I live, think, and breathe money management, so I can’t believe I haven’t told you this before.

I guess I thought everybody knew this, until I was talking to a friend of mine today who said, “I finally rolled up that big jug of change last night and took it to the bank today.”

Of course I asked, “Did you find any silver dimes, quarters or nickels in it?”

And she said, “What?”

Okay, so I assumed, and you know what that usually means. Darn! (more…)

The following is a transcript of a telephone conversation with Sandra Simmons, President of Money Management Solutions and creator of the Money Management Solutions software system…

Sandra Simmons, President Money Management Solutions

Sandra: Hi [name withheld] how can I help you?

Business Owner: Your business money management software doesn’t work for my business.

Sandra: What do you mean exactly when you say it doesn’t work for your business?

Business Owner: Well, for one thing, what good is going to all the trouble to fill out the budget? I already know how much money I’m spending.

Sandra: The budget module isn’t meant to tell you how much you’re spending. It’s designed to tell you how much you should be making.

Business Owner: What?

Sandra: And just making break even isn’t good enough, you have to budget to do better than break even.

Business Owner: Huh?

Sandra: Have you built your budget in the Money Management Solutions software?

Business Owner: Yeah.

Sandra: Okay good. How much did you budget for your Emergency Fund?

Business Owner: My what?

Sandra: Your Emergency Fund.

Business Owner: What’s that for?
(more…)

Most people search for the ultimate wealth building system for most of their lives. It may surprise you to know that you own half of it the day you are born.

What half do you own? It’s your ability to make money. No matter what your education level or skill level, you have income earning power. Want to hear the good news about that and how it connects you to the ultimate wealth building system?

It’s not how much you make; it’s what you do with it that determines your financial condition.

The second half of the ultimate wealth building system is what you do with the money that you earn. There is a system of controlling the flow of money to create wealth. Very rich people know this money management system.

It works whether you are an employee who works for someone else and you are using the system to control the flow of your personal income, or if you are a business owner using the system to control the flow of the company’s income. It is an amazingly simple system, and it’s now even more simple using the money management software tool called Money Management Solutions Business Edition.

1) SPEND LESS THAN YOU MAKE – Cut your expenses back to operate within your income. This may seem difficult, but building a budget that includes everything you need to run your business is simple with the right money management software.

 If you know exactly how much you are spending to run the business, and where the money is going, you can identify areas of waste or even areas where more needs to be spent to get the income up and increase profitability. In my experience, before using the Money Management Solutions software, my clients UNDERestimated what they needed to run their business by 10 – 13%. A critical mistake when you are aiming for an income target that is too low!

2) PUT 10% OF YOUR INCOME AWAY IN SAVINGS and don’t ever spend it. Set aside regular amounts of cash from your income for the future – always pay yourself first and put the money in savings toward gaining financial freedom.

 Most business owners pay themselves a salary for their job production inside the business, but the fail to pay themselves for the hat they wear carrying the full responsibility of being the owner and taking all the risk. The ultimate wealth building system requires a minimum of 10% of income into savings out of every dime you earn. The Money Management Solutions software system shows you an easy way to pay yourself this extra amount each week, and more besides. Then you just sock it away and forget you even have it. As it builds up, move it to places that earn better interest than the bank savings accounts. This includes buying houses and commercial buildings you can rent out to make more money.

3) DO NOT BUY ON CREDIT – pay cash instead. Debt is a disease that you should avoid contracting. If you already have some credit debt, this money management software shows you how to get it paid off fast.

If you need to buy something that is expensive, the money management system shows you how to put money away towards the purchase every week until you have the cash. For large purchases like furniture and equipment, buy used instead of brand new. Remember, those items lose value from the moment you buy them.

4) FIND WAYS TO MAKE MORE MONEY – the cost of doing business goes up about 4.5% every year, so you need to make more money just to keep up. How much more do you need? The money management system helps you figure that out and make adjustments so you always have the current figures.

