Today, we're wrapping up May Margins Month. YAYYYYY! It was a pretty good adventure, wasn't it?
And yes, we're ending it with a bang!!
Today, I'm interviewing the fabulous Tasha Cochran, and we discuss exactly WHAT to do with those margins once you make them!
How do you plant those seeds? How do you spend that money in the best way possible? And how can you build wealth using it?
Tasha answers all these questions and more for us today! In this interview, she tells you exactly what you can do with those margins and how you can invest it and turn it into a rich harvest.
So, if this sounds like your cup of tea (and I know it does), tune in now!
Introducing Tasha Cochran – Margins Master
Tasha is an entrepreneur who, as she says, likes to teach personal finance to people who like nice things. Yep, get ready because Tasha is not about frugality! However, she is all about helping you build wealth and take control of your money in a way that allows you to spend for the life you love (and deserve).
Tasha wasn’t always financially comfortable. In fact, believe it or not, she started out as a single teen mom. At the age of 19, Tasha had her daughter. She found herself surrounded by people who told her that her life was basically ruined. Party poopers much?
But Tasha, being the master that she is, didn’t listen to them. After all, why should she? And it was the right decision, because look at her now!
Not only did Tasha put herself through college, but she also put herself through law school and ended up becoming a banking and finance attorney. Talk about an origin story, am I right?
As an attorney, Tasha worked in the public interest. However, she soon felt like she could do more for others. She had all this knowledge, and she wanted to share it with as many people as possible.
So, Tasha started her YouTube channel (YAYYY!) and started sharing her journey with her viewers. She started documenting everything about her life, including her personal finances. As her channel grew bigger, Tasha found herself at a crossroads: Did she want to keep practicing law? Or did she want to transition into full-time entrepreneurship? Lucky for you and me, she chose the latter!
Personal Finances Are Not as Hard as You Think
Through her journey, Tasha noticed something peculiar. People were holding on to some obsolete beliefs about personal finances. The biggest one? That you can’t create wealth if you have debt.
People often treat money as this one solid block, but it’s not. In reality, money can work towards several goals at the same time. What does this mean? Well, for one, you don’t have to wait until you’ve finished paying your student loan debt to start your own business.
Yes, I know, it’s mind-blowing, but you can use your money to pay off debts AND create wealth at the exact same time! Pretty neat, right?
Tips for Newbie Entrepreneurs
I asked Tasha for some tips for new entrepreneurs, and she delivered! Here we go:
- Always pay yourself first with your margins. One of the biggest mistakes newbie entrepreneurs make is forgetting to factor in the cost of them getting paid into the business.
- You don’t need to run a debt-free business. Don’t be afraid to use resources like debt to invest in your business. Not doing so will slow down your growth. However, before you take on debt, make sure you understand it, know how much it’s going to cost you, and how you’re going to pay it back.
- Invest in what you need, even if you think it’s expensive. Don’t be afraid to pay for that coaching program or that software if you think it’s going to help you grow your business and increase your margins.
- Use debt responsibly. For example, debts such as payday loans can be pretty predatory, so stay away from them. If you use credit cards for your business, make sure your credit card debt is not overwhelming. It’s pretty easy to fall down the rabbit hole and end up with huge debts after.
- Watch your expenses. Always be aware of where the money in your business is going, and don’t forget to plan for the expenses your company needs.
- Finally, don’t hesitate to get financial education and coaching. Money exists to serve you, so it’s only natural for you to learn how to manage it in the best way possible, both in your personal life and in your business life.
Top 10 Takeaways
- You have complete control over your income as an entrepreneur.
- Decide in advance how much you want to make.
- Pull money out of your business margins to pay yourself.
- Always pay yourself first.
- Make sure the money you're paying yourself is enough to help you invest.
- Be responsible with debt.
- Money buys you time.
- Watch your expenses and plan for them.
- Figure out the base that you want to put in your pocket and work backward to calculate margins.
- Don't turn your money over to financial advisors without doing the research first.
