The Major Mistake You’re Making with Personal and Business Money

If you have a business or a side hustle you want to turn into a business, then let’s talk about a major money mistake that happens often and how to avoid it. Revenue from a business is a great way to rake in more income or the path to living life on your own terms. Perhaps you’re selling a product or offering services. It’s been hard work, many sleepless nights, and skipped outing with friends, but now you’re bringing in revenue. Great! Here is where many start to make this major yet common mistake with their money.

Whether you started the business to supplement income from your primary job or you’re full-time working your business, you may be using some money from your personal account to purchase things for the business and using business funds to handle personal expenses. You’re likely using personal money or income to fund the business anyway right, especially as a new entrepreneur. You’re the first investor. I know I was my first investor. I started my business with personal savings, but I avoided a major mistake when doing this and I want you to avoid it too or correct it if you’re already doing it.The major mistake is mixing your personal money with your business money. Here is why this is a big mistake and can cost you money later.

1) You can’t show positive cash flow. If you’re consistently mixing your personal funds with your business income to make business and personal purchases, it’s hard to show positive cash flow into your business. You won’t be able to properly assess the health of your business and adjust your strategy to ensure continuous revenue and growth. This looks very sloppy and high risk to investors, so they’ll want no part of it. You have to be able to see exactly how much revenue is coming in and the amount of expenses the business has. You should know the exact dollar amount of how much it takes to run your business every month. Are you making that? What’s your profit margin? Will you have enough floater money for your slow months?

2) You’ll pay more in taxes. The IRS will think you have a hobby not a business that means money lost as they deny legitimate deductions. They will only allow deductions if you can clearly show that the expenses were for business. You don’t want the nightmare at tax time of sorting through old receipts and combing through bank statements trying to determine if something was a real business or a personal expense. Definitely not.

How to AVOID this:
1) Have separate bank accounts. You should have separate savings and checking accounts for your business. Only use the business account for business expenses and only use your personal account for personal expenses. It looks more professional, you will look like a real business owner if the business name is on the check or debit card. The money can be clearly tracked and the IRS is less likely to audit you or deny deductions. One of the first things I did after officially filing my paperwork was to go to a bank and start a business checking account. I felt so official once I got the debit card. I kept looking at my business name on it and smiling.

2) Pay yourself a salary. If you’re thinking but the whole reason I started this business is to supplement my income, no worries. You will be cutting yourself a check like an employee. You own the business so simply write yourself a check or transfer the money from your business checking account to your personal checking account. Start off with however much you need $25, $300, $3,000. Just be sure not to go overboard. Leave funds in the business to cover operating costs at minimum.

3) Create separate budgets.  Design a personal budget that is completely separate from your business budget. Of course include your salary line item and if you give funds to your business every month include a business line item as well. Also, account for the salary and income in your business budget. Budgets will help you see what your operating costs are for the business and operating costs for your household. You can then make sure those aforementioned line items make sense.

4) Use separate tracking software. You know I’m a big proponent of tracking your money. Track your personal and business income and spending, just don’t use the same account or system. You can use something like Excel and have separate files and folders for the business vs. personal funds. Or use accounting software such as Mint or Quicken for personal and Quickbooks or Xero for business funds. I like Mint for personal and Quickbooks for business.

About Dr. Maria James
Dr. James, The Money Scientist, has expertise with designing income management, debt management, and wealth strategies to help you live your best life. She is the founder of Pocket of Money, LLC and the creator of The Wealth Protocol™. Dr. James has also been a guest financial expert on ESSENCE, WEAA, Madame Noire and more. Connect with Dr. James in Baltimore, MD at the Unlimited You Weekend, April 10-12, 2015. Visit www.unlimitedactions.com for more details.

Invest in Yourself: Yes, You Can Afford It

How many times have you denied yourself of something you need such as a financial coach, mentor, or investment in your business? How many times you said you cannot afford something but your splurge your money and time on mindless shopping, going out to eat, switching hairdos weekly and other things that don't serve your purpose? I am all for looking beautiful but don't you think it is time for you invest in your inner beauty and essence to match the outside?
We all have done this once upon a time because we either feel guilty or ashamed into investing in ourselves. Many times, we will invest in frivolous things such as a new outfit, shoes, expensive handbag or something tangible that doesn't provide substances within our lives.  How many times do you "reward" yourself with an expensive gift but still feel guilty or empty within?