Look over your line of products and services and figure out how to sell more of the profitable items. Be willing to discontinue items that are not bringing in enough profit for the time, effort and cost to sell them. The secret to making more money is pretty simple if you put your attention on it. The ultimate wealth building system helps you look at every financial decision you make with an eye on the return on investment you will get for the money you spend.

5) USE YOUR MONEY TO INCREASE YOUR INCOME – After paying your ultimate wealth building system the 10% into savings and paying your bills, use any money left over in ways that increase your ability to produce more income.

Why is controlling the flow of money so important? It is the energy and life blood of a business. It is necessary to pump it through the income producing areas first to keep it running well. Everything runs smoother when cash is available. The Money Management Solutions software guides you towards making the best possible decisions of how to use your money to make more money.

Seems simple, right? And it is simple. The ultimate wealth building system is easily learned, and the money management software can be used just an hour each week to help you gain your financial freedom. It does, however, take personal discipline and commitment to achieve the goal of financial independence so you never have to worry about money again.

The really great news is that you have control over this system. Done correctly and consistently, the end result is always having lots of cash on hand, all bills paid, and plenty of money in reserves to finance what you really want to do with your money; not just pay bills. How well you control the flow of your money will determine how well your company or family will survive now and into the future. Correctly applying these five steps will make this wealth building system work for you.

Sandra Simmons, President of Money Management Solutions has years of experience helping business owners and individuals manage their money to achieve financial freedom. To learn more, Claim your FREE Debt Reduction Solutions Guide

© 2007 Sandra S. Simmons. All Rights Reserved.

You know your business money management plan should include a retirement savings plan for your financial security. Here’s how to start one FAST!

The old saying, Pay Yourself First, is some of the best business money management advice you will ever get. If you don’t pay you into a retirement savings plan, who will? How do you do that? Here’s how.

Your Business Money Management Planning Should Include A Savings Plan

Out of every bit of income that comes in the door, immediately carve off 10% and put it in a savings account that you have designated for your long-term wealth building plan. I know that is a scary idea for a lot of business owners who have debt and past due bills to pay. My advice? JUST DO IT! As the weeks and months go by you’ll find you have adjusted to operating on 90% of your income.

The biggest benefit of this self imposed retirement savings plan is the financial security and peace of mind it gives you just knowing that cash is there. You will find that you actually stop worrying about money.

Think you cannot possibly put away the whole 10% to start with? Then take a look at your business money management plan from this point of view. Look at all of the suppliers you pay out of your income every month and get the idea that these suppliers are all on your personal payroll. Is there anyone you can fire and not really miss? Is there anyone you can cut back from full time to part time status? Just look at the bills that come in every month, or those checks, debits and automatic fees deducted from your accounts and you’ll see exactly who is on your “payroll”.

Here is an example. I was working with a business owner who was having a hard time cutting expenses 10% to put away in his retirement savings plan. We looked at every expense from the viewpoint that the supplier was on his business“ payroll”.

Playing The Business Money Management Wealth Building Game

Suddenly we were playing a game of shopping for alternative suppliers for things like telephone services, internet services, web hosting services, and credit card merchant services. We reduced the “pay” of some of the local service providers. We “fired” others and replaced them with less expensive, high quality services that didn’t hold him hostage with lengthy, punitive contracts. That saved a lot of money every month. He cut the phone company’s pay by getting rid of his dedicated fax line and got him a very low cost internet based fax service. We even fired his bank and got a new one with no monthly account charges and got the old bank off his payroll to the tune of $25 a month.

You can make this a fun wealth building game with your business cash flow and with your personal finances just by changing your viewpoint. Be the Donald Trump of your own organization. Take a hard look at who you are paying out of your hard earned income. Don’t be afraid to say “You’re Fired!” and change your business money management plan to pay yourself first by putting that money in your own retirement savings plan.

Leave a comment and tell us where you discovered you could save some money to put towards gaining your financial freedom.

P.S. Don’t forget to claim your FREE Formula To Increased Business Profits Report