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you're now listening to Secrets the kingdom strategies in this podcast we'll discuss Bible marriage business Marketplace leaders Bridging the church in the marketplace so you can advance the kingdom hosted by an apostle a retir tent Colonel CEO and aappa I am Dr Sam this is expanding your kingdom business with our co-host aita I am your wealth architect I'm a woman of God and educator a CEO and an AKA together we'll Journey over the four stages of business start up growth maturity and when it comes time to sell I'm excited let's get it yes let's get it on all right I know it's been a minute aita I tell you I thought we lost you during the TA season yes it was a wild season I can only imagine all those numbers swirling around in your head and and hearing the long stories while people weren't getting their stuff in on time we not going to talk about that but in this season I know you have a treasure troll of insight wisdom so what's on your mind that's been keeping you up during this season well I have a lot of people that have come in talking about budget or needing budget let me say it like that okay whether business or personal but that's a part of your Foundation you need to know how much money you bring in and how much money go out all right now we always know how much comes in that's right here's my bank account I got $3 I'm going out you know but then it comes in but then do you really sit down and think about what goes out are you efficient with that you know oh we're used to paying rent yeah we talk about rent we talk about utilities cell phone bills you know we talk about the normal things but what about the yearly bills that you forget about that you did not budget for wow I mean that's so good because when I think about budget you know in my house it's okay for an idea but for practice it becomes a dirty word yes definitely along with diet yes so um you have to sit down look at the last 12 months okay of your bank statement cuz that's going to that's going to tell you everything okay it's going to let you know those miscellaneous bills that come around once a year or maybe even once a quarter you know like for your personal you may pay you know dues or you may have your car taxes or even worse income taxes that you you know that you're going to pay every year all right because you didn't do your W4 correctly oh Lord but we'll talk about that another time you know and co-pays you know to the doctor because you don't go to the doctor every month most people don't or even you know medically those are the things that we forget personally well what do we forget in our business you have insurance you have license you know you have um continuing ed okay that you pay once a year we don't put that in our budget we only put in the things that happen every single month wow but if you did put those yearly bills in there you're not going to spend the money every month you just created a savings account okay you just created oh I can't start a savings account you just did wow so I'm listening to you and and I'm thinking about that young entrepreneur you know or even the season entrepreneur who is listening to this and like wait a minute I got it figur it out you know God has given me a dream or I'm already operating my business but for someone who is looking at their budget or lack thereof personally and for the business why is it so important to count the cost in that personal I mean you're speaking from experience from multiple people who have come in but but we are these things taken for granted I mean do we wish them away I I mean talk to us I wish I could wish some of I well we're not taught to structure things in our personal lives okay we're taught to go with the flow jump in hey go get a job yeah but when you get a job you don't realize you need to get gas you have a car payment or your parents have to drop you off you just think about getting the check you know and you need something especially in the business measurable gotcha you need to know okay this is my first year most businesses don't make a profit until the third year what wait wait wait can you say that again most businesses don't make a profit until their third year all right now there's some exceptions to the rule cuz some of them have very low overhead okay okay but you still have to sit down and say okay year one how much money did I bring in how much money did I spend did you spend recklessly cuz you can do that yeah I've done that I've bought some software and realize it was overpriced overrated and didn't do anything I needed it to do you know like one out of the 12 things and Nuggets you know it's because oh they've come to me and I've got to get it instead of kind of take in your time and kind of do a little research you know so you want to make sure that you have something measurable cuz that gives you a chance to say hey I did something that's why you have an annual stockholders meeting wait wait wait before we get to this annual stock colders meeting cuz you know I got visions that I want to share you know I'll let you pop them if I'm thinking in the wrong direction but but I I'm sitting with this entrepreneur and this entrepreneur that has a dream and you may have just rocked their world year three right so I have this dream I want to leave my job and pursue it fulltime so I I know in the personal budget you know I need to have an emergency count savings and that either 3 to 6 months depending on how you believe it right but for those who now just heard do I need to save 3 years I mean how do I plan you know I'm anticipating less money coming in I'm trying to be a good Steward of what I have how do I practically prepare my house correct because I don't want to wreck my house you know the Lord said take care of home first right so I have this dream