We collect cookies to analyze our website traffic and performance; we never collect any personal data. Cookie Policy
Accept
The Tycoon Herald
  • Trending
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Money
    • Crypto / NFT
  • Innovation
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion
    • Leadership
  • Health
  • Sports
  • Entertainment
Reading: 4 Money Tips You Need To Know When Your Business Income Takes Off
Sign In
The Tycoon HeraldThe Tycoon Herald
Font ResizerAa
Search
  • Trending
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Money
    • Crypto / NFT
  • Innovation
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion
    • Leadership
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© Tycoon Herald. All Rights Reserved.
4 Money Tips You Need To Know When Your Business Income Takes Off
The Tycoon Herald > Leadership > 4 Money Tips You Need To Know When Your Business Income Takes Off
Leadership

4 Money Tips You Need To Know When Your Business Income Takes Off

Tycoon Herald
By Tycoon Herald 5 Min Read
Share
SHARE

Difficult Roads Lead To Beautiful Destinations

Hello I’m Nik

What would you do if you went from making $60,000 per year to $500,000 per year or more, over the course of 12 to 24 months?

Logically, you’re thinking that you’ll pay off debt, save some of it. You know, “responsible” things.

Realistically, spending tends to almost immediately jump up to meet the new money supply, and after several months or a year (or more) of higher income you may look around and why your savings aren’t overflowing with extra cash. If you’re scratching your head right now wondering where your money is going, because you know you should have more of it to show for all your hard work, these next steps are for you.

First, let go of any guilt or shame around your money habits. It is incredibly common for people who were struggling to afford health insurance for their family just a year ago, or making just enough to cover the needs and afford a few wants here and there, to feel guilt and shame about not handling a large influx of money “the right way.” There is no need for guilt and shame, this is part of your learning journey. The faster you let those feelings go and take an objective look at your finances, the faster you’ll move to acceptance, excitement, and financial stability.

Second, take stock of what you’re earning and what you’re spending. If you get a paystub, print off the last several. If you take owner’s draws, print out the last several months of income into your business. Then, do the same for your spending. Look at your last few bank statements and credit card statements. Write it all down so you can see the incoming money and outgoing money side by side. Don’t make any judgements about whether you “should” be spending money on anything in particular, just take note of what’s coming in and what’s going out.

Third, list out your desires. Those desires might include paying off debt (credit cards, student loan debt, high interest rate loans, etc.), building up retirement savings, planning a special vacation, saving for college for your kids, or all of the above! Knowing what you are earning money for helps you channel your money into the right places. When spending is a free-for-all, it can feel like you’ve spent a ton of money and you have little to show for it, because you didn’t actually get what you truly desired. Working towards a defined goal makes saving money, and eventually spending money, much more satisfying.

MORE FOR YOU

Fourth, enlist the help of both a professional wealth advisor and an accountant. When you’re an entrepreneur making multiple six-figures or more, especially if you’re in the first few years of managing that much income, you will save yourself a lot of time, money, frustration, and lost opportunity if you hire the right financial team to guide you as early as possible. You should be talking to people versed in small business tax and accounting needs, coming from both the wealth advisory and accounting sides.

It can feel like a dream come true when your hard work finally starts paying off, literally! Make sure you’re allowing yourself to fully enjoy the fruits of your labor and optimizing that income to grow both your business and your personal wealth at the same time.


Hannah Chapman is a Certified Financial Planner (CFP) and wealth advisor based in Cincinnati, OH providing financial planning and investment management for entrepreneurs and business owners from coast to coast. Sign up for her weekly newsletter for even more content on wealth building and entrepreneurship!

You Might Also Like

Leadership Coaching for the Actual World

The Excessive Highway and the Low Highway of Evaluation

Leadership Coaching for the Actual World

Leadership Coaching for the Actual World

Leadership Coaching for the Actual World

TAGGED:LeadershipThe Forbes Journal
Share This Article
Facebook Twitter Email Copy Link Print
Ladies’s World Cup to develop to 48 groups after FIFA agrees transfer from 2031 match
Sports

Ladies’s World Cup to develop to 48 groups after FIFA agrees transfer from 2031 match

The Ladies's World Cup will probably be expanded from 32 to 48 groups in time for the 2035 match in the UK.The choice was taken throughout a digital FIFA Council…

By Tycoon Herald 3 Min Read
Trump Proves Doubters Fallacious Once more With Large Commerce Deal
May 9, 2025
Donald Trump indicators openness to slicing China tariffs forward of Geneva talks
May 9, 2025
Pope Leo’s stance on key points, from local weather change to LGBTQ+ rights to U.S. politics
May 9, 2025
Controversial L.A. Graffiti Home Previously Owned by Chris Brown Again on Market
May 9, 2025

You Might Also Like

Leadership Coaching for the Actual World
Leadership

Leadership Coaching for the Actual World

By Tycoon Herald 9 Min Read
Leadership Coaching for the Actual World
Leadership

Leadership Coaching for the Actual World

By Tycoon Herald 3 Min Read
Leadership Coaching for the Actual World
Leadership

Leadership Coaching for the Actual World

By Tycoon Herald 4 Min Read

More Popular from Tycoon Herald

MEET THE FATHER OF COADUNATE ECONOMIC MODEL
BusinessTrending

MEET THE FATHER OF COADUNATE ECONOMIC MODEL

By Tycoon Herald 2 Min Read
Woman Sentenced to 7 Days in Jail for Walking in Yellowstone’s Thermal Area

Woman Sentenced to 7 Days in Jail for Walking in Yellowstone’s Thermal Area

By Tycoon Herald
Empowering Fintech Innovation: Swiss Options Partners with Stripe to Transform Digital Payments
InnovationTrending

Empowering Fintech Innovation: Swiss Options Partners with Stripe to Transform Digital Payments

By Tycoon Herald 7 Min Read
Trending

The C.D.C. Isn’t Publishing Large Portions of the Covid Data It Collects

For more than a year, the Centers for Disease Control and Prevention has collected data on…

By Tycoon Herald
Entertainment

Timothée Chalamet Impresses With Soccer Data on ‘Faculty GameDay’

Play video content material ESPN Timothée Chalamet is not only a grasp of his craft on…

By Tycoon Herald
Trending

U.S. Blew Up a C.I.A. Post Used to Evacuate At-Risk Afghans

A controlled detonation by American forces that was heard throughout Kabul has destroyed Eagle Base, the…

By Tycoon Herald
Leadership

Northern Lights: 17 Best Places To See Them In 2021

Who doesn’t dream of seeing the northern lights? According to a new survey conducted by Hilton, 59% of Americans…

By Tycoon Herald
Real Estate

Exploring Bigfork, Montana: A Little Town On A Big Pond

Bigfork, Montana, offers picturesque paradise in the northern wilderness. National Parks Realty With the melting of…

By Tycoon Herald
Leadership

Leaders Need To Know Character Could Be Vital For Corporate Culture

Disney's unique culture encourages young employees to turn up for work with smiles on their faces.…

By Tycoon Herald
The Tycoon Herald

Tycoon Herald: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact Us

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Terms of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© Tycoon Herald. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?