It's always made to believe that more money means it's good. No doubt it is good, having more money means better financial freedom and power to do anything that money can buy. But does always more money result into financial peace? There are people who have lot of money are still always stressed out. Accumulating wealth is good but what kind of wealth is also important. Money comes and goes in life, which is a fact. Even in businesses income is not steady, there are some months when there is better flow of income and some can be dull months. So, in those dull months, does our financial peace get disturbed is the question. If it does, then it is not the problem of the money flow; it is the problem of lack of planning.
If in some months the business drops and you start feeling scarcity of money, then that's a clear sign that your money is not being handled efficiently and you do not have the financial peace you deserve.
Financial peace starts with a good planning and that comes with 4 big questions.
When I started my Airbnb, the first year was all messed up with finances. I was not aware of how each month will bring in business to me. The very first month I started was the peak season, and those 3 months brought me good revenue. I thought this is very good and did not really keep a track on the outgoings. But as the peak season dwindled and the off season started, the bookings dropped and I was not even getting enough to remove my monthly maintenance. The first year was a learning cycle. I started keeping track on every single money inflow and outflow transaction month wise. The second year, it helped me a lot manage my finances and I was so much at peace, compared to the first year. There was not much change in the monthly income, but just better planning helped me efficiently manage through the year.
Compared to the first year where I was all haywire and feeling anxious month on month in off season, the second year I was stable and set. In the peak months I could set buffer for the weaker months, which actually did not happen in the first year. With setting budgets and tracking down financials in detail, I felt like I had a clear road map.
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