I want to pursue it but I don't want to lose my family in pursuing this dream what are some things that I can do well first thing let's get that savings together okay that 3 to 6 months and you need to talk to your family okay because things may get tight especially if you're leaving your job where you know uh you're going to get paid you go to work you get paid when you go to your when you come to your business you have to work you've got to make sure you put your time in then you get paid all right it sounds the same but it's not so you want to make sure that you have three 6 months worth of bills okay you want to make sure that your spouse understands what's going to happen because they may be a month or two where your income doesn't come in steady oh man okay so so you're telling me the date nights have to change they might have to go more inhouse for a little while a little picnic yeah look sit in front of the TV and no popcorn and just water but you want to take the time to make sure that everybody understands that it might be a little transition 3 months now if you get your business up and running while you're still working that other job okay you know then it might not be such a transition because you would have worked that business through the negative income while you still have a job to where when it's you'll see that hey okay now I have enough money in my business saved up to start paying me the same amount that I'm getting paid for my other job wow so I just heard a nugget right I mean my entrepreneur is said course of action one jump off the cliff and allow my family to go through the bumps and bruises course of action two have less time with my family let them enjoy the financial fruit of my primary job while I have a side hustle for a year to three years and then I can pull pull out or leave leave that steady yeah yeah cuz sometimes when you leave your job to your business sometimes you lose your benefits sometimes you can't find it right away okay you know insurance or your 401k you know that's set up at the beginning when you become Your Own Boss you have to set that up and you will see the cost of insurance and setting up a 401k and all the life insurance benefits so you need to check you need to look at all those things as you convert over wow I mean this is so good this is so rich like we talk about Provisions from God and I could see the entrepreneur in this space seasoned or a dreamer saying I got to cut Corners do I want to cut my ties do I want to I mean talk talk to me no no you you look you never want to cut your protection okay you know it's almost like do you cut your security system off and you know everybody's raing houses now I mean you're not going to do that okay so you don't want to touch your tith okay but you need to know in your budget that you can do it you know you got to know how much money you're bringing in how much you're spending you know now that we don't have cable we have all these different subscriptions you need to go back and look at them cuz sometimes um who is it Hulu Disney now has Hulu but you can get Hulu by itself and they're you know trying to connect or trying to make it so that they can bundle and get your money look at how you're spending on those subscriptions it could save you some money okay you know are you really really using all of those subscriptions or is it one place that you can get two or three of them and it may only save you $5 but that's $5 yeah you know in our house we stopped watching TV mhm and so we cut off the cable like um for a season the only way that I would look at TV is if if my wife was watching it that was a quality time are you looking at TV oh I guess I need to watch TV too but I really want to watch TV on my own right and then we got into a season where we were out of pressing at work and we had a little bit more free time so then we began to watch TV a little bit more and then we cut our subscription back on but we only recognized that this was a wasted expense because we weren't we were so busy why I pay $300 a month on something you're not enjoying right absolutely cuz I got my bill the other day and I was like o yeah I'm going to strip it all the way down I just need internet I might cut it all the way off and just live at my mom's house you know yeah yeah yeah yeah now she she likes cable she she's not all that so I'm like well since you paying 300 I pay zero I'll just stay at your house that's right that's right you know but you have to look at all of those things even in a business you know you've got internet you've got cable you know all these different services that you can use is there any way you can streamline them that's a great point you know everything is software this software that yes it is good to have all of it but is it working for you are you paying for too many different subscriptions for your business um I do insurance okay and I have an subscription for commercial insurance then I have have a subscription for uh health insurance or life insurance you know like you know you get with this group and they'll help you sign up with all these different places and you sit back and look and say hold on I just gave you 600 I just gave you 700 that's $1,300 can I find this same stuff cheaper yeah sometimes you can sometimes you can't but you have to look at that that's really good you know I as as we pivot to the business side of the house I'm thinking about not only the subscriptions but I'm also looking at software I'm looking at Services you know I think about a swad analysis and for those of you who don't know what swad is it's strength weaknesses opportunities and threats and you look at your environment so if I look at myself and I say what am I strong in maybe I don't need services to cover my strings but conversely if I look at what I am weak in say if I'm weak in