In this episode of Harmonious Wealth, host Iyanna Vaughn discusses the critical importance of determining a proper salary as a CEO. She emphasizes that a CEO's salary is not just an expense but a fundamental part of a financial strategy that supports long-term wealth building. Iyanna introduces the 50-20-30 budgeting system, shares insights on financial priorities, and highlights the significance of a CEO salary calculator to help business owners plan their finances effectively.

Takeaways

• Your salary as a CEO is essential for financial strategy.
• Understanding your salary helps set revenue goals.
• The 50-20-30 budgeting system is a useful tool.
• Aim for 50% of your take-home pay for living expenses.
• Tithing can positively impact your financial mindset.
• Create a separate account for tithing to manage it better.
• Label savings accounts positively to encourage growth.
• Financial priorities should include savings and debt management.
• A CEO salary calculator can help clarify financial goals.
• Lifestyle choices should be budgeted to enhance quality of life.

💰 Get the Harmonious Cash Flow Planner: lovelyfinancials.com/planner

Get the CEO Salary Calculator - lovelyfinancials.com/ceo

Learn about the Financial Strategy Experience - lovelyfinancials.com/strategy

Connect With Iyanna:

Instagram: https://www.instagram.com/lovelyfinancials

Email: https://lovelyfinancials.com/overflow

Website: https://lovelyfinancials.com

In this episode of Harmonious Wealth, host Iyanna Vaughn discusses the profound impact of self-talk on financial well-being. She emphasizes the importance of positive affirmations and understanding one's financial situation to overcome anxiety and fear. The conversation explores how avoidance of financial matters can lead to stagnation and the necessity of facing financial realities head-on. Iyanna encourages listeners to transform their mindset about money, viewing it as a tool for empowerment rather than a source of fear.

Takeaways

• Your words shape your action.
• Negative self-talk creates limitations in financial understanding.
• Understanding your numbers reduces anxiety and fear.
• Avoidance of financial matters leads to stagnation.
• Facing financial realities is essential for growth.
• Positive affirmations can transform your financial mindset.
• Money should be viewed as a tool, not a source of fear.
• Engaging with your finances regularly builds confidence.
• Support and education are key to overcoming financial fears.
• Creating a legacy requires good stewardship of money.

💰 Get the Harmonious Cash Flow Planner: lovelyfinancials.com/planner

Connect With Iyanna:

Instagram: https://www.instagram.com/lovelyfinancials

Email: https://lovelyfinancials.com/wealth

Website: https://lovelyfinancials.com

In this episode of Harmonious Wealth, host Iyanna Vaughn delves into the complexities of cash flow in business, emphasizing the distinction between profit and cash balance. She explains how cash flows through a business, the importance of understanding financial reports, and introduces the Statement of Cash Flow. The episode concludes with resources for managing cash flow effectively and an invitation to join a community focused on building generational wealth.

Takeaways

• Profit is not the same as cash balance.
• Understanding cash flow is crucial for business success.
• Cash flow is determined by beginning balance plus cash in minus cash out.
• The Statement of Cash Flow is essential for tracking financial health.
• Operating, investing, and financing activities all impact cash flow.
• Regularly reviewing cash flow statements is vital for business owners.
• Cash flow management can alleviate financial anxiety.
• A harmonious cash flow planner can aid in financial forecasting.
• Building a profit plan is key to increasing cash flow.
• Community support is important for women entrepreneurs.

💰 Get the Harmonious Cash Flow Planner: lovelyfinancials.com/planner

Connect With Iyanna:

Instagram: https://www.instagram.com/lovelyfinancials

Email: https://lovelyfinancials.com/wealth

Website: https://lovelyfinancials.com

In this episode, Iyanna Vaughn delves into the concept of equity, explaining its significance in determining the financial health of a business. She breaks down the formula for equity, discusses owner's equity and distributions, and emphasizes the impact of equity on the overall value of a business. The episode serves as a guide for entrepreneurs to understand how to manage their equity effectively to build long-term wealth and financial stability.

