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I<a href="https://successcom.wpenginepowered.com/blog/how-to-start-a-freelance-writing-career"> </a>landed <a href="https://successcom.wpenginepowered.com/blog/how-to-start-a-freelance-writing-career">my first writing gig</a> in 2013. I had been casually blogging for about a year, so the prospect of creating content for pay was thrilling—even if it was just $30 per 500-word post.



Less than two years later, I was offered my first five-figure writing assignment. The scope of the project was far greater than 500 words and it took about two weeks to complete. But by the end, I was roughly $13,000 richer.



I don’t want to suggest that such sizable paydays are common, but the experience of that seismic income increase in such a short time frame taught me some invaluable lessons about <a href="https://successcom.wpenginepowered.com/what-successful-freelancers-know-about-earning-six-figures/">earning potential</a>, how to ask for <a href="https://successcom.wpenginepowered.com/the-complete-guide-to-money-how-to-create-wealth/">more money and how to get it</a>.



Below are the top three lessons I learned.



<h2 class="wp-block-heading" id="h-lesson-1-you-are-the-primary-driver-of-your-income">Lesson 1: You are the primary driver of your income.</h2>



Not your experience, degree or employer. I won’t say those factors have no influence, but they’re neither limitations nor absolutes in dictating your salary. Too often, they’re the excuses we make for not <a href="https://successcom.wpenginepowered.com/article/4-ways-to-turn-your-potential-into-success">reaching our full potential</a>—saying, “I’m only 18” or “I’m just a starving artist.”



Take full ownership of your earning potential. Outside factors are undoubtedly influential, but none are more powerful than your own resolve. Teenage millionaire founders, college dropouts with six-figure salaries and company newcomers who bypass the corporate ladder and leap to leadership positions are all evidence of that.



<h2 class="wp-block-heading" id="h-lesson-2-always-demonstrate-value-in-negotiations">Lesson 2: Always demonstrate value in negotiations.</h2>



The best way to ask for more money and get it is to tangibly <a href="https://hbr.org/2020/06/5-ways-to-demonstrate-your-value-remotely" target="_blank" rel="noreferrer noopener">demonstrate your value</a>.



Focus on results rather than personal circumstances when approaching <a href="https://successcom.wpenginepowered.com/7-tips-for-negotiating-the-salary-you-want/">negotiations</a>. Asking for more money because you’re expecting a child is a compelling reason for you to want to earn more, but it doesn’t make your employer want to boost your pay.



Time served isn’t particularly compelling either. Pointing to the mere passage of years as a reason for a pay increase is arbitrary without some measure of improvement to back it up.



<a href="https://successcom.wpenginepowered.com/article/how-to-exponentially-improve-your-performance">Proven performance</a>, however, is wildly compelling. If you exceed your expected revenues by $10,000 for example, there’s no need to wait until your next performance review to ask for more money. You’ve demonstrated your value and can leverage it immediately.



The more you can distill your contributions down to the concrete numbers that add value to your employer or client’s bottom line, the more compelling your request for more money will be.



<h2 class="wp-block-heading" id="h-lesson-3-find-the-right-employer-or-clients">Lesson 3: Find the right employer or clients.</h2>



No matter how compelling my content is or how many metrics I collect to <a href="https://successcom.wpenginepowered.com/article/rohn-how-to-make-yourself-more-valuable">demonstrate the value of my work</a>, the client who hired me to write $30 blog posts will never pay me $13,000 for a project—he simply doesn’t have the same resources.



Making more money isn’t always achieved by steadily continuing along your current course. Sometimes you have to completely disrupt your status quo and seek greater opportunities elsewhere.



“When it comes to job-hopping, you don’t want to leave your current job too quickly or wait too long,” says Dan Schawbel, a workplace expert and author of <a href="https://amzn.to/3Hcoj96">Promote Yourself</a>. “To increase your earning potential when job-hopping, do it between three and five years of working for a company.”



Job-hopping is no longer résumé suicide. In fact, it might be the key to radical income gains. It was for me.



This article originally appeared in the <a href="https://store.successcom.wpenginepowered.com/by-media/magazines/success-magazine-october-2016-sophia-amoruso.html" target="_blank" rel="noreferrer noopener">October 2016 issue of </a><a href="https://store.successcom.wpenginepowered.com/by-media/magazines/success-magazine-october-2016-sophia-amoruso.html" target="_blank" rel="noreferrer noopener">SUCCESS</a><a href="https://store.successcom.wpenginepowered.com/by-media/magazines/success-magazine-october-2016-sophia-amoruso.html" target="_blank" rel="noreferrer noopener"> magazine</a> and has been updated. Photo by @perminofa91/Twenty20

Take full ownership of your earning potential. Outside factors are undoubtedly influential, but none are more powerful than your own resolve.

Take full ownership of your earning potential. Outside factors are undoubtedly influential, but none are more powerful than your own resolve. | SUCCESS

How to Ask for More Money (and Get It)

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How to Ask for More Money (and Get It) | SUCCESS

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Stefanie O’Connell is a financial expert, Gen Y advocate, speaker and author of the book, The Broke and Beautiful Life.

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Stefanie O’Connell

In every financial workshop, I hold with 20-somethings, there inevitably comes a point where someone utters the phrase, “But my dad said…” followed by:



<ul>
<li>I should carry a balance on my credit card to improve my credit.</li>



<li>I should pay off my debt before I start saving.</li>



<li>Buying in bulk is a better deal.</li>
</ul>



From misinformation to oversimplified generalizations about money that get passed down from generation to generation, most of us have adopted false beliefs about our finances. When these false notions shape our day-to-day financial decision-making, we end up in a world where around half of Americans are <a href="https://www.investopedia.com/articles/personal-finance/091015/why-high-earners-still-live-paychecktopaycheck.asp" target="_blank" rel="noreferrer noopener">living paycheck to paycheck</a>.



The price of <a href="https://successcom.wpenginepowered.com/blog/3-ways-to-spend-your-money-wisely">managing your money</a> under misguided assumptions is high. To avoid costly mistakes, don’t buy into the numerous money myths that dominate conventional wisdom.



Here are three common myths debunked:



<h2 class="wp-block-heading" id="h-1-you-need-a-lot-of-money-to-invest">1. You need a lot of money to invest.</h2>



“Many of us still think of investing as something for rich people,” says money expert Miranda Marquit. “The truth is that it is easier than ever to start. There’s no need to try to get a large chunk of capital.”



Technological innovations have removed barriers to entry in investing, such as limited access, large minimum deposit requirements and high trading costs. Investment platforms such as <a href="https://www.betterment.com/why-betterment/" target="_blank" rel="noreferrer noopener">Betterment</a> and <a href="https://wisebanyan.com/mission" target="_blank" rel="noreferrer noopener">WiseBanyan</a> simplify the process by recommending basic investment strategies based on goals.



TRY THIS: <a href="https://www.acorns.com/">The app</a><a href="https://www.acorns.com/" target="_blank" rel="noreferrer noopener"> </a><a href="https://www.acorns.com/">Acorns</a> rounds up each of your purchases and invests the spare change.



<h2 class="wp-block-heading" id="h-2-investing-is-too-risky">2. Investing is too risky.</h2>



Another assumption about investing is that it carries unmanageable risk, akin to gambling.



“Investing is the first step to <a href="https://successcom.wpenginepowered.com/16-timeless-truths-of-financial-freedom/">financial success</a>,” says financial adviser Winnie Sun. “Change your perception of market volatility and see this as an opportunity.”



It’s easy to be scared by the hype of short-term <a href="https://www.investopedia.com/ask/answers/010915/volatility-good-thing-or-bad-thing-investors-point-view-and-why.asp" target="_blank" rel="noreferrer noopener">market volatility</a>. But in the long term, study after study makes the case for investing as a sound <a href="https://successcom.wpenginepowered.com/the-complete-guide-to-money-how-to-create-wealth/">strategy for growing wealth</a>. A stock market analysis from <a href="http://www.econ.yale.edu/~shiller/publications.htm" target="_blank" rel="noreferrer noopener">Yale University economist Robert Shiller</a> shows an annual average return (after inflation) of 6.8 percent since 1871—even with wars, crises and multiple market crashes.



If anything, the gamble is to not invest. When your money sits in a savings account, even with a decent 1 percent interest rate, it fails to keep pace with inflation and loses purchasing power over the long term.



<h2 class="wp-block-heading" id="h-3-it-s-ok-to-settle-for-a-starter-salary">3. It’s OK to settle for a starter salary.</h2>



The myth of paying your dues upon entering the workforce is ingrained in our culture, but there’s a big difference between the “paying your dues realities” of the 1970s and ’80s and the new normal of graduating with five figures’ worth of <a href="https://successcom.wpenginepowered.com/article/how-not-to-pay-off-your-debt">student loan debt.</a>



Since the Great Recession, the median wage for 25- to 34-year-olds has fallen in every major industry except health care. Despite higher education, today’s young adults are more impoverished than their parents were at a similar age, with a median income $2,000 less today than in 1980 (adjusted for inflation).



