Friday 29 May 2020.
Let’s continue from were we stopped yesterday. Besides, today isn’t Democracy Day anymore. June 12 of every calendar year is the official date now. Kindly get ready for work or risk being fired.
Many law firms do not have “shishi” right now and they are also owing plenty debts. How then can young and startups proprietors achieve the goal of being on Salary when their financial books are currently decorated in red?
Simple: live, pay, invest.
Once any money comes in, pay yourself a portion, use another portion to service/reduce your debts/bills and save the 3rd portion for the future. You can also use every money that comes in through litigation and soliciting to run the office and pay staff, but save every money that comes in through property management, registrations, client meetings and the likes for your future financial structure.
The goal is that by May 2021, you would have had a large savings with which you would start the salary pattern, proper budgeting and financing of your firm. By that time, every money you earn would be going into the account and only your salary plus overhead cost would be coming out from the account.
One amazing way to achieve this is to have a separate bank account that you don’t have cheque, ATM Card or mobile app (including USSD registration) on. This would make it difficult for you to withdraw or spend money in the said account at the slightest distress.
You can, after you have saved the sufficient start up, set an instruction on the account for your bank to be paying you, other staff and crediting the office’s other account for its daily expenditure on a particular day of the month.
Which means, you can instruct your bank to pay you 100k on the 27 of every month and also the different salaries of your juniors and other staff to their own accounts. You would also give an instruction of how your overhead cost account would be funded every time.
Wait, let’s even see — what’s your office’s monthly running cost like? Do you know where all your personal and office money are going to? Can you track every money that has come in and gone out this month, including money for recharge cards, fuel and snacks? Well, with all sense of proud humility, I can, I know and I could help you.
I have been before were you are now until I hired a financial coach, got a business mentor and started building the practice of my dreams. I may still be at the foundation level, but the architecture is good and I am not building with bad materials. Don’t let money ruin your career. Fix it.
Hopefully, I shall take this further tomorrow. Have a blessed day.
Eigbe Alright Osajie