in accounting and I might want to hire an account corre why am I going to waste hours that I can produce money when I can let someone else do it for a fraction of the cost fraction of the cost and time right and I might do it wrong and then they still got to clean up my mess right that's right and and when you see your strength and I like this because some people don't know how much they're worth I don't mean okay your assets monit your liability that's net worth I'm talking about how much is your time worth if I stop and vacuum the floor how much is my time worth that I could pay somebody else yeah you know I charge $900 an hour for me to vacuum the floor that's $900 when I can get somebody who can clean the whole house or your whole office for a fraction of that you have to look at you know your time how much is your time worth that's a good point and then you just made another relationship with someone else because they're starting a business and they need a client yes or a referral or they do those things but you want to make sure that you're spending your time on what you can you do best okay okay and yes you're going to need advisors you know a lot of people ask me do you have a lawyer I do but then I also pay for a subscription where I know I get on the phone hey here you have this I need to check that it might take some time for them to come back but it gives me a flat cost there's no Spike you know it's kind of like at home when your washer and dryer goes out and you don't have a a warranty and so now you have this bill that spikes messes up your whole budget versus maybe having a warranty Insurance to where you paying a little bit each month hopefully if it goes down you still don't have to pay a lot but it kind of helps your budget no I appreciate that that's good you know I I got this question asked I mean I know we talked about it before but but people people are struggling with this idea of if I'm a business owner and I pay ties personally should I pay Ties on the business I I mean we talk about this almost every episode but but but I would love to hear your opinion again I'm telling you yes now first things first God is going to protect your business cuz that's the point of tying okay okay one of the benefits let me say it like that and then you Tye personally you need to understand that that business is not your money got it you get a paycheck from your business okay so yes I tithe on my business cuz I need to make sure that I have a paycheck next month you know and then my money that high is for me so yes I get two statements one for the business and one personally now depending on how you have your business set up the tything can help your personal tax return wow which could possibly make you owe less which like I said we need to discuss your W4 yeah yeah while you even ow from the beginning or make it so that you get a little larger refund that's good now when you get that refund I know you want to go to Tahiti okay but look at that refund differently you know how can I start my savings account or increase it okay cuz you might want that 3 months to have that 3 months of emergency money or can I pay a bill off cuz you pay a bill off you know what happens right you get out of debt quicker you know so it's little things like that that you want to think about and like insurance ins car insurance especially people pay it every month right oh it's so easy did you ever ask how much it cost to pay in full sometimes you will save anywhere from3 to $15 a month wow by just paying it in full now granted you got to have the money to pay it in full do it during tax time when you get your refund you know or try to budget for now but think about little things that you can which like that a lot of insurance companies do six Monon policies you know why cuz they can go up every 6 months on your bill wow get a 12mon policy do a paying full they it they can't go up until the policy renew renews so it's little things like that that can pull money back into your budget but again dirty word budget in discipline you know I had somebody ask me well how many bank accounts should I have for my personal for my business I mean how disciplined are you willing to be wow you know yes checking account you might have to have two one for your serious bills you know your mortgage rent credit cards those things that affect your credit you might have a second one for groceries or going out you know then you could have savings account one savings account is your emergency fund and then get you a high yield account for a longterm wow you know and I do the same thing with a business now business a little different you're going to have one account that's deposit only you're not going to have a debit card attached to it okay because if someone gets a hold of that Deb debit card that chip that we love to use they cleaned out your bank account they playing with my money now correct and guess what when you get that deposit coming in that's pending and you can't close that account now you you're trying to figure out can I get that money or is the bank paying attention to get that money before they do yeah so yes I have deposit only account okay then I pay my bills in a separate one but you got to be disciplined because guess what you have to do transfer the money that's right you know some of your bills are set so that's not hard but you have to be a little disciplined to make your money because I'll tell you this a thief he's disciplined enough to take it he will find a way in yeah these hackers or just these people walking around scammers scammers or trying to go behind you with your wallet and and pick up the r FID or even when you have your phone open trying to tap oh yeah they're trying to catch it yeah you know so you have to almost think like them to block them you know but you have to be wise cuz