The myth of paying your dues by <a href="https://successcom.wpenginepowered.com/article/3-steps-to-surviving-on-an-entry-level-salary">accepting a lower salary</a> than you are worth has created a cash-flow crisis for today’s young adults who are already burdened by student loan debt.



Struggle is not a prerequisite for success. Don’t settle for being <a href="https://successcom.wpenginepowered.com/when-to-say-i-quit/">underpaid</a>. The consequences are more far-reaching than one or two tough years in the workforce.



This article originally appeared in the<a href="https://store.successcom.wpenginepowered.com/by-media/magazines/success-magazine-august-2016-the-youeconomy.html" target="_blank" rel="noreferrer noopener"> August 2016 issue of SUCCESS magazine</a> and has been updated. Photo by @lizaastark/Twenty20.

From misinformation to oversimplified generalizations about money that get passed down from generation to generation, most of us have adopted false beliefs about our finances.

From misinformation to oversimplified generalizations about money that get passed down from generation to generation, most of us have adopted false beliefs about our finances. | SUCCESS

3 Common Money Myths Debunked

3 Common Money Myths Debunked | SUCCESS

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4 Smart Money Rules for Couples Living on One Income

The median household income for families with two full-time working parents is just over $100,000, compared with just $55,000 for households where only one parent works full time, <a href="https://www.pewsocialtrends.org/2015/11/04/raising-kids-and-running-a-household-how-working-parents-share-the-load/" target="_blank" rel="noreferrer noopener">according to a 2015 Pew Research Center survey</a>.



Managing that vast earnings gap can be challenging for single-income households. Living off of one income can be as emotional as it is logistical.



Those who’ve successfully navigated life on one income share their rules for making it work:



<h2 id="h-1-surrender-feelings-of-ownership">1. Surrender feelings of ownership.</h2>



When one partner earns all of the money, he or she might feel more <a href="https://successcom.wpenginepowered.com/the-complete-guide-to-money-how-to-create-wealth/">entitled to spend it</a>. Conversely, the partner who doesn’t work might feel as though he or she shouldn’t spend it. To combat feelings of income ownership, couples can adopt an “our money” approach in which all earnings are shared and jointly managed.



“The only way this relationship works is if the outside breadwinner recognizes the efforts and sacrifices of the person staying at home,” says David Stein, founder of<a href="https://moneyfortherestofus.net/about/" target="_blank" rel="noreferrer noopener"> Money for the Rest of Us</a>, who became the sole breadwinner when his wife stayed home to raise their three children.



<h2 id="h-2-designate-responsibilities">2. Designate responsibilities.</h2>



When Monica Louie first left her job to stay home with her children, she struggled with the idea of not contributing financially to the family. Although she was no longer earning income, she soon found another way to contribute by optimizing the day-to-day financials of the household.



“My role in taking control of our finances has allowed me to feel like I am contributing financially to my family because my husband gives me credit for staying on top of our budget to make sure we’re<a href="https://successcom.wpenginepowered.com/article/got-debt-take-these-5-steps-to-get-it-under-control"> paying as much toward our debt</a> as possible each month,” Louie says.



<h2 id="h-3-make-a-plan-for-personal-expenses">3. Make a plan for personal expenses.</h2>



Having an agreed-upon policy for<a href="https://successcom.wpenginepowered.com/blog/3-ways-to-spend-your-money-wisely"> managing personal costs</a> is also critical for couples sharing one income.



Catherine Alford, who became the sole earner while her husband was in medical school, took that approach.



“When he wanted to buy something, he felt like he had to ask since I was the breadwinner, instead of just going and buying a pair of shoes with our joint account,” Alford says. The couple alleviated this problem by each having a prepaid debit card with $100 to $225 of “fun money” each month.



<h2 id="h-4-communicate">4. Communicate.</h2>



The <a href="https://successcom.wpenginepowered.com/article/3-essentials-of-happy-and-healthy-relationships">golden rule of relationships</a> holds true when managing money as much as anything else.



“Going into our marriage, we knew we wanted one bank account and had similar financial values,” says Eric Rosenberg of <a href="https://personalprofitability.com/about/" target="_blank" rel="noreferrer noopener">Personal Profitability</a>. “Don’t wait for a problem to discuss your finances. Make it a frequent conversation and always be open and honest. That is our key to financial success on one income.” 



This article originally appeared in the December 2016 issue of <a href="https://store.successcom.wpenginepowered.com/catalog/category/view/id/1318" target="_blank" rel="noreferrer noopener">SUCCESS</a><a href="https://store.successcom.wpenginepowered.com/catalog/category/view/id/1318" target="_blank" rel="noreferrer noopener"> magazine</a> and has been updated. Photo by @hellomikee/Twenty20

The golden rule of relationships holds true when managing money as much as anything else.

The golden rule of relationships holds true when managing money as much as anything else. | SUCCESS

4 Smart Money Rules for Couples Living on One Income | SUCCESS

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Pursue These Smart Money Goals as You Get Older

“Where do I begin?” That’s the big question when it comes to <a href="https://successcom.wpenginepowered.com/the-complete-guide-to-money-how-to-create-wealth/">managing your money</a>. The true, though sometimes frustrating answer is, it depends.



It depends on where you’re starting from, the circumstances you’re currently in, and what you want your money to afford you in the future.



While there’s no one-size-fits-all roadmap, each life stage typically comes with new financial challenges and considerations. So we’re breaking down the most <a href="https://successcom.wpenginepowered.com/4-smart-money-moves-to-plan-for-financial-security/">important money moves</a> to make in each decade to help guide your next steps no matter your age.



<h2 id="h-in-your-20s">In Your 20s</h2>



<a href="https://successcom.wpenginepowered.com/9-smart-spending-and-saving-tips/">Build your emergency savings</a>. Emergencies happen, even in your 20s. Prepare for the unexpected by setting up a separate savings account for covering these costs. While you might not be able to contribute much to start, setting up automatic transfers from your paycheck or checking account to your emergency savings account can get you into the habit of saving. Ultimately, the goal is to build this savings account up with enough funds to cover 3-6 months’ worth of living expenses.



<h2 id="h-in-your-30s">In Your 30s</h2>



<a href="https://successcom.wpenginepowered.com/16-timeless-truths-of-financial-freedom/">Increase your retirement</a> contributions. If your 20s are about getting started with retirement savings, your 30s are about ‘getting on track’ and making sure you’re investing enough to afford the retirement you want. Consider increasing your IRA or 401(k) contributions with every raise.



<h2 id="h-in-your-40s">In Your 40s</h2>



Review your insurance needs. Although having <a href="https://successcom.wpenginepowered.com/protect-your-assets-how-to-find-the-right-homeowners-insurance-for-you/">adequate insurance coverage</a> is important at every life stage, it’s especially important as you have more people, like a partner, kids or even parents, relying on you. So make sure you have the right amount of health, property, disability and life insurance.



<h2 id="h-in-your-50s">In Your 50s</h2>



Avoid additional debt. You don’t want to enter into retirement with a lot of debt, so in addition to paying off any outstanding debts of your own, make sure you’re not borrowing any major sums on behalf of anyone else either.



<h2 id="h-in-your-60s-and-beyond">In Your 60s (and beyond)</h2>



<a href="https://successcom.wpenginepowered.com/18-leadership-traits-that-should-define-your-legacy/">Plan your legacy</a>. Though it’s never too early to write a will, it’s especially important when you have dependents and have amassed significant assets. Consider working with an attorney to put your estate plans in place, including a will and power of attorney.



This list is just the start, and your exact timeline may differ. But the blueprint here can help guide you on your own financial journey, wherever it leads you. Remember, there are many paths to wealth, from saving and investing, to simply making more money. If you’re interested in taking full control of your financial future, no matter your age, check out The YouEconomist column (page 30) to learn about opportunities to join the world of entrepreneurship.



This article was published in September 2019 and has been updated. Photo by @ulza/Twenty20

We’re breaking down the most important money move to make in each decade to help guide your next steps no matter your age.

Each life stage typically comes with new financial challenges and considerations. | SUCCESS

Pursue These Smart Money Goals as You Get Older | SUCCESS

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I live in New York City, where the temptations to spend carelessly range from $4 artisanal chocolate chip cookies to gorgeous, expensive brownstones. And don’t get me started on the summers. Every sidewalk café is a promise of social and gastronomic delight. The invitation to spend is seductive.



This constant choice overload inevitably calls for measures of restraint. But let’s face it: Nobody wants to be told no. That’s why it’s so important to align your spending with your values. It doesn’t always have to be a no.