Takeaways

• Equity is defined as assets minus liabilities.
• A strong balance sheet indicates long-term financial health.
• Owner's equity includes distributions and retained earnings.
• Taking distributions too soon can deplete cash flow.
• Higher equity correlates with higher business value.
• Healthy equity is essential for attracting investors.
• Understanding your balance sheet is crucial for financial planning.
• Equity impacts the ability to secure financing.
• Maintaining positive equity is key to business growth.
• Building generational wealth requires strategic financial management.

💰 Get the Harmonious Cash Flow Planner: lovelyfinancials.com/planner

Connect With Iyanna:

Instagram: https://www.instagram.com/lovelyfinancials

Email: https://lovelyfinancials.com/wealth

Website: https://lovelyfinancials.com

In this episode, Iyanna Vaughn discusses the importance of understanding liabilities in business. She explains how liabilities can be a powerful tool for growth when managed correctly, and emphasizes the need to compare assets and liabilities to maintain financial health. The episode covers different types of liabilities, the significance of the debt to asset ratio, and how liabilities can impact cash flow positively and negatively. Iyanna also shares strategies for using liabilities strategically to enhance business operations and avoid cash flow surprises.

Takeaways

• Liabilities can be a powerful tool for growth.
• Understanding your balance sheet is crucial for financial health.
• Current liabilities are due within the year, while long-term liabilities extend beyond one year.
• The debt to asset ratio is a key metric for assessing financial stability.
• A healthy debt to asset ratio should ideally be no more than 30%.
• Liabilities can impact cash flow positively when used strategically.
• Avoid merchant loans as they can create a vicious cycle of debt.
• Utilizing lines of credit for special projects can help manage cash flow.
• It's important to track liabilities to prevent cash flow surprises.
• Liabilities don't have to be inherently bad if monitored and used strategically.

💰 Get the Harmonious Cash Flow Planner: lovelyfinancials.com/planner

Connect With Iyanna:

Instagram: https://www.instagram.com/lovelyfinancials

Email: https://lovelyfinancials.com/wealth

Website: https://lovelyfinancials.com

In this episode, Iyanna Vaughn emphasizes the importance of understanding the balance sheet, particularly focusing on assets. She explains the different types of assets—current, non-cash current, and long-term—and their significance in assessing a business's financial health. The discussion includes strategies for managing cash flow, the impact of assets on business stability, and the importance of planning for the future to create a legacy business. The episode concludes with a call to action for listeners to engage with their financial health and join a community focused on wealth creation.

Takeaways

• The balance sheet is crucial for understanding business stability.
• Assets are categorized into current, non-cash current, and long-term.
• Cash flow management is vital for business survival.
• Non-cash current assets can be converted into cash quickly.
• Long-term assets can appreciate and add value to a business.
• Regularly assess your assets to ensure they align with business goals.
• Creating a financial cushion helps navigate slow seasons.
• Implementing efficient invoicing systems can improve cash flow.
• Understanding your balance sheet empowers better business decisions.
• Building a legacy business requires a holistic view of financial health.

💰 Get the Harmonious Cash Flow Planner: lovelyfinancials.com/planner

Learn more about the Financial Strategy Experience

Connect With Iyanna:

Instagram: https://www.instagram.com/lovelyfinancials

Email: https://lovelyfinancials.com/wealth

Website: https://lovelyfinancials.com

In this episode, Iyanna Vaughn discusses the critical importance of understanding profit in business. She breaks down the different types of profit—gross, operating, and net—and emphasizes the need for entrepreneurs to track their profit margins effectively. The conversation also covers how to assess profit trends over time and the significance of maintaining optimal profitability for business growth. Listeners are encouraged to utilize tools like the Harmonious Cash Flow Planner to gain clarity in their financial management.

Takeaways

• Understanding profit is essential for business health.
• Tracking profit margins helps identify financial issues.
• Gross profit margin should ideally be around 70%.
• Operating expenses occur regardless of revenue.
• A healthy profit margin for service-based businesses is 20-30%.
• Profit margin percentages provide a quick performance overview.
• Avoid comparing profit margins across different industries.
• Regularly assess profit trends to identify growth opportunities.
• Pricing for profit is crucial for maintaining margins.
• Utilizing financial planning tools can enhance cash flow management.

