Member Success Story: A Real Dream Job

When Renee initially came to MSA, she felt hopeless with managing her finances and starting her own business.  “I didn’t have the support I needed to make this dream come true, and [it] actually derailed me on my path to self-sustaining entrepreneurship.  I was influenced by the WRONG attitudes, and thank goodness I found the support system that I have!”  That support system is her very own team of Money Coaches.

Heading the support team was Money Coach Deborah.  Take a look at the practical financial goals she and Renee put in place, what they achieved, and what kind of action steps you might take to make your own financial progress.

GOAL #1:  Learn How to Manage Income Better

In order to get a handle on her finances, Renee started tracking her spending – pinpointing income and expenses with the help of Coach Deborah.  Together, they set a goal of reducing Renee’s overall spending by $10k and strengthening her ability to say “no” to unnecessary items.

Renee told her Money Coach, “[You] helped me create a usable and workable budget (It might not sound like that big of a deal, but it is!)…  You made me confident in my financial situation; you helped me believe in myself, and your consistent cheerleading and guidance has made all of this possible!”

On top of gaining a helpful budget, Renee also improved her credit score from 760 to 806, and boosted her savings, so now she has 3 months’ worth of income set aside for emergencies.

GOAL #2:  Create a Business Spending Plan

In order to create a helpful business spending plan, Renee and Coach Deborah discussed which expenses are essential and which are truly discretionary.  Deborah talked with Renee about how she might account for items that could arise, like memberships, networking costs, national conferences, publications, and more.

Since Renee is a Licensed Marriage and Family Therapist, Coach Deborah calculated that she would needsto increase the number of therapy sessions she conducts, from 30 a month to 42 sessions a month at $150 per session, to meet desired expenses.  Through dedication and perseverance, Renee adequately raised her rates and increased her clientele to 58 a month!

Renee also had a need for medical/dental coverage, so she researched the Affordable Care Act for possible costs, then talked about premiums, deductibles, co-pays and out-of-pocket expenses with her Coach, in order to figure out how it might impact her finances.

Renee couldn’t wait to thank her Coach for the awesome results:  “I wanted to TRULY and HUMBLY thank you for everything….  I have been able to take a business that I wasn’t sure was going to do well, and make money.  And not just a little bit of money.  But a LOT of money.”

GOAL #3:  Understand & Improve Tax Situation

Renee was hoping for a better tax situation (Who isn’t?), so she and her Coach came up with a to-do list: understand how tax forms work, learn how much of income is taxed and how deductions work, and get a new tax preparer.

Deborah connected Renee with Donna, a Money Coach who specializes in taxes and files returns.  Donna explained how to fill out the proper 1040 form for business profits/losses, and how to fill out the 8829 form for expenses for business use of a home.

Coach Donna gave Renee a clear picture of what her taxes would be like; she explained that Renee would probably owe a total of $2,435 or $3,050 a year in taxes, or $250 per month.  This projection gave Renee the information she needed to plan ahead and be ready for tax season.  In fact, Renee was able to do her own taxes and save $450 in tax prep fees.

Renee had great things to say about working with Donna and Deborah:  “I can’t thank you and Donna enough for all that you have done for me in making this dream come true….  Now, through your help and with the support of Donna and others, I KNOW I can have a successful business that will sustain me and my family.  I really credit you with so much of this success.”

Renee continues to work with her team of money coaches because she knows that their educational support helps:  “Deborah Norris has helped me so much with getting a hold of my financial life.  …I finally feel like, for the first time in my life, I am beginning to grasp my personal finances and make the changes I need to make in order to secure a positive financial future that is relative to my overall financial potential.  Without her help, I don’t think I could’ve done it.  I cherish my time with her and appreciate her every day.”

Work on your own financial future by talking with a Money Coach.  Your Money Coach can provide calculators, spending plan worksheets, education, and more. Call 888-724-2326 today.

Information provided in this article is for informational purposes only and is not intended to offer specific personalized investment, financial planning, tax, legal or accounting advice.  We recommend that you consult an attorney, tax advisor or accountant regarding your unique circumstances.