How My Business Paid For A Month In Mexico With My FamilyJan 24, 2023
For the month of January, I’ve been in Mexico with my little family for no other reason than just because we can and wanting to escape the snow for a little bit.
Truthfully, I prepared and planned all of 2022 for this because my business has covered the cost of the trip.
Yes, a month in Mexico! It’s easier to do than you may think and I’m going to tell you exactly how I did it (and how you can too).
And no, I’m not talking about just putting the expenses on my business card or something. I mean that I saved every single month of 2022 and put it into an account specifically for this purpose.
So here is what we’ve been up to, where we’ve been, and most importantly… how YOU can do something similar.
The first week of the year we spent as a vacation at a resort on the coast of Mexico south of Cancun. Time for resting, recouping, and thinking about the year ahead. I’m really hoping we can keep this an annual Brinkley tradition.
After this, we went further south to Playa del Carmen and stayed at an Airbnb condo doing normal life here - working, grocery shopping, family walks, and the whole bit.
I’m actually writing this to you as I sit in a lounge chair on the rooftop - not my usual work spot but I’m definitely okay with it!
As far as how my business has covered the cost of the trip…
At the beginning of last year, I read the book Profit First by Mike Michalowicz and started to implement what he recommended but I put my own spin on it with my own version.
Every month I dedicated a day as a CFO day - same day every month for about an hour and I put it on my calendar for the whole year.
During this CFO time, I look at the finances of the business. Specifically, I look at the P&L provided by my bookkeeper, I look at my bank accounts, and I do my monthly percentage transfers. I have these bank accounts for my business:
- Income and expense account
- Tax account
- Profit account
Every month when I’m looking at the bank accounts and doing the percentage transfers, I do this:
- I look at the balance of my Income/Expenses account
- I take the balance of this account and I make these percentage transfers:
- 5% of this balance gets transferred to the Profit account
- 15% of this balance gets transferred to the Tax account
- 30% I keep in the Income/Expense account for operating expenses
- 50% of this balance gets transferred to the Owner Pay account (our personal joint checking account)
I did this monthly and let the amount in the Profit account accrue for the year and never touched it.
The amount in the Profit account is what I used to cover the cost of our trip.
Now, this isn’t exactly what Mike recommends in his book but it’s my version of it and what works for me and my business. I’m no financial advisor so of course, make sure to do what’s best for you. I’m just sharing what I do and what has worked for me right now.
I hope you see from this that it’s really doable.
A month in Mexico may not be your thing but whatever your “thing” is that you’d like to do or even have, it just takes setting up a routine like this. Or make your own version of it.
I’m kinda still in awe that this is happening because this is “it” to me… having the freedom and flexibility to enjoy life on our own terms. Living, working, and just doing life from anywhere we’d like.
Here’s to your profits.