Today, we’re tackling the last of those and diving into exactly how much money you should be taking out of your business to put back into your pocket. I mean, a girl’s got to eat. And pay rent. And afford her weekly Starbucks because GET ME OUT OF THE HOUSE.
Now, the two-word answer to how exactly you do that is this:
Girl, your website is GLAM.
And the clients are rolling in. Your social media campaigns are well-oiled machines, your services & products are really connecting with your followers, and you feel like you’ve finally got something here.
But you haven’t moved the needle on your money situation.
Your savings account has barely grown (if at all), you’re paying yourself less than what you did at your full-time job, and you’re working a schedule that may support a wardrobe of leggings & top knots but also is causing those bags under your eyes.
While it seems like 401(k)s are more popular than Instagram pics of Starbucks cups (oh, hey, Pumpkin Spice Latte…I see you’re back), the data shows otherwise. In fact, over 31% of American households don’t have access to a plan like a 401(k) to save for retirement. And a majority of those are most likely made up of people just like you.
The wild ones. Creatives. Risk takers. Uber successful entrepreneurs kicking a$$ and taking names.
But just because you’re rolling in the dough now doesn’t mean that you shouldn’t give thought to your own retirement. This still needs to be a priority for you just like it was back in your days when you played Corporate Barbie for 9 hours a day, 5 days a week.
I don’t know about you, but I have a very hard time making decisions that will affect me for a long period of time.
For instance, it’s been 5 years since I moved into my house, and I still don’t have anything hanging above my couch because I can’t quite decide what I want.
However, there are times when you have to have a tad bit more urgency in getting something done, and when you’re starting out your business or aren’t happy with your current bank, opening a new checking account is one of them.
6 years ago, I was preparing more tax returns in a period of 2 months than most people do in a lifetime.
Newsflash: not my most exciting years.
However, I am now down to one each year (my own), and love him or hate him, Trump’s new tax bill is definitely going to affect it.
Guys, it’s the post you’ve all been waiting for.
If you follow me on Instagram, then you know that Keith and I purchased our first official rental property back in September. And while I wanted to write this post MUCH sooner (you know, out of sheer personal excitement), I waited a few months to ensure at least a small level of success (and paid rent) prior to jumping the gun.
However, 3 months later, all is running smoothly (*knock on wood*), and I wanted to give you all the details behind how we got into this real estate game, the process we went through, and the numbers on our FIRST EVER rental property.
I actually found out about the Equifax data breach on Twitter (because, you know, that’s where I get all my news), and while many brushed this off as another case of potential identity theft in a time of many, I knew it was so much more than that. And it got even worse when I verified that I was one of the 143 million people who had had their information compromised. Oy vey.
See if you can relate:
You’re in your 20s or early 30s and always manage to pay the bills on time but your savings account never seems to grow.
You can’t afford a gift for your friend’s bridal shower but always have the means to buy drinks at the bar at 2:30 in the morning.
You buy the latest and greatest Mac but have no emergency fund.
I wish you could have seen me in the first few weeks of owning my home.
First of all, picture a house that has no dining room table, fold-up chairs serving as seating in the living room and your grandma’s 1980s coffee table being used as a TV stand (that lasted for more years than I care to admit). I’d try to throw a meal together using what little kitchen utensils I had on hand and then eat said meal off of a paper plate in a chair my parents had spent many evenings in watching my soccer games. And why?
Because I had no idea of what it actually took to outfit a home. Multiple trash cans? I now need multiple trash cans?