Better Than 7-FIGURES

I used to want to reach 7-figures. I thought that’s where all of the magic would happen. Thinking it was some kind of exclusive/inclusive club where only the best of the best would be invited to join. That was something I strived for.

Most entrepreneurs I talk to think that the “magic kingdom” is to hit 7-figures. They desire to reach a million dollars in revenue even though they often find difficulty in even saying the word “million” out loud.

I’ve had a change of heart as that goal doesn’t matter as much to me anymore.

I’m fortunate to know many entrepreneurs who have been in business longer than I and that are bringing in a lot of money. Also, I’ve heard many of the behind the scenes stories. That’s why I set a different goal last year. I’ve heard about too many people making 7-figures that didn’t have any cash in the bank. I’ve heard too many stories about people making 7-figures that were leveraged to the hilt. That’s not what I wanted. That’s not the business (or life) I want to create.

I made a decision to create a profitable business. That’s what I declared to my coach when we discussed my yearly goals. AND, that’s what I’ve done.

Perhaps, I’m more fortunate than most in that I’ve had so many conversations with experts over the years.

Here are 5 of the most important money lessons I’ve learned:

My grandfather, who was a very successful entrepreneur, always believed in spending money on experiences and education – NOT on things. That’s a lesson I’ve carried with me. He was a world-traveler and although he had a very nice home and car, he was much more likely to splurge on a 14-course meal for 20 of us at a family get-together than to buy us lots of gifts. He was making memories for us – and I remember those dinners today more than any gift he could have ever given.

Conversations with my boss when I was a Business Development Executive and starting to make a lot of money opened my eyes to manage fast wealth. My boss gave me advise on how to spend (and what not to spend on). This was actually “atypical” as most of my counterparts were encouraged to go out and buy big homes and expensive cars. While, on the other hand, he taught me the power of having money and making decisions that felt good to me.

My brother is a wealth manager and he’s shared many stories about people’s investments doubling, tripling, even quadrupling (or more) literally overnight. I learned how quickly money could come in, literally at a drop of a hat. I also realized that money was thing – something that we couldn’t really even hold on to – yet, it shaped so much of what people believed about themselves.

My accountant told me stories of people living in wealthy houses yet had no money. In entrepreneurial language, I call that the “imposter syndrome”. These are people who look great and life looks like it is awesome, yet behind the scenes, their world is falling apart.

Learning the “bucket” system where I pay myself first and also create buckets of other funds. I have my vacation bucket, my wealth bucket, my tax bucket and so on. This was probably one of the best, most strategic actions I have ever taken (and one I encourage my clients to do, as well).

Lastly, my aunt, who was a highly successful marketing consultant, told me that when you have money in the bank, you have power. Having my own business, I look at things a bit differently than what my aunt told me.

I believe that if you know how to earn money you will always have power.

These days, I’m still accelerating my income, however, I spend with thought of profitability always in the back of my mind. It’s a different way than most entrepreneurs are doing it. No judgement on either side. I believe we need to do with what aligns with us, our core values and how we want to live our lives.

Be Brilliant,

Kate

P.S. Speaking of money, join me for the encore call on Tuesday, October 11 at 3:00pm EST/ 12:00pm PST. Register here for details: http://katebeeders.respond.ontraport.net/cashcall