No Coin Left Behind

The Financial Wellness Roadmap is available NOW at https://www.askgaylerice.com/roadmap

In this Episode, I explain why creating a written plan for your money needs to be the first step on your journey to Financial Wellness.

3 Reasons Why You May Be Failing At Budgeting:

1. You avoid it.
   1. Budgeting isn’t sexy.
   2. It feels to restricting.
   3. You’re triggered by it.
2. You try to set it and forget it.
   1. You don’t account for the unique things that come with each month.
   2. You don’t reconcile your spending to your plan.
3. It just isn’t adding up.
   1. You started with the wrong numbers all together.
   2. You many actually need to look at cutting or shifting some expenses- and I recommend working with a coach to do this!

CONNECT WITH GAYLE

• Instagram https://www.instagram.com/askgaylerice/
• Facebook https://www.facebook.com/askgaylerice/

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Limitless Possibilities Coach, Rhonda J. Williams, joins us to share her 5 KEYS TO LIMITLESS POSSIBILITIES, the importance of Getting Clear, and how her keys helped her to weather the storm of the leaving a stable Government job for her own Real Estate business only to be met with the Great Recession and housing market crash of 2008.

RHONDA’S 5 KEYS:

Getting CLEAR on what you want.

Getting FREE of limiting beliefs.

Getting BEYOND your past.

Getting RESILIENT

TIMING matters

CONNECT WITH RHONDA

• Instagram https://www.instagram.com/rhondaonamission/
• Website https://www.exodusfinancialed.com/

CONNECT WITH GAYLE

• Instagram https://www.instagram.com/askgaylerice/
• Facebook https://www.facebook.com/askgaylerice/

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I’m Married To A Job Creator

In this Episode, I introduce my husband, BJ Rice.  He’s a Composer, the Founder of Southern Music Academy in Atlanta, Georgia, and a student of Pan-African History.  I mentioned early in the episode that we should do a separate episode about managing money as a couple *SPOILER ALERT* we didn’t… so you get an hour long episode this week!

When I met him in college, BJ was a freshman Engineering student.  In our sophomore year, he changed his major to interdisciplinary studies in Organizational Management and Music Composition.  This episode tells the story of him graduating into a pretty cushy retail management job, quitting because he wasn’t fulfilled, the uphill 1000 mile journey to fully establishing his own company, and the money (and marriage) lessons we both learned along the way.

Our Tips On Managing Money As An Entrepreneur:

Understand how much it takes to run your household and the minimum you need to earn each month.

Gain an understanding of what you need to reinvest in your business every month. All revenue doesn’t equal income.  Create your lifestyle accordingly.

Calculate an average monthly income after a year of operating your business.

Create a “Flex” account, separate from your emergency savings, to funnel additional funds from months where you make more than the average to help compensate for the months where your income is lower than average. This helps if you get anxious about touching your true savings.

Set up a reserve so that this month’s REVENUE can generate next month’s INCOME.

Understand self-employment taxes, how to minimize tax liability, AND how tax write offs could potentially impact what Loan Amount you could qualify for when applying for a mortgage.

CONNECT WITH BJ RICE

• Instagram https://www.instagram.com/bjrice_music/
• Facebook https://www.facebook.com/BJRiceMusic

CONNECT WITH GAYLE

• Instagram https://www.instagram.com/askgaylerice/
• Facebook https://www.facebook.com/askgaylerice/

MENTIONED IN THIS EPISODE:

• How banks look at self-employed income when qualifying for a mortgage: https://mymortgageinsider.com/calculating-self-employed-income-for-mortgage/#:~:text=Two%2DYear%20Self%2DEmployed%20Average,dividing%20by%2024%20(months).

• Southern Music Academy:
  • Website https://www.southernmusicacademy.com/
  • Instagram https://www.instagram.com/southern_music_academy/
  • Facebook https://www.facebook.com/SouthernMusicAcademy/

• Music for Creators Podcast Theme Music

• Capoeira https://www.instagram.com/eclipsecapoeiraatlanta/