DON'T GET SUNBURNT
Are You Burned Out? I'm not talking about sunscreen (even though my dermatologist keeps reminding me about SPF 50!). Over the years, I have seen many clients get burned out with their money, freelancers or business owners. If you are an entrepreneur, prevent getting burned out before you get resentful that you have nothing to show for all the hard work you are putting in. If you are working for a corporation, there are lots of tips for you here too!
1) One of the reasons entrepreneurs get burned out is they do not pay themselves. They put everything back into their business. Even if their business is bringing in a good amount of revenue, they start to feel very resentful that they personally have very little to show for it. No matter how much (or little) you are making, start paying yourself right away.
2) Very few business owners that are small (average 10 employees) setup a retirement plan or make it a priority. However, many of them know they should and the fact that they are not doing it stresses them out tremendously. Put at least a few thousand dollars into a ROTH IRA in the beginning and as soon as your business is earning six figures, setup a SEP IRA.
3) Many of us get burned out because we have disorganized papers and finances. We write it off that it is not our forte and expertise. We may not have a bookkeeper because we are trying to save money. However, this can lead cash flow issues, not paying taxes on time - which are major stress inducers. Hire an assistant or professional organizer. You might think you can not afford it, but it will actually help you make more money because you can now focus on bringing in more business or asking for a raise at work!
A last tip I strongly suggest is to get help for your personal finances, whether it is through a professional organizer, coach or independent financial planner.