Create a Morning Formula to Supercharge Your Life with Buddy Rathmell, Ep. #10

09/01/20 • 36 min

Are you looking for a way to supercharge your life and business? Discover how to implement a morning routine that will put you in the right mindset to ensure that you make the most out of every day you have.

Buddy Rathmell has had a fascinating life. He has hitchhiked across the United States, traveled extensively, started several businesses, and has even started a nonprofit to combat human trafficking. He joins me today to tell me about how his morning routine has changed his life. Sound interesting? Grab your headphones and press play to hear more.

You will want to hear this episode if you are interested in...

Find out about Buddy Rathmell’s journey [2:22]
Overcoming challenges [5:52]
Instilling a morning formula to supercharge your life [8:50]
Discovering the benefits of having a morning routine [12:07]
Morning formula details [15:06]
Getting started with a morning formula [25:35]
The money questions [29:32]

Entrepreneurship has its challenges

Even though Buddy has built several businesses from the ground up, they haven’t all been successful. Buddy describes his biggest challenge as staying focused. Since he is an extrovert with numerous big ideas, focusing on one thing can be tough. The way he has overcome his challenges is by having coaches, accountability partners, and by using his morning formula. Discover how Buddy’s morning routine has helped him maintain focus throughout the day by listening to this interview.

How has using a morning formula changed Buddy’s life?

Buddy started his morning formula by simply using a day planner where he listed 3 things he was grateful for. This helped him be intentional about planning his day and put him in the right mindset. Since starting his morning formula Buddy has seen a shift in his mindset. He now looks for things he is grateful for. In addition, he is more effective at getting things done. What would be more important to you? A mindset shift or an increase in productivity?

A morning formula can supercharge your life

Having a morning routine that supercharges your life is invaluable for solopreneurs. Starting your day by being focused and intentional leads to making the most out of each and every day. If you approach your day with intentionality then that intentionality bleeds into the rest of your day. Even on the days that you just don’t want to do the morning formula, you know that your day will be better by just doing it.

Are you ready to start using a morning routine to help you make the most of your life? Find out how a morning formula has changed both my life and Buddy’s life.

What does a morning formula look like?

Your morning formula should be specific to you. Think about what would help you get started and ready to tackle the day. Buddy wakes up sometime between 4-5 am. He always starts the day with a glass of water. Next, come the Bible and prayer. He then writes down his declarations for the day and reads through inspirational quotes. Then he moves on to creating his plan for the day. After his daily exercise then he is pumped and ready for anything. Are you curious to hear what my morning formula is like? Listen in to discover what I do every morning to start my day.

If you are looking for some resources to help you reach your financial goals then stop by my website to find FREE resources! I also welcome communication via email. Don’t hesitate to reach out if you would like to schedule a consultation.

Resources & People Mentioned

BOOK - Miracle Morning by Hal Elrod
BOOK - The Slight Edge by Jeffrey Olson
BOOK - The Happiness Advantage by Shawn Achor

Connect with Buddy Rathmell

LoveToWork.co
Check out these FREE resources that Buddy has shared with our listeners! --- https://www.lovetowork.co/solo

Connect With Gabe Nelson

www.GabeNelsonFinancial.com/contact
FREE Downloadable Resources at https://www.gabenelsonfinancial.com/resources/
EMAIL: Gabe (at) GabeNelsonFinancial.com
Follow Gabe on LinkedIn
Follow Gabe on Twitter: @...

You will want to hear this episode if you are interested in...

Find out about Buddy Rathmell’s journey [2:22]
Overcoming challenges [5:52]
Instilling a morning formula to supercharge your life [8:50]
Discovering the benefits of having a morning routine [12:07]
Morning formula details [15:06]
Getting started with a morning formula [25:35]
The money questions [29:32]

Entrepreneurship has its challenges

How has using a morning formula changed Buddy’s life?

A morning formula can supercharge your life

Are you ready to start using a morning routine to help you make the most of your life? Find out how a morning formula has changed both my life and Buddy’s life.

What does a morning formula look like?

Resources & People Mentioned

BOOK - Miracle Morning by Hal Elrod
BOOK - The Slight Edge by Jeffrey Olson
BOOK - The Happiness Advantage by Shawn Achor

Connect with Buddy Rathmell

LoveToWork.co
Check out these FREE resources that Buddy has shared with our listeners! --- https://www.lovetowork.co/solo

Connect With Gabe Nelson

www.GabeNelsonFinancial.com/contact
FREE Downloadable Resources at https://www.gabenelsonfinancial.com/resources/
EMAIL: Gabe (at) GabeNelsonFinancial.com
Follow Gabe on LinkedIn
Follow Gabe on Twitter: @...

Previous Episode

How to Manage Your Monthly Cash Flow So That You Can Reach Your Goals, Ep #9

Are you confused by the complexity of your monthly cash flow and want to make the best decisions for your family? Are you curious as to how best to manage cash flow, pay down debt, and fund your investment accounts while allowing yourself the freedom to make pivots along the way?

