In this episode, Tina Marie talks about FinCon, David Bach, what could be keeping you from accomplishing your goals. Learn about the one thing she did to overcome time management challenges.
For more info on FinCon, visit: www.finconexpo.com
Download the Time Tracker Tool, here: www.profitproject.co/timetracker
Hey, Tina Marie here. Welcome to our very first episode of Income Statement Podcast.
I’m super excited to talk about this week’s topic. I titled it “What’s your Latte Factor for Business”? Funny title and some of you may know what I’m referring to, but there is a little twist and I believe it’s really relevant right now with the beginning of the New Year and everyone’s doing some goal setting. So, before we get to answering the question, what is your latte factor for business, let me explain a little bit of a background to what the latte factor is.
Last October I attended Fin Con in Dallas, Texas. For those of you who don’t know, Fin Con is a conference for those working in the financial sector and financial media. Their tagline is Where Money and Media Meet. There were a lot of big names like Pat Flynn, Nicole Walters, and even some up-and-coming personal finance bloggers. You can learn from sessions, they have different workshops about anything from YouTube, podcasting, Pinterest, Facebook… you name it!
When it comes to social media, they were going to help you advance your message and networking was really huge there. I met a lot of incredible people, I’m really excited to be able to collaborate with some of them this year and I’m hoping to get some of them on to this podcast to introduce you to what they’re doing because they’re doing some amazing things.
Essentially, Fin Con is just a way to marry your passion for money and getting your message out there, and learning how to utilize social media. If you want to learn more about Fin Con, you can go to FinConExpo.com. They are having one this year in Orlando, Florida towards the end of September. I’m super excited because I’m probably going to extend my stay and go to Harry Potter World because I’m a huge Harry Potter nerd and can’t go to Orlando without going there.
I’m a little digressing, getting all excited, but I do want to jump into talking about one of the keynote speakers there – David Bach. He is a financial advisor and a New York Times bestseller. He talked about his journey of financial advisory, becoming an best-selling author, and one of his big goals was to be on Oprah. I found his story really fascinating.
He did give a copy of one of his books called, The Automatic Millionaire, to everyone in the audience, so I thought it was a really intriguing title. When I got back I sat down and started reading it because I wanted to see what he had to say about building wealth. One of his concepts he talked about was the Latte Factor and the way he explained it is, a lot of us who get a set paycheck, or set income from salary wherever you work, oftentimes get into that trap of working paycheck to paycheck and so we tell ourselves these lies that we don’t have money to save because essentially, what we’re doing is paying our bills, feeding ourselves, and then we go back to work and we’re doing again, so we’re kind of in that rat race.
Well, he explained that the Latte Factor, if you sat down for a day, or even a week is better, and really track your expenses, you might be able to find places here and there… Money that you’re spending, not realizing that you’re spending, that could be tucked away into a 401K or IRA or investments to essentially set you up for retirement. He named it the Latte Factor because a lot of us don’t realize when we’re going to a office job or where we’re going, we may stop by at Starbucks or a coffee shop and buy a cup of coffee, and let’s say on average you spend five bucks a day, and you go five days a week. It’s kind of like your treats and since you work really hard every day, right?
Well, that starts to add up at five times a week, it’s thirty five dollars at, we’ll say about forty-eight weeks. That’s well over a grand that could easily be put into a savings account for emergency, it could be put into your 401K or investments, and so I’ve kind of heard a variation of this before about really tracking your expenses and finding the money somewhere, but the really, ah-ha moment came a couple paragraphs and were questions triggered in my head and that’s the title of the podcast is, What’s your Latte Factor for Business?
What are my clients telling themselves that they can’t accomplish their goals, or they can’t finish a task, or they can’t meet a project deadline, because these questions and two answers came up for a lot of them was money, but the big thing was time.
Time: we keep telling ourselves that we don’t have time to do it. A lot of us are either working full-time trying to build our businesses, and then you know we have social engagements. A lot of us volunteer in town, some of us have families. Even if we’re stay-at-home moms, or stay-at -home parents; I don’t want to leave out the men, that doesn’t mean that we don’t have a lot on our plate and a lot of things to do. So, when we say we don’t have time to do things is there a latte factor with time?
I started looking at myself because I was even saying that I found myself saying that in the past year, and for those of you don’t know, I still work full-time and I’m building two businesses besides the coaching business. I do have a local home-based bakery. So, I sell cheesecake and cupcakes and stuff like that, and I’m also on the board of a nonprofit, so I’m super involved in town, in my community and trying to build these businesses.I found at times I would just be completely worn out and say, “well I just don’t have time,” and even though I cut out television, not completely because you know sometimes you got to treat yourself, I challenged myself to really sit down and check my time and see how much time was I really spending on building my business? How much time was I really spending at work? How much time was I really spending everywhere- sleeping, watching TV, reading, everything?
