Your weakness – Handling your personal finances
If you are building a business online or making money online, there is one thing that will keep you in good stead – a good grip on your personal finances and an ability to keep track of your business finances.
But the chances are that your ability to efficiently handle your personal finances – keeping track of what is coming in and what is going out – is likely to be sub-par at best.
I say this from personal experience and I also see the same problem with most people – they don’t have a good handle on their finances.
Now let me say straight away – it’s not your fault.
HOME & SCHOOL
Typically, we are not taught how to efficiently handle our personal finances.
Our parents don’t teach us.
Our school or college doesn’t teach us.
This is a major failing. The fact that many people do not have a good handle or control over their personal finances means that you are not in a good place when it comes to how you handle your personal expenses, how you plan, and how you save and possibly invest.
BUSINESS COLLEGE GAP
Many years back, I went to business college. The trouble was the curriculum did not include how to handle one’s personal finances – or even how to practically set up a business.
The same with school – no attempt is made to prepare you for the real world where ideally you need a system and good control of your personal finances.
This is a major failing that puts ordinary people at a disadvantage.
And it does not help us if we want to start an online business from scratch.
ADD IN PERSONAL FINANCE
If you are building a business online, particularly at the start, then your focus is likely to be on how to build income as quickly as possible.
The book keeping or personal finance element of your business will tend to be the last thing you do or something you find tedious.
But the wise online entrepreneur adds personal finance and book keeping into his or her list of priorities.
PUTTING YOU IN A STRONGER POSITION
Getting a handle on your personal finances and your online business finances typically puts you in a stronger position when building your online business.
And it sets you up better when it comes to the potential to save and to accumulate assets – the potential to build your wealth.
If you finances are haywire then you will be in a poor position to make investment or asset-buying decisions.
If you get a handle on your personal finances and your online business book keeping, you will be in a better position to scale your business – as well as putting aside a portion of your income for a rainy day.
Take time out to read up on personal finance and investment. Take a note of books by David Bach, Tony Robbins, Robert Kiyosaki and others that seek to empower ordinary people.
Stay tuned for more on how to build your online business and build your wealth.