I was a broke, unemployed accountant trying to build a business from nothing. I really wanted to start a profitable business so I wouldn’t have to get a job helping build someone else’s business so they could become rich.
I wanted to pour my life into a business that would become my life’s work. I wanted to be richly rewarded for all the blood, sweat, tears, and hours I would devote to building a dream business.
I wanted to be able to make money to pay my bills, and I could support my wonderful wife and two young daughters.
The thing is I was starting a business during the Great Recession where every business was scared to spend money on hiring anyone. That meant I wasn’t able to make money to pay my business bills, let alone support my young family.
To make things worse, I felt terrible because I had done everything right based on what I was taught growing up.
I got an accounting degree.
I got an MBA degree.
I became a CPA.
Nobody wanted to hire me.
I felt even worse about the situation because my wife believed in me. She worked as a janitor to help make ends meet while I was going through college. She cleaned offices at night and put my newborn daughter Norah in a baby carrier while she vacuumed carpets. I felt like a failure as a husband and father.
The problem was that I was getting new clients and making money, but my business was spending more money than I was making. I had finally depleted all my savings and maxed out my credit cards.
Which meant I was on the verge of being a complete and utter failure. I was going to force my young family to endure the indignity of poverty that I lived through as a teenager. I hated being poor.
Then, as if by chance, something amazing happened…
That’s when I remember a money secret I learned from reading The Richest Man in Babylon all about becoming a master of my money!
It was now crystal clear to me how to make my business profitable because I saw I was able to start paying myself and dig myself out of a deep financial hole.
I started my business thinking getting lots of customers would solve all money problems.
Instead, I learned that it is more focusing on profits I more important than focusing on sales.
As a result, I set up a new bank account. I named this my Damon bank account. Every time someone paid m, I moved ten percent of that money to my Damon bank account.
After I did that, I started taking money out of my business so I could cover my personal bills.
Suddenly, I was building a healthy business that worked.
That’s when I realized that the secret to building a healthy business was paying myself first.
The Plan:
My plan was to start cutting the expenses that were not producing results.
So I started looking at my bank statements and credit card statements and cutting all the fat out of my business spending. But I didn’t stop there.
I then started paying off all my credit cards so I would not be paying unnecessary credit card interest.
After that, I started saving money to build cash reserves in case business dried up.
But there was still a problem…
I was determined to start saving money for retirement. Every year I maxed out my retirement in December. What ended up happening is it depleted my savings just as I was getting ready to enter my slow months of January and February.
January and February were also the most expensive months each year. The exact time when I needed extra cash to make ends meet.
Additionally, I had paid the bare minimum in taxes, so I was looking at a big tax bill come April.
Every year from January to March, I had extreme fear and anxiety about money because I was spending more money than I was taking in from January through March each year.
I ended up getting so frustrated with my situation that I decided to set up a few more bank accounts to collect money for my taxes, retirement savings, and operating expenses.
The solution to my money problems is Ideal Money Life™.
I thought if I could create something that would make it possible to create my Ideal Money Life™. A life where all my money needs and desires were taken care of. A life where all my dreams would become true.
I wanted to have the cash set aside to pay my taxes when they were due. I wanted to have cash set aside to pay all my bills. I wanted cash set aside to give myself a bonus every quarter. I wanted to have time to enjoy my family. By accomplishing this, I’d be really happy.
After just three years of discipline with my money, developing new valuable services that my customers paid more money for and focusing on only spending money that improved my business., I created my Ideal Money Life™.
I created my Ideal Money Life™. I transformed my business from a money pit into a business that only spent 25% of revenues. Every year I was maxing out my retirement savings. I was paying myself a healthy six-figure salary. I was taking a vacation every month with my family.
Within just 3 years, I created my Ideal Money Life™. I created a life way beyond my wildest dreams. I created a business I loved working with customers I adored. I created a business that gave me money to live the life of my dreams. I had time to enjoy spending with my family. I had the money to upgrade to my dream home when my wife brought my son into the world.
After creating Ideal Money Life™, I was not only able to build a stable life for my family so they would avoid the indignity of poverty I experienced as a teenager, I’ve also been able to stop worrying about money, because I can now I have a business that will give me all the money I will ever want.
And in the end, all of this means Now I’ve proved to myself that I could win at life. I always had everything I needed to make a better life for my children.
A life that my parents failed to provide for me.
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