I’m Married To A Job Creator
In this Episode, I introduce my husband, BJ Rice. He’s a Composer, the Founder of Southern Music Academy in Atlanta, Georgia, and a student of Pan-African History. I mentioned early in the episode that we should do a separate episode about managing money as a couple *SPOILER ALERT* we didn’t… so you get an hour long episode this week!
When I met him in college, BJ was a freshman Engineering student. In our sophomore year, he changed his major to interdisciplinary studies in Organizational Management and Music Composition. This episode tells the story of him graduating into a pretty cushy retail management job, quitting because he wasn’t fulfilled, the uphill 1000 mile journey to fully establishing his own company, and the money (and marriage) lessons we both learned along the way.
Our Tips On Managing Money As An Entrepreneur:
Understand how much it takes to run your household and the minimum you need to earn each month.
Gain an understanding of what you need to reinvest in your business every month. All revenue doesn’t equal income. Create your lifestyle accordingly.
Calculate an average monthly income after a year of operating your business.
Create a “Flex” account, separate from your emergency savings, to funnel additional funds from months where you make more than the average to help compensate for the months where your income is lower than average. This helps if you get anxious about touching your true savings.
Set up a reserve so that this month’s REVENUE can generate next month’s INCOME.
Understand self-employment taxes, how to minimize tax liability, AND how tax write offs could potentially impact what Loan Amount you could qualify for when applying for a mortgage.
CONNECT WITH BJ RICE
- Instagram https://www.instagram.com/bjrice_music/
- Facebook https://www.facebook.com/BJRiceMusic
CONNECT WITH GAYLE
- Instagram https://www.instagram.com/askgaylerice/
- Facebook https://www.facebook.com/askgaylerice/
MENTIONED IN THIS EPISODE:
- How banks look at self-employed income when qualifying for a mortgage: https://mymortgageinsider.com/calculating-self-employed-income-for-mortgage/#:~:text=Two%2DYear%20Self%2DEmployed%20Average,dividing%20by%2024%20(months).
- Southern Music Academy:
- Website https://www.southernmusicacademy.com/
- Instagram https://www.instagram.com/southern_music_academy/
- Facebook https://www.facebook.com/SouthernMusicAcademy/
- Music for Creators Podcast Theme Music
- Capoeira https://www.instagram.com/eclipsecapoeiraatlanta/
