Splitting income by percentage – why it doesn’t work for entrepreneurs

Splitting income by percentage – why it doesn’t work for entrepreneurs

by | Aug 10, 2022 | 6 Figure Business

Do you use percentages to distribute your business income?

If you feel like your business still isn’t doing well enough, you need to STOP splitting income by percentage right now!

Lots of people will recommend splitting your income by percentages. But the truth is, that for most entrepreneurs, this approach is completely inappropriate & doesn’t work!

And worst of all – it can make you feel like your business isn’t succeeding, when it’s actually doing just fine.

In this episode, we’ll talk about why that is & what strategy to adopt instead, so you can stop feeling like there’s not enough money & start celebrating your success instead!

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When I first started my finance business, I also split my income by percentages. Because it’s what everyone said to do.  But it just didn’t work!

At first I thought it was because I wasn’t making enough money … but as I started to understand numbers better, I realised that wasn’t the case.

Percentages just weren’t appropriate for my stage of business!

So I developed a better way, that you can start using from the very beginning – and continue to use as your business matures. I call it the Magnetic Money™️ System.

I frequently see students come into the Magnetic Money Program with the same issue. They’ve been using percentages to split their income but it’s not appropriate for their stage of business and so it doesn’t work!

Unfortunately, they usually don’t know that the problem is and just assume their business isn’t doing well enough.

Let’s talk about the idea behind using percentages:

  • Why do people advocate this system of using percentages to split income? 
  • What’s the thought process behind it? 
  • And who’s it really designed for? 

The idea behind using percentages to distribute your income is that you’re always splitting the pie equally.

During big income months, you have more money available for your business, for yourself and of course, you need to put more tax money aside.
And on slow income months, you split the pie by the same proportions.

The idea is that it all evens out in the end. Except it doesn’t!

Because here’s what happens:

On big income months, you get more money. Your business gets more income, you get more income and you put more aside for tax.

The problem is that people usually SPEND that money.
Even if you’re paying it towards a credit card, it’s still gone. You no longer have access to that cash.

So if the next month is a LOW income month… what happens?

Well, you have less money to go round. The DOLLAR amounts are smaller. Your  business gets paid less and YOU get paid less. It may not even be enough to cover the bills.

And that money you spent last month? Gone.

So the problem with percentages is that there’s no accountability & no SYSTEM to ensure that things will even out as intended.

Because this system of percentages is designed for people whose business brings in at least their ‘baseline income’ every single month.

Then it’s not a problem.

But for most entrepreneurs – especially in the early years – there are plenty of months where they do NOT meet their baseline income target.

And this can cause an ongoing problem they can’t seem to get on top of.

It can leave you stressing about money and feeling like your business isn’t doing well – when in fact, if you were to average yoru income, it’s actually enough.


So tell me in the comments:
Is this making sense?
Have you tried to use percentages? How did it go?

So if percentages are not right for you, then what can you do instead?

Well instead of using percentages – which can lead to a feast and famine rollercoaster, where you go from jubilation to depression – you want to smooth that cash flow.

You want the low income months where you fall below your baseline income to be offset and balanced out by the higher income months.

In order to do that, you need to PROACTIVELY smooth your cash flow.

That means tracking any shortfalls and then making them up with surplus. I’ll link an episode below where I talk you through how to do that.

It actually only takes 2 steps to smooth your cash flow – but you do need to do them religiously. And when you do that, everything changes.

When you’re proactively smoothing your cash flow, you’re no longer giving away money one month, that you may need next month.

That’s why it’s so critical that your money system helps you smooth your cash flow.

And this is why I developed the Magnetic Money™️ System. It helps you achieve your financial goals, pay off debts, accumulate savings, spend your fun money guilt-free and very critically… it helps you smooth your cash flow if you have irregular income.

You can check out & enrol in the Magnetic Money™️ System Bootcamp HERE.
It guides you through the entire process of setting up your Magnetic Money™️ System.

It’s time to create more abundance, inside & out, gorgeous. And you’re ready for the next step.

Have a great day, gorgeous!

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How to sort out your money on low income – 3 reasons to start TODAY

How to sort out your money on low income – 3 reasons to start TODAY

by | Jul 27, 2022 | Money Management

Do you feel like there’s no point having a money system because you’re not making enough?


In today’s episode we’ll talk about how to sort out your money on low income.

