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Money and the Fog of Distractions

Social Media Sept Wk 4 2 2 300x300Distractions are often a word I hear many people laugh at and then sigh. We lose focus because the fog begins to set in obstructing our view. Many things continue to pop up that seem to be out of our control.  Expenses out of the blue.  More unexpected than expected. I wonder...are those things really out of our control? Are they really something that we are unable to change? Most distractions are within our control. The art of saying no is important to your time, stress levels, health, finances, and happiness. Often we believe doing more makes us successful. As I am growing in Christ I am learning that the best way to use my resources begins in Christ. In my morning time with Jesus, I am preparing for the day. The morning time is when I receive understanding and clarity. The understanding clears the morning fog. The fog is a feeling that something is looming but I am not sure how to tackle the problem. The fog also sets in as a feeling of running in circles or everything seems to go wrong at once. (Spiritual Warfare). This feeling can manifest as worry and anxiety. We tend to wait for the other shoe to drop so to speak. We are waiting because when we receive a blessing it seems something comes along to take it away or we trip ourselves up.

Bust The Debt Money Block

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Move the Debt Mountain- Busting Money Blocks

Debt can eat up your extra money.  If you are in debt and receive an increase in income the responsibility to pay off the debt combined with garnishments can result in loss of the additional income. God did not mean for debt to be such a large factor in our lives. Technically, this is how God meant for debt to work:

Getting To The Root of The Budget Sabotage

Cup with water leaks 1 300x300Money leaks are habits, beliefs, and external influences that impact our money over-time. We slowly spend the money without realizing the harm we are doing to our budgets. Think of a bottle or jug of water that over a period of time you noticed a puddle of water around the jug. Money leaks are the same. Money leaks are unexpected and unplanned spending.  Money leaks can be fixed by getting to the root of the budget sabotage. We hardly realize how the money adds up from a money leak. We often believe that these small habits will not harm our resources and plans. We often justify our spending with a common statement, "I deserve this." Once we become aware of this silent drain we become more empowered to fix the problem. Usually, we need to review our beliefs, habits, and time with God.

The Cost of An Oral Agreement

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An oral agreement is most known as a verbal agreement. Two parties agree on a transaction or exchange for which both parties benefit. The bible says godly men and women are to keep their word. Don't make false promises or swear but let your yes be yes and your no be no (James 5:12 ESV). If you make an agreement then fill the agreement. If one party can not complete the terms of the agreement a discussion is needed to see if both parties can come to another agreement.

God also calls for us to write down the agreement. Malachi 3:16 NIV Then those who feared the LORD talked with each other, and the LORD listened and heard. A scroll of remembrance was written in his presence concerning those who feared the LORD and honored his name.

Habakkuk 2:2 Then the LORD replied: "Write down the revelation and make it plain on tablets so that a herald may run with it.

The verbal agreement should be placed in writing to avoid confusion later. If there is a change it is good for both parties to review the written agreement to adjust the agreement to a place that benefits both parties. The written agreement does not mean you don't trust the other person. A written agreement is for peace of mind between both parties. You love people when you write an agreement.

Most business owners began with verbal agreements. I must say, the problem with oral agreements is often times people forget the agreement or people change. Psalm 41:9 Even my close friend in whom I trusted, Who ate my bread, Has lifted up his heel against me.

3 Steps to Agreement

1. The agreement can be simple and signed between two parties. No legal process is regarded when both parties can agree. The agreements normally include service agreements, payment policies, employee agreement, contractor agreements, and other business agreements. Agreements should be updated over time.

You can have the agreement drafted and reviewed by a lawyer to determine if the agreement will stand in court if needed. You can also use software with contracts ready prepared and reviewed by lawyers. This will save you time and money.

2. An agreement can involve a notary to verify the parties are who they say they are before a witness. (Mostly for people who are not familiar with each other.) Normally the document itself will request a notary signature. Commonly used in loans.

3. Avoid people who say "I don't need an agreement, don't you trust me." Yes, I trust you but I also trust in what God says and how we forget. Write it down and make the agreement. If this person refuses this is an indication this person has something to hide.