Instead of approaching our financial lives as a practice of constant self-sacrifice, centered on how and where we shouldn’t spend, we should shift our attention to creating space in our financial lives to <a href="https://successcom.wpenginepowered.com/the-complete-guide-to-money-how-to-create-wealth/">spend on the things we truly value</a>. Instead of letting things like intoxicating bakery smells, neighboring home facades or the latest posts on Instagram dictate how we spend our money, we can use budgeting as a tool to <a href="https://successcom.wpenginepowered.com/article/what-do-you-want-out-of-life">prioritize the things we want most</a> and spend in alignment with those things.



Here’s how you can line up your spending with your values:



<h2 class="wp-block-heading" id="h-1-identify-your-current-priorities">1. Identify your current priorities.</h2>



I want to hire a full-time assistant, eat organically, take a two-week vacation to Spain and live roommate-free in New York City sometime before I turn 40. But that’s just me; there’s no singular system.



Maybe you want to spend more time with your family or purchase a new car; whatever’s central to you is what should inform the approach you take to your finances.



<h2 class="wp-block-heading" id="h-2-implement-systems-that-support-your-plan">2. Implement systems that support your plan.</h2>



Once you’ve identified your values, enacting a budget can help ground them and keep them at the forefront of your <a href="https://successcom.wpenginepowered.com/article/stop-overthinking-it-9-ways-to-make-decisions-with-confidence">day-to-day decision-making</a> so you don’t sacrifice your big-picture wants in the face of momentary temptations or temporary conveniences.



Visual reminders of what you value and why, such as a photo of your family or your <a href="https://successcom.wpenginepowered.com/article/the-10-most-revitalizing-vacations-you-can-take">dream vacation destination</a> as your desktop wallpaper, can also keep priorities top of mind when distractions threaten to throw you off course.



<a href="https://www.investopedia.com/terms/a/automatic_savings_plan.asp" target="_blank" rel="noreferrer noopener">Automatic savings</a> contributions to designated accounts, such as a college or travel fund, can also maintain your priorities.



<h2 class="wp-block-heading" id="h-3-reflect-and-reassess">3. Reflect and reassess.</h2>



Reflect on your costs each month. Our financial statements often reveal a disconnect between what we say we value and what we actually do. Look at your statement and ask yourself: Does this expense line up with my defined priorities?



As you generate more <a href="https://successcom.wpenginepowered.com/article/why-mindfulness-is-the-ultimate-habit-for-success">mindfulness</a> around your financial behavior, you’ll become better at cutting out unimportant expenses.



While you work through this process, keep in mind that <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6796229/" target="_blank" rel="noreferrer noopener">goals evolve</a>, as do the realities of life. You should regularly reflect on—and realign—your spending to account for those shifts.



Financial planning is not a practice of self-deprivation; it is an intentional approach to making daily <a href="https://successcom.wpenginepowered.com/article/4-sweet-money-lessons-straight-from-the-toaster">spending decisions</a> that support our big picture. The beauty of it? We each get to define what that picture looks like.



 This article originally appeared in the <a href="https://store.successcom.wpenginepowered.com/by-media/magazines/success-magazine-june-2016-guy-fieri.html">June 2016 issue of </a><a href="https://store.successcom.wpenginepowered.com/by-media/magazines/success-magazine-june-2016-guy-fieri.html">SUCCESS</a><a href="https://store.successcom.wpenginepowered.com/by-media/magazines/success-magazine-june-2016-guy-fieri.html"> magazine</a> and has been updated. Photo by @talent.zukutu/Twenty20

Do your spending habits match your priorities?

Do your spending habits match your priorities? | SUCCESS

3 Ways to Spend Your Money Wisely

3 Ways to Spend Your Money Wisely | SUCCESS

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Take the Quiz: What's Your Money Mindset?

Although most of us are a combination of multiple <a href="https://successcom.wpenginepowered.com/why-it-pays-to-understand-your-money-mindset/">money mindsets</a>, you’ll probably notice one or two dominant in your own relationship with money.



The objective here isn’t to judge where you are, but rather to understand the money stories and beliefs you’ve been carrying around with you—and how they’ve shaped your financial present—so you can consciously choose how you’re going to move forward into your financial future.



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This article originally appeared in the May/June 2021 issue of SUCCESS magazine. Photo by simona pilolla 2/Shutterstock

Are your ideas about finances helping you or holding you back?

Are your ideas about finances helping you or holding you back? | SUCCESS

Take the Quiz: What&#8217;s Your Money Mindset?

Take the Quiz: What's Your Money Mindset? | SUCCESS

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Why Finances Should Be an Integral Part of Your Self-Care Routine

Every Saturday morning after brewing a full pot of coffee, I tuck myself into a sunny spot on the couch, open up a spreadsheet and begin reviewing where my money has gone over the past week.&nbsp;



I call this my money practice. I take a step back to see if and where I’m <a href="https://successcom.wpenginepowered.com/10-money-habits-that-are-leaving-you-broke/">overspending</a>, under-saving and everything else in between. Much like I run for my physical health and meditate for my mental health, the time I dedicate to regularly reviewing my finances is a foundational element of my self-care routine.



Start building your own money practice with these tips.



<h3 class="wp-block-heading" id="h-1-think-of-it-as-a-lifelong-journey">1. Think of it as a lifelong journey.</h3>



I use the term&nbsp;practice&nbsp;to describe managing my money because it implies an ongoing effort as opposed to a one-time task.



I sometimes joke: You don’t go to one yoga class and then say, “Great, now I’m fit for life.” Like most forms of wellness, money management is an ongoing effort.



<h3 class="wp-block-heading" id="h-2-adopt-a-growth-mindset">2. Adopt a growth mindset.</h3>



Approaching your finances as a practice helps nurture a growth mindset instead of a fixed one.



When it comes to money, this can mean the difference between thinking,&nbsp;I need to learn more about how to invest&nbsp;versus&nbsp;I’m just bad at money, so there’s no point in trying. A growth mindset is a valuable tool for managing the inevitable setbacks that will arise on your financial journey.



<h3 class="wp-block-heading" id="h-3-weave-it-into-your-daily-life">3. Weave it into your daily life.</h3>



Above all else, a money practice is about setting aside dedicated time for financial self-care. What your money practice actually looks like will depend on the strategies that work best for you and what you’re trying to <a href="https://successcom.wpenginepowered.com/the-complete-guide-to-money-how-to-create-wealth/">achieve with your money</a>.



For some people, it might look like budgeting every dollar at the end of each month. Or, like me, it might mean simply tracking where your money goes each week.



Here are some ideas to get you started:



<ul>
<li>Weekly:&nbsp;Track income, expenses, bills and payments.</li>



<li>Monthly:&nbsp;Track household expenses, net worth, debt repayment progress, and savings and investing progress.</li>



<li>Quarterly:&nbsp;Review investments and rebalance portfolio, consider meeting with a financial professional to ask questions, and set future plans.</li>



<li>Annually:&nbsp;File taxes, review credit reports, check insurance coverage and update as needed, review retirement savings goals, review and update beneficiaries, power of attorney and other estate plans as necessary.&nbsp;</li>
</ul>



<blockquote class="wp-block-quote">
Read next: <a href="https://successcom.wpenginepowered.com/the-complete-guide-to-money-how-to-create-wealth/">The Complete Guide to Money: How to Create the Wealth You’ve Been Seeking Your Whole Life</a>
</blockquote>



 This article originally appeared in the&nbsp;<a href="https://store.success.com/by-media/success-magazine-mar-apr-2021-daymond-john.html" target="_blank" rel="noreferrer noopener">March/April 2021 issue of SUCCESS magazine</a>. Photo by @InLightOut/Twenty20.com

The time you dedicate to regularly reviewing your finances should be a foundational element of your self-care routine. Build your own money practice with these tips.

The time you dedicate to regularly reviewing your finances should be a foundational element of your self-care routine. Build your own money practice with these tips. | SUCCESS

How to Make Your Finances Part of Your Self-Care Routine

How to Make Your Finances Part of Your Self-Care Routine | SUCCESS

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"I want to save more money this year.”&nbsp;



“I want to become debt-free.”



“I want to start saving for retirement.”



These are all worthy goals, but that doesn’t mean they’re effective. Perhaps, like countless other people, you set goals like these year after year, but you make little or no progress.



Strive to make 2021 the year you finally achieve your financial goals by keeping these do’s and don’ts in mind.



<h3 id="h-do-rely-on-systems-don-t-rely-on-willpower">DO rely on systems, DON’T rely on willpower.</h3>



Many of us rely on willpower to bridge the gap between the goals we set and the things we want to accomplish. But this isn’t always effective.



Instead of relying on your willpower alone, set up systems to help you actually achieve your financial goals. Instead of just “trying harder” to stay on top of your bill payments and set money aside for savings, for example, set up automatic bill pay and weekly automatic transfers from your checking account to your savings account.&nbsp;



Systems like these help ensure your financially responsible intentions don’t become an afterthought.



<h3 id="h-do-focus-on-habits-don-t-focus-on-outcomes">DO focus on habits, DON’T focus on outcomes.</h3>



Refocusing your money goals on specific daily, weekly and monthly habits—rather than distant, vague outcomes—could help you follow through.



