5 Things Entrepreneurs Need To Know About Their Personal Finances

Are You Stuck Working “IN” Your Business?

Entrepreneurship is tough, so if you’re going to put yourself through it you need to make sure there’s a meaningful and life-changing reward at the end of it.

And let’s face it…

MONEY Has To Be Part Of This Reward!

Because to some degree we’re all driven for more:

MONEY plays a large role in getting this because you can leverage money to save time and grow your business. The problem is, hardly anybody has a plan for this.

But a financial plan that not only ensures your business scales but secures your personal security and growth… it amazes me how few six-figure business owners have this!

The thing is… unless you know where you’re going, how can you possibly get there?

Introducing The Wealth Equation

Generating wealth is easy once you simplify it… Want to generate wealth? Do this:


That’s it. If you do this you will grow your business and build A LOT of personal wealth.

Do this and you’ll become a business owner who turns $1 into $2.
(it’s like you have your own personal ATM machine…)

If you want to build a business that lasts the test of time, and:

  • Secure your personal wealth so you can enjoy your future …
  • Look after your family, and your family’s family after that …
  • Remove yourself from your business so you can sell it / retire …
  • Maximize the impact you have on those you serve …
  • AND enjoy the freedom, time and wealth you crave

… this article is for you because I’ll show you 5 things you need to know about your personal finances.

My background is in finance, so I’ve always kept a close eye on both my business and personal finances.

But because I’ve spent the last few years working with entrepreneurs to scale and grow their businesses the “right” wayI appreciate the specific issues that business owners face.

So this isn’t a general article about personal finance that won’t help you…

This Is About What An Entrepreneur NEEDS To Know About Personal Finance.

It begins with…

** DISCLAIMER ** before we begin, it’s important to note that this is not financial advice and we are not financial advisors. The content in this article is purely for information purposes only, so be sure to consult your Personal Financial Professional to discuss your specific financial situation.

1: Know Your Numbers!

I meet far too many entrepreneurs who get caught up in vanity metrics like revenue, which look good but don’t actually tell you where you’re at.

Revenue is important, but it means NOTHING unless it creates profit for your business and personal wealth for you. Remember, this entrepreneurial game is tough so you need to make it worth your while.

This is our focus when working with clients at 2X… to not only scale your business for massive growth. BUT to ensure it generates MASSIVE Personal Wealth so you can live the life you want to live!

The worst thing you can do is focus so much on your business that it makes money, but you don’t.

This Makes No Sense, So If This Is You… STOP!

That’s what these tips will help you do… not only a scale your business from 6 to 7 figures, but generate personal wealth on the back of it.


We talk about this a lot.

We created an in-depth 30-page guide about it!

Why? Because the numbers show you the truth, and once you know the truth you can make the “right” decisions — and your job as CEO is to make the “right” decisions, so your success depends on it.

So your first step is to know your numbers at all times.


Once you know your numbers you can see where the holes are.

You can see (and predict) the bottlenecks that prevent you from scaling to the next level.

They also show you — in black and white — what your situation is and will be.

From here you can make the “right” decisions for you, your business and future.

Until you know your numbers in detail like this, your money will continue to come and go. You will never have enough. You’ll remain in feast or famine, and your personal wealth WILL suffer.

2: What Are You Doing For Retirement?

Most entrepreneurs totally disregard their retirement.

They might say something like, “I’ll sell my business by 40 and retire” …

That’s great… but do you have a plan to make this happen?

You need to stop assuming you will make more later and generate all the wealth you need at some point in the future… instead, come up with a plan for what you will do NOW!

And then actually START acting on this plan.
(the sooner the better)

One Of The Key Pieces To Building Massive Wealth Is… TIME!

The Compound Effect of Time is huge, the sooner you start setting aside for your retirement, the quicker you’ll generate a lot of wealth.


The good news is,there are some amazing tax advantages available to entrepreneurs (that most aren’t even aware of, let alone act on), as well as specific funds designed to generate massive personal wealth for you and your family.

The point of YOU planning for YOUR retirement is simple…

The sooner you start the sooner you can create a compound affect where a little transforms into a lot.

Most people don’t generate their personal wealth overnight. Most grow it over many years as they build their business, invest in new ideas and develop their authority. They don’t rely on some “BIG” idea coming off, or continue to say how they will build all the wealth they need in a few years.

They start NOW!

They have a retirement plan whether they plan to retire or not.

3: The 3 Things You Need So You Can Sleep Like A Baby Each Night.

Running your own business is stressful, but most entrepreneurs make things a lot harder than they have to.

Whenever we speak to a new client at 2X, we ask them what keeps them up at night…

Everyone has their issues and fears, but most of the time it centres around… MONEY.


You can make your life a lot easier if you have these three things set up and working for you:

1. An Emergency Fund (at least two months of expenses) …
2. SYSTEMS (more on this next) …
3. Insurance (both business and personal) …

If you have these three things, you will sleep like a baby at night. You won’t worry about losing a client or if you have a down month. You cover yourself for all this, which removes a lot of stress and overwhelm…

… which releases you to go out and deliver your best results!

