Learn about money or die
We already know that 90% architecture businesses will die the next 5 years.
That’s why handling money wisely is a skill that can help us survive.
In this article we will go deep on how architects can improve their money managing skills.
Here are some practical strategies to learn about money, tailored for architects:
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Budgeting
Knowing where our money goes is the first step.
Keeping a simple budget helps track income and expenses.
It shows us where we can save and where we might need to cut back.
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Saving
Saving a bit of money each month can build a safety net.
It's good to have some savings for emergencies or unexpected expenses.
Even saving a small amount regularly can add up over time.
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Investing
Investing can seem scary, but it’s a way to grow our money.
It can be as simple as a savings account with interest, or diving into stocks or real estate.
It’s about finding what works for us and taking that step to grow our money.
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Diversifying Income
Can you live on your architect's salary?
Probably not.
Rents are getting higher and higher, but your salary is tight.
You can't even afford small luxuries.
We can explore other ways to earn like:
- offering consulting services
- starting a side business.
- teaching
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My tip: Make more money with new revenue streams
🎓 Fed up with living paycheck to paycheck as an architect? It's time for a change. Dive into the Business – Income Streams Challenge and learn how to diversify your income like a pro. Build a more resilient and profitable practice, without working yourself to the bone.
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Relying on one income source can be risky.
That’s why having different income streams can provide more financial security.
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Learning Business Skills
Learning basic business skills can help us run a successful architectural practice.
This includes understanding contracts, negotiating, and marketing our services.
There's a lot of help out there.
We also gathered some of the best business skills every architect should learn.
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My tip: learn new business skills
🎓 Start building your architecture business with the Business Challenges. It will help you understand the basic business principles to start small and grow fast.
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Seeking Professional Advice
Sometimes, talking to a financial advisor can provide valuable insights.
They can help plan for big financial goals and navigate through complex financial situations.
Need some financial advice to start or grow your architecture business?
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Networking
Connecting with other architects and professionals can lead to more opportunities.
It’s not just about getting more projects.
But also learning from others and finding ways to improve our financial situation.
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By applying some of these strategies, we can start taking control of our finances.
It’s about making small changes that can lead to big improvements over time.
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Okay, I’ve got the strategies to for handling money wisely.
But how can I start?
You might say:
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You don’t have to spend a fortune to learn about money.
You can use digital tools to leverage your financial growth.
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Using Financial Digital Tools
In today's world, there are many free resources to help us with money stuff.
For architects, they can simplify money tasks and even help you make more money.
Here are some ways tech can improve our money situation:
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Budgeting Apps
There are many apps out there that can help us keep track of our money.
They can help set a budget, track spending, and even give alerts when we’re spending too much.
Like Quicken, featured as the tool of the Week
Other examples: GoodBudget, Trim
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Online Banking and Investments
Online banking makes managing money easy.
We can see our balances, pay bills, and transfer money anytime.
There are also online platforms for investing, making it easier to grow our money.
Examples: Revolut, N26, Wise
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Invoicing and Payment Tools
Tools that help send invoices and receive payments can save a lot of time.
They also make it easy to see what’s been paid and what hasn’t, helping keep our finances in order. Example: Holded
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Financial Planning Software
For bigger financial planning, there are software options that can help.
They can help plan for long-term goals like buying a house or saving for retirement.
Example: Mint
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Learning Platforms
There are many online courses that can teach us about money management, investing, and even business skills.
Learning online is flexible and often cheaper than traditional classes.
Example: Coursera, SkillShare, Udemy
Here’s a list of the best 10 Finance and Business Online Courses
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Online Communities
Joining online groups of other architects or business owners can be a great way to learn.
People often share tips and advice on managing finances.
Example: CFO Leadership Council.
Automating Finances
Technology can help automate some money tasks.
This includes automatic savings plans or even automatic bill payments,
They will make managing money easier.
Example: Investing 100€/mo automatically
You know what they say:
Start small and scale gradually.
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Staying Updated
Follow financial blogs or subscribing to newsletters.
They can keep us updated on money matters.
It’s a simple way to keep learning and improving our financial skills.
Example: Investopedia
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These resources can make managing money simpler and less stressful.
Without breaking the bank, of course.
It also opens doors to new ways of growing our income and improving our financial health.
Technology is a tool that, when used well, can bring about big positive changes in our financial lives.
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What did I learn?
Talking About Money Problems
During my career as an architect I faced some money problems.
Hiding them or not talking about them only made the problems worse.
Don't be afraid to talk about money.
And ask for help if you need it.
Talk to our Influencer of the Week, Ryan Sullivan
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Learning is Key
Early in my career I focused on learning about money and financing.
It helped me get better with money and business skills.
And because of that, it completely changed my life.
My goal is to provide a clear path for architects to improve their financial situation.
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Helpful Tips and Resources
When I started we didn't have all these resources.
Today, with the Internet, we have everything at our disposal. And for free.
I've talked about how online courses and modern tools can help you manage money better.
I encourage you to keep learning through these lessons or newsletters to improve your financial life and grow in your career.
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Conclusion
And if you’re eager to dive deeper and speed up this journey, checking out some tailored lessons is a solid move.
Every new skill is a building block for a solid and rewarding architectural practice.
Get to know the financial and business side.
That’s how you build a successful and profitable architecture business.
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I hope to see you win.
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See you around ✌️
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