This Article is About
saving money
owning a business
mlm program
keys to success
marketing program
couple hundred
nine times
network marketing
having fun
business opportunities
The Habit Of Saving Money You Earn With Your MLM
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The Habit Of Saving Money You Earn With Your MLM

Nine times out of ten people start a business or join a network marketing program and immediately they run out the gate trying to make some money. Some people get lucky to earn money right away. Some earn a couple hundred bucks, some a couple thousand, but if you check in on these people six months or a year later, they are out of business or sitting dormant.

How do I know this? It is because I was there too. I never forget in my very first MLM program, I started with a telephone company that promised me they were going to finally incorporate gas and electricity. They finally did some ten years later, but I made money with this company right away.

I remember earning for myself a good three grand a month for a few months. And while that is not real rich money, it was good money to a guy right out of college. However, I was running fast, spending, having fun, and when I decided to look at the clock and see how will I was doing for myself, I collected all my receipts and pulled out my big ole ‘add-everything’ calculator and began adding.

I was looking to see how much I was spending so I can see what my actual profit was. Would you know it, I was earning just as much as I spending. My profit was probably around twenty four cents. I was embarrassed and ashamed and realized owning a business is nothing if you do not develop the habit of saving your money religiously and carefully every month.

One of the keys to success is to develop the ability to save money. This characteristic is vital to success in life and in business. Those who save readily every month are responsible. They are wise, and can stay ready for more business opportunities that sail their way. I remember an opportunity came my way. I was carefully following the news about a company that was going public; the company was Google. I was following in on the news and I heard the date they were going to release their IPO.

I began telling friends and family to ante up and pull our money together to be able to invest with this company Google. I myself did not have a crumb to invest and the law of saving money for a rainy day and for great opportunities came and bit me on the ‘you-know-what’ harder than a scorpion sting. I missed it. I could not believe that my family and friends could not, did not, and would not investment with me. It showed me another law that came to pass right in front of my eyes.

You are the sum total of the people you spend your time with. I had a bunch of broke friends and a bunch of friends who did not trust me because I did not show any wisdom of saving my money so I can spearhead and invest my own ten thousand dollars or more with Google at the time.

Money savers do not run into problems like this. My brother use to call me the “broke missed opportunity guy.” A man can offer me a mansion, Bentley, fully loaded house, season tickets to the most exciting NBA sports team, free food for a year, and a live in chef all for a one time payment of $97 and I would not even be able to afford it. Saving is a wise and rich man’s habit that you must incorporate in your business or you’ll be telling stories of how well you once started out in business to friends in a run down bar.

How do you do this? It is pretty simple. Every check you receive from your MLM Company, take a whopping thirty percent and allocate that for taxes and savings. This money is not to be touched except for at tax season when you have to pay your taxes. Take another ten percent and use only for emergencies in business. Use fifteen percent for marketing and advertising. The rest should be for expenses. You may be wondering, what money do you get to go buy the new dress, suit, or new car with. You don’t do that.

Pay yourself a salary of twelve to eighteen percent of your gross income (which should be included in your expenses) and that is your income. So out of one hundred dollars, you have twelve to eighteen bucks to buy yourself a dinner with. The rest is going back into your business until you are earning more than enough.

Saving money builds security, a sound character, and peace of mind. Companies will hire people based on knowing they have a habit of being a saver. This also keeps money in your MLM business for you to stay in business longer. While your friends and buddies have bottomed out, you have the money to move onto another venture or explore other great opportunities. Keep the habit of saving near you and work on it every day!

All the Best,

Antonio Dannes

Street Talk

good articles and very wise. I have been saving money all my life and got quite a nest egg now. Well worth the pain!

  about 1 decade ago

You're a wise man Richard

  about 1 decade ago
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