I recently finished reading this book, Secrets of the Millionaire Mind, by T. Harv Eker. What a book! He teaches that each of us has a “money blueprint” that has been formulated from our life experiences, encounters with money, and lessons learned from our upbringing. In identifying and understanding your blueprint, you will know why you react, respond, and manage money they way you do. Additionally, you will be able to develop strategies to combat the attitudes and beliefs that block you from manifesting abundance and wealth.

There were many a-ha’s that I experienced while reading this book.

One wealth principle that struck a cord was “the habit of managing your money is more important than the amount.” This represented the important need to manage what you have WELL first before you acquire more.

It occurred to me that as soloprofessionals and solopreneurs, our businesses will take on our personalities and characteristics. Thus, if you are a perpetual spender and struggle to manage money currently earned from your working income, chances are you will be unsuccessful in managing the finances of your business as you launch, grow, and sustain overtime.

One of the reasons small businesses fail is a lack of financial capital. The mismanagement or mishandling of money is definitely one contributing factor. Although the start up cost for most solo-businesses is small, it is important to minimize risk by taking an active role in understanding the financial picture of your business, and finetuning your spending choices. Yes YOU must be in the driver seat….afterall its YOUR business.

I am sure you would agree it’s a bit of trial and error, as a new business owner. And fortunately, tax deductible write-offs are a great benefit that offset the impact of expenditures or investment of funds that result in a loss.

However, the idea is to live, learn, and constantly work toward making smarter choices, understand why you spend the way you do, and save and invest more than spend. These are critical and very necessary aspects of business development and survival.

By the end of the book, I thought more about how I can ensure every dollar spent will serve a greater good, and produce maximum results and financial gain in my personal and business life.

What thoughts do you have?

YOUR ASSIGNMENT: Take a moment to think about your attitude toward money? To what extent has your inner belief about money hindered your business success? Take some time to journal and see what is revealed.

Secondly, track how you are spending money for at least one pay cycle (e.g. what you are spending and it’s cost). Are there some expenditures you can get rid of to save more? Are there too many frivolous expenditures that give you immediate satisfaction, but do not get you any closer to reaching your most important business and personal goals?

After identifying these “hidden” sources of money, think about how you can reallocate these funds for savings and reinvesting into your business. Focus on ways to ensure every dollar spent is stretched and utilized to its fullest.