Listen to the audio & complete your homework below!
A huge part of the reason we hope you’ve enrolled in the small business plan building workshop is to be able to live a better life. Part of that includes improving your material comforts and being able to provide a better life for your family. Please do NOT make the mistake of showing-up with a plan to live the same life you are currently living, unless you are happy with all the material things in your life. Instead please invest some time to:
A. Figure out how much it cost to live the way you are currently living; and
B. Figure out how you want to be living 24 months from now (what house, what car, what school, what kind of vacations, etc).: and then
C. Figure out how much it will cost to live the way you want to be living.
Sample personal household budget to help you plan this out…
HOME
- Mortgage/Rent
- Utilities
- Telephone/Cell
- Domestic Services
- Maintenance
- Groceries
- Other
TRANSPORTATION
- Car 1 Payment/Lease
- Car 2 payment/Lease
- Car 3 Payment/Lease
- Car 4 Payment/Lease
- Car Maintenance
- Other (ex: train, tolls, etc.)
ENTERTAINMENT
- Restaurants
- Theater/Sporting events/etc.
- Hobbies
- Social Clubs
- Dues/Subscriptions
- Toys (ex: boat, motorcycle, etc.)
EDUCATION
- Adult personal development
- Child 1 529 plan/current tuition
- Child 2 529 plan/current tuition
- Child 3 529 plan/current tuition
- Child 4 529 plan/current tuition
- Other
Note: Professional education will be a business expense
INSURANCE
- Health
- Life
- Disability
- Auto
- Home
- Boat
- Other
DEBT SERVICE
- Credit Card 1
- Credit Card 2
- Credit Card 3
- Student Loans
- Personal lines of credit
- Alimony
- Child support
- Other
SAVINGS/RETIREMENT
- Account 1
- Account 2
- Account 3
- Other
PHILANTHROPIC
- Philanthropy 1
- Philanthropy 2
- Philanthropy 3
- Other
