And sometimes we don’t know when those things are going to come up. Sometimes we know when those things are coming up, like summer, next year, 2023. And we want to make sure that you have money set aside for the unexpected things that always come up. You might have to travel unexpectedly, to go visit a family member who is either having a celebration or is maybe need some medical treatment, and you want to be by their side. You’ll need to pay for some dental expenses. And then, of course, there are always the unexpected expenses that happen. And I want to make sure that I have money in savings to pay for summer camp. In fact, two of my boys went to summer camp this past summer. Or, you might have children who you want to send to summer camp. But next summer, I might want to take a vacation with my family. Today, I’m recording this podcast, in the fall. That savings will be for expenses that I know are going to happen. “Pay yourself first” means that from that $9,000 you put money in savings. So, if I were to receive $10,000, $1,000 is automatically set aside for tzedakah. I don’t even consider it that it’s my money. That’s money that we separate off the top. In the Jewish tradition, we put aside 10% of our after-tax income for charity, for donations, what we call tzedakah. I’m going to use $10,000 throughout the podcast today, because it just makes it very simple. We’re not even talking about business income, at the moment.īut let’s say you have a salary the money comes into your bank account from your employer. What that means is, let’s say you have a salary. So, let’s talk about the principle of “pay yourself first.” This is a common way that financial planners and money coaches recommend that people plan for money in their households. And the money that you have in your personal bank account to be transferred over to your business, and to be funding your business for a long period of time. We don’t want your personal life to be here serving your business. Because if you are a business, your business is here to make money, to serve your personal life. First, we’re gonna start with personal finances. You want to make sure to focus on the money in your business, what is coming in, what is going out, and making sure that you are paying yourself a wage, making sure that you have profit in your business.īut before we get to the specifics about money, let me just back up and tell you a little bit about financial mechanics. They go out, they fundraise, they receive money, and then they give it away as donations. But in the long run, if you want to be a going concern for many, many years, you have to be making money in your business.Įven a nonprofit wants to make money. Of course, you offer the services that you do, you sell the products that you do. If you have a business, the purpose of your business is to make money. And that is planning for profit in your business. And we’re also going to get practical and deal with some money mechanics.Īnd that, in fact, is the topic of today’s podcast. We’re working on your money mindset, money healing for the limiting beliefs, and maybe angst and dread you have about money, or maybe things you’ve been repressing and pushing away about money, but they are stored in your nervous system. That’s one word, no hyphens, or underscores. So, pause the recording, head on over to my website, /moneyschool. But that’s fine, you can sign up right now.Īnd even if you cannot join me live, you’ll get links to all of the replays. The day that this podcast drops, we are already on day two. Since it’s a time of new beginnings and renewals, I want to remind you that I am offering a free four-day training called, Money school. I was very busy with my family, and now I have this long, luxurious time to have a little bit more work-life balance, and be in my business.įor many of my listeners, who are also Jewish and observant, this works for you, too. The last month was full of Jewish holidays. In Hebrew that is the beginning of the new month, the new month of Cheshvan. I am recording this podcast on the new moon. Join Certified Life and Money Coach Debbie Sassen, as she shares practical business strategies and mindset shifts that help you dissolve the money blocks that keep you stuck in a cycle of under earning and under saving, sabotage the growth of your business and prevent you from building the wealth that you desire. Welcome to Mastering Money in Midlife, a podcast for midlife women in business to overcome financial anxiety and make more money without burning out or sacrificing their families. You’re listening to the Mastering Money in Midlife podcast with Debbie Sassen, Episode 51.
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