💰 Get the Harmonious Cash Flow Planner: lovelyfinancials.com/planner

Connect With Iyanna:

Instagram: https://www.instagram.com/lovelyfinancials

Email: https://lovelyfinancials.com/wealth

Website: https://lovelyfinancials.com

In this episode, Iyanna Vaughn discusses the critical aspects of understanding business expenses for coaches and service providers. She emphasizes the importance of distinguishing between direct costs and operating expenses, how they impact profit margins, and the necessity of creating a profit plan. The conversation also covers evaluating expense trends to maintain profitability and offers actionable insights for managing finances effectively.

Takeaways

• Understanding your expenses is crucial for profitability.
• Direct costs are tied to service delivery and impact profit margins.
• Operating expenses are ongoing costs that must be managed.
• Aim to keep direct costs under 30% of revenue.
• Evaluate your expenses year over year to identify trends.
• Create a profit plan to maintain financial health.
• Use tools like the Harmonious Cash Flow Planner for clarity.
• Negotiate costs to reduce expenses strategically.
• Reinvest profits wisely for growth.
• Stay intentional with your financial strategies.

💰 Get the Harmonious Cash Flow Planner: lovelyfinancials.com/planner

Connect With Iyanna:

Instagram: https://www.instagram.com/harmoniouswealth

Email: https://lovelyfinancials.com/wealth

Website: https://lovelyfinancials.com

In this episode of Harmonious Wealth, Iyanna Vaughn discusses the importance of understanding revenue fluctuations in business. She emphasizes the need for financial clarity and tracking revenue effectively to achieve business goals. The conversation covers categorizing revenue for better insights, managing seasonality, and taking control of cashflow to avoid surprises. Vaughn provides actionable steps for business owners to connect with their numbers and optimize their financial strategies.

Takeaways

• The problem isn't just the fluctuations, it's the disconnect from your numbers.
• Understanding how to connect with your numbers is vital for business growth.
• You need to track your revenue to gauge performance accurately.
• Categorizing revenue helps in assessing business performance effectively.
• Identifying revenue drivers allows for better financial decision-making.
• Measuring revenue against goals helps in identifying areas for improvement.
• Understanding seasonality can reduce overwhelm in business management.
• Making decisions based on emotions can negatively impact finances.
• Planning for seasonal dips can help maintain consistent cashflow.
• Taking control of cashflow is essential for business success.

💰 Get the Harmonious Cash Flow Planner: lovelyfinancials.com/planner

Connect With Iyanna:

Instagram: https://www.instagram.com/harmoniouswealth

Email: https://lovelyfinancials.com/wealth

Website: https://lovelyfinancials.com

In this inspiring episode of Harmonious Wealth, Dr. Joy Harden Bradford, founder of Therapy for Black Girls, shares her incredible journey from starting as a blog to creating a groundbreaking mental health platform for Black women and girls. She dives into the accidental beginnings of her business, the evolution of her revenue model, and the power of community healing through her foundation.

Dr. Joy also reflects on personal lessons, such as transforming her money mindset, integrating her family into her business, and cultivating a strong team culture. Listen in as she discusses the balance between personal and professional life, the importance of hiring early, and her vision for building physical spaces dedicated to supporting Black women’s mental health.

Takeaways

• Therapy for Black Girls started as a blog to share mental health resources.
• The therapist directory evolved from free to paid listings to ensure sustainability.
• Understanding your money mindset is vital for business and personal growth.
• Community healing plays a critical role in challenging times.
• Hiring children for specific tasks can serve as both a tax benefit and a wealth-building strategy.
• Building a strong team culture ensures a positive experience for clients.
• Physical spaces for Black women and girls can bridge gaps in mental health support.
• Teaching children financial literacy early can set them up for long-term success.
• In-person events strengthen community bonds.

GET TO KNOW DR. JOY

• Therapy for Black Girls Website
• Dr. Joy’s Instagram
• Past episode about strategies to dictate what you pay in taxes