Agreements save time and money down the road to protect us from unscrupulous individuals. I have encountered a number of instances where the person pretends they do not understand the payment policies or terms of services. The agreement has stated clearly what is involved when these individuals try to demand more than the agreed upon services or their money back.

Agreements also give you a foundation. Foundation is needed to set employee payment agreements and work hours as well as payment policies for collections. Agreements take time up front but save you thousands of dollars on the backend. Remember, where two or more agree on earth and ask in Jesus name it will be done for them. Think about that during businesses meetings between partners and get the signatures.

Matthew 18:19
Verse (Click for Chapter)
New International Version
"Again, truly I tell you that if two of you on earth agree about anything they ask for, it will be done for them by my Father in heaven.
Bible Hub Online: http://biblehub.com/matthew/18-19.htm
Y. Michelle Coard, B.A.S, A.A.S,
Accountant, and Profit Strategist

Spend Time Monitoring Your Expenses and Savings

cashflow 300x252The extra work involved in tracking and monitoring spending can seem overwhelming, but every time we miss an opportunity to ask additional questions or verify an expense, we run the risk of losing more money.

An example is a friend of mine who watches her Internet and cable bill with an eagle eye.  She notices when the "Miscellaneous Fees" or the cable package fees suddenly increase, and she calls and asks questions.  Later her bill is reduced because the expense was an error.   But, if decided not to call this expense is billed each month.

We don't have to stress over expenses, be aware of what's driving your spending.  My Mastering Your Money Plan course educates others on how to make your budget work for you.  Budgets should not be restrictive but used as a tool to enlighten individuals on spending and saving.

Sizzling Successful Game Strategies in Business

basketball game competition sport 39593 300x200Sizzling successful play strategies begins with a detailed plan but most people abandon the project throughout the planning process. We tend to over complicate things or we give up too soon.

In our microwave society, most people believe the end goal is the most important. Successfully accomplishing a goal is reached by breaking down the plan into individual steps. Curation of a successful plan is obtained in the journey when we tackle smaller goals.

Should Christian Business Owners Charge for Services?

In the past, I did not believe I should or could charge for my services.  Today, I have learned that we are given special skills in order to help us earn a living.  We are also giving natural abilities and spiritual giftings to help us serve in those skills.  When we build a business plan and dedicate our services to the Lord we can build a God focus business.  We build a God-focused business by the owner seeking first the Kingdom of Heaven.  I realized when I ran my business based on the world's principles I struggled more in business.  I was stressed more often and worried about money more often.  I am not rich by any means today but my goal is like Soloman's and to build the Kingdom of Heaven first and to store up heavenly riches.  Everything else will be added according to Gods will. 

I believe that the statement "More money more problems" is true if that all you are chasing money.  If your desire is that of God's he will order your steps to wisely create or increase profits. Proverbs 16:3 NIV, Proverbs 16:9

March Madness Continues! Who's On Your Team?

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Your Inner Circle Will Have Your Back!

March madness continues! Who's on your team?  Selecting the right teammates are important to accomplishing your goals. The people around you should fall in different areas of closeness to you and your vision. We meet people who will help us in different ways.

Profit Strategies Focus on More Than Profits

Profit strategies, unlike the name, does not focus only on profit. Perhaps, you are thinking profit is not my focus or I am not worried if I earn money. However, if you are in business and plan to write off your expenses you should have a plan for profit. We can not write off expenses for a hobby.

Profit strategies are different methods used to help manage our expenses that increase the bottom line. My focus is to assist clients to be more efficient with spending. Most business owners are taught or desire to spend everything they have to avoid taxes. Although, I do not enjoy taxes this mindset leaves us very little for large purchases or reinvestment back into the business. We also miss out on paying consistent salaries or bonus payments or donations.

All expenses except salaries and bonus payments for non-corporations are tax deductible. Corporations can claim owners salary and bonus payments as payroll and as tax deductible expenses. The expenses reduce the taxable income.

