Review Your Money Weekly

I make all the mistakes with my own money first. 

But those screw-ups are my most valuable lessons. 

And some of them I need to be reminded of more often. 

Like the one over last weekend.

“Eating 7 apples on Saturday is not the same as eating an apple a day.” -Jim Rohn

That also applies to…

working out and…

brushing your teeth and… 

observing your money.

Some things you just have to do every day/week/month.

Between recruiting and training new employees and a watershed of new members, the last 4 months have been a whirlwind. 

So much so that I’ve just been keeping my head above water, which means all the work-ON-your-business activities were put on hold… including my bookkeeping.

Well this weekend, I finally caught up.

The good part is we’re more profitable than I thought.

The bad part is that our accounts receivables is through the roof (as in a bunch of members are behind on payments).

Some of it’s my fault and some of it’s their fault.

But it doesn’t matter whose fault it is. If I had been keeping up, then I would have taken care of it on the spot.

Instead it’s lingered for 4 months and now I have two bad choices:

1. Have the uncomfortable conversation to collect 4 months of fees or

2. Write them off and take the loss

The lesson is simple… don’t fall behind on the daily/weekly/monthly things.

Including STAYING ON TOP OF YOUR MONEY!!!

Check it weekly at minimum. 

That will prevent things like…

a buildup of cash in your 0% interest big bank checking account and…

forgetting about all of those subscriptions you never use and…

yes, collecting on $35k of accounts receivable. 

The second best way to learn is from your own mistakes.

The BEST way to learn is from other people’s mistakes… you’re welcome.