 Hey, what's up coach? Welcome back to my channel. Today we're going to be talking about how to stay financially organized. I'm going to show you five tips that have helped me a lot. These are things I have talked to numerous coaches about over the last five, six years, and I hope this helps you out and let's get straight into it. So number one is knowing every single dollar that's flowing in your bank account and flowing out of your bank account. Now I talked about this on a recent video about looking at your bank statement and one of the biggest problems that I see with coaches is they have like five different ways they get paid. So they get paid like Venmo, Cash App, Cash, Check, PayPal, and the money is just scattered all over the place and it's impossible to track right? It takes too long to track. There's there's probably hundreds or possibly even thousands of dollars that are lost per month because there's no tracking. And when you track everything, right, you stay on top of your finances. And this is why I recommend just having one payment system. It makes your life easier. And it also makes everything easier later down the road when you do your taxes, right? So knowing every single dollar that comes in and out, right? And this comes down to cutting unnecessary expenses. So there's so much stuff that you're probably doing right now every single month that you're unaware of just because you're on auto draft with certain software or certain subscriptions that you have. If you got rid of those, a lot of those, alright, things that don't bring value to your business, then you're automatically gonna make more money every single month. Alright, so it's the matter of looking at your bank account and looking at it daily. Alright, so you can see what's actually happening. Alright, and again, knowing every single dollar that comes in and comes out. If you're on top of that, you automatically make more money. And I'm serious because you'll start to realize like, wow, why am I paying for this? I don't need this. Or I should invest into this. So this way, you know how to allocate your money. That is a big problem. That's number one. Alright, number two is having a slim overhead. Now, what I mean by this, it is the amount of money that you're spending on your business per month is very small compared to what is actually coming in every single month, right? Otherwise, the profit margin is tiny. And I talk to coaches all the time that that run out space that either have a facility or they have this like monthly payment or they're paying hourly for the space that they're running. And when I look at the numbers, when I draw it out on zoom, I'm looking at the numbers, I'm saying, okay, well, here's how much money you're making per hour. How is that going to be sustainable over the next year or the next two years? And this is why I always look at numbers very closely. And if you're not looking at the numbers when you're paying for rent, or you have a facility or anything like that, that's going to hurt you a lot. Alright, it's going to hurt you so much. So again, you can stay on top of your finances with your business when you understand all of the numbers that are happening in your business daily. And this is why if you're doing anything rent related with your business, you should always be doing group training. I've talked to way too many coaches now that are doing private one-on-one training and they're spending X amount on rent every single session. I spoke with a guy the other day. And after our call, like if he executes what we talked about, he's probably going to save around $2,000 per month on rent by making a couple of tweaks. That's like $24,000 worth of income that he's going to save over the next year. That's huge. And he could deploy that into all sorts of other things that can help him grow his business, or he could just save all that money. So again, keeping your overhead slim, knowing all the numbers is so key. And if that's something you need help with, reach out to me. Next is this is a very simple thing that a lot of people don't do now, but it's stop trying to live like a big baller on the internet. I think you'd be surprised if you go on Instagram and you look to see how coaches are living and you just go look at their pages. You look at some of the cars that they're buying, some of the things that they do throughout the month, some of the vacations that they're going on. I'm all for living life and enjoying your life. But a lot of coaches now, they want to have this like high status on the internet. And the way they do that is by spending money on things that they don't really need. And they think that's going to help them at the end of the day make more money. And I'm a big believer in living below your means. And that means like, you don't need to be a big baller, right? Don't need to be a big baller on the internet. And I think you'd be surprised with how much money you could invest into other types of things outside of your business, if you didn't live that way. So if you are trying to impress everybody on the internet, like, go for it, but that's that's going to lead you to become broke. And I see too many people, they fall into that they could have great months of business. And they're they're overspending their as their business gets better, they start spending more money on their personal life. And that's not how you grow a successful business. You grow a successful business by being smart with your money, right? And not trying to impress people on the internet. So that's a personal decision you get to make. I made that decision a long time ago. I don't care about what anyone thinks about me on the internet. It that has zero impact on my personal life. And I just don't care. So I don't think you should carry it. Alright, next, this is a tactical thing. As far as staying on top of your finances with your business, but it's simplify your business and start selling upfront contracts. Alright, so I have this example here. It's it's a $2,000 and $3,000 contracts. Now, if you have a $2,000 contract that parents sign and they pay you upfront for $2,000, which it's so possible, like if you follow what we do on Instagram, you see every single day, we post stuff like that with coaches that we work with on a daily basis. And if you just sell one unit per week at $2,000, you're going to make $100,000 per year. That is a very simple way of looking at your business. You cannot do that if you're selling sessions, though, if you're selling one off sessions, it's impossible to do what I'm talking about. This is why it requires making a change in your business. And when you do that, financially, your business is more stable. Alright, and it's easier to predict how much income is coming in when you look at it that way. Alright, lastly, alright, you want to hire a CPA who can help you understand money and understand taxes. It's going to cost you so much more money in the long term if you try to do that yourself. So hiring an expert is going to save you time, save you a lot of money. And your business will end up at the end of the day, generate more income that you can save and invest if you have someone on your team who can look at the money and give you proper advice. That is one thing I wish at the beginning of my business I had someone I wish I had someone who's better at that than I did. And that was my fault. Now we have someone who's great, who helps us a lot with that sort of decision making. And that saves me a lot of time. And it's great for my wife and our family. So I hope that helps you and look at those five things. And again, I'll just do a quick recap. Knowing every single dollar that's coming in and out, keeping a slim overhead to look at your profit margin, understand what that actually means in your business and understand all the dollars that are being spent on rent, being spent on equipment, all of that stuff. Third, don't live like a big ball on the internet. You don't have to. Fourth is simplify your business with upfront contracts. Lastly, hire a CPA, someone who can help you manage the money in your business. If you do those five things, your business will automatically do better. And I will tell you right now, even if you didn't add any new clients between today and a year from now, if you do these five things, you'll make a lot more money. Period. That's it for today's video. I hope this video helps. Hit that subscribe button right below. If you want to chat with me, you'll find my phone number in the description, shoot me a text message whenever you want, and I'd be here to help you. That's it. See you later.