 
When you invest in yourself, you are proving yourself with an unlimited wealthy of opportunities. Investing in yourself is a part of self-love and self-care which are two valuable personal experiences that are organic and natural. When you denied yourself of investing in yourself, it will show within your personal and professional life. When you don't invest within yourself, you suppress your inner passion, interests and growth/evolution. How can we be truly free and independent when we don't provide investment and self-love for ourselves? You will always be caught up in the rapture of brokenness and chasing after a deferred dream when we don't invest in ourselves.
Remember, investing in yourself take patience, persistence, prayer, and payment. Yes payment. You are going to pay one way or another, you are going to pay money to attend that long over due workshop, conference, or class to help you achieve your lifelong goal. You are going to have to dig a little deeper in the closet and shop for that cute outfit to wear for that investment meeting with the big investors who are looking to invest thousands into your company. You are going to stop asking your fellow sister-friend for the "hook up" because that sister-friend is worth more than asking for the hook up. She invest in her business, have home and business bills to pay and she is worth it.
Now is the time to invest in yourself and building your empire! Don't defer your dreams and goals for something else.
Here are three ways why you should invest in yourself:

1. Pursuing your passion.  Time is one of the most important things you should invest in when you are pursuing your passion. You cannot get time back. When your pursue your passion, you are providing self-love and perseverance. Your passion is within and at your fingertips but you must discover it. Discovering your passion, being persistence and investing in yourself are valuable tools. When you invest in yourself, you have to be willing to make sacrifices such as cutting back from getting a manicure and pedicure weekly, you have to go shopping within your closet and at times you have to minimize your lifestyle. (Some of you all are probably rolling your eyes but you have to sacrifice something to achieve your dreams.)
2. Creating and Increasing Your Wealth. When people think of wealth, people think of finances. Wealth is not always about finances. The definition of wealth have a plethora of meanings but for this article we will stick with abundance of anything. We should invest in our wealth of knowledge, resources and wisdom. When we increase our wealth, we should also invest our wealth in others who have the wisdom, knowledge and experience in a certain field or business. We should invest in books, workshops, a coach, our community and organization to increase your net-worth, network, and self-worth
3. Holistic Self-Care. “The most powerful relationship you will ever have is the relationship with yourself.” – Steve Maraboli Great quote! If you don't love yourself, don't expect anyone else to love or invest in you. We live in an ADHD and microwaveable society in which we are constantly on the go. Stop, breathe and connect with yourself. Invest in healthy and unprocessed foods which we save you money and sickness. Invest in your health by working out. You don't have to invest in an expensive gym membership in which you may never use but one time. Go put on some shorts/sweatpants and sneakers and work it out. Turn off the TV and sit in your thoughts. Be still, meditate and listen to that voice within called intuition. All these things cost you nothing but time and effort. 

Providing self-care and self-awareness doesn't cost you nothing but time and effort. You must be willing to invest into you, your dreams, your wealth and health. You deserve to love yourself and care for yourself. Stop investing your wealth into tangible and material things which will slowly fade away. Invest into things that matter which is you and your well-being. If you cannot invest and give to yourself, there is no way you will be able to give whole-heartedly to others. Invest in yourself. 
Invest wisely!  

What's really holding you back from fully investing in yourself? Share and comment below!
About the Author: Andrea C. Imafidon 

Andrea is a professional coach with a certification in personal development coaching from The CaPP Institute. She holds a Master’s degree in Social Work from The University of Southern Mississippi and a Bachelor’s degree from Tuskegee University. Andrea is the creator of Brown Girl From Boston a personal growth and coaching blog that inspires, encourage, and empower brown girls everywhere to live life boldly, loudly, and fearlessly on purpose. Connect with Andrea April 10-12, 2015 at the Unlimited You Weekend in Baltimore, MD. Learn more at www.hwhn.org

Making Old Love New: Revitalizing Your Sacred Connections

The Purpose of Relationships

You may have heard the saying "people come into your life for a reason, season or lifetime".   

What does that really mean?  

When I look at my relationships, I realize they're simultaneously a "reason, season AND lifetime".    

How about you?  Don’t you still feel the presence of your earliest relationships?  Think about it...  Isn't it true that your impressions of intimate love as a child affect the way you date, court or marry?  Your earliest friendships set the tone for what you value and expect in companionship?  Your mother and father (even in absence) affect your parenting style?

The purpose of any relationship, from the seemingly insignificant to the most intimate, is to perfect your own character.  It is through our relationships that our values and beliefs are challenged and rewarded.  Our relationships hold us accountable to our word and constantly bring the opportunities we need to elevate our thinking, sharpen our skills, or reaffirm our beliefs.  

What's the REASON? 