For example, instead of setting a goal to save up for a family vacation this year, turn your focus to the habit that will help make it happen, like transferring $50 to a dedicated vacation savings account at the start of each week. Clearly defined habits are essential in helping us make real progress.



<h3 id="h-do-stay-flexible-don-t-be-rigid">DO stay flexible, DON’T be rigid.</h3>



Another common pitfall is failing to update our goals as we experience changes to our circumstances throughout the year. Goals are dynamic, and therefore our approach to them must be flexible.



It’s perfectly fine if some of your past goals are no longer relevant. And it’s normal for new goals to take precedence over previous priorities. But as that happens, it’s important to update your financial systems to reflect those changes. Schedule time on your calendar once a month to review your financial goals.



<h3 id="h-do-stay-committed-don-t-try-to-be-perfect">DO stay committed, DON’T try to be perfect.</h3>



Rather than giving up for failing to be perfect when you make money mistakes, give yourself credit for staying committed in spite of your missteps and the challenges you face.



You don’t have to be perfect to achieve your money goals, but you do need to remain committed to the process. Recognizing the positive progress you have made can help you do just that.



This article originally appeared in the <a href="https://store.success.com/by-media/success-magazine-jan-feb-2021-mark-cuban.html">January/February 2021 issue of SUCCESS magazine</a> and has been updated. Photo by @photability/Twenty20.com

Strive to make 2021 the year you finally achieve your financial goals by keeping these do's and don'ts in mind.

Strive to make 2021 the year you finally achieve your financial goals by keeping these do's and don'ts in mind. | SUCCESS

4 Best Practices for Setting Money Goals This Year

4 Best Practices for Setting Money Goals This Year | SUCCESS

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If 2020 has taught us anything, it’s that even the best-laid plans can go awry.&nbsp;So it's important to keep in mind some financial planning tips in the case of uncertainty or unpredictability.



Whether it’s <a href="https://successcom.wpenginepowered.com/this-pandemic-is-our-teacher/">a global pandemic</a>, climate change or the rise of automation, the pace of change in our world is accelerating rapidly. As the future becomes increasingly unpredictable, our methods for planning must evolve accordingly. Use these three financial planning tips to get started:



<h2 id="h-1-focus-on-what-you-can-control">1. Focus on what you can control.</h2>



You might not be able to predict your career trajectory or even your income from month to month. But you can focus on your “knowns” to help <a href="https://www.verywellmind.com/how-to-make-a-life-plan-first-steps-3144639" target="_blank" rel="noreferrer noopener">ground your future plans</a>. For example, even if you don’t know your exact monthly earnings, you probably have a good sense of your monthly costs (housing, groceries, utilities, insurance premiums, etc.).



Use those costs to determine the minimum you need to earn each month to sustain your cost of living. You can also use these costs to figure out how many months <a href="https://www.investopedia.com/financial-edge/0812/why-an-emergency-fund-is-important.aspx" target="_blank" rel="noreferrer noopener">your savings could sustain you</a> in the event of a job loss or a significant earnings disruption.



You might not be able to control the future of your industry or your local job market, but you can control how much <a href="https://successcom.wpenginepowered.com/9-smart-spending-and-saving-tips/">you spend and save</a>.



<h2 id="h-2-commit-to-actions-over-outcomes">2. Commit to actions over outcomes.</h2>



Speaking of what you can control, setting action-based goals (as opposed to outcome-based goals) can be another effective financial planning tip. Reframe your goals as actions. Instead of saying “I want to buy a house someday” or “I want to have a successful career,” try “I will save 5 percent of every paycheck in a dedicated savings account” or “I will apply for 10 jobs each week.”



Not only are these action-based goals more urgent and specific, but they also leave a lot more room for flexibility.



<h2 id="h-3-think-through-the-worst-case-scenario">3. Think through the worst-case scenario.</h2>



Thinking through your responses to <a href="https://successcom.wpenginepowered.com/how-to-prepare-for-a-recession/">potential worst-case scenarios</a> like <a href="https://successcom.wpenginepowered.com/how-to-mentally-manage-a-sudden-job-loss/">losing your job</a>, your home or your health can help you better hedge against those outcomes. In some cases, it can also help you brainstorm alternative financial plans that might be better suited to your present.



For example, at the start of the COVID-19 pandemic, my husband and I both experienced significant income loss. We turned our focus to what we could control—our spending and cost of living. We determined we could move out of our high-cost New York City apartment if we needed to.



Come July, we decided to move forward with that change. What had originally felt like a worst-case scenario actually became a huge relief. It freed up funds and helped us better pivot toward our next steps.



It can feel overwhelming—if not downright morbid—to consider worst-case scenarios, but <a href="https://successcom.wpenginepowered.com/want-financial-security-prepare-for-the-worst/">giving them some meaningful thought</a> now can help us better adapt to whatever lies ahead.



This article originally appeared in the <a href="https://store.success.com/by-media/success-magazine-nov-dec-2020-payal-kadakia.html" target="_blank" rel="noreferrer noopener">November/December 2020 issue</a> of SUCCESS magazine and has been updated. Photo by Ground Picture/Shutterstock

The future is increasingly unpredictable, so our methods for planning must evolve. Use these financial planning tips to get started.

The future is increasingly unpredictable, so our methods for planning must evolve. Use these financial planning tips to get started. | SUCCESS

3 Financial Planning Tips for an Unknown Future

3 Simple Financial Planning Tips for an Unknown Future | SUCCESS

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Business &amp; Branding

Business &amp; Branding Archives

Stay ahead in business: strategies and insights for success

Women comprise 50.8 percent of the U.S. population. They earn the majority of undergraduate and master’s degrees. They hold 52 percent of all management and professional level jobs. But when it comes to representation in leadership positions, women lag substantially behind men. 



In the late 20th century, the women’s movement ushered in an era of rapid progress—the gender wage gap narrowed, sex segregation declined and the percentage of women in management rose.



But in recent decades, women’s gains have slowed. The gender wage gap has decelerated, and the number of women in top management positions and on corporate boards has stalled.



Structural barriers and gender bias require women to walk a fine line between two opposing sets of expectations. To access positions of power, female leaders are expected to be competent and tough (stereotypically male traits), while remaining warm and nice (stereotypically female traits). 



Women who assert traditionally masculine qualities are often considered unlikeable, while women who express traditionally feminine qualities are not considered leadership material. In both cases, women are less likely to be promoted than men. These opposing expectations create a Catch-22 for women hoping to advance in leadership positions.



Although the onus is on organizations to alleviate these conflicting expectations and hurdles for women, here are some ways female leaders can get ahead in the meantime.



<h3>1. Leverage existing relationships.</h3>



Men who exhibit assertiveness and decisiveness are often rewarded as leaders automatically. Because they’re navigating double standards, women might need to take a different approach that involves prioritizing relationships and establishing a foundation of trust before advocating on behalf of a specific goal.



Trust and relationship building can be helpful for all leaders, but they are imperative for female leaders who, without an established foundation of trust and rapport, are more likely to experience backlash and be penalized for their assertiveness. 



<h3>2. Look for win-wins.</h3>



Women in leadership can manage the conflicting expectations of niceness and toughness by looking for opportunities where the two converge. For example, by identifying where their goals align with the goals and values of the person they’re seeking to influence, female leaders can aggressively pursue their vision in a way that’s seen as supportive and socially acceptable. 



<h3>3. Actively communicate goals.</h3>



Stereotypes around women’s prioritization of work-life balance can lead to women losing out on challenging opportunities. 



To combat the assumption that women might not be interested in additional responsibilities, an increased workload or advancement, women need to proactively and consistently communicate their desire and willingness to do so. 



<blockquote class="wp-block-quote">Read next: <a href="https://successcom.wpenginepowered.com/4-ways-women-can-embrace-their-inner-ambition/">4 Ways Women Can Embrace Their Inner Ambition</a></blockquote>



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<a rel="noreferrer noopener" href="https://store.success.com/patchworks-imported-products/success-magazine-sept-oct-2020.html" target="_blank">This article originally appeared in the September/October 2020 issue of SUCCESS magazine.</a> Photo by @galinkazhi/Twenty20.com

Discover some of the simplest ways for women to make gains in leadership.

Discover some of the simplest ways for women to make gains in leadership. | SUCCESS

3 Ways Female Leaders Can Get Ahead

3 Ways Female Leaders Can Get Ahead | SUCCESS

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Personal Development

Personal Development Archives

Personal Development | SUCCESS | What Achievers Read

Just 31 percent of women say they are proud to call themselves ambitious, according to a 2020 survey from American Express and The New York Women’s Foundation.&nbsp;



However, despite their hesitancy to claim the label publicly, more than half of survey respondents said they do identify as ambitious.



