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The Amy Porterfield Show

#451: Money Mindset Must-Haves For Every Entrepreneur With Anthony O'Neal

The Amy Porterfield Show

Amy Porterfield

Entrepreneurship, Business, Marketing

4.95K Ratings

🗓️ 14 April 2022

⏱️ 51 minutes

🧾️ Download transcript

Summary

Why your income potential has everything to do with your mindset Question for you, friend. When you first started your business, what made you most excited? Let me guess -- building something incredible, having the opportunity to help others and give back, and being your own boss topped the list. And while I’m sure making a ton of money was also on that list, I’d hedge a bet that creating budgets was not.  I can’t say I know too many online marketing entrepreneurs that get excited about the money management aspect of creating wealth -- because let’s be real, it can be intimidating and very tricky, especially when you have no idea where to start.  But here’s the thing. It’s incredibly important, and proper management of your money can make or break your business.  That’s why I’m so excited for you to listen to this episode, where I chat with Anthony O’Neal -- a number one national bestselling author, speaker, financial expert, and host of the popular YouTube series and The Table Podcast with Anthony O’Neal. What’s great about Anthony is that he’s able to explain things in a way that is super relatable and easy to understand for those of us (ahem, yours truly) that don’t particularly enjoy putting together budgets and spreadsheets.  In this episode, we answer those questions that most business owners have when they’re getting started, like:  How do you budget when your monthly income varies? How do you set revenue goals that are in alignment with your business goals?  When should you start paying yourself, and how much? What happens when you don’t meet your revenue goals?  Plus, Anthony shares how changing your mindset around money serves as the foundation for creating financial growth and freedom, plus simple tips on how to put it into practice. Here’s a glance at this episode... [06:30] Anthony knew nothing about finances and racked up tons of college debt. He decided that he needed to change his decisions in order to change his future. Dave Ramsey helped him change his mindset around money, and learn how to have a debt-free true ownership life. [11:00] If you’re first starting out in business, create vision of where you're going with your money that’s based on your last quarter. Your budget should be based off of the bare minimum that you'll be bringing in. [13:40] It’s important to have a budget for your personal life and a budget for your business life.  [21:10] You should not feel guilty for having money. It's a blessing to be blessed.  [27:03] If you want to meet your revenue goals, shift your money mindset. Go deeper into your ‘why.’ What are you actually trying to do? Does your ‘why’ make you cry (in a good way)? [36:51] Everyone eventually needs a financial advisor. As your income grows, your need for wisdom grows. Grow with someone who can properly advise you.  [42:41] The best piece of money advice that Anthony has received is that for every dollar brought in, give God ten cents. This is about being generous and a good steward of money. Click here to listen! Rate, Review, & Follow on Apple Podcasts "I love Amy and Online Marketing Made Easy." <-- If that sounds like you, please consider rating and reviewing my show! This helps me support more people -- just like you -- move toward the online life and business that they desire. Click here, scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. I’m adding a bunch of bonus episodes to the feed and, if you’re not following, there’s a good chance you’ll miss out. Follow now!

Transcript

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0:00.0

You never want to budget off of your best month.

0:02.8

You want to budget off of the average of your month.

0:05.7

And then it's simple.

0:07.0

You know, once you go from there, budget,

0:08.8

your things that you have to have for the desk.

0:11.2

Payroll, for the desk, you know, your rent,

0:13.8

whatever that is.

0:14.8

You know what you need to list on the budget.

0:17.1

But here's the thing.

0:18.0

You don't want to skip over anything within that budget, Amy.

0:21.5

Oftentimes, people what they'll do is they'll put their rent,

0:24.8

they'll put their insurance payment, you know,

0:26.7

for their building or something there, for the car,

0:28.4

the company car or something like that.

0:29.8

But they won't put, okay, here's the bill

0:32.1

for this particular software that I use, you know, for my business.

0:35.8

No, you need to list all of your income that you know,

0:38.1

for sure you're going to have coming in.

0:40.0

You'll list all of your expenses for your business.

0:43.6

All of them, you guys.

0:44.7

And I'm going to say this one more time.

0:46.2

Every single one, if you're using an app, that's $2.

...

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