Accelerator: 0.3 Financial Audit MIB

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0.3 Financial Audit MIB (Most Important Business)
Cheat Sheet

You are your most important business and it’s relative that you treat yourself like a business.

30,000 foot view
  1. Things to look at and what to look for in order to improve your situation
  2. Aim for a 680 credit score or higher to qualify for financing and for favorable terms 
  3. (DTC) Ratio: Keep the amount of debt charged to your credit cards at 30% or lower
  4. Savings plan
    • Have 3 months of living expenses saved 
    • Work on reducing your living expenses by 10% of your earnings
      1. Discontinue streaming services
      2. Cut back on leisure activities 
      3. Cancel membership services
    • Set up auto-save with your bank for a set percentage of your income to go directly into your savings account
    • Do not incur a new expense without considering other options
    • Have reserves in place to handle the unexpected
  5. Check your credit report on a monthly basis with a credit monitoring service.
  6. Check  your progress on the Credit Report Results Tracker.
  7. Get pre-approved with a mortgage broker for an owner-occupant 1-4 units, with 0% to 10% down payment
    • The mortgage payment should be 28% or less of your monthly income 
    • The units need to be habitable and only need minor cosmetic upgrades
  8. Know your why 
    • Draft a vision statement (What and Why)
      1. Where are you looking to go with your business?
      2. What is your goal?
    • Draft a mission statement (How)
      1. How are you going to get there?
    • Draft your principles
      1. What are your core values?
    • What’s your inner motivation?
      1. Motivation is discipline in disguise
      2. Discipline is routine, regime
  9. You are your most important asset 
    • Put in the work to complete this program
    • Get enough rest to reduce stress 
    • Plan your day and stick to your plan
    • Allow the Facebook Group to be a support group for you
  1. Learn to adapt
    • Have confidence that this program will work for you regardless of your situation
    • Be flexible 
    • Use the 8×5 System
      1. It’s commonly recommended to get 8 hours of sleep per night 
      2. It’s commonly recommended to Drink 8 glasses of water per day 
      3. Consider intermittent fasting
      4. Use 8 hours a week for leisure activities
  1. Make a copy of the Monthly Budget Tracker and rename the copy for your personal use
    • The tracker is used to show your starting balance and your ending balance
    • The tracker can be used to show you how you can reduce your living expenses in order to save 
    • It also shows your planned expenses and your actual expenses
      1. Begin by going to “Transactions” and list all your transactions for the month
        • Pull your bank statement to locate the transactions and list  the dates, amounts, description of the transaction, and the category 
      2. Do the same for the “Income” column listed on the tracker
        • Include the dates, amounts, description, and the category  
        • Access the summary once you’ve filled in all your information
        • Look at the Planned portion of the tracker to see what your expenses should be based on reducing your expenses by 10%
        • Look at the income portion of the tracker to see how you can increase your income by 10%
        • Add your starting balance of your savings
  1. Order a copy of your credit report to see what’s reporting on your credit file
  1. Apply for Business Credit even if you don’t qualify to get guidance on how to qualify once your credit is repaired
  1. Aim for a 680 credit score or higher
  1. Have 3 months of living expenses saved
    • Once you reach the 3 months, begin paying down debt with money that exceeds your 3 months of savings
      1. Pay down debt to 30% of credit line
  2. Repair your credit
    • Repair your family’s credit repair
    • Repair people’s credit that are in your network and charge a fee to increase your income
      1. Request testimonies from people who you’ve repaired their credit to gain credibility
  1. Purchase an owner occupant rental property
    • Live in one unit and rent out the other 
      1. This way you will break even or make a profit
  2. Proceed to Week 1

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