1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Manage Your Money $$$ Make More Money [Business Advice For Newbies]

Discussion in 'Business & Tax Advice' started by 2011nfl, Jan 2, 2013.

  1. 2011nfl

    2011nfl Supreme Member

    Joined:
    Aug 9, 2010
    Messages:
    1,223
    Likes Received:
    5,956
    Location:
    Dallas, Texas
    Home Page:
    For many starting out in IM it can be a struggle. But the real struggle is not making money, its managing the money you do make. For instance, johnny starts out and lets say he makes $300. He gets excited about how easy it is, and he goes out and buys a new laptop! He makes another $300 a few more times, and goes out and puts a down payment on a new car. Then, lets say business slows down a bit, and before you know it, Johnny loses his internet, gets evicted, and loses his nice new car. This type of thing happens to alot of people when they start out because they get too excited. (Trust me. It happened to me once). So below, I will give some detailed tips on how to manage your money when starting out in IM.


    Part 1 (Living Expenses)

    You want to first figure out how much it costs you to live each month. So I will list a few examples, then we will add them all up and divide by 30 days to get an average daily expense.


    • Rent =$1000
    • Internet =$100
    • Phone =$50
    • Electricity =$300
    • Water =$50
    • Food =$500
    • Total =$2000
    • Daily =$67


    Part 2 (Dividing your earnings)

    Your minimum earnings (based on the list above) should be no less than $67. This is how much you need to earn daily, just to live. So now you need to figure out (if you havent already) what you are going to promote. Your magic number is $67 a day. As long as you earn this much, you will be able to survive. Anything over $67 a day would be extra money. Now what we are gonna do below is make up a list of earnings for 30 days and add it all up at the end.




    1. $100
    2. $75
    3. $80
    4. $150
    5. $110
    6. $100
    7. $90
    8. $70
    9. $85
    10. $80
    11. $100
    12. $105
    13. $95
    14. $110
    15. $100
    16. $75
    17. $70
    18. $85
    19. $95
    20. $80
    21. $100
    22. $110
    23. $105
    24. $120
    25. $170
    26. $85
    27. $180
    28. $125
    29. $100
    30. $75
    Total =$3025


    Part 3 (Managing the extra money)

    Now, for this part, I'm just gonna give a couple of examples of ways you can manage the extra money you earn. When it all comes down to it, you need to manage in the best way that works for you. So we're gonna say that half will go into savings, and the other half will go into investment opportunities. According to the list above, you made an extra $1025 for the month.

    Savings =$512.50
    Investing =$512.50

    The reason for savings is obvious. This will assure that you can make it if business slows, or if you lose money on a bad investment, or if an emergency comes up, or many other situations. And the reason for investing is very simple. You invest in projects that will bring you profit (maybe software, stocks, business ventures ect.)


    I'm not saying that everyone has to follow that exact formula, but this is just to give an example of managing money. If you manage your money properly, you will have more financial freedom in the long run.
     
    • Thanks Thanks x 13
  2. steelballs

    steelballs BANNED BANNED

    Joined:
    Dec 5, 2008
    Messages:
    1,832
    Likes Received:
    4,562
    On the ball - on the money and on the business

    OP Tells you how it is thanks great post:cool:
     
    • Thanks Thanks x 1
  3. 2011nfl

    2011nfl Supreme Member

    Joined:
    Aug 9, 2010
    Messages:
    1,223
    Likes Received:
    5,956
    Location:
    Dallas, Texas
    Home Page:
    [​IMG]
     
    • Thanks Thanks x 1
  4. Eagle Eye

    Eagle Eye Senior Member

    Joined:
    Aug 3, 2010
    Messages:
    1,031
    Likes Received:
    592
    Gender:
    Male
    Occupation:
    Achiever
    Location:
    East Coast
    sound, smart advice. Thanks for putting it in perspective
     
    • Thanks Thanks x 1
  5. Siggibiggi

    Siggibiggi Junior Member

    Joined:
    Aug 16, 2012
    Messages:
    101
    Likes Received:
    29
    Home Page:
    Great post . Thanks
     
  6. Twitteralien

    Twitteralien Newbie

    Joined:
    Dec 28, 2012
    Messages:
    15
    Likes Received:
    1
    awesome...what an post..unique new and lovely, i will to make managing plan :0
     