So, after the week my results was kind of eye-opening. I spent a lot of time in the social media black hole trap. Some of you can kind of understand this, and when I started venturing into business coaching and understanding and learning about online marketing and providing my services online, I knew the importance of creating a presence on social media and being everywhere that your audience will be, right? What I didn’t realize was that I was not being very strategic with my time when it came to posting on social media or being on social media. Yes, I was posting content, yes I was connecting with other people, but then I would go into that trap where you’re like, “oh look what so and so wrote on the news feed” and then scrolling and then getting trapped and watching motivational videos, and then scrolling. Or on Instagram feeds, looking at people’s pictures and reading their captions.
I was wasting a few hours a week that could’ve easily been used for creating more content. So, what I set off after doing tracking my time for a week, was really sitting down and seeing what have I not automated in my processes and procedures that I could streamline a little more and what do I have on my plate that I could give up.
Stuff, that’s not my zone of genius, things that are taking too much of my time, and what was going to be action months November and December jumping in, I realized I had to take a step back and take a different type of action, and was really planning for 2018. So, I spent a big chunk of November and December deciding how I wanted my business to look, how wanted my life to look in 2018, and really putting things in place.
I found I have upgraded from buffer, I moved to Smarterqueue to automate my content a lot more. I am sculpturing my time to do batch marketing versus trying to do a little bit every single day. I have streamlined my time blocking to really maximize getting tasks done on my to-do list on ASANA, I sought out hiring a VA, and I will be growing my team in 2018- looking to add a social media manager after that. So, those are things that are going to take things off my time and since all that planning the last two weeks have been action weeks to put everything in place, I’ve seen such a huge jump in my productivity and getting things done and seeing results and it’s only going to grow from there.
So, when I answer the question, “what is my latte factor for my business?”, I want you to sit down and kind of think, well, what is your latte factor for business? Mine ended up being a social media factor and not in a good way.
So, you may be a mom, you might have this full-time business that you’re trying to grow and you’re very involved in your community. Could you sit down for a day and track your time? Are you able to wake up fifteen minutes earlier and then go to bed fifteen minutes earlier? Where are you most creative? Most productive? Where can you find nuggets of time by yourself? If the moment you wake up you’re getting the kids ready for work, well can you get up a little bit earlier? Instead of hitting the snooze button four times, could you get up a little bit earlier to take that job so you can meet your health goals, or can you get up a little bit earlier so you can you know maybe read something for professional development to help you grow your business?
Just find those nuggets of time and find times where you can kind of multitask as well. Instead of reading a book where you may not have the time to sit down, do audio books, listen to them on the way to work or on the way to an engagement, on your breaks at work. That’s when you can start posting content on your marketing, on your lunch breaks at work. This is where you can put together programs or services. Really finding those times, and even on the other side of it, like I had to decide what was eating up so much of my time, hiring out if you need to get a nanny once a week for three hours to watch the kids just so you can lock yourself away in the office to get stuff done, do it. If you need to ask your significant other, or family, or anyone that can help pitch in some time to help take something off your plate, do it.
Don’t look at it as an expense, but an investment in your future, an investment in your business and once you start seeing results from that you will never go back, you will just blew.
I mentioned that I tracked my time and put it down on paper to kind of really see as an eye opener what I was wasting my time on or finding times that maybe I could shift, so it’s not working on certain things as much, so I can shift more hours towards my business. I created a tool called the Time Tracker and you can go to my website and get it for free at profitproject.co/time-tracking. It’s an immediate download and in email. I’ll even give you some tips on how to really track your time. It wasn’t as hard as I thought it was going to be, so I hope you guys can stick with that. Even if you don’t do it for the week, try to do it for a day and just kind of break down your day and see how much time you’re really spending on things, but the best result is doing it for a week because one day could be completely different from another day.
Yeah, so thank you for tuning in on my very first episode. I’m a little nervous, but I’m really excited about doing this. I think this is where you need to be, so I’ll definitely be podcasting a lot more. If you found this helpful, or you’re really excited about this podcast, please hit the subscribe button and feel free to rate it five stars. We would love that and do share this out to everybody. I really really would like to reach as many people as possible with my message, and if there’s any topic that you really want to learn when it comes to money, mindset or really honing your business vision, so you can help grow that I’m all ears. So, feel free to comment, message me, you can even email me at firstname.lastname@example.org.
Finding the time to work on your business can be really frustrating and sometimes even overwhelming, especially when we have so many balls in the air. I want to get you started off right, I created a tool to help you be a little bit more mindful on what you’re spending your time on and in hopes of finding some nuggets of time that you can work on accomplishing your goals. Go on and head over to profitproject.co/time-tracking and it will be sent to your inbox immediately with a few tips on how to use it and how to really maximize results per day.