Assisted Living

You aren’t really free to start working on other financial goals until you know you are debt free.

TALLY UP YOUR INCOME

Do you really know how much you make? The tendency is to quote your HOURLY RATE — it sounds pretty impressive to say, “I make $60 an hour.” But after taxes and Social Security and any other items that are deducted from your check, what are you actually bringing home? And then consider all of the hours you put into running your business that aren’t BILLABLE — time spent marketing and handling administrative duties and driving back and attending professional meetings. That takes away from your overall hourly rate. Take a minute to really examine all of your sources of income and calculate an honest total — you can’t have a realistic budget without it!

WHAT’S THE VERDICT?

So, comparing income to expenses, how does it look? If you came out in the black, congratulations! How much do you have left over? Regardless of how small or large the amount is, start stashing it away – either as a CUSHION against potential rough times in the future, a RESERVE for large purchases you don’t want to have to finance.
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