If you're a woman in business you need to know what your money speedometer is set at. For example, are you stuck at a certain income level and don't know why? Usually it's because of stuck places within our emotional relationship with money we're completely unaware of. Bob Burg, author of The Go Giver says: “Our relationship with money is like an iceburg: only the very tip is in plain sight.” How do you find out what's under the surface of your money obstacles? One way is by figuring out where your $$ speedometer is set and re-setting it. Here's how to do so:
First: Where's Your Money Speedometer Currently Set:* Most self-employed women's monthly income is up and down so take the 5 highest grossing months over the last 12 months and add them together and then divide by 5.
For Example: Feb 2,000 March 2,200 July 5,000 Sept 3,500 Dec 1,200 = TOTAL 13, 900 divided by 5 = 2,780
This woman’s Speedometer is set on: $2,780 That means when she starts earning more than this a month she probably gets uncomfortable. That's ok, but she needs to understand why (This is where Money Coaching's 4 step system pulls back the covers and connects the dots between childhood messages and current adult money behavior - http://coachingmodesto.squarespace.com/money-coaching/)
Re-set your current money speedometer by creating a BOLD Financial Goal for 2012. This number needs to be uncomfortable enough that it makes you STRETCH, yet not so distant that it seems unreachable.
For example my BOLD goal for 2012 is $84,000 gross sales. That’s not a number I pulled out of the air, but by looking at what I earned last year, and planning activities I would need to do to earn $50,000 net income minus estimated expenses.
Write your Bold Goal _________. Then create a plan of action steps and strategies for how you’ll reach your Bold Goal by working backwards. I’ll show you how to do that in an upcoming blog. By taking ahold of our money goals and knowing how to chart our financial future we create financial peace.
(* adapted from Kendall Summerhawks Money Speedometer work)