God gave you this Vision yeah he does not want you to be wasteful because he needs you to be in a certain place so that he can use you so that that person he needs to see you that will help them you have to be in that place so that you can help the next person I love it I love it you know speaking about yep that individual speaking about individuals you know um God has some people who are so fired up they're ready to jump off a cliff right you know for those individuals who says the Lord told me to run off my job and start this business I know we just talked about some practical ways right what are some other ways you can encourage them um to go through some steps some biblical principles so when you are dealing with your dream that God gave you yeah okay I'm not saying wait seven years okay I'm saying do your research he's going to give you that Vision he gave you that Vision which you should have written down habaka 2 two if we want to go there yeah he's going to give you the steps for the dream for the idea but then at the same same time you need to do your research of what are your expenses you know how does money come in if you doing anything with the government they pay 30 60 90 days in the whole so you do need a little money because you may not get paid for 60 days you may not get paid for 90 days and you have bills to pay that's right I like to eat you know I like to have lights on running water so we're not saying no we're saying do your due diligence okay when you're single you know you have this W2 coming in or even if you're married and your spouse has a W2 that's a beautiful thing because the first couple of years two or three you might have a loss what does that do that means when you do your taxes there's a good chance you will owe less money or you'll get a little larger refund now you have to pay attention and not just squander that refund you need to save it or you need to pay bills down or off and that will help you for year number two okay or year number three you know when your revenues equal your expenses you know then you can get to the point where you're paying yourself that then you're stepping in level two I love it I love it you know you know I think about faith without works is dead right and so you're describing practical steps that people can take um to walk in this space MH um one of the things that really you know people struggle with is the patience to walk through those steps right because the generation now and I'm going raise my hand wants it now right but there is something to be said about doing that market research understanding who are the competitors understanding where the trends are going understanding how I'm going to enter this Market am I going to be a follower correct am I going to be a leader because if I'm a follower I can improve the processes that already exist corre but if I'm a leader I'm investing time to go un charted path and that takes money and then there's early adopters that says hey you spent all this time and energy and I'm just going to copy it and I'm going to do it better yes and for an example Myspace in Facebook you know um but don't throw away that research you know that train you know just take your time you can still be the first one okay because doing that research or talking to somebody being able to brainstorm as what I call it when you're throwing ideas back and forth and having someone tell you what about this or no that doesn't work for you to think about how to make it better you know you want to have that and you still could be first yeah you know God gave it to you nobody can touch it now they can imitate it they can even try to do it and they can make some money off of it but if God G not if God gave it to you he gave it to you because he knew exactly what you were going to do so that you could produce whatever you needed for him amen I love that I love that one of the things this reminds me of is the fact that the Lord's been dealing with me you cannot grow in areas you don't measure right and you know so with me paying more attention to my health you know looking at how many hours I sleep I get compared to my productivity but let's say if we flip that to the business MH you know now we're talking about growing and scaling if I measure how much income I'm getting how can I rep reproduce that to get go deeper um what are your thoughts about measuring love it but I don't necessarily measure on the revenue side I look at my expenses okay because I have to have rent you know in office space I have to pay utility build I have to have the internet I have to have business insurance so I look at that as a starting point like a break even Point let me pay these expenses wait wait wait wait you said a term that I that I love and I don't know if everyone understands break even so if we look at a month M can you break that term down what am I looking for in that month to know that I broke even you want to make sure that all your bills are paid M that's what that means and you do that personally too you know that's how you what is it um when you have more month than money yes that means you're in the negative that means you're stealing from Paul or stealing from Peter Peter to pay Paul yeah yeah we don't want to do that but that's where we start we that's just where we start but you don't want to do that you want to make sure that your expenses are all paid for might not have any money left over that's why says Break Even you even stepen I don't owe anybody technically nobody owes me but at least my bills are paid and I can breathe at night okay now we want to get into the side where no my bills are paid and I got what is called disposable income okay okay okay this this is a part that I love now disposable income do we throw ourselves a party and we go in a shopping spree no I know you want to you might want