Power Lunch Series: Magic Formula; Net Profit Ideas | Julio Lara | Skillshare

Power Lunch Series: Magic Formula; Net Profit Ideas

Julio Lara, Simple Steps to a Solid Foundation

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4 Lessons (12m)
    • 1. MagicFormula NetProfit Intro

      2:14
    • 2. Magic Formula, Net Profit II

      1:51
    • 3. Magic Formula

      6:50
    • 4. SkillShare

      0:40

About This Class

Welcome to the Power Lunch Series

My goal with the power lunch series is to give you short powerful classes that you can digest during a normal lunch break.

The classes should all be under 30 min and ideally most will be around 10-15 mins to ensure that you get the main concept and can still enjoy a lunch if you are truly using your lunch for the class.

This is the 5th class in the series, and is titled; Magic Formula; Net Profits Ideas. This class briefly covers one aspect of the “Magic Formula” and what to do with net profits.

The goal of the class is to help you understand the most basic form of your personal finance. I aim at showing you the simplest method for you to reach financial success.

If you are able to increase income and reduce your expenses you should have net profits, but once you have net profits you need to do something with the net profit to help you increase your income even more or reduce your expense even more.

This class will go over some ideas for using your net profit but it will only go over a few and there are many more possibilities. It is really up to you to find which possibility works best for you… My goal is just to give you a quick glimpse at some options and to get you thinking about ways for you to incorporate them in your daily life.

As a disclaimer I am not going to give you investment advice as I am not a financial planner or financial adviser, you should always consult with your financial planner and adviser before making an investment decision.

Remember each financial situation is different and what works for me might not work for you but if you have the foundation and the strategy in place you can find a method that would work for your particular situation.

If interested enroll now and let’s jump in…..

