EPISODE 241

EP 241: The Money Stuff With Mel Abraham [Part 2]

October 29, 2021 Bobby Klinck
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Today is the second half of my conversation about the money stuff with Mel Abraham. Last week we talked about how to think about money in your business and the major health crisis Mel faced.

This week we’re looking at how to set up systems outside your business so that you don’t have to worry about building a business that you can sell. 

What You'll Learn in Today's Episode

  • Why money problems are a symptom, not the cause
  • Why your business needs to be cash flow positive 
  • Why short-term and long-term goals look different
  • How much should you be taking out of your business once you are making money
    • Have an emergency fund of 3-6 months (especially if you have a team)
    • 50% of profits to be used for your lifestyle
    • 50% to build your money machine
  • Why it’s difficult to sell a personal brand business and why you have to build it to sell
  • How to think about debt and cash flow
  • What a sinking fund is and how it can help you in your business
  • How pre-selling events can cause problems in your business
  • What a drip account is and how to manage it
  • Why you need to know your numbers
  • Why you’ve got to set aside money for taxes
  • Why the money stuff is based on a few simple principles and isn’t as complicated as many people think

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