to wait a couple months make sure but no that's when you just that disposable the first thing I would do is like okay do I have that savings account you know and when you make a budget let me say this too when you make a budget don't make it so tight you can't breathe okay don't forget that you might want to go on a date night that's right or you might want to go to the movies or oh I want to go on a vacation yeah you got to save for the vacation but don't make it so tight that you're unhappy you know I've seen some people okay we're not going out to eat does that mean you're not going to a restaurant or does that mean you're not going to a fast food place yeah which means now you got to cook that mean you also got to clean you know but you want to make a budget that works with you the same way you move around and grow whether you lose weight to gain weight your budget does the same thing whether you have more money or less money so you want to make it so that budget is a breathing it's like a a being it moves with you you know right now I might say hey I want to be tight for two months or 3 months I'm not going out to eat I'm cook meal prep you know do all those things that we hear but can you keep that up for 12 months yeah some people can't you know it's almost like lying okay after a couple times that lie is going to fall out we're going to know what's going on but you want to make sure that that budget is something that you can work with and you're comfortable that's really good so we understand about tithing we understand about budgeting we understand about you know your family you know your personal situation we understand about the business my last thing I would like to you just ask you a couple questions about before we get ready to close is we have this disposable income MH uh how else can we bless the kingdom and that's when you go into offering but you could also help someone that can also well personally that's offering okay business wise maybe you could hire somebody okay and give them an opportunity to have a job that they can tithe off of okay so that's one of the reasons why I mean yes everybody says oh I want to be a millionaire okay or do you just want to be comfortable you can be comfortable and Wealthy without being a millionaire we just like to use that number yeah all my bills are paid I have disposable income I am comfortable I mean that's good enough for me you know but we like to put that dollar amount on there I want to be a millionaire and don't get me wrong yes I want to be a millionaire you know but you need to understand that that business is there to help you to help the kingdom and it might be somebody who needs a job that's praying for a job and you have this disposal or this extra money from the business that yeah you can increase your salary do you need to when you could get help for your business that can make your business grow even more and you can get extra money later wow you know and you've helped someone else now they can tithe and personally you know you have this disposable income that means you can increase your offering and what you can do for the kingdom you can get your same account together for your emergency fund or your vacation that you didn't take or your child's tuition for college so what if I want to bless the community I I see a project nonprofit or for-profit and I want to donate from the business to help in a kingdom act you know I have some foldable income I want to either help with getting some computers for the local elementary school I mean how is that viewed you know what are your thoughts let's say you were talking about the computers yeah you buy the computers you get a letter from the schools as a donation M okay sometimes um I see a lot of food banks okay you know they'll go and buy stuff from Food Lion and then give it to the food bank just get a receipt from them because they're nonprofit and so as a nonprofit it becomes a donation now when you give it to that person in that backyard that's saying they're nonprofit and they don't have a tax ID number they don't know what a 50 is what's a 5c 153 501 C3 that's a charitable organization so you know I've given the people on the street yeah that's hard to get a a voucher so to speak yeah you know so look at that I mean I know it's kind of hard I want to give it to my friend they're starting a nonprofit make sure they have more okay that can help you so there's some diligence when we trying to do things on the behalf of the kingom yes and right now you know the government is not asking for receipts but they know who's a nonprofit yeah you know sometimes on that tax return you have to put that document in there and you have to put that tax ID number in there they know if there's a nonprofit or not that's good that's good you know so just kind of watch what you're doing because if you ever get audited you want that proof and they know that that particular nonprofit is valid or not amen amen hey look I know we could talk all day we're almost out of time you know if you have any questions hit us up at questions sam.org our information is in the bio if you want to just talk with aita or myself we're so excited and typically as we always do we're going to close out in prayer Lord Jesus we thank you right now for giving us the opportunity to build your kingdom yes we thank you that we can use our wisdom your knowledge that you have given us to help other people we also thank you that they listen with an open heart and an open mind there is no bad question but we want to make sure that everyone gets to the same place and that is building your kingdom and making Heaven crowded yes we thank you in Jesus name amen amen hey y'all just y'all got so much wisdom we just can't wait to see and talk with youall next month all right y'all be blessed all right y'all have a good one