Own Your Money – 3 Money Tips

Belinda Rosenblum, president of Own Your Money, shared these money tips for direct sellers. Belinda has been an guest on the radio show several times and I have been honored to share the stage with her.

She is the go to person for direct sales financial advice!

Own Your Money 3 Big Money Tips

3 money tipsYour direct sales business profits depend on your ability to differentiate your profit from your expenses.

  • Track your income and expenses.  Not tracking or poor tracking of your income and expenses in your sales business make it very difficult to achieve success.

When you commingle your business and personal expenses it is difficult see any possible profits or losses.  All successful businesses track their income and expenses so that they can determine their profits. In addition it is difficult to justify your home office deductions. The IRS is looking for records and documentation of your expenses when they are doing an audit.

  • Focus on your sales revenue and profit

Most direct sellers do not focus on profit.  Frequently we look at show averages, sales per month or number of shows.  We are in business to generate a profit.  Without a good understanding of profit which is what is left after the expenses, it is impossible to have a success focused business. Belinda-Rosenblum

  • Do not increase your lifestyle too fast when your income increases

Successful direct sellers have a tendency to spend more money disproportionately as their income increases.

When you make more money, don’t spend more money too quickly.

Frequently the additional income is immediately used to increase quality of life without any thought to paying off expenses or whether the long term income will be stable.

Belinda Rosenblum, Own Your Money, LLC

Comments

    Shared by: Maryanne T. Barna:

    Good article. Made me stop and think about where my business profit stands. I tend to buy new items for the business when I have a great show. Need to look at that more carefully. This article has prompted me to start a check and balance ledger with accts. receivable/payable.

    Shared by: Jacob:

    The first thing people do when they start to make a little money is buy fansy things as soon as they can which is a mistake most people dont figure this out till its to late…

    Shared by: Charli Abihai:

    Aloha, I was tremendously blessed by all the wisdom nuggets shared on this call yesterday. There are too many of us in the Direct sales industry that are unintentionally sabotaging our success all because we don’t understand these key principles. Thank you so much for all you both shared. I am going to make this part of my team’s

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