The Year's Money Reflections....

I'm thoroughly enjoying this holiday season. I wasn't able to completely take the time off, but I've had a great time hanging with my daughters and family. I've also been able to sneak in some 'me' time.. which mostly involved me in jammies and socks in front of The Today Show, Ellen, Dr. Oz and Oprah...not so exciting, I know!

Currently, I'm sitting at my remote-office-coffee-house location with the boss of me (youngest daughter) reflecting on what financial advice I'd like to wrap 2010 up with ....I'll give a few quick tips: 

• No financial strategy is the end all be all - you have to do what's best for you and meets your goals

• Beating yourself up about your financial situation helps nothing. Learn from it and keep it moving!

• Have a plan. If you are in the same spot as last year - time for a new one. Get help.

• Read one personal finance article a day. Attend at least 3 seminars a year. (Try one per quarter) 

• Reward yourself as you accomplish each financial goal!

Alright, back to this almond bran muffin thingy... Happy New Year!

-Dorethia

www.connercoaching.com

2011: A New Year - Another Chance

Wow! 2010 is practically history... when you look back, how do you feel?  Did you accomplish what you planned to? Did you travel to a new place, reconnect with a family member or ... did you get your finances in order? 

When I say 'in order' - it's whatever that means to you. It could mean that you reached your goal of setting aside 15% into your retirement accounts or slowly weaned yourself off several credit cards.. maybe you've still got a couple to go? Maybe, just maybe, you have finally disciplined yourself enough to do a monthly budget and balance your checkbook. Believe it or not, there are many of you who have finally become DEBT FREE! (applause). 

"Not me Dorethia," you say, "I didn't accomplish ANY of my financial goals this year...things got a little hairy, unexpected changes" or "I simply couldn't stick to my plan." Say it with me... 'That's Okay!'

Wherever you are.... whether you are pleased with your progress or not... you get another chance. Forget making New Year's resolutions, let's just make it happen! Re-evaluate your money management habits and goals. Honestly address what you can improve on and pat yourself on the back for what you have accomplished. Each day we all get a do-over. The key though, is to 'do it over'! Do it differently, change what's not working. You don't want to end 2011 in the same place financially that you are in now. 

Oftentimes all we need is a strategy... which is what I offer at Conner Coaching - personal finance coaching for individuals, as well as, strategies for business owners. So, if you are spinning your wheels going it alone... let me help you get on the right track. 

Happy New Year!

Dorethia Conner

dorethia@connercoaching.com

Entrepreneurs: Keep Your Day Job!

So, you are tired of your job, it's not your dream, your passion. But your part-time business is and you are ready to step out on ______ (insert your word here) and call it quits on the 9-5, 11-7, etc! Please don't do it. I understand your frustration, I know what it's like to go to work everyday unfulfilled or simply tired of the daily grind, politics, etc. on the job.

 "but working takes away from the time to reaalllly focus on my business, my book, my invention, my______"...... Sorry, I still suggest you keep your job - but change your mindset.

Working is a trade-off. It allows you to live the lifestyle you live, pay your bills, go out to eat every now and then, take care of your kids, etc. It also allows you to pay for your dream! Trust me, you won't be able to focus at all when the mortgage is due and you can't make it because you decided to quit your job and follow your passion.

Instead of dreading going to work - put a smile on your face and think of the days coming when you will call the shots. Cheerfully respond when a co-worker or boss is unreasonably annoying...... all the while working on your plan....(evil laugh with music: tee hee hee)

Calculate how much money you need annually to live on and run the business successfully. Then begin a separate account to fund that amount. 

Author Lisa Nichols tells the story of how she downsized her home, her car, moved her and her son in with a friend to fund her dream. Each pay she wrote a check to herself and deposited it into a separate account. She says she tried to make each check bigger than the last even if it was only $5. At the end of 3 years she had saved enough to start her business full-time. Now, she is a breakthrough guru, her books and public speaking in great demand around the world.

How profitable is the business now?

Is your business generating enough income to cover the bills associated with it and allow some money for re-investing into marketing, growth, etc.? Are you adding to it from your personal funds each pay? There's nothing wrong with that, but at some point, the business should be able to fund itself. Initially, and in lean times, you will definitely have to add personal funds to keep it going. Develop a timeline as to when it should be profitable and you will be able to pay yourself even while running it part-time.

Below are some excellent resources for you to begin planning for the day you can say buh-bye to your day (or night) J.O.B!

Blog Posts:

Finish Your Business Plan In 3 Months!

Should You Be Out Of Debt Before Starting a Business?

Books:

Become Your Own Boss In 12 Months - Melinda Emerson

The E-Myth Revisited - Michael Gerber

Your Financial Coach, 

Dorethia Conner
dorethia@connercoaching.com
www.connercoaching.com