What’s Your Money Set Point?

Author: Vanessa Stoykov
Category: Financial Freedom

Something I have learned about money over 22 years of running a business, is that money usually delivers to the ‘set point” you ask it to.

What do I mean by that? Well, usually business owners have a number in their head that they need their business to deliver on to stay afloat – the ‘just enough’ number. And, time and again, that number is achieved. Nothing more, but not less.

It is as true in your personal life as it is in business. If you know how much you need to earn every week or every month to pay your bills, most of us can find it. And if we can’t, we use credit cards, or fall behind on bills, which creates a whole other set of problems to deal with in the future.

So I encourage you to start thinking – what is your set point? What is the number you have in your head that you know you cannot fall below?

Everybody is different. Some people may be happy to put bills on credit cards, but not to have a debt collector chasing. Others may have a set point that means every bill is paid on time, but there is nothing left for savings. Whatever it is that you are used to operating at, think about it, and then start to think about what would happen if you changed it.

When my business was very new, I knew I had to raise $12,000 a month to pay all my staff, my rent, and still earn enough to pay myself. That number was my focus and my obsession. Every decision I made was about chasing that $12,000 per month. Just when I was getting desperate that I wasn’t going to be able to achieve it, a big client who had been talking to me for many months decided to start their retainer service – and the number was, you guessed it, $12,000 per month.

That is just one of hundreds of examples I could share with you over the past 22 years in business around my set point, my focus on achieving it, and the exact amount of money coming that I needed. Enough, but never more than enough. It was only when I started focussing on…

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Vanessa Stoykov writes for Secrets of the Money Masters, a programme she founded, now owned by tech giant Iress for the education of financial advisers

Until next time,

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Authors

Vanessa Stoykov

Vanessa has been passionate about writing and storytelling since her days of hiding under the doona with her torch to read after bedtime.
Kathy Skantzos

Kathy is a yoga-loving world traveller who also happens to moonlight as a business journalist and writer. She was the finance editor of news.com.au and the Managing Editor of CEO Magazine (Asia) before joining Vanessa and the evo squad.
Shayne Sommer

Shayne is second dan black belt in karate, and a budding romance writer with a difference. Why? Because she writes romance stories that always have a money lesson.
Antoinette Colbran

Specialising in stories for 50+ women, Antoinette draws from her own experiences to help other women avoid the pitfalls and see the benefits of understanding their money situation.
Michael Crooks

Michael Crooks is a more than 20 year writer and documentary maker who has worked with Time Inc and the BBC, who wants to expose the truth from real victims of financial crime to help others avoid their mistakes.
Kim Payne

Kim Payne has spent the past three decades as a speaker, trainer, business coach, and consultant in financial services. She has worked with and transformed hundreds of brilliant, educated, high achievers who are chronically under-living.
Rebecca Pritchard

Rebecca Pritchard is on a mission to help men and women achieve equality when growing a family.
Antony Perring

Ant is a writer, designer and business builder with a love of food, design and good living. He writes on food and money in an easy to do way.
Julie Hyde

Julie Hyde is a leader of leaders. A disruptor and a powerful people enabler who empowers leaders to make big things happen.
Joshua Pennell

As a Dad to four kids and a business owner, Josh is passionate about family and finances and is known as The Family Finance Guy.
Sid Lal

Sid is a serial entrepreneur who set up his first business when he was still in University. Since 2009 he has been heading Bruce Clay, first in India & more recently in Australia.
Lou Johnson

Lou Johnson believes in the power of sharing stories to build empathy, understanding and connection. Growing up surrounded by books and storytelling, alongside her drive to make a difference led her to a highly successful career in book publishing.
David Rae

Dave is a CERTIFIED FINANCIAL PLANNER® professional and has been a financial adviser since 2003. He works with a range of clients and has a strong focus on ethical and sustainable investing.
Natallia Smith

Natallia specializes in assisting pre-retiree single women—whether they are never married, widowed, separated, or divorced—understanding deeply the importance of financial stability during life's pivotal moments such as separation, divorce, retirement, and the loss of a loved one.
Mark Hoy

With over 15 years of experience in financial services, Mark established Wollemi Wealth Management in 2013. His business is built almost entirely on referrals and word of mouth — a testament to the trust, integrity, and long-term relationships he forms with his clients.
Derek Gascoigne

Derek Gascoigne is the State Manager for UniSuper Advice in Victoria and Tasmania. Derek has been with UniSuper for over 15 years, and his career in superannuation and financial services spans 27 years and counting.
Annika Bradley

Annika Bradley is Head of Advice Strategy, Research & Technical at UniSuper. She brings over 20 years of experience across investments and wealth management in both the public and private sectors.
Wayne Leggett

Wayne has been a recipient of numerous industry awards and was one of the first to qualify as a Certified Financial Planner (CFP). He has been heavily involved in industry affairs at the highest level, including serving as national president of the Association of Financial Advisers (now FAAA).
Conrad Francis

Conrad Francis is the Founding Director of Inspired Money, a Perth-based financial coaching and financial planning, mortgage broking and money coaching firm he established in 2011.
Andrew Beks

Andrew Beks is a Chartered Accountant and the founder of Simplified Business and Accounting.