 Adjust your 'Salary and Wages' allocation to replace your previous job income, especially if your overhead is low.Make a smart move towards financial success! 💪💰 #ProfitFirstSolopreneur #FinancialSuccess #MoneyManagement

💰 Mastering Profit First as a Solopreneur: Your Path to Financial Success 💼 The Profit First method, created by Mike Michalowitz, is a game-changing money management system, initially designed for small businesses. But can solopreneurs benefit from it? Absolutely! In this guide, we'll show you how to tailor the Profit First method to suit your solo venture. 🤔 How Does Profit First Work? Traditionally, profit is what remains after deducting expenses from revenue: Revenue - Expenses = Profit. Profit First flips this equation: 📊 Revenue - Profit = Expenses. This revolutionary approach prioritises taking profit first, rather than treating it as an afterthought. It's rooted in Parkinson's Law, which posits that work expands to fill available time. Similarly, your expenses can expand to deplete your budget. Prioritising profit upfront helps curb spending and boost your margins. To implement Profit First, most business owners set up five distinct bank accounts for specific purposes: 1️⃣ Income - where 100% of cash flows in before allocation. 2️⃣ Profit - usually 5% of gross revenue. 3️⃣ Owners' Salary and Wages - typically 50%. 4️⃣ Tax - traditionally 15%. 5️⃣ Operational Expenses (including payroll) - around 30%. Michalowitz recommends transferring funds from the 'Income' account twice a month, on the 10th and 25th. 💡 Why Does Profit First Work? The Profit First system is a game-changer for discipline, curbing overspending, and transforming your mindset. It aligns your intention with purposeful profit. Moreover, it eliminates guesswork around profit, taxes, and expenses, offering a streamlined and organised financial approach. 🎯 Adapting Profit First as a Solopreneur While the Profit First system is fantastic, solopreneurs might need to tailor it to their unique circumstances: 👉 If you run an asset-light business, your operational expenses might not reach 30% of income. 👉 Your tax allocation might differ based on your income. 👉 Adjust your 'Salary and Wages' allocation to replace your previous job income, especially if your overhead is low.Make a smart move towards financial success! 💪💰 #ProfitFirstSolopreneur #FinancialSuccess #MoneyManagement