Business School with Sharran Srivatsaa

Financial Home Base

7 snips
Jan 14, 2025
Discover the essential concepts of building a financial safety net. Learn how to track monthly expenses effectively and ensure your income exceeds your costs. Dive into valuable lessons from financial titans like Warren Buffett and Elon Musk. Explore the importance of separating self-worth from material wealth during financial transitions. Gain insights on managing cash flow, leveraging resources, and cultivating entrepreneurial skills. This guide empowers you to treat every dollar as an asset and take control of your financial future.
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ADVICE

Know Your Numbers

  • Know your monthly core expenses for personal and business needs.
  • Use tools like Mint or Microsoft Money Copilot to track expenses and gain clarity.
ANECDOTE

Emily's Savings

  • Emily, a marketing consultant, saved her business during COVID by tracking expenses.
  • She cut 40% of expenses after identifying unnecessary spending.
ADVICE

Income > Expenses

  • Prioritize getting your income greater than your expenses for financial stability.
  • Reduce expenses temporarily to achieve this stability and enable bigger thinking.
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