My Wealth Building Rules 4 – 6

The first month I officially decided to work at home I made $500, so you can imagine my surprise when my annual income grew to $50,000. As I work towards reaching the $100,000 mark, the most vital part of my process is my Wealth Building System; a series of rules that I follow to help me consistently increase my cash flow, live fabulous within my means, and make the most of what I’ve got.

RULE #4: MY BUSINESS IS NOT MY BANK
As my business started to pick up at some point I started to make more money and I had no idea this was happening! Truth be told, I was not tracking transactions correctly. Every time I got money into my Paypal account I would simply transfer that money into my bank account. At the time I felt like I was just transferring a few hundred dollars here and there, but at the end of the month those little transfers were adding up to over spending thousands and poor budgeting on my part. Turning into my own boss, I got into the habit of giving myself a salary. Paying myself after my Paypal balance reached a target amount helped me stick to rule #5.

RULE #5 EVERY DOLLAR HAS A NAME
Thinking about money in general terms is a bad idea. Creating wealth and prosperity requires you to name every dollar that you make. My dollars have names like, “Utilities”, “Hosting”, “Car Note”, “Savings”, “Groceries”, “New Computer”, etc. Each name has a specific dollar amount associated with it, like $500 for “Fun Money”. I now know how much money needs to go to bills, back into the business, personal savings and family fun. Giving every dollar a name helps to follow rule #3.

RULE #6 MY BUSINESS IS NOT A LOTTERY TICKET
You can prevent yourself from making the kind of money you want if you think of your business as a lottery ticket. It is not something you can start up today and make money from tomorrow. I never think of my business as a means to fast cash and sure riches. Being realistic about how much money I can make during any given day, week, and month helps me focus on creating realistic goals that translate into steady wealth over-time.

To read my 10 Wealth Building Rules Download or order the May issue of SistaSense In Print Magazine.