There's always an empowering reason if you decide there is!  There's no meaning to the events in our relationship until WE assign it.  Decide today to create the most empowering meanings for the events that occur in your life and your relationships will flourish.

When's the SEASON? 

All existence is in a constant state of impermanence.  The only constant is change.  Accept the inescapable truth that control and permanence is an illusion.  Enjoy the seasons of your relationships the way you do the changes in weather.  Appreciate the growth of your children, sisters and mates with full presence knowing this "season" will never come around again.

Why a LIFETIME? 

Our relationships become a part of us forever.  Embody more of your greatest examples and let go of what doesn't serve you!  Let only the lesson stay.  Your relationships work!  They're always working to make you stronger, better and wiser.  It's not a matter of convincing yourself.  Tell yourself daily, "My relationships work!" and you will enhance any connection.

Our relationships are sacred tools of service.  Know that you are always a co-creator and have the power to transform any relationship!  When you embody (through your thoughts and deeds) that your relationship is a reflection of something within yourself, you understand change can be instant... and that it always starts with you.  Start your reason, season and lifetime of love now! 

About the Author: 

Nwasha Edu founded Akoma House Initiative, a culturally-based counseling and consulting firm, with her husband after their own experiences with marriage counseling.  She coaches individuals, couples, families and professionals using real-life strategies that enhance any relationship through ritual and cultural understanding.  Nwasha guides couples and singles through the Sacred Science of SoulMating and is the co-creator of a cultural alternative to Valentine’s Day, called Akoma Day, currently celebrated in 11 countries.  She believes "All Success is the Result of Successful Relationships" and uses her skills in strategic intervention to encourage the elevation of all relationships.  Her mission is to help transform any connection, from the most casual to the most intimate, into one of growth, contribution and love.  www.akomahouseinitiative.com

Meet Nwasha at the 12th Annual Unlimited You Weekend, April 10- 12, 2015 in Baltimore, MD. www.unlimited15.com

How to Reclaim Your Throne with Purpose

Queen,

If you go against yourself, you cannot win.  If you are not in alignment and harmony with your true essence you cannot thrive.  I learned this lesson the hard way years ago as I strived for success outside of myself.  Over and over again, I found myself at rock bottom; and each time it drove me into a deeper depression.

I was tired of the struggle, tired of running, tired of pretending and wearing the mask, tired of the depression and anxiety, tired of the broken promises to myself, tired of not having, tired of not being who I knew I could be.

All I could think was: How did I get here?  How did I end up like this?  I spent most of my life trying to be different, trying to be better, and trying to rise above limitations and obstacles.  I wondered if I was crazy for thinking that I could have a brilliant, abundant life.  I was so tempted to abandon my dreams and just settle for less.

I finally realized that the secret to my heart’s desire was hidden deep within me, and in order to manifest my dreams, I would have to embrace the core of who I am… unapologetically.  I surrendered to the journey of finding myself; having no idea where it would lead but trusting it had to be better than my current situation.  The more I honored my truth, the more I overcame my obstacles.  Little did I know, I was on the path of reclaiming my throne and reigning as Queen in my life.  

Reigning as Queen means living a life of purpose, deep fulfillment, abundance, passion, influence, freedom and wealth on every level.  It’s an elevated way of living that brings peace, ease, flow, prosperity, blessings, affluence, opulence, simplicity, love, expansion and cooperation.  A life where nothing is impossible to you… A life that every woman deserves.   

Queen, it’s time to return to your throne.  If you’re sick and tired of being sick and tired, or stressed and depressed, or feeling stuck, not knowing where to start to elevate your life, know that the journey begins within.  Brilliantly awakening to your potential and reclaiming your power is always an inside job.  

About the Author: Molesey Crawford

In 2010, with over a decade of experience in public speaking and community outreach, Molesey became a published author with her first book: From Good to G.R.E.A.T: 33 Days to Unlocking Your Greatest Potential & Living the Life of Your Dreams. As Molesey continued to connect the dots in her own life, she started the The Queen Code™ movement for women of great potential searching for their destiny. She called them “Queens searching for their thrones”. Dubbed the “21st Century Harriet Tubman”, Molesey’s mission became freeing the hearts and minds of women to find their passion, pursue their destiny and step into their feminine power. Through her seminars, coaching programs, and countless newspaper, radio and television interviews, Molesey passionately teaches the keys to unlocking the Queen Code™. Join Molesey, The Queen Mentor, April 10, 2015 at the Unlimited You Weekend, Baltimore, MD. www.unlimitedactions.com