I’ll share 3 reasons why you need to get your money system in place sooner rather than later – ESPECIALLY if you feel like money is tight!

See, a lot of people make the mistake of thinking that a money system is for those people who’ve got plenty to spare.

But this is actually a habit that the sooner you start, the sooner it will help you move forward financially so you DO have plenty to spare!

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For me personally, I started creating what is now known as the Magnetic Money™️ System when I was a broke single mom. I needed to make every dollar count because I literally had weeks where I thought I wouldn’t be able to pay the rent or put food on the table. And so it was critical that I stayed on top of my finances, knew how much money was available and what my priorities were.

But this goes way beyond survival!

Starting to get on top of your money and taking control is the beginning of you getting out of that jam and moving forward financially. This is the start of being able to create financial stability and eventually, financial security and wealth for yourself.

Here’s 3 reasons to get started as soon as possible:

NUMBER 1: Managing your money well is a HABIT. 

So the very first reason why you want to get a money system in place now – even if you feel like you’re living paycheck to paycheck – is that it’s important to get into good habits early.

And this is one habit you want to get into as early as possible. Because if you get into bad habits  when you have little money, you will take them with you when you have more money. And that will only create bigger problems!

It’s so much easier to start a good habit and continue it, than to try and get out of a bad habit down the track. So you may as well start off on the right foot.

Get into good habits early & take them with you.

NUMBER 2: Breaking it down avoids future pain

A good money system allows you to plan for bigger expenses by breaking them down.

For example:
Say your car needs a thorough service and new tires once a year and it costs $1,000.

Now, if you don’t plan for that, then this sudden expense to ensure you can keep driving the kids to school can create a really stressful situation.

But if you break it down with your money system, it’s actually only $20 a week you need to consistently put aside. And in return, you get amazing peace of mind, knowing your car will continue to be roadworthy and reliable.

It makes a huge difference to your stress levels. It allows you to stay focused on your business to keep the money flowing in, rather than get distracted by sudden emergencies and start experiencing a feeling of lack.

There are loads of big annual expenses like this, not least of all your tax bill!

By getting that money system ticking along sooner rather than later so you can track and  smooth your cash flow, you avoid future pain and stress. And that helps you stay in alignment with abundance and continue to attract more.

This is exactly what the Magnetic Money™️ system is designed to help you do – and what any good money system should do. 

NUMBER 3: Discover your REAL business income goal!

Right, let’s move on to the third reason why you want a money system in place sooner rather than later. This one is especially for you if you feel like all your money’s going out on bills and your business isn’t bringing in enough.

Your money system will show you what the REAL gap in your income is! (and that’s often a lot less than you think, because we tend to worry and catastrophize way too much…)

Once you know what that number is, you can then plan your business income streams to ensure you meet your income goal.

Your money plan delivers your business income goal.

It lets you know what your business’ baseline income target is. From here, you can set other goals that include wealth creation, lifestyle upgrades and so on.

But first you need to know your baseline target. The income amount that will ensure the bills get paid and the business keeps running.

Unfortunately, too many people just make up a random number when choosing a business income goal, with no idea how they actually need to bring in.

Once you know your income goal, you can then plan your income streams and decide HOW you will generate that income.

This is exactly what we help you do in the Magnetic Money™️ System Bootcamp, so be sure to check that out here to learn more.

A great place to start is by organizing and tidying your banking. That is step one. You want to get those foundations in place and make sure you have the right infrastructure in place so your money can do what it needs to do.

I have a free workshop to help you get started. It’s called Organize & Tidy Your Banking and you can get instant access here.

Think of it as Marie Kondo’ing your finances so you can experience the joy of becoming magnetic. It’s a lot more fun than a bunch of rolled up socks & jocks, believe me. 😊

Remember – abundance is an inside job.. but there are some things we have to do on the OUTSIDE  to help it flow.

 

See you soon!

xx Miriam

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Emotional Spending – how to stop feeling guilty for spending money

Emotional Spending – how to stop feeling guilty for spending money

by | Jul 20, 2022 | Money Mindset

Today I’m giving you my top tips for avoiding the guilt of retail therapy


We’ll help you stop emotional spending so you can stop feeling guilty for spending money on yourself – and make better purchase decisions.


When it comes to retail therapy, I definitely tend to do more of it when it’s the last thing I should be doing. It’s usually either financially not a great time to eb spending up – or there’s something else going on that I should be focusing on instead.

