 All right, what's up guys now before we dig into today's topic If you're brand new to our channel if you have been watching a couple of videos make sure hit that subscribe button This way we can grow our channel I can get this message in front of more coaches and I do believe today's video is gonna help a lot of people in the future Whether you are a personal trainer coach business owner Even if you run any type of business, it doesn't matter to me And this is something I wish I wish I would have made this video about a year ago I think this would have helped a lot of people and After the coronavirus hit like I've been bombarded with questions with A lot of people who are scarcity-minded You know and it's been kind of sad it's been sad to see you know a lot of distance owners were not prepared for something like this financially and Today I'm gonna be talking about a couple of things that are going to help you out with your business whether something like that this happens again or if things go back to normal and These are I think are just very fundamental Lessons about money within your business and before I dig in I'm just gonna make this really clear I'm not a financial advisor. I'm not a financial guru I'm talking from experience and I'm also talking from a massive sample size of Coaches that I've been able to help over the last now five years Right. So this isn't just me making up information talking from real-world experience and whether you are a You know successful business owner. We're making a lot of money Or you're just starting out this video is going to apply to you. Okay? Now let me talk about the first thing first which is Before coronavirus There's a lot of companies Within sports or within personal training. There's a lot of gyms That we're just absolutely crushing it. Everybody was doing great and the majority of people what they do though is When their business Gets better They start spending more money right Their lifestyle tries to go up with the amount of money they make rather than saving or investing and One of the principles I've learned and I've learned this way more since I've been married is When you Start to elevate your business Right. That means you can do one of two different things You can try to be like one of these big ballers on Instagram and and Flex on people and pose that you have a lot of money and be posing You know these this brand new car or all of these vacations or all of the stuff or You can be smart with your money and be frugal Right one thing that you'll never see me do like you're not going to see me Rolling around in the car. I drive it. I'm not going to be taking photos of that You don't need to know what kind of car I drive Right now I'm going to see me posing In Greece by the blue water Right Don't need to do that But one of the things that people do is once they start making more money they're like, oh, well, I'm just going to spend more now and It's a hamster wheel That people cannot get off of for some reason and so here's what I want you to do very simple exercise is We need to understand What is your budget Right What is your budget? How much money to the dollar and cent amount are you spending per month? Are you wasting it? Are you going out and buying drinks every weekend? It's been in four or five hundred dollars a month on drinks Right, which a lot of people do Are you paying for stuff that that you know that you don't even need most of us do and What I've seen and I've seen this I've noticed this like like a Like a hawk in the sky as I've been watching Coaches who are really successful Ultimately are good with managing money When money comes in they have systems They're not just like closing a sale and then going to spend money on a car All right, so this comes down to you you have to be smart with what you do Sure, you could go blow it off, but guess what when the next virus sets Are you're gonna go back to being broke again? Which a lot of people are All right, I talked I talked with someone a couple days ago their business was doing thirty thousand dollars a month And he was probably spending 10 to 15 thousand dollars a month on bull crap Right, and I can guarantee you before he started his business. He wasn't spending Nearly that amount on anything But because his business was doing better as he was making more money. He was spending more money and That's the thing There's there's so much misinformation out there Online you see people posing by jets you see people posing by cars if I want to right now I can call up a company that will go I can go rent an hour photo shoot by it by a Lamborghini or by a jet Right a lot of people do that and then a lot of people go up who go buy that stuff Don't even really have the money for it because they want to impress others and that's the thing With your business. Do you want to impress other people or do you want to? Accelerate the results with the clients that you're working with and make more money and save more money All right, and so that puts you in one or two different categories You can either be the guy who's who's flexing on everyone Who's wasting a bunch of money? And it doesn't matter you can make a hundred thousand dollars a month if you're spending 90,000 dollars a month you're broke and you wouldn't even be able to do that legally because you have to pay taxes right So you're either going to be spending all the money that you make or you're going to be saving slash investing and I'm not going to give you like Investment strategies or ideas. I'm not going to do that But what I will say is what you do with your money is going to determine how financially secure you are like and a good question ask yourself if you today Saw zero income Come into your business for the next six months Would you be able to survive? Like would you be able to eat dinner? That's assuming zero income comes in for the next six months Yes or no Most people would say no because they're late like they're Spending money like paycheck to paycheck as they make more money more money goes out All right now Here's here's what I'm trying to tell you is the vast majority of business owners do that The vast majority of coaches who've emailed me over the last couple weeks. They do that and When you just take a step back and you see what's happened over the last Month or so even you look at huge companies that are going under right now Right they have a lot more pressure than someone who just has a small business like if you even if you have a small business of like Five coaches that work for you or five people that work for you or you're just like doing your own business by yourself You have way less pressure But that should mean That you're a lot more nimble with how you can move and what you can do with your money and there's less responsibility To provide for other people that are working for you, right? So That that's where we have to take a step back and analyze You know, what's your financial goal? How much