On this episode of Solopreneur Money, I walk through a case study to show you how I helped one client increase his monthly cash flow to help him reach his financial goals. Learn how to build a plan to increase your monthly cash flow and execute it by listening to this episode of Solopreneur Money.

You will want to hear this episode if you are interested in...

Learning how to best manage your cash flow [1:22]
Using your goals to help you understand how to manage cash flow [4:40]
Creating a plan for your monthly cash flow [7:19]

How to examine your monthly cash flow

Your monthly cash flow is the money left over after subtracting your expenses from your income. It is the amount of money you have left at the end of the month after all of your bills are paid. My goal is for you to find a way to increase your monthly cash flow so that you can achieve your financial goals. Would you like to increase your monthly cash flow? Have you considered how you can get this done?

What does your savings situation look like?

Before you can increase your cash flow you should examine your savings. When you look at your savings you’ll want to consider whether you have enough in your emergency fund. I recommend having 6-12 months of expenses stashed away.

You also need to consider whether your retirement savings are on track to reach your retirement goals. How is your kids’ college fund? Is it where you want it to be?

What is your debt situation?

Most of us have some kind of debt, whether it is student loans, a car payment, credit card debt, or a mortgage. If you can decrease the amount of debt you have then you can increase your monthly cash flow. Look at your monthly bills to find ways to eliminate your debt.

Could you use some of your emergency savings to pay off your car? Could you refinance your mortgage to lessen your payments or take years off your loan? How would eliminating debt help you to reach your financial goals?

Come up with a plan

Before you come up with a game plan, first consider your goals. What are your financial goals? Would you like to retire early? Would you like to invest more outside of your retirement accounts? Would you feel more comfortable with a bigger emergency fund? Once you consider your financial goals then you can come up with a plan to help you reach your goals.

If you would like some help with coming up with your own financial plan check out my website to discover free resources. Shoot me an email if you would like to work with me. We can schedule a consultation to get you on the right track to achieving your financial goals.

Connect With Gabe Nelson

www.GabeNelsonFinancial.com/contact
FREE Downloadable Resources at https://www.gabenelsonfinancial.com/resources/
EMAIL: Gabe (at) GabeNelsonFinancial.com
Follow Gabe on LinkedIn
Follow Gabe on Twitter: @GabeNelsonCFP
Follow Gabe on Facebook

Subscribe to Solopreneur Money

Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com

Next Episode

Make Sure You Consider These 7 Categories Before Becoming a Solopreneur, Ep # 11

Are you ready to transition from being an employee to becoming a solopreneur? If so, that means it’s time to get your ducks in a row to make sure that you and your family are prepared financially. There are 7 categories that you’ll want to consider to make sure you are ready to make the leap. You want to ensure that your standard of living stays the same as you make your transition, so listen in to hear all the things that you need to consider before becoming a solopreneur.

You will want to hear this episode if you are interested in...

Making the leap to become a solopreneur [1:42]
The options you have for retirement planning as a solopreneur [4:52]
Understanding your tax burden [11:10]
Creating a support system to help you through hard times [19:02]

The 7 categories to consider before becoming a solopreneur

Becoming a solopreneur is not something to take lightly. You are leaving the security of your job behind, yet you still have all the responsibilities. You don’t want to rush in and then crumble under external pressure. Before you leave your position to become a solopreneur, consider these 7 categories.

Cashflow - Do you have the ability to create the revenue you need? Is this a side hustle that you hope to grow, or do you have clients in place ready for you to make the leap? How much money do you think you need to run your home and business over the next 12 months?

Emergency savings - How much emergency savings do you have in place in case your new venture doesn’t pan out as expected? Make sure you have 6-12 months of emergency savings in place. (And the closer to 12 months of savings you can get the better!) Before you wave goodbye to your employer you’ll also want to ensure that you have a line of credit in place as well. The last thing you want to do is depend on your credit card.

Retirement - You probably know that options for your old 401K are to leave it alone or roll it into a Roth IRA, but did you know that you can create your own business retirement plan? Listen in to hear the different options that you have to create your business retirement plan.

Risk management - What threats could derail your financial success? What are your plans for insurance? Health insurance, life insurance, and disability are all important considerations. Getting disability insurance as a solopreneur may be more complicated than you think. Find out why by listening in.

Taxes - Are you prepared for the tax burden that comes with being a solopreneur? Are you aware of the 15.3% self-employment tax? Set aside a separate account to pay your taxes and take pains to reduce your tax burden. You can find ways to reduce your taxes by finding a quality tax professional who specializes in helping small business owners. No one wants to leave the IRS a tip!

Legal - How will you set up your business? Will this be a sole proprietorship, an LLC, an S corp? Do your research to find out the best way to structure your business. Make sure to begin with the end in mind.

Support system - Who are the people you rely on when things get crazy? Find mentors and cheerleaders to help you through the tough times because life as a solopreneur can be challenging.

Check out the free worksheet

On my website, you can check out free resources to help you reach your financial goals. Check out the free worksheet that will walk you through these seven steps. You can also email me for more information or to schedule a consultation. Click on the links below to get started on your journey to becoming a successful solopreneur.

Resources & People Mentioned