IT Support for Financial Services - Dorks Delivered

1. Cultivating a Financially Healthy Cultivating a Financially Healthy Business with Bryan Worn Business with Bryan Worn Becoming financially independent is the gateway to generational success, but the journey to get there can be very difficult. Josh spoke to Brian Worn about how to achieve financial independence with your business and what it takes to get there. Bryan is one of Australia’s most experienced and respected business and professional services practice mentors. He is on a mission to help business owners be commercially successful and achieve financial independence, whilst still enjoying the personal life they want. What Is a Financially Healthy Business? A financially healthy business is one where people don't have to talk about money unless they want to. We spend so much time worrying about money, how to make it, and what to do with it. A financially sound business pays their bills on time, and it just flows. They have a system, and they pay themselves a reasonable salary so that they treat the business with respect. They don't borrow money from the business, as one of the problems with borrowing is that we can forget to pay it back. The biggest fear of any business owner is not being able to pay the wages. Having a good financially sound business means you never have to worry about that. The FIRE Movement The FIRE movement is about giving people options. The plan is pretty simple for most of them: pay off the mortgage first, build up investments, and then develop a passive income stream. The big switch in business to be financially independent is to move from active income, that's income we work for, to passive income that comes from investments. And that income can be coming from property investments, shares, bonds, whatever. The FIRE movement is really good. When I look at it, it's the quality of life you have, not the quantity of money you have, that is really the deciding factor in success. What Do You Make Money For? It’s important to understand at the end of the day, what is the money for? If you're in a salary job where you earn a wage or salary every week or every fortnight, you manage the money, you pay your bills, and hopefully there's something left to spend time with the family. When you get into business, it's different because the money is more flexible and volatile. Ultimately, for most businesses, there's no ceiling on your income, but the opposite of that is there's no floor either. You have to be careful and create reserves so that when tough times come, you can survive. Watch Your Expenditure For me, one of the turning points in all this was when a large number of people with no training in money started earning money. They become subject to Parkinson's Law, that when it comes to work, it expands to meet the time available. Be Social With Us! Be Social With Us! https://dorksdelivered.com.au/cultivating-a-financially-healthy-business