In other words, while most women are ambitious, they don’t want to admit it. This is because when women speak up and pursue their goals, they often experience something called the backlash effect in which people perceive them as less likable, hirable or promotable. Research has shown avoidance of the backlash effect, not a lack of drive, is what keeps many women from self-promoting and fully embracing their ambitious side.



While the responsibility of addressing these shortcomings lies first and foremost in <a href="https://successcom.wpenginepowered.com/embracing-diversity-increasing-inclusion-in-the-workplace/">workplace culture</a>, here are some strategies you can use to take ownership of your ambitions.



<h3>1. Identify your ambitions in communal terms.</h3>



Although goals are often driven by individual interests and values, framing them in communal terms—that is, how they can benefit your company or cause as a whole—could help you feel more comfortable sharing and openly pursuing yours.



<h3>2. Share your goals with allies.</h3>



Although you might experience the backlash effect by sharing your ambitions publicly, confiding in a few trusted allies can give you a valuable support system. These individuals can serve as both cheerleaders by encouraging your progress and advocates by calling out biased reactions to your ambitions.



<h3>3. Celebrate your accomplishments.</h3>



Acknowledging your accomplishments publicly can be uncomfortable, but getting into the habit of celebrating your achievements in private could help you take more ownership of them.&nbsp;



Start by keeping track of your accomplishments in a daily journal, and be sure to appreciate your own ambition. As you start to feel more comfortable with the process, try sharing some of your wins with your allies.&nbsp;



<h3>4. Advocate for others in the workplace.</h3>



According to the 2020 survey above, only 27 percent of women have had someone advocate for them in their career. If and when you find yourself in a position of leverage or leadership, consider using that opportunity to <a href="https://successcom.wpenginepowered.com/5-ways-women-can-help-each-other-thrive-at-work/">advocate on behalf of others</a>.



Normalizing practices like self-promotion from all employees, acknowledging implicit gender biases and holding workshops on how to recognize and combat the backlash effect are strategies that can better support all ambitions in the workplace.



<blockquote class="wp-block-quote">Read next: <a href="https://successcom.wpenginepowered.com/10-things-successful-women-do-differently/">10 Things Successful Women Do Differently</a></blockquote>



<a rel="noreferrer noopener" href="https://store.success.com/patchworks-imported-products/success-magazine-july-aug-2020.html" target="_blank">This article originally appeared in the July/August 2020 issue of SUCCESS magazine.</a> Photo by @wilsvanzyl/Twenty20.com

Often begrudged for their ambition, women must embrace an achievement mindset. Here’s how.

Often begrudged for their ambition, women must embrace an achievement mindset. Here’s how. | SUCCESS

4 Ways Women Can Embrace Their Inner Ambition

4 Ways Women Can Embrace Their Inner Ambition | SUCCESS

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A&nbsp;record number of Americans are now working multiple jobs. Whether you’re fully invested in the gig economy or you have a part-time job in addition to your full-time one, one thing is certain: If you’re giving up your free time in order to do more work, you want to make sure you’re getting the most out of it.&nbsp;



Use these tips and tricks to make sure you’re maximizing your side hustle.



<h3>1. Identify the goal of your side hustle.</h3>



For some, a side hustle is a matter of financial survival—an extra stream of income in case of job loss, or additional money to make ends meet. For others, a side gig can serve as a stepping stone—an opportunity to cultivate a new skillset or get exposure to a new industry.&nbsp;



It’s important to get specific on your goals so you can make better decisions around <a href="https://successcom.wpenginepowered.com/cool-side-hustles/">what side gigs make the most sense for you</a>.&nbsp;



If your goal is to break into a new industry, you might decide it makes sense to pursue virtual assisting for someone already working in that field so you can gain relevant skills and contacts in the industry. In this case, you might prioritize experience over pay.



If the objective of your side hustle is to make more money, you might need a different strategy. Start by getting clear on how much more you want to earn and why.&nbsp;



<h3>2. Audit your hustle.</h3>



Side hustles are not get-rich-quick schemes. They require an investment of your time and energy, and sometimes even your money. It’s important to stop every so often to assess the actual value and potential return of your side gig.



Consider how much time your side hustle takes versus how much it earns you or has the potential to earn you. Is it worth it?



Is your side gig causing you to overextend yourself in ways that negatively impact your primary income, your health or your relationships? If so, are those tradeoffs worth making? If not, what are the alternatives?



<h3>3. Dedicate time to managing the money you make.</h3>



What good is earning extra cash if you don’t give yourself the time to actually maximize the extra money you make?



Even if it doesn’t feel like much at the start, set up a separate bank account for your side hustle income.



Not only will this help you take your side gig more seriously, but it can also help you make the important distinction between business revenue and personal income so you can better account for taxes and relevant business expenses versus your actual take-home pay.&nbsp;



<blockquote class="wp-block-quote"><a href="https://successcom.wpenginepowered.com/hustle-from-home-podcast/">Listen to the Hustle From Home podcast to learn secrets to starting and scaling your side hustle.</a> </blockquote>



<a rel="noreferrer noopener" href="https://www.successacademy.com/successmagazine" target="_blank">This article originally appeared in the May/June 2020 issue of SUCCESS magazine.</a> Photo by mavo/Shutterstock.com

Whether you’re fully invested in the gig economy or you have a part-time job in addition to your full-time one, one thing is certain: If you’re giving up your free time in order to do more work, you want to make sure you’re getting the most out of it.

Whether you’re fully invested in the gig economy or you have a part-time job in addition to your full-time one, one thing is certain: If you’re giving up your free time in order to do more work, you want to make sure you’re getting the most out of it. | SUCCESS

3 Ways to Maximize Your Side Hustle

3 Ways to Maximize Your Side Hustle | SUCCESS

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Being an optimist pays, both mentally and financially. According to recent research, optimists practice healthier financial habits than pessimists—although nearly two-thirds of optimists have started building an emergency fund, less than half of pessimists have done the same.



Optimists are also more likely to enjoy greater career gains, with a higher likelihood of making more money. On top of that, optimists report feeling significantly less stressed about their finances. But how do you cultivate financial optimism when managing stressful realities?



<blockquote class="wp-block-quote">Related: <a href="https://successcom.wpenginepowered.com/how-to-change-your-beliefs-about-money/">How to Change Your Beliefs About Money</a></blockquote>



Financial optimism isn’t about ignoring challenges. It’s about believing you have the ability to face those challenges head on and improve your finances in spite of them.



Here’s how you can start cultivating optimism in your own financial life.



<h3><a href="https://successcom.wpenginepowered.com/how-to-cultivate-a-growth-mindset/">Adopt a growth mindset.</a></h3>



Instead of thinking about your financial circumstances as fixed conditions you can’t change, think instead about the actions you can take to improve your financial health. Every moment offers an opportunity to choose new and better financial behaviors.



Even if your financial reality looks like a lot of debt, for example, you can still start practicing positive financial behaviors like reviewing your statements and spending each week.



<h3>Celebrate small wins.</h3>



Although reviewing your statements and spending each week might not solve all of your financial struggles overnight, it’s important to recognize these positive financial habits and celebrate the small wins they enable.



Even if it’s as simple as paying your credit card bill on time each month or socking away $5 in a savings account each week, small wins can help propel you to big wins over time, which gets your brain to start focusing on progress rather than perfection.



<h3>Think of setbacks as being temporary.</h3>



Cultivating financial optimism requires you to acknowledge that setbacks are temporary. This can be particularly challenging in the face of major blows like losing your job.



Challenges that feel insurmountable in the moment will start to feel more manageable when you consider them temporary blips—especially when you pair them with the celebration of small wins along the way.



<h3><a href="https://successcom.wpenginepowered.com/positive-influencers/">Surround yourself with optimists.</a></h3>



If you’ve committed to practicing an optimistic financial outlook and your immediate social circle does not share that same commitment, it’s going to be substantially more difficult for you to follow through.



This doesn’t mean you have to abandon your friends and family members who succumb to financial pessimism. It just means that as you grow, you should start making a conscious effort to surround yourself with people who understand and support the financially optimistic path you’re on.



<blockquote class="wp-block-quote">Related: <a href="https://successcom.wpenginepowered.com/do-your-financial-goals-spark-joy/">Do Your Financial Goals Spark Joy?</a></blockquote>



This article originally appeared in the <a rel="noreferrer noopener" aria-label="March/April 2020 issue of SUCCESS magazine (opens in a new tab)" href="https://store.success.com/patchworks-imported-products/success-magazine-march-april-2020.html" target="_blank">March/April 2020 issue of SUCCESS magazine</a>. Photo by Dasha Pats/Twenty20.com

Financial optimism isn’t about ignoring challenges. It’s about believing you have the ability to face those challenges head on and improve your finances in spite of them.

Financial optimism isn’t about ignoring challenges. It’s about believing you have the ability to face those challenges head on and improve your finances in spite of them. | SUCCESS

How to Become a Financial Optimist

How to Become a Financial Optimist | SUCCESS

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Anyone who has ever made a New Year’s resolution to save more money can tell you how difficult it is to stay on track for more than a few weeks. It’s hard to motivate yourself to take on extra work hours when you just want to crash on your couch and binge-watch the latest Netflix series.