Because more often than not, retail therapy is just a distraction.

That’s why today I’m giving you some practical tips to avoid unnecessary retail therapy and the subsequent guilt that comes from it. You’ll also get some practical tips to help you make better purchase decisions so the things you buy are what you actually need, want and can afford!

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Looking back, it’s pretty obvious that the times I was doing the most unnecessary spending were also the times I was feeling the least happy and fulfilled.

The shopping was just a distraction, an escape mechanism.

It’s not really therapy!

We call it ‘retail therapy’, except it’s not actually therapy. It only gives you a temporary high – and then you’re left dealing with the bill and the guilt afterwards. And that makes you feel even worse!

So let me give you some practical tips to help you avoid getting into that pickle in the first place. Because we want to ensure that when you shop, you do it in a healthy way that makes you feel empowered and great about your choices.

Tip Number 1: Want vs Need:
Before you buy something, ask yourself, “Do I just want this, or do I actually need it?”
Because we say, “I really need this,” when we actually just mean that we really want it.

And it’s okay for you to want things. But the next question to ask is, “WHY do I want it?”
And that can be extremely illuminating!

Some more questions to ask yourself:

“What do I really want? What is it I’m really looking for? Is it validation, feeling more desirable, feeling rewarded or worthy? What am I actually wanting that I think this thing I’m about to buy is going to give me?”

Because if you’re looking for something else altogether, then this purchase is just a band-aid. And when it falls off, you’ll be left with an even bigger sore.

So the question of, “What do I really want? What do I feel is missing?” is very powerful.

The ease of online shopping can make quitting retail therapy pretty tough. Because it’s just too easy! There’s a million apps, free shipping & free returns. It feels like this effortless commodity – except you still wind up with the charges on your credit card!

So Tip Number 2 is: Set a spending limit!
The rule is that anytime you want to spend more than this limit, you need to wait 24 hours before going ahead.

This will give you some breathing space and helps you step away from the emotional state that’s driving that purchase. It helps you make a rational decision you’ll feel good about and consider your choice from outside that emotional space. Then you can decide whether you really need it – or if you just wanted it to try and fill a void.

It gives you space to step away from making an impulse decision based on emotion.

Tip Number 3: Imagine The Future
Another trick that really works for me is to imagine myself in 6 months time. I imagine having that item in my wardrobe or in my home. How do I feel about it now? Do I actually want to use it? Do I enjoy having it?

Example: I’ve been looking to buy some summer dresses. Now, I’m usually more of a jeans and t-shirt kind of girl but decided I’m going to make an effort to dress more feminine.

And as I imagined needing to leave the house wearing one of these dresses in 6 months time, I suddenly realized that none of them were a style that suits me!

So imagining yourself with it in the future is a great little trick – especially when online shopping. Because it looks great on the model when we ‘Click To Buy’. But sadly I’ve come to realise that still doesn’t help me suddenly grow cleavage…

Tip Number 4: Buy a round trip!
Last but not least, a really, really practical tip is to make sure you can get a full refund without having to pay shipping charges in your returns.

And a bonus tip is: When your items arrive, keep those tags on until you’re ready to wear them!

Make a note in your diary so if you haven’t worn it by the final return date, you can have another look at it. And if it’s still sitting in your wardrobe by then, chances are, you will return it. Because if it was perfect and you loves and needed it, you’d have found a way to wear it by then.

Which probably means you  were looking for something else altogether…


Okay, so there you have some really practical tips to:
1. avoid the guilt of retail therapy
2. to actually make some really good empowering purchase decisions


Tell me, WHAT ARE YOUR BEST SHOPPING TIPS?
How do you avoid the guilt of retail therapy?

Share your top tips in the comments below!

I also highly recommend you get your money organized so you know where to find your fun money and how much you can spend guilt-free. It’s a massive help in avoiding emotional spending and the subsequent guilt.

My free workshop “Organize & Tidy Your Banking” will help you get started. You’ll find the link to get instant access below.

 

Enjoy & see you in the next episode!

xx Miriam

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The Hidden Money Block Nobody Talks About

The Hidden Money Block Nobody Talks About

by | Jul 6, 2022 | Money Blocks

There’s a hidden money block nobody talks about… and it’s a lack of money confidence!

While people busily work on their mindset and try to align with more abundance, so more money can flow – they often miss one very important detail.

And that is that, once the money comes in, you actually have to deal with it!

