E72: A Variable Income Earner’s Survival Guide

Mills Knows Bills

Today we're gonna talk about the variable income earner survival guide, or the five emotional and practical steps to a strong financial foundation.

What You’ll Learn:

Mindset:

Money mindset is crucial for understanding your relationship with money and the obstacles you’ll face in the journey to financial success.

It is an ongoing process of improvement and growth.

Budgeting:

Budgeting is essential for variable income earners to manage fluctuating income effectively.

Start with identifying mandatory living and debt expenses to determine your minimum income goal.

Include extra expenses to establish a stretch goal, considering the extras in your life.

Connect your income with your sales or business performance to achieve your stretch goal.

Savings & Insurance:

As a variable income earner, building savings is vital to cover expenses during low-income months.

Having an emergency fund acts as self-insurance, preventing reliance on credit cards.

Proper insurance coverage is necessary to protect your financial progress in various areas of life.

Debt Payoff:

Expedite debt payoff to minimize costs and improve financial stability.

Aim to pay off high-interest debt, such as credit cards, to save on interest expenses.

Balance debt payoff with saving to ensure you have a safety net during low-income periods.

Investing:

Saving alone won't make you rich; investing is crucial for long-term wealth accumulation.

Take advantage of recession periods to invest and capitalize on potential opportunities.

Investing allows your money to work for you, providing long-term returns and financial growth.

The goal is not just to control your money but to master it. Take ownership of your financial situation and actively implement the knowledge and resources available at MKB.

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Friendly reminder that Mills Knows Bills is general and educational in nature and does not constitute tax, investment, legal, or financial advice with respect to any particular individual or taxpayer. Please consult your own advisors regarding your own unique situation.