Starting Project Money
Starting Project Money means a lot to me. This journey is going to a fun one! As a former athlete and now coach, I understand the value of healthy competition. It creates a space to challenge individuals to do more. But the best thing about Project Money is that you are forced to look at your habits and how they affect your spending. In preparing for Project Money, I have already had several “aha” moments. One of those moments was realizing that I don’t ever pay myself from my business. I just pay for things from whatever account has the most money. My financial coach has already said this will be our first task. Learning how to pay myself from my business. How much I should give myself, pay my business and saving?
When I first started my personal training business R U Fit four years ago, I didn’t make enough to live off of, so until I could find another job, I lived off my credit cards. Which was hard because I didn’t have the money to pay off my credit balance, so my credit score went pretty low, fast. I have now paid off one credit card and plan on paying off the other credit card balance during this challenge. Being a fitness entrepreneur can be pretty scary financially not knowing when your next contract will happen, dealing with clients who cancel or don’t pay. All that has happened to me too many times. I’m looking forward to being honest in my business and look at where I need to grow and as my business grows, I hope to pay off my debt (credit cards/student loans), make plans to buy a home, and save for vacation and continual education. During this time I would also like to start having real conversations with my daughter about her relationship with money. Let’s go Project Money woohoo!!