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  • Writer's pictureMichee

The 1 Great Tip on Money That I Followed

Updated: Mar 11

Okay, I know money is a touchy subject for most but let’s get real.

Money is money. It exists. You use it. I use it.

It’s everywhere, so let’s not be weird talking about it.

Good? Read on. 👇


Ever since I started earning my own money, I made it a goal to have a good leeway of cash.

I hated trying to find money to pay my bills. When I was a kid, I was exposed to overdue bills, disconnection notices and promissory notes.

I can still remember how stressful the environment was when these bills came in.

This made be want to be in a situation where when the bills arrived, I am ready to pay.

Back then I dreamt of having at least 1 full month of advanced money stashed, just in case I lose my job or something.

I slowly built that up.

Little did I know, that was called having a “cushion” in business.

When we started ineedamichee, I did the same thing. I told Alla, we need to save up for some “leeway cash”, for months where sales are low.

When I talked to a CFO friend, she agreed! That’s the first thing we need to do.

A good amount for her was 6 months. Digging around the internet, a minimum of 3 months worth of ALL your operational expenses should be the immediate goal.

What’s the benefit of having this, business-wise?

For one, when your sales are low, you don’t need to panic and start firing off your team one after the other.

Two, you can also have a good amount of time creating, launching or re-launching products that actually serve and help your market. Instead of trying to push sales solely for the reason of “I need the revenue, NOW”.

Overall, having a cushion, both personal and in business will give you less worries and stress.

What’s the 1 money tip that you follow?

PS - If you struggle with budgeting your money, I have something you might find useful. Check it here.

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