Transcripts

1. MagicFormula NetProfit Intro: Hello and welcome to the power line. Siri's. My goal with the power on Syria's is to give you short, powerful classes that you can. They just during a normal, the classes show will be under 30 minutes on. Ideally, most will be between 10 to 15 minutes to ensure that you can still get the concept and enjoy a good lunch. This is the fifth class in the Siri's and it's titled Magic Formula Net Profits. Ideas. This class briefly covers one aspect of the magic formula and what to do with your net profits. Figel the classes to help you understand the most basic form of your personal finance. I am a showing you the simplest method for you to reach financial success. If you're able to increase income and reduce your expenses, you should have net profit. But once you have net profits, you need to do something with it so that you could increase your income even more or reduce your expenses even more. This class will go over some ideas for using your net profit, but it will only cover a few as there are many possibilities. It is really up to you to find out which possibility works best for your situation. My goal is just to give you a quick limbs at some options and to give you from thinking ways for you to incorporate them in your daily life. Just a quick disclaimer. I am not going to give you investment advice or I'm not going to give you investment ideas . I'm just gonna touch up on some topics so that you could actually think about it. But you should always discuss with your financial planner for the financial advisor as to what are the best options for you if you are thinking about investments again, I'm not a financial planner or an adviser, but I'm just giving you some topics or ideas. Remember, each financial situation is different, and what works for me may not work for you. But if you have the foundation and the strategy in place, you can find a method that won't work for you in your particular situation. So if this sounds like something you might be interested in, don't hesitate. Enroll now and let's jump in 2. Magic Formula, Net Profit II: since we mentioned a magic formula. Let's discuss what the magic formula is or let's review it if you have been some other previous classes, so income minus your expenses equals net profit again, your income minus your expenses equals unit profit. So the goal is basically for you to increase in net profits. And that's what this class will focus on in net profits and what to do with net profits once you have some. So we also discussed a motor fee to increase your net profits. You need to either increase wrinkles, reduce your expenses. If you increase your income, your expenses remain the same. You will have more net profits if you increase your income and your expenses. Increases for in the profits will not be passed. Profit but equal. Also decrease your expenses, and that would also give you better Next profits on Finally in. Some of the previous classes will discuss that some other ways for you to increase your income is to either get a race in your current job into car advertising. Selling, freelancing, mystery shopping, rent something, donate plasma, become a tutor, coach clean homes. There's many, many ways for you to increase your income by an extra or site, or you can always reduce your expenses when we discuss some ways. Are carpooling using public transportation three Financing either mortgage or car loan, negotiating interests with your credit, conserving energy, saving on food and using generics just to mention a few. Rigondeaux suggests examples of waste free to increase your income or reference. Now let's get to the net profit. 3. Magic Formula: So let's discuss some of the things that you could actually do with your net profit, and these are not in any particular order. The 1st 1 that I will discuss will be paying off if you want to reach financial freedom by a particular age. There's two things that you need to consider. One is being debt free. The other one is having every current income now pay enough that it's a great way for you to use your net profit as he will reduce your expense in the formula. Yes, we discussed previously. If you reduce your expense and you look at the formula, then you are going to be increasing your net profit. And that would actually continue the cycle because you have more profit than you could actually put back into it and reduce even more off your debt or your expenses. Another thing you could do with your net profit is he could actually catch up on some loose threats. When you're living paycheck to pay trick there many maintenance related activities that get put on the backburner just because you don't happen to have the money at the time to be able to do for example, you might have neglected their 50,000 or 100,000 mile car maintenance that you need it because you just didn't have the money to do it. It would have been a budget buster if you have done it at the time. Or maybe you had some repairs that needed to be done in your house and you put him a home. Maybe he had other things that you place on Hall that you wanted to get done, and we're waiting for the right financial time. Well, you can use your net profit to get some of these things done without affecting a true budget in a negative way. If you get cut up with your maintenance and your loose ends, then it actually helps you because you will be preventing a bigger expense down the line. Something else that you can do with your net profit. It's actually invest in your Children's education or your own education. As you can imagine, education will definitely not be free. And if you don't say 15 years in advance, the bill were pretty hard to cover when they reach university. If you're able and you want to help for your Children to college. It might be a good idea to think about putting some off your net profits into a college education fund for finding ways to save for your Children's education. If you don't have any Children now, they're hoping to have some in the future. You should still consider it because the earlier you start, the better will be for you, and the easies will be for you to actually accumulate the amount that's needed. The minute that you think about net profit for extra money, most people immediately jump to investing. But that is not necessarily the only thing that you could do within a profit. But it is a very big part of everything related to your financial future. So let's discuss investing. Consider investing part of your net profit, if not all. If you can automatically. Depending on your situation, you can invest be a work plan, such as a 41 K in the U. S. Or any other work related plan that has some tax advantages for you. You can have an independent financial planner or adviser and discuss investment strategies directly with them. Your investment possibilities air truly endless. There's multiple ways for you to invest, such as riel, state bonds, stocks, mutual funds, gold, precious metals, commodities and much, much more and even a combination of them. So the more that you actually research, the better your possibilities will be. So research some of your options and always keep in mind that you can get your financial advisor to assist you. Usually when you have a positive net profit, that means that you have some extra money, which means you had extra effort. Extra hours worked. Ultimately exercise sacrifice of your time away from your family and away from your friends . This is why it's important for you to reward yourself for what you have done. Now keep in mind that you don't want to spend all of your net profits as rewards all the time, but rewarding yourself for sacrificing her work and actually motivate you and inspire you to continue in that cycle. Another very positive thing that you could do with a net profit is to actually don't need to charity Charity donated to Cherries Actually, one of the things that many people do not consider when there were thinking about in their profit or their finances a lot of times because we're living so close to paycheck to paycheck. We forget about helping others during more. Nathan were, you might think. But I'm just getting over living paycheck to paycheck. How or why would I Don't donating to charity feels that you care about others, and it gives an internal reward that you might not be able to describe. It would also help you in your mind set. In order for you to succeed financially, you need to have an abundance mentality rather than its carcetti mentality by you donating . You're actually stating with your finances, you know that there is more out there for you and the you can share, and something else that you can do with your net profit is to save it. And again, this is not in the order off importance or the order of which one you should do first or recommended, but saving. It's one of the most important things that you have that you could do with your net profit . In previous examples, we discuss how you can use your net profit to reduce your expense and that it eventually will increase your net profit. Also, if you invest The goal is for the investment to increase your income and hence also increase your net profit. But one silent location to put your net profits. It's savings. If you do not have a full emergency fund, your net profit can help fund that emergency fund for that emergency account. Thin thinking about all the other categories you can say for college, you can save for retirement. You can say for rewards or toys, you can say for your house you can save for a wedding. You can say for a combination of things by saving you can actually prevent financial disasters such as loss of a job, health issues, financial emergencies and such, therefore another great idea for your net profit simply to save it. 4. SkillShare: I would like to share a quick reminder again. Thank you very much for your time and effort. Please don't forget to look into and complete the project. If you have time, class has been official to you and could be beneficial to someone else. Please share it. Feel free to ask any questions or adding discussions or anything that you think will benefit the class or anyone taking the class in our discussion section. And once again, Thank you. Thank you. Thank you.