Setting <a href="https://successcom.wpenginepowered.com/smart-money-goals-for-each-stage-of-life/">financial goals</a> is important, but in order to stick to them long term, you also need habits and systems in place for following through. Implement these four strategies to truly commit to your financial priorities this year:



<h3>1. Think small.</h3>



Setting a big savings goal is great, but it can also be daunting, and potentially even discouraging, when progress comes slower than you anticipate. Break down each of your yearly goals into smaller pieces and manageable next steps.



If you want to pay off a certain amount of debt, for example, break those numbers down into monthly, weekly or daily targets to help make the yearly amounts feel more manageable.



Remember:&nbsp;It’s the small steps taken consistently over time that enable the big changes that can transform your financial life.



<h3>2. Stay flexible.</h3>



One of the things that makes sticking with your goals so challenging is the idea of constantly sacrificing to achieve them. But any sacrifice you make or habit you implement is malleable and can be changed at any time.



Try things out and establish a time frame for each strategy. Then, assess whether that strategy is actually worthwhile.



For example, maybe you try working every Saturday for a month to see if the extra income is worth the extra day of work. If it is, you can stick with it. If it’s not, ditch the extra work. Give yourself permission to experiment and make adjustments as you work through these changes.



<h3>3. Consider what’s at stake.</h3>



According to behavioral psychologists, the pain of losing something is greater than the joy of gaining it. This means the idea of not getting the things you want can be a more powerful motivator than your goals themselves.&nbsp;



In addition to framing your financial behaviors as a means to achieve your lifestyle goals, you can also flip the framework to think about what’s at stake if you don’t adjust your money habits. For example, what does it look like five years from now if you don’t save the money you want in order to invest for your ideal future?



<h3>4. Celebrate your wins.</h3>



Find small ways to celebrate as you make progress toward your financial goals. This doesn’t mean you should go out and blow all of your money every time you reach a new savings threshold, but it does mean you should take the time to recognize how far you’ve already come so you can stay motivated to continue pushing forward.&nbsp;



<blockquote class="wp-block-quote">Related: <a href="https://successcom.wpenginepowered.com/beyond-resolutions-the-complete-guide-to-achieving-your-new-year-goals/">The Complete Guide to Achieving Your New Year Goals</a></blockquote>



 This article originally appeared in the <a rel="noreferrer noopener" href="https://store.success.com/patchworks-imported-products/success-magazine-jan-feb-2020-grant-cardone.html" target="_blank">January/February 2020 issue of&nbsp;SUCCESS magazine</a>. Image by LanKogal/ Shutterstock.com

Setting financial goals is important, but in order to stick to them long term, you also need habits and systems in place for following through.

Setting financial goals is important, but in order to stick to them long term, you also need habits and systems in place for following through. | SUCCESS

4 Surefire Ways to Make Financial Strides in 2020

4 Surefire Ways to Make Financial Strides in 2020 | SUCCESS

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Even the best-made resolutions and most committed financial plans can get thrown off course by an unexpected illness, breakup, layoff or other life surprise.

Making a plan for achieving your <a href="https://successcom.wpenginepowered.com/smart-money-goals-for-each-stage-of-life/">money goals</a> is important, but just as crucial is making a plan for managing the setbacks you might face along the way.
<h3>First, get clear on your costs.</h3>
The first step is to estimate the cost of your financial setback.

For example, if you were evicted, you could calculate the cost of moving plus first and last month’s rent. The objective is to get clear on what financial resources you need to support you through your emergency.

By doing some research and making some cost projections, you can start grinding your way back to <a href="https://successcom.wpenginepowered.com/10-meaningful-quotes-about-achieving-financial-freedom/">financial health</a> with tangible numbers and clear action steps rather than just crossing your fingers and hoping you’ll get through it.
<h3>Cut the non-essentials.</h3>
Financial emergencies can turn into runaway trains full of expenses. Remember to stay grounded in your necessities when considering your emergency costs. You can always move on to funding your priorities once you get fully back on track with your finances.
<h3>Consider your financial options.</h3>
Once you figure out how much money you need to manage your financial setback, the next question should be, “Can I afford it?”

If you have an emergency savings account, you might be able to recover pretty quickly. However, if your emergency savings aren’t enough to get you back on track, consider your other financing options. Can you borrow money from a friend or relative? Can you shop around for a personal loan? Can you apply for a credit card that lets you work your way out of a temporary setback with a great introductory interest rate?
<h3>Create a strategy for getting back on track.</h3>
Once you’ve figured out how you’re going to fund your emergency, it’s time to decide what specific financial changes you’re going to make to prioritize the repayment process—whether that means repaying the loan, or refilling your emergency savings. Are there any temporary cuts you can make or things you can do to bring in extra money to expedite your financial recovery?

Remember: These changes don’t need to be permanent, but the more extra income and temporary cuts you’re willing to make, the sooner you’ll be able to return to financial health.
<blockquote>Related: <a href="https://successcom.wpenginepowered.com/get-on-top-of-your-finances-with-these-9-apps/">Get on Top of Your Finances With These 9 Apps </a></blockquote>
This article originally appeared in the <a href="https://store.success.com/patchworks-imported-products/success-magazine-nov-dec-2019-marie-forleo.html" target="_blank" rel="noreferrer noopener">November/December 2019 issue of SUCCESS magazine</a>.
Photo by @lelia_milaya / Twenty20

A financial setback doesn’t have to be a disaster. Bounce back with this smart four-step plan for managing money emergencies.

Making a plan for achieving your money goals is important, but just as crucial is making a plan for managing the setbacks you might face along the way. | SUCCESS

How to Recover From Any Financial Setback

How to Recover From Any Financial Setback | SUCCESS

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A lot can change in a year. Case in point: I kicked off 2018 feeling like a total failure.
After growing my business to six figures in 2016, I backslid in 2017. Revenue dipped. Expenses soared.
How could I, a personal finance writer, have so much trouble managing the money in my own business? Long story short, I learned that <a href="https://successcom.wpenginepowered.com/my-top-10-money-habits-for-entrepreneurs/">managing money as a small business owner</a> presents a unique set of financial challenges that extend far beyond <a href="https://successcom.wpenginepowered.com/get-on-top-of-your-finances-with-these-9-apps/">the basics of personal finance</a>. I’ve since course-corrected, and hit the latter end of 2018 on track to exceed a quarter million dollars in revenue for the year.
Here are some of the most important things I’ve learned in the process.

<h2 class="COLUMNS-DEPT_COL-DEPT-SUBHEAD-SofiaMed12-12-space-above">1. Revenue does not equal income.</h2>
It’s easy to look at a revenue number like $250,000 and think you’ve got more than enough money to spend freely, but remember, your business revenue is not the same as your personal income.
As you grow your business, consider paying yourself a regular salary—one that supports your lifestyle while simultaneously laying the foundation for your financial future. With that money and your taxes set aside, you’ll know how much you can truly afford to reinvest in your business.

<h2 class="COLUMNS-DEPT_COL-DEPT-SUBHEAD-SofiaMed12-12-space-above">2. You are your own HR department.</h2>
The responsibilities of running your own business extend far beyond the basics of whatever service you provide your clients or customers. You also have to execute and oversee all the other aspects of business operations—from accounting to HR. These are the necessary realities you’ll need to tackle head on if you want to grow and sustain your own business for the long term.

<h2 class="COLUMNS-DEPT_COL-DEPT-SUBHEAD-SofiaMed12-12-space-above">3. Your business needs its own emergency fund.</h2>
If you’re familiar with the basics of personal finance, you know that having an emergency fund with three to six months of living expenses to cover the unexpected is essential. Having a similar savings buffer for your business can be equally valuable to fund surprise costs and offer a cash cushion when client or customer payments take longer than anticipated.

<h2 class="COLUMNS-DEPT_COL-DEPT-SUBHEAD-SofiaMed12-12-space-above">4. Cash flow is king.</h2>
It doesn’t matter how many thousands of dollars you’ve invoiced if, when it comes time to pay your bills, none of those dollars are actually in your account.
To ease some of the stress of waiting on those big deposits to hit my bank account, I’ve found it helps to have some smaller, more consistent revenue sources to serve as a cash flow base. If I know I’m going to earn a certain amount on a consistent basis, it gives me the security of cash flow to pursue those bigger paydays.

<blockquote>Related: 4<a href="https://successcom.wpenginepowered.com/4-ways-to-create-financial-security-without-salary-certainty/"> Ways to Create Financial Security Without Salary Certainty</a></blockquote>
<h2 class="COLUMNS-DEPT_COL-DEPT-SUBHEAD-SofiaMed12-12-space-above">5. You can always earn more.</h2>
Speaking of bigger paydays, don’t underestimate the true potential of your business revenue. Remember, earning more doesn’t always have to be connected to doing more. Sometimes, it’s about shifting your offering or your market.
So remember to regularly review your revenue opportunities and pivot as necessary to make sure you’re maximizing your earning potential.