Your new zero has to be AT LEAST two months worth of expenses. At all times you should have enough money in your account to survive two whole months with nothing coming in.

(we call this a Core Capital Target, and we work with all our clients to create one specifically for them)

If you combine this with the necessary insurance, you never have to worry about the worst case scenario because you’re covered. You’ve taken care of everything, which allows you to focus on what you need to.

Inside our guide , we talk about the different types of insurance you need (both business and personal) so you can scale your business and generate massive personal wealth. Grab your free guide to learn what these are, and watch the training because Perry goes into each one in more detail.

This leads us into the Systems you need, because with the right systems you can fast track ALL this …

4: The Systems You Need To Create Wealth.

At 2X we’re BIG into systems!

It’s what we do. Not only are we always creating new systems to make our own business more efficient and scalable, but we help our clients do the same.

Systems are the secret to scaling your business rapidly…

The Same Applies To Your Personal Wealth And Finances!

You need systems in place to help you do what you do quickly and effectively. This begins with a Scorecard (that tracks those Key Numbers we mentioned earlier) and a Regular Review of the key elements of your wealth.

This is so simple, yet hardly anyone does it! I just don’t get it. Until you know where you stand, you cannot make the right decisions to move forward.

  • Create a Scorecard that tracks your core numbers …
  • REVIEW this scorecard regularly …

It’s that simple!

I review my own scorecard each week, spending less than an hour on this because I automate much of the process (and have a system in place that works).

I know where my personal finances are at all times, which allows me to make the best decisions possible.

Whereas most business owners react to all this, only checking their numbers when they have to (an issue occurs, their accountant asks for something, they want to invest into a new member).


Now, there is a system that makes all this a lot easier (and ensures you build massive personal wealth while scaling your business at the same time).

It’s called The Profit First Method: created by the bestselling author, Mike Michalowicz.


It’s an amazing system that has changed how I approach both my business and personal finances.

It’s a system that lets you sustainably scale and grow your business for long term success.

  • First you account for your profit, taxes and your own pay…
  • and what’s left over is what you have to invest into your growth.

You can use this system for both your business and personal finances.

It’s changed how I play the game, and both Perry and I talk about how inside our exclusive training. So grab your guide now , watch the training and see how you can use The Profit First System for yourself.

5: Where Is The Hidden Money?

Finally, the last (and arguably most important) tip we have for you is to ALWAYS look for where the hidden money is. You only know what you know, and you can only see what’s in front of you.

So right now (no matter who you are), it’s important you accept you’re leaving money on the table.

You might not think you are, but you most certainly will because this money is… hidden 😉

  • Paying more Tax than you have to …
  • Overlooking certain Investment Funds or Plans …
  • Using ineffective and broken Processes …
  • Bottlenecks and leaks in your Value Chain …

I cannot tell you where your hidden money is without asking more about your specific business, but I can say you’re likely leaving a lot of it on the table.

As part of your regular finance review, you should always ask yourself: where’s the hidden money that I’m not tapping into?

The previous four tips will open your eyes to a lot of this, and simply “Knowing Your Numbers” shows you where most of this hidden money is.

But My Biggest Piece Of Advice For You Is To Involve Another Set Of Eyes…

I like to think I’m “clued” into my personal finances. After all, my background is in it… but every time I speak to an expert like Perry, I see new ways to save money, make more money and get more out of it.

Like I say, you only know what you know, and you can only see what’s in front of you…

Having someone else come in, look at your numbers and advise you WILL have a big impact on your personal finances, personal wealth and overall ability to make better decisions.

This is why I invited Perry Jeffries to share his expertise with our 2X Program Members.

Perry was our first client at 2X, and after completing the 2X program he more than 5X’d his business in under 90 days. On the back of this he built a new brand: The Entrepreneur’s C.F.O. where he’s taken his background in financial planning, and tailored it specifically to help entrepreneurs generate massive personal wealth and security.

He brought an outside perspective that opened our members eyes during the training, and the feedback since has been so amazing we decided to create an in-depth guide that takes everything to the next level.

It shows you what to do, what not to do and explains “why” each step of the way. Together with the recorded training session, it gives you everything you need to get your personal finances in order so you can scale your business and generate massive personal wealth.

Because Remember…

Entrepreneurship is tough! If you’re going to put yourself through it, you need to make sure it’s worth your while. It doesn’t matter who you are or what your vision is… MONEY has to be part of the reward.

Money gives you the leverage to:

  • Escape feast or famine living (and stop hustling altogether) …
  • Provide long term security for your family (and family’s family) …
  • Scale your business to the next level (and so it doesn’t rely on you) …
  • Simply live your life the way you wish to live it 🙂
I hope this article has helped you gain some clarity on all this, but it only scratches the surface.

The Playbook To 7+ Figures

This has been called “the business Bible for 6-figure entrepreneurs”… now you can get it with exclusive bonuses for a crazy low price!

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