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E73: Creating Stability with an Unstable Income
Manage episode 367718782 series 2963804
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We’re gearing this conversation towards our client, Vin Henry. VIN as in variable income earner and HENRY as in high earner, not rich yet. Today, we’re diving deeper into how Vin Henry can create stability within their finances by following our five step framework: mindset, budgeting, debt payoff, saving and investing.
What You’ll Learn:
The 4 buckets of money mindset based on your childhood experience
The 3 steps to setting a budget: identifying mandatory expenses, determining base income goals, and considering extras for debt payoff, savings, and investing
Debt snowball vs debt stacking payoff strategies
Emergency funds should cover 3 to 9 months of personal and business expenses for variable income earners or business owners
Examples of how varying investment yields compare over long periods of time. Each decade you wait will mean you need to invest 3 times as much money to achieve the same result.
Starting your financial journey with mindset and budgeting, even if they're not perfect, is crucial.
The Money and Business Mastermind program offers weekly meetings, recorded workshops, access to our Facebook group, all courses and webinars, and 30% discounted one-on-one financial reviews. The topics covered include money mindset, budgeting, sales goals, debt elimination plans, automating finances, income taxes, investing, insurances, and financial and business strategies. Spots for the Mastermind program are limited, and an application process is required.
More of Mills Knows Bills:
Website: https://www.millsknowsbills.com
Instagram: https://www.instagram.com/millsknowsbills
Youtube: https://www.youtube.com/millsknowsbills
Current Resources: https://linktr.ee/millsknowsbills
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.
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