money do you want to save per year? How much money do you want to invest per year? Like the only way you can do that obviously is by generating income but being smart with what you do with it, right? And here's the thing no one likes to talk about money for some reason, right? I'm comfortable talking about money here on YouTube Because a lot of coaches that we've helped have generated a lot of income I've pretty good track record of that And I've also made a lot of mistakes with that. So I mean, I know I'm not perfect. I'm probably 1% To where I want to be To where I want to be as far as the the amount of wisdom that I want to have about you know Money and how that works and how to expand it how to multiply it like so I'm not saying that I'm perfect because I'm not But what I will say is when you take a step back and you analyze and you look all right The coronavirus happened If you just go look back at your bank statements and you'll see all of the money you've been wasting and Then that should hit you in the face and make you realize crap Why did I do that? And then if that doesn't teach you a lesson going into the rest of the year to stop spending money on stuff like that Then you're just going to repeat that that cycle which I know so many people are going to run into They're going to go back to their old spending habits And then they're not going to to really treat it like a business and that's that's the other thing Most business owners don't treat it like a business. They treat it like it's a it's a money generating system and then I Use that so I can spend money That's not how you should approach your business and the reason why I'm going in the depth here about this is because this virus All right, I'm gonna just call it. You know this particular time Has devastated a lot of businesses and it's forcing a lot of people who Did not have money allocated to shut down their business Which means those who were who were a little bit smarter with their finances are going to be able to swallow up all of the clients when Things do go back to normal and then when things happen again Which I believe they will I think there's gonna be something else like this is gonna happen Of course, it's gonna happen again within the next 10 years might happen again within the next next year Are you gonna be ready for that? So like are you just gonna go back to your old spending habits? or Are you gonna start like? Analyzing understanding, you know, what's my budget? How much money can I be spending per month? How much money should I be generated like and know that to the dollar and cent amount? And if you're not tracking that Then when something like this happens again, you're done All right, and I know this isn't this isn't a message. Most of you want to hear Because you're thinking right now. Well, I need to find a way to make money right now, right? And I know for me I Know for a lot of the clients. I'm helping right now, right? Like I'm hopping on a bunch of phone calls later today like the best way to Not only survive during this time, but thrive is gonna be through virtual training It's gonna be through online mentoring. It's gonna be through creating alternative ideas Where you don't rely on in-person training and this is why? All right, and I've said this like a couple of years ago on YouTube So this isn't just like this time right now, but this is why if you are Setting those things up now in the future when something like this happens again. It's it shouldn't affect your finances At all There's a couple of people that I'm helping right now that we're absolutely crushing it before this happened and They are crushing it even more now Since this happened because they were set up online and Because they took the time a year or two years ago six months ago So this thing didn't even face them it actually helped them grow their business. It's how it's been for me I've been able to grow my business over the last month Right instead of staying stagnant or dropping okay With that being said take a look at yourself in the mirror go look at your your bank statements Go go see what you're spending money on and go see how wasteful you are and when you do that All right, it should be a slap in the face and hopefully that wakes you up It makes you realize all right, you know, yes, I was making more money, but I was also spending more money so I need to cut that out and I need to allocate this So I'm better organized. So when something like this does happen again I don't have to shut my business down. All right, and the cool thing about that is like You don't have to be a genius to do that. You just have to literally go log into your banking system and go look like the proof is on the paper that's not gonna lie like those are transactions you have made you have chosen and I hope this helps out and I'll tell you if I know and I created this video really because I've got a lot of emails and I'm gonna send everyone to this video because I know if if we Come into this spot again where there's another virus. There's another economic Disaster that people are talking about Which really isn't true unless you believe that like if you are resourceful. This is this is an opportunity right But like whenever something like this happens again, I'm gonna send send you here Because it's a reality check with what you do with your money and I've seen too many people over the last four and a half five years who Start making a lot of money and they start spending all of it and they they want to increase their lifestyle To either impress others or impress themselves Whatever it is and I'm all for you you can do whatever you want because it is your money But if you're not prepared for something like this, then you're out of a business So all that money you made is worthless All right So that's all I got to say today Hopefully this video helps you I would say go through the exercise I talked about today go look at your bank statements Look yourself in the mirror like and then go right out of budget Be like this is how much I'm spending on My mortgage this is how much I'm spending on my apartment. This is how much I'm spending on food This is how much I'm spending on gas. Here's how much I'm gonna spend on entertainment. Whatever it is Here's how much I'm gonna spend on my business Right, and that's the other thing too a Lot of people don't like to invest into their business They like to just go and buy things that fill up their life All right, and I think I'm gonna create a whole another video about that About why you should increase the amount of money you're spending on your business So you can fast-track what you do All right, that's it guys If you have any questions for me If you want to be one of those coaches who goes online and you're really prepped and you want that to be an alternative income stream Shoot me a text at 210 9605 771 send that to me today. I'll get back to you today And I can't wait to chat with you. See you later