So long, 2013 financial year and hello to a brand new one! This week we’re making sure our clients have a simple system for success for the 2014 financial year. I want to share a few features of that with you today.

If you’re familiar with our online program Milking it, you’ll know that we like to make people’s lives easier and simpler with systems for success. And one of those systems we teach is a financial system, ‘Milk Money’. We bet that if you told all of your friends about it, they wouldn’t believe how simple and effective it actually is. Every household needs one and every business needs one. It’s neat, it’s simple and once you set it up, you just maintain it.

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So, before I show you the four things about this simple system, let me ask you a question. What are you going to do differently this year? How are you going to make your 2014 financial year successful?

How about getting your own system in place? Your system should be made up of four things:

People, Processes, Rules and Tools.

Let me give you an example. Here’s how we helped our client Kate* set up her financial system. We helped Kate to make the complex simple. At the end of last financial year, she knew she couldn’t afford to have another year of chaos. Her family and her business depended on her success so she asked me to work with her to turn things around for the better.

Kate wanted to get her financial house in order and to make more money this year but she didn’t have a plan. Here’s the system we set up:

1. People:

The most important part of any system is the ‘people’ aspect. Who are the people in your financial system? With my client Kate, they were her family – her husband and three kids. In addition, she had a bookkeeper and an accountant. She also sought advice from her father so he was a stakeholder in her system. All those people were involved in Kate’s ‘system’ and they needed to understand her vision and goals.

Another important person in your ‘system’ is your accountability partner. You need someone to hold you accountable for your goals and actions. Kate hired me to hold her accountable to her goals. But for you, that could be a friend or someone you trust.

People have tendencies, attitudes, habits, behaviours and it’s always good to consider these factors when you go about making your plans. One interesting thing about your people is to observe their attitudes towards money. What do you believe is possible for you to achieve financially? Why? With Kate, we discovered that she had some limiting beliefs about money. Once she was aware of them, Kate was able to make some changes.

2. Processes:

Every successful outcome is the result of certain things happening in a certain order. If you want to lose weight, you could take every diet book in the library and distil the messages down to one equation: Ingest fewer calories and exert more energy. It’s no more complicated than that.

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The same applies to your money. If you want to create wealth, all you have to do is increase your incomings & decrease your outgoings. It’s as simple as that.

It’s an equation.

But what we’ve learned with Kate and other clients is that people have a habit of making stuff complicated.

Here’s the process we take. It’s so simple:

Once I got Kate to really understand this very simple process, the rest was easy. Kate confessed she had actually never planned a financial year before. She was too busy trying to keep track of the ‘reality’ of her financial position.

In Milk Money, which is module 6 in our online program, we focus on money and we talk about money!

  • We talk about our attitudes to money.
  • We explore how limiting beliefs can hold you back.
  • We talk about our financial goals and we create clear plans.
  • We set up healthy financial habits.

Nothing grows in the dark. And sticking your head in the sand gets you nowhere.

When you set up your financial system for success, not only do you increase your money power, but you also increase your energy by reducing stress and thus improving health.

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When you have a stable system for success, you will continue to create more and more wealth. In Module 12, we help you with the other part of your wealth plan: your business and how to make it more profitable. We teach you sales and marketing systems, social media, CRM, project management, people management, and all the turn key systems that will make your business efficient.

3. Rules:

No system can ever work without rules. You need to spell out the obvious to yourself and everyone else. Otherwise it all falls apart. Think about the kitchen: if you don’t stack the dishwasher at the end of the day, the dishes won’t be clean. Here are some rules we set up with Kate, to ensure her financial system kept running smoothly:

  • All invoices are to be sent off on a Thursday.
  • All bills are paid on a Monday.
  • Bank statements are reconciled on the last Friday of every month.
  • All tax related information gets filed in my Tax Project file as it comes in.
  • All small receipts go in the monthly envelope in my small receipts box as they come in.
  • I only keep 18 months worth of financial information in my primary office space and the rest is kept in an archive.

4. Tools:

The tools are what everyone commonly thinks of as a financial system. Now you know better – they’re just tools. Without the people, the processes and the rules, the tools are useless. Here are the tools Kate had at her disposal to make it all work:

  • A budget spreadsheet.
  • A cashflow calendar.
  • An online accounting software package called Quickbooks that she and her bookkeeper used to do her invoicing and key in her expenses.
  • A shoe box to hold her small receipts in month-by-month envelopes.
  • A folder to hold all her bank statements.

We’ve helped thousands of people all around the world get organised and save many thousands of dollars each year with our systems for success. Maybe it’s time we could help you?

Come and join us TODAY. Stop delaying it. We can’t wait to help you start Milking It in Life, Business and Home!

*Kate gave me permission to use her story, but her name was changed to protect her privacy.