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Wealth Accumulation series – This video is 3 minutes and 1 second long.
Are you aware of what you’re spending each month?
The first step to getting control of your personal & business finances is to print out 3 months worth of bank statements. Lay them out on a table & go through them & try to remember what each transaction was.
You’ll be shocked at where your money is going.
Key No 2 of Wealth Accumulation is to Reduce Your Expenditure.
I do this exercise every year. Last year I realised I was meeting my clients at Costa for a coffee. I’d end up buying it at a rough cost of £5 a go. I met 4 clients a day, 5 times a week. It was costing me £100 a week, which is £400 a month & a whopping £4,800 a year!!!
Another thing that most people forget to do is look at insurances & gas & electricity suppliers. These companies generally rely on people renewing each year.
For Utilities, if you’re a business, go see a broker & get a proper market analysis. It’s too complex to work out on your own & you’ve got better things to do with your time. If you want a recommendation then ping me & I’ll send you over a company that I deal with.
If you’re a business owner with a team of more than 5 people and you’d like a free discussion on how to grow your business then book a call with me on the below buitton.
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