<blockquote>Related: <a href="https://successcom.wpenginepowered.com/5-things-ive-learned-about-being-a-solopreneur/">5 Things I’ve Learned About Being a Solopreneur</a></blockquote>
&nbsp;

This article originally appeared in the <a href="https://store.success.com/by-media/success-magazine-spring-2019-tony-robbins.html" target="_blank" rel="noopener">Spring 2019 issue of SUCCESS magazine</a>.

Managing money as a small business owner presents a unique set of financial challenges that extend far beyond the basics of personal finance.

Managing money as a small business owner presents a unique set of financial challenges that extend far beyond the basics of personal finance. | SUCCESS

5 Serious Money Lessons for New Solopreneurs

5 Serious Money Lessons for New Solopreneurs | SUCCESS

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I want to <a href="https://successcom.wpenginepowered.com/how-to-make-more-money/">make a lot of money</a>.

Saying this feels more like a confession than a proud declaration. The admission that I love money and want more of it almost feels shameful. But I’m going to say it anyway, because I think it’s time we reclaim ownership of our earning.
<blockquote>Related: <a class="row-title" href="https://successcom.wpenginepowered.com/4-actionable-steps-to-build-a-positive-money-mindset/" aria-label="“4 Actionable Steps to Build a Positive Money Mindset” (Edit)">4 Actionable Steps to Build a Positive Money Mindset</a></blockquote>
I used to be an under-earning snob, taking pride in living on a shoestring and quietly judging people who I thought were too focused on their finances. But ironically, it was my pride in being able to get by with so little that made money the focus of my life.

What could I do, create and give if I weren’t spending so much time figuring out how to make ends meet?

I decided to find out by taking the energy I had been putting into couponing, comparison shopping, researching and rebating, and redirecting it into making more.

Although I was pretty savvy about finding ways to scrimp and save, I realized the potential of those strategies was inherently limited. Eventually you run out of things to cut back on. But your capacity to earn more is unlimited.

I realized that wanting to <a href="https://successcom.wpenginepowered.com/12-easy-ways-to-make-extra-money/">make more money</a> is not just about limited income. It’s about how limited income inhibits your choices, freedom, generosity, peace of mind, quality of life and ability to make a meaningful impact on the people, places and things you care about most.

I think it’s time we <a href="https://successcom.wpenginepowered.com/how-to-change-your-relationship-with-money/">shift our attitudes</a> around the idea of making more so we can take pride in our determination to do so, and not be embarrassed by it.

Start with these four steps.
<h2>1. Make a declaration.</h2>
“I love what money affords me, and I want to make more of it.” How does it feel to say that? How about publicly? Notice if you find yourself wanting to qualify your declaration with explanations or apologies.
<h2>2. Be mindful.</h2>
Pay attention to any disparaging thoughts and feelings that come up when you talk about financially successful individuals, or when making your own declaration.
<h2>3. Challenge your assumptions.</h2>
Whatever negative associations come up, take a moment to reconsider them.

How would you complete the sentence, “I’d like to make more money, but...”? Your response will tell you the beliefs you’re holding onto about what you need to do and who you need to be. Challenge those assumptions by finding examples of other people prospering despite similar circumstances.
<h2>4. Reprogram your money script.</h2>
<a href="https://successcom.wpenginepowered.com/say-this-not-that-7-responses-for-common-negative-thoughts/">Replace the negative messages</a> you’ve adopted around financial success with wealth-positive thoughts and mantras, considering what making more will enable you to achieve personally and contribute publicly.

Recognizing the patterns and beliefs holding you back from making more and making a conscious effort to change them are the first steps toward reclaiming ownership of your income potential.
<blockquote>Related: <a class="row-title" href="https://successcom.wpenginepowered.com/how-healthy-is-your-relationship-with-money/" aria-label="“How Healthy Is Your Relationship With Money?” (Edit)">How Healthy Is Your Relationship With Money?</a></blockquote>
&nbsp;

This article originally appeared in the <a href="https://store.success.com/shop-all/success-magazine-fall-2018-jeff-bezos.html" target="_blank" rel="noopener">Fall 2018 issue of SUCCESS magazine</a>.

It's okay to like money. Reclaim ownership of your earning potential, and never be ashamed of wanting to increase your income.

It's OK to like money. Be a proud earner and reclaim ownership of your income potential. | SUCCESS

How to Change Your Beliefs About Money

How to Change Your Beliefs About Money | SUCCESS

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Anyone who has ever set a <a href="https://successcom.wpenginepowered.com/article/the-success-guide-to-crushing-your-new-years-resolutions">New Year’s resolution</a> knows how exciting it can be to revel in their vision for the future. But come February, that excitement often fades into <a href="https://successcom.wpenginepowered.com/article/use-these-mental-techniques-when-your-brain-is-overwhelmed">feeling overwhelmed</a>.

Although the life we want is free to imagine, it’s expensive to build.

If this is the year you’re determined to get serious about achieving <a href="https://successcom.wpenginepowered.com/blog/do-your-financial-goals-spark-joy">your financial goals</a>, start by getting real about what it’s going to take to get there.

The more aggressive you are in taking the financial steps necessary to afford your dreams, the less likely it is you will have to settle for anything less than what you imagine.

Related:&nbsp;<a href="https://successcom.wpenginepowered.com/article/rohn-5-money-principles-you-need-to-know">5 Money Principles You Need to Know</a>

Start with these three steps to refresh your finances this year.

<h2 class="Subhead---Sofia-Med-8">1. Take inventory of your spending.</h2>

Track your spending to bring mindfulness to your day-to-day financial habits and identify serious issues like <a href="https://successcom.wpenginepowered.com/article/7-ways-to-save-money-by-simplifying-your-life">spending more than you make</a>. The practice of writing down your expenses or tracking them through an app allows you to see whether your spending is actually aligned with your stated goals and priorities.

In other words, you’ll be able to see whether you’re spending money on stuff you don’t really care about at the expense of the things you do. It’s far easier to make changes and <a href="https://successcom.wpenginepowered.com/podcast/ep-47-3-tips-for-making-the-most-of-your-money">realign your spending</a> with your goals when you can identify exactly what’s keeping you from reaching them. Stay accountable to those priorities by tracking your financial inflows and outflows daily.

<h2 class="Subhead---Sofia-Med-8">2. Rethink your savings rate.</h2>

How much are you saving each month relative to your income? Better yet, calculate your net worth as a percentage of your lifetime earnings: Of all the money that has passed through your hands over the course of your working life, how much of it have you actually kept?

Related: <a href="https://successcom.wpenginepowered.com/article/dave-ramsey-has-a-plan-for-the-rest-of-your-life">Dave Ramsey Has a Plan for the Rest of Your Life</a>

I know this can be a tough number to look at, especially if you’ve had to pay off a lot of student loan debt or you’ve had to deal with costly medical procedures or other circumstances that might have put your net worth into the negative. But taking an honest look at the numbers can offer a valuable perspective—one that can serve as a catalyst for taking ownership of <a href="https://successcom.wpenginepowered.com/article/rohn-3-money-habits-that-separate-the-rich-from-the-poor">your financial future</a>, and for making budgeting, saving, investing and managing your money true priorities. Moving forward, you will be able to feel like you have something significant to show for all of the years you’ve worked and all of the money you’ve made.

Commit to a concrete increase in your savings rate. Whether it’s a 1&nbsp;percent or a 50 percent increase, calculating what those <a href="https://successcom.wpenginepowered.com/article/9-smart-spending-and-saving-tips">added savings</a> will afford you can serve as powerful motivation for maintaining a higher savings rate in the long run.

<h2 class="Subhead---Sofia-Med-8">3. Refresh your social circle.</h2>

It’s hard to grow into the new you while <a href="https://successcom.wpenginepowered.com/blog/5-toxic-personalities-successful-people-avoid">clinging to old relationships</a> that keep you stuck where you are. Build and foster relationships with people who are just as motivated to achieve their financial goals as you are. They’re far more likely to understand and support the path you’re on, and far less likely to guilt-trip or push you into practicing bad financial habits that throw you off course and threaten your commitment to your desired future.

By <a href="https://successcom.wpenginepowered.com/article/5-friends-you-need-in-your-inner-circle">surrounding yourself</a> with confident and motivated achievers, you’ll maximize your own opportunities to achieve your financial resolutions this year.

Related: <a href="https://successcom.wpenginepowered.com/article/10-money-habits-that-are-leaving-you-broke">10 Money Habits That Are Leaving You Broke </a>

&nbsp;

This article originally appeared in the <a href="https://store.successcom.wpenginepowered.com/by-media/magazines/" target="_blank" rel="noopener">February 2018 issue of SUCCESS magazine</a>.

Take the financial steps necessary to afford your dreams.