Profit Strategies Monitor Income Producing Activities

Time is money and profit strategies help us to determine the strategies that will increase time and our income with the services and products that are the most beneficial to make.

During the recording of the bible, farming was the primary source of income (provision from God to live). Animals and livestock were very important during this time.

Today, we would replace the farming with the gifts or jobs we have received that help us to earn a living. Proverbs 27:23 - "Be sure you know the condition of your flocks, give careful attention to your herds." God is saying to monitor your means of earnings and money management.

We have to protect our time just as we protect our money. Time is money. If you think of a rate of pay as $45 per hour. If we know the minimum a month we need to pay owner salaries, payroll, or contractor pay, taxes, and operating expenses we have an idea of the minimum amount of hours we need to work. I do offer free services within controlled environments. Paid services are provided on different days in higher volume. Recently, I have chosen to downsize my tax business and will no longer accept new clients.

Profit Strategies Assist with Planning

Profit strategies gave me an overview of quality services that I can provide. I first compared how I felt during and after tax season. Emotional, spiritual, and physical exertion has to be taken into profit strategy. If I am ill I can't perform my job and money can not fix that issue. Next, I determine expenses compared to income. Is this service profitable if my health can endure? The answers are no. My health risk is not worth continuing to grow the tax division. Profit wise has been lost time and money. Therefore, it's time to discontinue the tax business as far as active tax preparation for new clients. Tax planning is the act of preparing people for taxes and I can offer those services without a loss.

Profit strategies show me how to focus on other services that build me up spiritually, emotionally and financially leaving me time to take care of the physical. The correlation of time, spiritual and financial have an effect on spiritual, emotional and physical care. Proverbs 27:24 "For riches are not forever nor does a crown endure to all generations."

Profit strategies simply leave us additional money to either grow or maintain our business, donate, or reach the salaries we need for owners pay, payroll, or contractors and more time. Profit strategies also allow for mental, spiritual, and physical health benefits as well.

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The Power of the Saver's Mindset

Blog Presentation 1 300x300The saver's mindset is a powerful mindset as this mindset knows the value of preparing for life. How often have you felt as if something unexpected always pops up? Perhaps, this is true because we are not thinking past the moment. I have also seen the downside of this mindset as extreme savers. As in the last blog "The Generous Side of the Spender's Mindset." We learned that neither extreme is good.

The power of the saver's mindset is preparing for ups and downs. I often hear people say "more money more problems" but that's not always the case with a plan. If you have an idea of how much to save you will build a defense with your money. Ecclesiastes 7:12 NIV "Wisdom is a shelter as money is a shelter, but the advantage of knowledge is this: Wisdom preserves those who have it." I speak in detail on this in my course Building Business Freedom.

The wise store up choice food and olive oil, but fools gulp theirs down. Proverbs 21:20 NIV. When I first read this verse I thought, oh wow. I am not a fool. In the scriptures a fool is unwise. And when I reflect on my behavior 20 years ago this was true for me. I did not store up money. But now I do and I keep a margin or reserve for "what ifs". Savings for me has supported my family through hard times.

Abundance & Poverty Mindsets

Savers are often falsely accused of not having an abundance mindset. The challenge for a saver and a spender is properly understanding how to apply faith.

Abundance is overflow and comes in many forms but is most often associated with money. A poverty mindset hoards money or spends without wisdom. Many people misunderstand the abundance mindset by spending without a plan and continuously testing faith. These individuals often say a saver has a poverty mindset because they delay spending. Before you falsely accuse a saver of a poverty mindset review what they are trying to share.

  1. Don't rush into financial purchases. God doesn't rush things. If you feel rushed it's not God.
  2. There is always another option. Avoid the "do it now it's your only option because It takes money to make money" pitfall.
  3. Delayed gratification leads to hearing God's direction with purchases, planting seeds, having fun or investments.

Savers can create a plan to help themselves and others around them when needed.

Watch the Video!

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Y. Michelle Coard, B.A.S, A.A.S,
Accountant, and Profit Strategist

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