Because you’ll need to distribute your income, pay your bills and taxes and make a whole bunch of financial decisions.

You’ll ALWAYS have to interface with your  money – no matter how much – or how little – comes in it. 

You simply cannot avoid dealing with your money.

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And if you lack confidence – if you’re not sure how to best manage your money – that right there is a MASSIVE mindset wobble AND a huge vibrational wobble!

Because if there’s uncertainty, intrepidation or even anxiety…. 

If you’re uncomfortable looking at your banking…
If you’re not quite sure what the best thing to do with your money is…

That creates an unconscious block to more of it flowing into your experience!

You will unconsciously BLOCK IT – because ultimately, it gets UNCOMFORTABLE

And no amount of alignment or mindset work can overcome that.

When I first started working with women in business on their money mindset, I noticed an attitude of “I’ll just manifest more money and that’ll fix everything.”

They thought by manifesting more, they’d be able to avoid having to deal with it

But that’s backwards!

Because the sooner that we gain those money skills, the sooner we grow in money confidence – which helps us dissolve those mindset and energetic wobbles, so more money can flow.

If you lack confidence in managing your finances, you’re definitely not alone!

Because most of us were never shown what to do. Nobody showed us how to organize and manage our money when we were young. And even if you took a business course, usually you learn how to manage the company’s money, but not your personal money. (I’ve worked with several Accountants who struggled to manage their personal finances, because nobody had ever taught them!)

Most people walk around with this silent money shame.
They’re just making it up as they go, hoping for the best. But they don’t feel like they know what they’re doing. They have no confidence in their ability to make the right decisions.

And if that’s you, please know it’s not your fault!
Because how are you meant to know what to do, if nobody ever showed you?

If you have ever tried to get help with managing your finances, you probably noticed how hard it is to find someone who’s able and willing to teach you what you need to do.

When I first started my business, my accountant would tell me how well I was doing..  but we never talked about my credit card debt and the enormous stress it was causing me! My business was going great, but I was personally super stressed about money! And my accountant only focused on the business and its finances. And it wasn’t their fault – that’s their job.

Then there are financial advisers & planners. But they’re usually looking to invest a few hundred thousand dollars of your money to help secure your financial future. And that’s great, but how do you get there in the first place?

Last – and definitely LEAST – are the “Done For You” budgeting and money management services!
I have a major issue with those and think they’re rife with danger.

Because when you give away your power, not only do you never learn how to manage your money…
You’re paying somebody else (often exorbitant sums of money) to do it for you and that keeps you stuck, waiting for them to give you weekly pocket money like a kid.

When I was running my finance business, I often saw these services go horribly wrong for my clients. It made me so angry. Clients were paying huge amounts of money but  not learning how to take responsibility for their finances or become financially independent.

And worst of all… unbeknownst to them, their bills – including their mortgages – were often being consistently paid late – and their credit score took a dive down the toilet!
It left many people in a very difficult predicament.

So I urge you: Get educated and learn how to manage your money YOURSELF!

The great news is that it’s so much easier than you think! It just takes a simple step by step process. And it all starts by asking yourself “How do I do this and where do I start?”

Above all, please give yourself a break and stop blaming yourself!
Because remember, nobody ever taught you how to do it! And the resultant lack of money confidence is a massive money block – which only makes things harder!

But as you set out to educate yourself and learn how to manage your money, you’ll transform your relationship with money. As you grow in money confidence, it will help dissolve those money blocks and old stories of “I’m not good with money. Money slips through my fingers” etc

And as these things start to shift, you’ll start to attract more money consistently. And that will help buoy your confidence… and then you’re up & away!

Learning how to take loving care of your money is a beautiful healing act that helps you transform your relationship with money – both inside and out.

It makes you magnetic to more and it transforms the way you feel about life. It’s a beautiful thing.

If you’re not sure where to begin, I recommend starting by organizing your banking, because having that set up properly is the foundation stone of a money system designed for growth.
I have a free workshop you can take to help you do that, Just click click here to get started.

I look forward to seeing you there so you can start transforming your relationship with money from the inside out. 

Remember, abundance is an inside job – but there are things you need to do on the ‘outside’ that allow it to flow. 

Before you go, I’d love to hear from you!
On a scale of 1-10, where’s your money confidence at right now?

Please let me know in the comments below.

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How to smooth cash flow – stop tracking expenses & track THIS instead!

