I remember my grandmother saying “there’s no such thing as get rich quick”. What a terrible thing to tell a child! Why should it take a long time to earn money?
The fact is, it doesn’t have to take a long time. When I was teaching, I worked 60 hours a week (sometimes way more) and earned $26,000 a year. Definitely a “never get rich, even slowly” plan.
But, when I started in home based business, I literally did get rich quick. Within 90 days, my husband and I were earning $20K a month. Our 4th month we made $46,000, our 5th month $54,000 thousand and our 7th month $133,000 net profit! It was wild (and still is). In our first year we netted over $400,000 in income it grew from there.
So, what happens when someone gets rich quick. First, you pinch yourself to ensure you aren’t stuck in some perpetual dream. Then, you get serious about understanding money: how to manage, what to do with it, tax obligations, investments, etc.
When we first started making money, we spent a ton of it. It was like winning the lottery. Then we got a wake-up call when our taxes were do. Fortunately, we earned more but it became apparent that we really needed to be more responsible and plan.
That’s why I want to share this great tool with you. As your building your business and earning more income, you’ll want to ensure you’re being smart with your money. Your plan should include money to invest in marketing, tax savings, savings for your children, money to live on and, of course, some splurge money to enjoy the “toys” and plenty of travel.
Check out www.mint.com. It’s a free online tool you can use to monitor your spending, plan a budget and ensure you are securing your financial future with your new stream of income. I love this program because it’s very simple to use (my bookkeeper uses Quickbooks for our books, but that doesn’t keep me up to date) and has awesome charts in the Trends category that lets me monitor where my money’s going. Plus, you can add investment accounts to see what’s happening with your investments as well. You’ll be able to calculate your net worth, set goals and also plan a budget. It’s an excellent resource. It would also be very useful to teach kids how to budget and monitor their spending too!
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