Don’t Allow Your Finances To Become A “Junk Drawer”
Opening the kitchen “junk drawer” trying to find a pair of scissors can be frustrating. Many kitchen “junk drawers” are filled with things that are for one-day-when-I-need-this or items that don’t really have a specific home. We throw them into the “junk drawer”, close the drawer and hide the disorganization behind the drawer knob.
Many times, our finances behave the same way. We sometimes keep our receipts & sometimes we lose them. If we keep the receipts, they start to pile up on the desk. When you need it again, the ink has faded away with time. Sometimes it’s so bad that you can’t find a folder you stuck somewhere when quickly cleaning your office. Disorganization can be so frustrating but it really doesn’t have to be. Building financial wealth takes discipline and organization. So before the year gets too far ahead of you, set aside time to organize your financials.
How To Keep Your Money Organized
- Designate a place for your financial “stuff”. This is everything you will need to access when buying or selling a property, and/or purchasing a business. Make sure the area is decluttered and you can easily access the financial information easily.
- Create a filing system. Don’t keep everything in a pile. Rather, put it into a designated folder in a filing system as soon as you get to your office. Remember, the goal is to get your fingers on it easily and quickly when you need it. By keeping your money organized, you’ll have an advantage over other investors.
- Create a system for storing invoices, receipts and deductible items for taxes. This can get a digital location too. Just remember that if you are doing it digitally, keep all your documents scanned and stored in the digital folder. If using paper folders, print the important documents and store them in the specific drawer in your office. Keeping your money organized makes it less stressful during tax season.
- Track the cash flow of each investment. Once you have all your systems in place, begin monitoring the income and expenses associated with each investment. This will give you the financial knowledge you need to know that your money is working for you. Investors focus on cash flow.
Although staying organized may not feel like you’re building your empire, it is a crucial piece of staying in control of your money. If you are not a person who stays organized, I encourage you to seek out a professional tax accountant or bookkeeping service to help you. Staying organized with your money will keep you in CONTROL of your decision-making and allow you to take advantage of key opportunities whenever they arise. So, focus on whatever “junk drawer” you have been promising to tackle and get it done this summer.
Because we all sometimes struggle with procrastination, clients at the Wealth Attraction Academy see success faster than doing it alone. That’s because a coach is actively holding you accountable and keeping you focused on your goals. If you’re ready to attract wealth into your life FASTER, now is the time to take the next step with 1-on-1 coaching.