Money Management and Self-Employment

Money management is a very crucial concept to understand and act on, especially when raising a family of your own and introducing them to proper morals and guidance. Businesses grow and fail, and in turn, income moves up and down frequently. It’s vital to send the message that hard work can lead to great things and a great life, but happiness should come within and without the presence and large abundance of funds. 

There is a saying “money doesn’t buy you happiness”. If you have $48 million, then you have $50 million. What’s the difference between $48 million and $50 million when it comes to your happiness? There may in fact not be much of a difference between $2 and $3 million, but there’s a huge difference between $20,000 a year and $200,000. I refer to this as the happiness threshold. When there’s excess profit beyond survival, there are options. When there is disposable income, also known as “money that is left over after all your bills are paid”, there are numerous options.

People often experience that they are happier when all their expenses and bills are paid. There is also a degree of comfort in knowing how much money you are making each month and knowing how much you have to pay off based on different kinds of expenses. The cycle of self-employment trends in a repeating money-no-money cycle and it teaches entrepreneurs a level of financial comfort that is much different from non-entrepreneurs.

It’s normal for your mind to wrestle and intertwine with how much money you have, how you are doing, and your own personal happiness. Attempting to build something of value has a tremendous impact on personal growth so it is beneficial for more than just the practical aspect of dollars. 

Trying to build a business means so much more than spending money or taking risks. Being self-employed means your customers and employees are your partners. Self-employment challenges you mentally and physically, but it can lead to not only financial freedom but personal freedom as well. 

Be prepared for changes when you are managing your personal business and finances. Everything is bound to change: competition, regulations, rules, laws and the economy. Everything changes and you’re going to have to start over and discover new routes and paths to making money, time and time again. Money, health, and relationships will be abundant and lost at times, but it’s important to remember that when things are not going well, they will eventually improve. Businesses fluctuate, remember to follow the money and make do with what you have because things change.