Hello Soulful Solopreneur,
As solopreneurs we are the sole person in charge for our financial destiny. It’s not a big corporation or a job we can count on. It isn’t the benefits we get or the 401K. No, it’s all on us. There are times when the pressure feels insurmountable so it’s very important that we pay attention to our money and that we take control over it.
Three ways to Get Rid of Money Fears Today:
1) Create your “cash cushion.” We all know we should save but many people never do. Think about the fear and panic of not being able to pay all the bills or having to ask someone to borrow money. But money doesn’t control you. And neither does fear. You control your money AND your emotions. So take charge! If you don’t have 3 months of living expenses and business expenses saved up (minimum,) then begin this TODAY. The action is more important than the amount. It might be $25 per month and then later you can increase to $50 or $100 or $150 but make it a goal to have 3 months expenses sitting in an account you call an “emergency fund.” Don’t delay this action because you don’t think you have enough. Even $10 adds up over time. Just BEGIN. You will find a sense of relief knowing that you’re taking charge and doing this each month and you’ll have fun watching it grow. Hint: Check out ingdirect.com You can create money “buckets” and name them different things like “emergency fund” or “Hawaii vacation” or “anniversary gift.” The money is automatically deducted from your regular checking account and goes to your ING account which you can view online. It only takes 2.5 days to get your money, which makes it easy to reach but not too easy if you know what I mean!
2) Finding money. Take stock of all the services and subscriptions you currently have. I am willing to bet there is a service you aren’t using; a membership or a monthly fee that you’re accruing without even getting benefit from the service. It might be the cable, the gym, that additional phone line. You can also try renegotiating the cost of cable, phone or even credit card finance rates. Find something you’re ready to RELEASE from your monthly financial commitments. Take those savings and use it for step one.
3) Meet with a financial planner. Most of them are free and they only make money when you invest in a product such as a life insurance or an IRA or a mutual fund. I met my first one when I was 23 so it’s never too early OR too late to start. Get a recommendation from a friend and make sure they don’t charge for their consultations. You can relieve fear when you get the facts about your financial future! Staying in the dark is SUPER scary!
4) Go for the Green! Pick up the phone and call that potential client today. Send the email. Create the flyer and attend that networking event. Put yourself out there (remember last week, getting out of your comfort zone?). Challenge yourself to stand in your purpose, stand in your value and offer the best of what you’ve got. What can you lose?
Love and Success,