Cultured Life  Article :  An Entrepreneur’s Guide to Wealth

How do you define success? And more importantly, How do you convert success into wealth?

Most entrepreneurs publicly define success based on GROSS EARNINGS, but this approach is beyond misleading.

As a business owner, you are well aware of the fact that your ACTUAL BALANCE in your bank account is far less than you may lead others to believe.  However, what you may not realize is that these actions are subconsciously creating a financial mindset that’s stopping you from building true wealth.

Finances are naturally a sensitive topic, but in today’s social media society we have become more accustomed to showing off our success. Now, there’s nothing wrong with “doing it for the gram,” but how much additional pressure does this create for you when you don’t have a true financial picture or plan?  

You desperately need help managing your wealth, but you have built this picture perfect image that won’t allow you to give yourself permission to ask for help.  You have achieved great success in your business, which deserves celebration, BUT shouldn’t you know exactly what it is that you are celebrating?

I challenge you to answer the following questions:

1.       How much did you earn in the past three years?
2.       How much of those earnings do you still have?
3.       How much money has your earnings earned?

This exercise will drastically raise your financial awareness and desire to be more intentional with your money. While you may not be thrilled with the results, the good news is that you are not alone! Studies show that nearly two-thirds of taxpayers don’t understand their finances, but STARTING TODAY, this will no longer be your reality! 

In today’s world, the internet provides access to an abundance of information, which can be overwhelming and confusing. We get stuck in “analysis paralysis” and ultimately do nothing. Instead, take action and follow these simple steps to become more financially literate and wealth focused:

Step 1:     Develop a Conscious Financial Mindset – Think through your purchases and spending habits.  Not just, do I want it and do I have the money in the bank.  I need you to go much deeper than that.  For most of us that means thinking all the way back to your childhood and identifying those financially triggering moments that may be still in the driver’s seat of your bank account today.  

1. Identify the type of relationship you have with money. 
2. Determine what your ideal life and financial future look like. 
3. Modify your relationship with money so that every financial aspect of your life is intentional and aligned with your desired legacy. 

Step 2:  Create a Personal Budget – JUST DO IT!! This is the foundation of your relationship with money. Budgets tend to have a bad reputation, but remember it’s not about penny pinching.  It’s about awareness. The point is to simply understand where your earnings are going and align your actions with your intentions.

1. Keep it Simple – You do not need to research and evaluate every possible type of budget. Grab a sheet of paper and list your income and expenses. That’s it!
2. Evaluate your Priorities – Identify 1-2 areas that you will actively work to improve.

Step 3: Say YES to Expert Advise! – l meet lots of successful entrepreneurs who are discounting their need for financial guidance based on their interpretation of “wealth.” The only difference between YOU and the SUPERRICH is that they are committed to paying less taxes, while most entrepreneurs accept the excessive bill as a natural element of doing business.

I expose my clients to the tax strategies that the top 1% of earners use to build and retain wealth. Earning more income doesn’t have to mean paying more taxes! 

Society naturally creates separation based on financial status, but financial obstacles are not limited to any one particular group of people. How many times do you see professional athletes or celebrities hit rock bottom? A lot!  We are all created equal, it’s the relationships we have with money that make the real difference.

If you want to learn more visit www.victoriahayescpa.com to download your free copy of my e-book, Tax & Wealth Strategies for Successful Entrepreneurs.