When you started your business, you didn’t do it to stumble through financial problems and worries. In fact, you started your business in the hopes of gain some form of financial freedom. You wanted to put yourself on the road to wealth building success.
Most business owners envision lifelong wealth for themselves and their families.
But you may have realized that even when you’re making good money and selling a lot of things, business doesn’t set you up for financial success.
How Do You Start Wealth Building to Financial Freedom?
Unfortunately, there isn’t a magic formula that works for every business to guarantee life-long financial success. One that will give you six figures in your bank account, a full retirement account, and a dream car in your driveway.
But, there is the one “thing” that I’ve learned and that I teach every day. And it’s the one “thing” that truly will be a game-changer for you on your path to financial success.
That KEY is financial literacy.
What is Financial Literacy?
Those two words are kind of loaded because basically, financial literacy means that you have a good understanding of your finances. Both your business and personal finances.
Just KNOWING and UNDERSTANDING your finances can truly change so much for you on your wealth building journey.
As a business owner, you might find it fairly simple to make money. You have a skill or a passion that you are good at and it’s turned into a great business that makes decent money.
But, have you ever really looked at your Profit and Loss, and thought, “I’ve worked so hard and I’ve brought in good money but I’m still struggling financially.”
Maybe you aren’t paying yourself enough and you’re still struggling to pay your bills. Your savings isn’t built up. You still have debt to pay off. And you’re eyeing a dream vacation.
But you still feel like you’re struggling. And not wealth building.
It’s easy to think that you just aren’t bringing in enough sales. So you focus on more revenue.
But, when in reality the real problem is there isn’t an understanding of what’s going on with the finances you currently have. Therefore, good decisions aren’t being made, priorities are out of whack, and wealth building doesn’t happen.
What You Need To Know About Financial Literacy and Wealth Building
As a business owner, what do you really need to know about financial literacy? Quite a bit. Wealth building and financial literacy is a never-ending learning process.
One thing you can do to really ensure you’re literate in your finances is to start learning now!
Work with a coach, talk to experts, and focus on the areas you need most. Right now.
Some of the things you want to be literate in are
- goal setting,
- investing, and
- protecting your money.
There’s no way that you’ll become an expert in all of those areas. But that doesn’t mean that you can’t gain an understanding of what they are and why they matter to you on your path to lifelong wealth.
Working With a Coach
I have a 12-month coaching program where I walk business owners through a journey to mastering their finances. That journey looks a little different for each person.
We start out by learning and focusing on those foundations above. But then we start to drill down to your individual’s needs. We focus on what matters most to you at that time and what is going to bring you the biggest impact and change.
That doesn’t mean that you won’t become literate in the other areas, it just means that time is spent on the details of one or two areas until a change is made. Then you move on to other parts of wealth building.
Don’t Wait To Get Started
Starting to build lifelong wealth should never be put off. Too often business owners feel like they don’t have time to focus on wealth building. But the truth is, they can’t afford NOT to focus on it.
Every day you put off is less potential wealth in your pocket.
You truly will not build lifelong wealth without the knowledge and understanding of how to make it happen.
Just selling a lot of things and “making” a lot of money is not enough!
If you want to learn more about my 12-month coaching program, the best way is to join my Free Finance Mastery Workshop. Click Here to get started. The next workshop is starting soon.