February 15, 2024 Wealth Building

Tis the season of tax!

Tis the season of tax!

Yes, I know our favorite time of year.  If you haven’t been keeping accounting current all year long it may be the first time of the year that you have looked at how your year went financially.  While this is necessary for tax filing it is a little late for wealth planning.

The real power of accounting lies in the month-to-month reporting.  

When you are looking at your numbers each month you get to ask the three most powerful questions of your numbers. 

What is working?
What is not working?
What is next?

Doing this on a monthly basis is what keeps you in the driver’s seat financially.  You will get to see the ROI (return on investment) on every expenditure, you will see the monthly earnings and how on track or off track you are with the goals you set for the year.  You will see the net profitability, the monies that are available for taking care of you, for reinvesting, and for wealth development.  

Wealth development is all about making your money work for you instead of you working for it. 

Robert Kiyosaki calls these the soldiers that you put to work for you that never stop working.  They can be reinvested in your business or they can be used to diversify earnings.

The ways in which we choose to put our money to work are what give us the power to ensure we can handle anything that life throws at us.  It is what will give us options at every turn.

So as you are preparing to file your tax returns for 2023, ask yourself if it is time to learn some new money management skills so you can keep more of your money in your pocket instead of giving it away.

In Abundance,

Sue

LEAVE A COMMENT

Your email address will not be published. Required fields are marked *