What is your MVI - Minimum Viable Income

Every family and every business has a financial baseline. Or, as I call it, MVI - Minimal Viable Income.

In business, we call it the breakeven point. In its most basic form, it is how many items or services you need to sell to cover your fixed overheads and variable costs.  At that point, you have just broken even - no profit, no loss - you're just even - you should survive. Make additional sales, and you're in profit; sell less, and you are in a loss situation.

But what about your family baseline?  Every household should know the basic income you need to survive. And yes, I know we don't just want to survive; we want to thrive, but knowing that baseline number is important for many reasons.

If you are a start-up, this could be the basis of what you need to earn from your business, at least initially. In fact, when starting in business, calculating this for your home and the break-even point for your business is crucial to staying afloat at home and work. Otherwise, you will start withdrawing from company funds and leave the business short and unable to pay its bills.

So why else do you need this number?

Well, if you lose your job, are trying to build an emergency fund, are planning to leave your 9-5 to take a sabbatical or are planning for a baby or even retirement - this baseline number is the foundation of any such planning.

Many of us discovered this number in the pandemic, and also many discovered the impact of not knowing it. 

So, what should be in your MVI? Of course, the basics - food/rent/utilities - but what about your insurance, clothing, etc?  Perhaps you believe one woman's essentials are another's luxury. Whatever goes in that number, it is important that you have an agreement if you have others to consider.

I believe that there are six more key numbers that you need to understand for both personal and busines. These seven numbers, I believe, will help you to Boss your Finances - Own your Life.

7 Numbers to Master your Personal Finances. is an 8-week course starting on Wednesday, 6th March, 7.30 - 9.00 pm - We will be diving in and working through these numbers. You use this link to find out more or book a course.

bit.ly/7Numbers-Book