  7. GauravJ

    GauravJ Power Member

    Joined:
    Jul 25, 2012
    Messages:
    626
    Likes Received:
    207
    Occupation:
    Internet Marketer
    Location:
    Near you
    Home Page:
    Add to on OP's contribution best advice towards financial planning is understand benefits of compounding effect, What Albert Einstein
    called "8th Wonder of the world"

    To illustrate if 1000 bucks are invested every month for 5 years and you able to manage return@8%, at maturity you will get 73477
    and whereas when some investment is done for 10 years amount becomes 182946 and for 30 years it's 1430959.

    Thus, Point is start investing early and try to invest with monthly option.
     
    • Thanks Thanks x 1
  8. busaboss

    busaboss Power Member

    Joined:
    Apr 5, 2012
    Messages:
    612
    Likes Received:
    144
    Just what I needed. I'm actually in this type of situation right. Freakin awesome tips. Thank you!

    Sent from my Cherry w500 using Tapatalk
     
  9. LBrown

    LBrown Senior Member

    Joined:
    Mar 22, 2011
    Messages:
    1,109
    Likes Received:
    1,827
    Occupation:
    Internet Marketer - Full Timer
    Location:
    The Land of the Brave
    Great advice! It's a lot of common sense but when you first start making money you don't know how long a method is going to last or what the market will be like in six months. Both savings and investing are crucial to maintaining a stable income/lifestyle. Treating it like a regular job where you will make the same income month to month is where people go wrong.
     
    • Thanks Thanks x 1
  10. HoNeYBiRD

    HoNeYBiRD Jr. VIP Jr. VIP

    Joined:
    May 1, 2009
    Messages:
    5,903
    Likes Received:
    7,139
    Gender:
    Male
    Occupation:
    Geographer, Tourism Manager
    Location:
    Ghosted
    Ok, let's see this from my POV :)

    Rent $250/3 (sharing it with 2 other guys)
    Internet $25 (20 Mbps/2 Mbps mobile broadband)
    Phone $10 (basic plan)
    Electricity $50/3
    Water $20/3
    Gas $50/3
    Food $150
    Student Loan $25
    Transportation $50
    Healthcare $30
    Total $415
    Daily $14

    If i'd like to rent an avg flat on my own (if we wouldn't divide any of the above numbers with 3) from $750/month ($25/day considering that IM is a 24/7 biz) i could live like the avg Hungarian. Officially i think the number is around $1,000, maybe that's the case in the capital, but if you see the whole country, it's more like $750.

    The great thing that i'm working for the same dollars as you on a market where there's no earning cap :)
     
    • Thanks Thanks x 1
  11. 2011nfl

    2011nfl Supreme Member

    Joined:
    Aug 9, 2010
    Messages:
    1,223
    Likes Received:
    5,956
    Location:
    Dallas, Texas
    Home Page:
    Yep! And I learned that lesson back in early 2011. From march 2010 through the end of 2010, I made more money than most people can imagine making online, not millions or anything, but I was well off to say the least. Then it hit me. The method I had created, (although still a working method to this day) hit a snag. I lost everything quick, and had to start working again to make ends meet. It was then that I learned the lesson, of managing money (even though I already knew how), but never thought that the money would stop, so I didnt do it. I also learned that in IM, you have to be willing and able to adapt to the ever going changes, because lets face it, They hate to pay us, and if they can find a way to screw us, they will. So managing money is definitely a major factor in the IM game. :)
     
  12. Bestbuyfoam

    Bestbuyfoam Jr. VIP Jr. VIP Premium Member

    Joined:
    Nov 14, 2009
    Messages:
    1,637
    Likes Received:
    536
    Another awesome thread... Explained to a tee... Keep them coming enjoy reading them...
     
  13. ok888

    ok888 Jr. VIP Jr. VIP Premium Member

    Joined:
    Nov 23, 2010
    Messages:
    2,363
    Likes Received:
    649
  14. damncoldnight

    damncoldnight Junior Member

    Joined:
    Dec 2, 2012
    Messages:
    119
    Likes Received:
    92
    Location:
    Infront of Laptop
    Tips that is not new but not all doing it =) thanks man!