Take the financial steps necessary to afford your dreams. | SUCCESS

3 Smart Tips to Improve Your Finances This Year

3 Smart Tips to Improve Your Finances This Year | SUCCESS

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Within the confines of my cozy New York City apartment, I’m in a constant battle against clutter. At least once a quarter I get entirely fed up with the routine of storing, shifting and lifting to find whatever I need at the back of my closet.

So naturally, Marie Kondo’s best-selling book, <a href="https://amzn.to/2ztRYqu" target="_blank" rel="noopener">The Life-Changing Magic of Tidying Up</a>, piqued my interest. Unlike standard questions of practicality, frequency of use and sentimental value often used to assess what is and isn’t worth keeping, her KonMari Method distills the process of decluttering down to one central question: Does it spark joy?

Related: <a href="https://successcom.wpenginepowered.com/podcast/ep-61-how-to-organize-your-world-the-marie-kondo-way">How to Organize Your World, the Marie Kondo Way</a>

That is, does the item in question—be it an old Halloween costume, an unopened waffle iron or a worn-out sofa bed—contribute to your life in a way that brings you joy?

Kondo encourages readers to approach the task of tidying up through an emotional lens rather than a purely practical one—the result of which is life-changing, as both the title of her book and my own experience suggest. No more trading precious space to hold onto something just because it was a gift or because it cost a lot of money or because it might come in handy someday. It’s surprisingly liberating.

Even though Kondo doesn’t specifically address finances in her book, it struck me how well the KonMari method could be applied to money.

What if the barometer for what makes a worthwhile purchase or investment wasn’t,&nbsp;Will I use this? But, Will this bring me joy that lasts beyond the moment of transaction?

Related:&nbsp;<a href="https://successcom.wpenginepowered.com/article/how-living-with-less-can-give-you-more">How Living With Less Can Give You More</a>

<img alt="Do Your Financial Goals Spark Joy?" class="media-image attr__typeof__foaf:Image img__fid__38585 img__view_mode__full" src="https://successcom.wpenginepowered.com/wp-content/uploads/legacy/sites/default/files/istock-471640215.png" style="width: 100%;" typeof="foaf:Image" />

Although necessities like rent, utilities and health insurance might not feel particularly joyful, the effect of such purchases—safety, shelter, warmth and the safeguard of good health care—certainly do. Similarly, financial to-do’s like <a href="https://successcom.wpenginepowered.com/article/got-debt-take-these-5-steps-to-get-it-under-control">paying off debt</a> and saving for retirement might not seem inherently joyful, but consider what satisfying those financial to-do’s can afford you: the extra money to take a dream trip or the funds you need to finally <a href="https://successcom.wpenginepowered.com/article/5-tips-for-running-a-successful-business">launch your own business</a>. Defining your financial goals through the framework of the joy they can afford you will help you find the motivation you need to achieve them.

If we shift our focus to affording more of the things we love, as Kondo suggests, rather than cutting back, perhaps <a href="https://successcom.wpenginepowered.com/article/rohn-3-money-habits-that-separate-the-rich-from-the-poor">managing our money</a> can also become a process driven by joy rather than sacrifice. Through this lens, saving money is no longer about what you have to give up. It’s about what you stand to gain.

“We should be choosing what we want to keep, not what we want to get rid of,” Kondo writes.

Start by identifying what you love in life and what you want to enjoy in the future—a home, the flexibility to <a href="https://successcom.wpenginepowered.com/blog/the-real-reason-traveling-makes-you-happy">travel</a>, more time to enjoy with friends and family. Then identify the financial goals needed to support these pursuits.

Review your expenditures and notice where your spending isn’t aligned with your stated priorities.

Use the spark-joy approach to <a href="https://successcom.wpenginepowered.com/article/10-money-habits-that-are-leaving-you-broke">redirect your financial habits</a> toward supporting your long-term happiness. Keep these big goals and spending priorities top of mind by staying focused on the joy of having and achieving them rather than focusing on where you can cut back and what you might have done wrong with your finances in the past.

Related: <a href="https://successcom.wpenginepowered.com/blog/what-living-like-a-minimalist-actually-looks-like">What Living Like a Minimalist Actually Looks Like</a>

&nbsp;

This article originally appeared in the <a href="https://store.successcom.wpenginepowered.com/by-media/magazines/" target="_blank" rel="noopener">December 2017 issue of SUCCESS magazine</a>.

Redirect your financial habits toward supporting your long-term happiness.&nbsp;

Redirect your financial habits toward supporting your long-term happiness.&nbsp; | SUCCESS

Do Your Financial Goals Spark Joy?

Do Your Financial Goals Spark Joy? | SUCCESS

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<div>
My dream home looks like the end of a Fixer Upper episode set on the property of a Real Housewives of New York City Hamptons home: sprawling beachfront complete with a gourmet kitchen, walk-in closets and an outdoor living space.
</div>

As a personal-finance author, I know better than to keep up with the Joneses. That is, I know not to use the lifestyles of others as a reference point for my own. At least in theory.

Related: <a href="https://successcom.wpenginepowered.com/article/how-living-with-less-can-give-you-more">How Living With Less Can Give You More</a>

But in practice, I resent not having the stainless-steel appliances prominently showcased at the end of every home-makeover show. And I dislike having to wash my dishes by hand and go to the self-service laundry each week. I’ve even considered paying an extra 30 percent in rent just to live in an apartment with these amenities.

Unlike my parents’ generation, who grew up with their next-door neighbors serving as the primary <a href="https://successcom.wpenginepowered.com/videos/youtube/how-to-stop-comparing-yourself-to-others">point of comparison</a> for what they wanted, I came of age in the boom years of HGTV, reality TV and social media—a time when lifestyle reference points were no longer limited to the folks living next door, but expanded to include the <a href="https://successcom.wpenginepowered.com/article/why-social-media-is-ruining-your-self-esteem-and-how-to-stop-it">millions of people on social media</a>.

As our perceptions of living standards increasingly become shaped by reality shows and Facebook feeds, the Joneses are no longer the family across the street with the white-picket fence in suburbia. And our lifestyle wants increasingly become perceived as lifestyle needs, inflating our standard of living at a rate we can’t always afford to keep up with. The result? Often futile and even debt-inducing attempts to attain a lifestyle that is out of reach.

Related: <a href="https://successcom.wpenginepowered.com/article/5-ways-to-avoid-social-media-envy">5 Ways to Avoid Social Media Envy</a>

But the goalposts of our lives needn’t be defined by the Joneses, whether they’re our neighbors, social media stars or reality TV&nbsp;celebrities. Instead of getting caught up in the pursuit of more and more to support an inflated standard of living, and losing touch with our priorities along the way, let’s realign our resources with the things we care about most and build our perceptions of success around those&nbsp;values.

<h2 class="START-UP_StartUp---Body-">1. Start by identifying your priorities.</h2>

Rather than constantly upscaling in an effort to keep up, <a href="https://successcom.wpenginepowered.com/article/rohn-5-tips-for-using-your-time-wisely">prioritize your time</a>, money and energy around the things you really value. The momentum of <a href="https://successcom.wpenginepowered.com/blog/what-living-like-a-minimalist-actually-looks-like">the minimalist</a> and tiny home movements is a prime example of this kind of downshift and the rejection of traditional lifestyle comparisons.

<h2 class="START-UP_StartUp---Body-">2. Choose your peer group carefully.</h2>

Spend time around people who won’t judge you if you say, “I can’t afford that right now.” This will help you stay focused on your true goals.

<h2 class="START-UP_StartUp---Body-">3. <a href="https://successcom.wpenginepowered.com/article/rohn-5-ways-to-be-more-grateful-on-the-daily">Practice gratitude. </a></h2>

Rather than maintaining some arbitrary, hyper-consumer status quo and seeing everything that falls short of the reality-show ideal as a sacrifice, shift your perspective to recognize all that you already enjoy.

When you <a href="https://successcom.wpenginepowered.com/article/10-money-habits-that-are-leaving-you-broke">cut back from excess</a>, everything feels like a sacrifice. But when you build up from zero, everything is a bonus. Shifting your perspective to the latter might prove to be the most valuable tool in promoting both your fiscal security and your happiness.

Related:&nbsp;<a href="https://successcom.wpenginepowered.com/article/rohn-9-things-more-important-than-money">9 Things More Important Than Money</a>

&nbsp;

This article originally appeared in the <a href="https://store.successcom.wpenginepowered.com/by-media/success-magazine-october-2017-brendon-burchard.html" target="_blank" rel="noopener">October 2017 issue of SUCCESS magazine</a>.

Instead of getting caught up in the pursuit of more, realign your resources with the things you care most about.&nbsp;

Instead of getting caught up in the pursuit of more, realign your resources with the things you care most about.&nbsp; | SUCCESS

3 Ways to Avoid the Lifestyle Comparison Trap

3 Ways to Avoid the Lifestyle Comparison Trap | SUCCESS

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