As an entrepreneur myself, I understand how your head can be going in a million directions at times. Thinking about that new program you are creating, how to best help that client who stays on your mind, making sure all your marketing/funnels/links/ autoresponders are working properly — not to mention running your household and taking great care of your kids, and spending quality time with your husband.

Financial Planning and Investing is probably something you know you need to start doing or get some help with. Here are 3 things you need to know to help you get started.

1. Life Insurance 

I know this isn’t very glamorous and even the sound of those words puts an immediate glaze over your eyes. There are so many different policies out there, it can be so confusing and frustrating! (Serously I know, getting my life insurance license was not fun! Haha)

I will make this super simple for you. In most cases, just get term life insurance, not whole life/ universal life, none of that- – just Term Life Insurance. It costs less AND the money you save will be better invested in a retirement accounts or mutual funds. There are some situations where you may want a different type of policy, but generally this is the way to go.

How much insurance do you need? God forbid you were to die prematurely, like tomorrow – You would want your policy to cover all your debts (especially your mortgage) and provide for your funeral costs and for your family to continue living in the lifestyle you are accustomed to. This number will be different for each family and will probably be a lot higher than you first think. Good news is term insurance is not that expensive and after your first payment, you have created an immediate estate that is tax free to your beneficiaries! Think of the peace of mind you will have knowing that your family would be well taken care of in the event of a tragic loss.

2. A Will or Trust

Along those lines, if you have children, YOU NEED A WILL OR TRUST!  Trusts are more complicated to set up, and you will want to do that eventually — but in the meantime if you don’t have anything, set up a simple will so you can designate who will take care of your children. I know it’s awful to think a out these things, and hopefully you and your spouse will live to a ripe old age together – but tragedies do happen and if you and your spouse died without a will, the state would decide who will take care of your children!

3. Budgeting

I know this seems pretty simple, and yet it can be neglected, especially when your income is inconsistent. You need to create a budget frequently, at least monthly. Excel has a number of free budgeting templates you can use that are very user-friendly and super simple. Take your income and distribute every penny where it need a to go. Want to go to the spa for the weekend? Put it in your budget and allocate how much you want to spend! Need to pay down some debt? Make a plan and do it!

Trust me, when you actually do this you will see how powerful it is! You need to take command and ownership of your money, and we do this through our budget. Of course each month will never go exactly as planned, so you go back to your budget and adjust accordingly. You can also build in space for your “miracle money” to come in — that money you are working to bring in but hasn’t arrived yet. Put that in there and where that is going – if you are staying connected to the vine and aligned with God’s plan for you — you wan watch it come in and CELEBRATE!

If you want further information, please don’t hesitate to reach out to me. I offer free consultations and free financial needs analyses to help you get on the optimal track to building wealth for the soul!

1 Comment

  1. Chantel L. Aquart

    Excellent, concise and powerful information! Thanks Danielle

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