If you own and run a business, it becomes all the more crucial to know how to manage and save money. It's often difficult to find the right balance between making our business thrive and fulfilling our lifestyle choices. Hannah Williams, the founder of 'salarytransparentstreet' who found herself in the same dilemma has finally cracked the code. She has also shared steps for entrepreneurs like her to manage their lifestyle cravings without messing up their business finances.
Williams' inspiring business decision
Hannah Williams is a finfluencer and a TikTok millionaire with 769,000 followers on her Instagram and 166,000 subscribers on her YouTube channel and is the founder of 'salarytansparentstreet'. She has also been featured in The Wall Street Journal, Forbes, CNBC, BBC, and Buzzfeed. Williams is quite inclined towards her lifestyle choices and in the initial phases, found it difficult to manage her business along with her expensive purchasing habits. She is the founder and host of the $1 million business, Salary Transparent Street, which is a TikTok series that talks to strangers and explores their incomes.
Before turning her passion for entrepreneurship into reality, she was working as a senior data analyst and making $115,000. In 2022, she realized the true potential of her idea and went on to work on her full-time social media channels from which she made around $150,000. As she became popular and the business grew, she increased her salary to $200,000 by 2023. But seeing her competitors and business partners who were spending and taking home less money, she was motivated. By mid-2023, she was looking to hire workers who would reduce her workload and help her make more revenue, so she decided to reduce her take-home salary to $125,000.
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Williams' smart strategies for lifestyle purchases
With the emergence of AI, users get ads while scrolling social media, and the suggested ads are based on their online behavior, to make them spend more. Imagine if you want a Gucci bag and its advertisement with colorful choices appears on your screen, you will definitely be tempted to buy it. Williams faced the same problem for several months as she could hardly resist shopping online, and then, she came up with two main strategies that helped her combat her impulsive purchasing behavior.
Implement a 24-hour waiting period
We are often tempted to purchase things that we do not exactly need. Whenever such a situation arises, Williams waits for 24 hours before deciding to buy it. This waiting period first makes her forget the urge to splurge and helps her figure out if she really needs the item. She further says if she is still thinking about buying it after waiting for 24 hours, she goes through the purchase again and tries to identify three specific times when she'll use or wear it. This strategy helps her ensure that the purchase she is making has real meaning to her and is not just an impulse purchase.
Calculate the working hours before expensive purchases
Sometimes, it happens that Williams can't get an expensive purchase out of her mind. In this case, her say is to break down the cost and figure out how many hours she has worked to afford it. In this simple way, she can evaluate if the purchase is worth it as compared to her invested efforts and time. By doing a comparative analysis, she gets insights and an understanding of the actual cost compared to her budget.
