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The dreaded “B” word comes up at least once a month in my household. I’ll be honest and tell you I tend to be the spender and hate – perhaps even LOATHE talking about money. This is exactly why I brought Acquania onto the show! Acquania Escarne is a Wealth Strategist who helps clients across the country build and maintain generational wealth through saving and investing. She now has over 7 growing income streams including owning rental properties, hotels, courses, coaching, corporate income, and podcast ads! With more than a decade of experience, Acquania follows a step-by-step system that helps individuals and families maximize their income and leverage money they are already spending to produce residual and tax-free income.
Her Podcast and Blog, “The Purpose of Money,” teaches Women of Color about saving, investing, and building wealth through real estate, investing in the stock market, life insurance, unique savings strategies, and more. Acquania’s guests are working women and entrepreneurs that have found ways to build wealth and create more freedom in their lives today.
What If You Hate Budgeting?
Acquania says that budgeting helps you save money to invest in the things you love such as travel, saving for your children, investing in your business – and so much more! She recommends having different bank accounts to track all of your expenses and income and tracks the transactions using both a digital spreadsheet as well as some other software like Mint.com and You Need a Budget. She also says that everyone is different when it comes organizing their finances. Some have more advanced budgeting spreadsheets and apps or software while others prefer more simplified approaches like pen and paper.
How to Handle Variable Income
Pay Yourself First! That’s what Acquania recommends when you are first starting out in your business. Profit First is a great resource to read in order to organize your business income and maximize your profits. Acquania mentions that it’s important to review your subscriptions, analyze what you are using, making the most out of special discounts such as annual discounts and know exactly when your upcoming bills will be deducted from your account. She recommends trying out with a growing profit margin each month, instead of investing all your income.
Working With Financial Professionals
Acquania says that once you’re generating a substantial amount of assets, in her opinion about $25,000 in assets, you may want to consider working with a Financial Advisor or other Financial professional to review your assets for recommending ways to grow and protect your finances. She also recommends looking at CPA’s to help you organize your taxes or a bookkeeper to keep your financial records organized and to keep in tune with your business profitability. Lastly, she says that other entrepreneurs can celebrate with you as well along the way.
The Course Consultant Resources
Are you a service based and creative business owner that wants to make an impact in your students life and grow your income with courses, without trying to add more clients to your to-do list? I love to help my clients get more visible, create a clear content marketing message, and fine-tune their sales strategy using webinars while scaling their business with a group program. If you’re looking for some support, why not check out Course Impact Mastermind? Course Impact Mastermind is my 6 month group program (previously 3 months) which helps you create a clear marketing message (even if you’re an introvert), hate getting on camera, or just plain don’t like to sell! Have a question? Pop your question inside my chatbox and I’ll get back to you!
Leave us a comment below and let us know your biggest takeaway from this episode!