How to smooth cash flow – stop tracking expenses & track THIS instead!

by | Jun 23, 2022 | Money Management

If you’re an entrepreneur with a regular income, you’ve probably noticed… budgets don’t work!

There’s a simple reason for that: They weren’t designed for us!

Budgets are designed for people with regular income. But when you’re running a business, your income can be unpredictable and irregular. So budgets simply don’t work.

In this episode, you’ll discover 2 simple steps on how to smooth cash flow when you have irregular income.

This will help you take control of your finances and manage your money so much better.

Plus, I’ll share an important THIRD step that will help you reach your financial goals so much faster.

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But first – a quick story:

When I was running my finance business, my clients mostly had regular income and salaries. So helping them organize their money was relatively simple. But for myself as a business owner, it was a different story!

So I needed to implement some different strategies for myself to help me smooth that cash flow so my money could go to work for me – and so my bills would be paid on time!

This was the birth of the Magnetic Money™️ System and it’s infused with principles that help you smooth your cash flow and create more wealth and financial stability as a business owner with irregular income.

In this episode, I’m going to share one of those principles of Magnetic Money™️, which is TRACKING.

But I’m NOT talking about tracking expenditure and micromanaging your money! (yuk….)
I’m simply talking about tracking 2 things – surplus and shortfall. Because they’re the only things you need to track to smooth your cash flow.

Let’s go back to talking about budgets for a moment.

They don’t work for entrepreneurs for a number of reasons. The main one being that we have irregular income. So what we need instead, is a mechanism to help us smooth that cash flow so we can achieve our financial goals AND meet our financial obligations.

That’s why as a business owner, you DO NOT NEED A BUDGET!
What you need is you need a MONEY PLAN and a SYSTEM to help you implement it.

And smoothing your cash flow is the key to making it work.

So this Magnetic Money™️ principle of tracking allows us to use surplus and shortfall to balance each other out and smooth our cash flow.

It only takes the simple 2 steps below!

But there’s a THIRD, very powerful step (that I’ll also share) which then ensures you use that surplus to achieve your financial goals so much faster.

I’d love to hear from you! Do you have irregular income and how do you try to manage it?

OK, here’s those steps:

NUMBER 1: Pay back shortfall FIRST!
Whenever you have surplus income, the very first thing is to check if you’re carrying any shortfall.
Were you unable to put enough tax money aside last time? Did you short-change your bills or business account? Leave your holiday fund short?

You need to make that up FIRST. That’s step one.

NUMBER 2: Track your shortfall!
You need to track any shortfall so when it comes time to pay it back, you know what you owe and where.
Just write it down. It’s that easy.

Okay. Now onto the very exciting third step, which will help you tick off those financial goals FAST.

NUMBER 3: \All remaining surplus goes to your No.1 priority
Once you’ve paid back any shortfall, all remaining surplus goes to your current Number 1 financial priority. In Magnetic Money™️, we call this your ‘Magic Number’.

This is how you use every dollar wisely and give every dollar a job to do (which is another principle of Magnetic Money™️ – just check out the episodes linked below to learn more).

By giving all remaining surplus the job of helping you achieve that number 1 priority, you create a laser focus effect. And that makes you more magnetic which means you’ll get to achieve that goal even faster!

And once you tick that goal off, you can move onto the next one. 😊

So it’s not a matter of tightening your belt and counting your pennies. It’s a matter of being focused and having a plan and system to implement it. 

What’s your current Number 1 financial priority? Is it clearing a debt… accumulating a buffer of living expenses to fall back on…  saving a deposit to buy a house? Be clear! It will make a huge difference and allow you to achieve it so much faster.

You can also check out the episodes linked below where you’ll learn more about how to effectively use your money to create more wealth and financial stability as a business owner with irregular income.

And if you’d love my help to get started, join my FREE ‘Organize & Tidy Your Banking’ workshop at www.miriamcastilla.com/freeworkshop

It’s punchy and super practical and will ensure you get the foundation pieces right – so the structure of your banking allows your money to flow more effectively.

Remember – abundance is an inside job, but there are practical things that really help it flow!

See you soon & have a beautiful day! 

Ready to go deeper?

 

 

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The Secret Code to Unlocking Your 6-Figure Income - PLAIN HEADER

Got irregular income? Here’s how to smooth that cashflow to help you manage your money better: https://youtu.be/Nz5HbemLE9k Click to Tweet

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