Prepare for Increased Income – TPS500

If you’re hoping to increase your income, then there are some things that you need to consider – some internal and some external. In this episode, I discuss what you need to pay attention to as your income increases so that you don’t make bad financial decisions.

Highlights

• As you start making more money, there are new skills you need to learn and practice. You will also have a new internal experience as you start making more money.
• I talk about what I went through as my income started increasing and how I consciously started changing and upgrading some of my habits.
• You have to make new spending and saving decisions, depending on what you want your future to look like.
• Making more money, be sure to be very much in touch with your money by keeping good records and paying attention to what’s going on.
• Monitor your feelings as your income increases and as you deal with money on a different level.
• Set a goal or intention for how much you want to make that’s not far above what you’ve made before in order to stay comfortable.
• Don’t expand your income goals and ideas without talking to someone whose opinion you respect.
• Check out the Small Business Development Center in your area.
• Have you made a rational decision about what kind of entity your business should be: sole proprietor, S Corp., LLC?
• If you are setting an intention for increased income, then you have to ask yourself, what is a rational way for me to accomplish that? What are the actions I have to take in order to realize my intentions?
• It’s a good idea to have an accountability partner.
• Set things up so you’re not taking chances.
• It’s hard for a lot of people to talk about money because they carry so much shame about money.
• To make more money, it’s important to plan for it – before you have it.

Links

SBDC Directory of Locations

If you want to talk to me about your financial situation and how you can move forward, fill out this Application for an Ideas & Insight Session.