Preparing For Your Future
Business to Business
First, congratulations for joining the world of entrepreneurship. In money matters, the most important thing is to have your business funds/accounts separate from your personal. I strongly urge you to split the two if you have them combined.
If you are in Direct Sales and use the 60/40 split from your sales, you want to always use the 60% for re-stocking and not for paying down your business debt. You may consider opening separate accounts, one for the 60% and one for the 40%. If you have business debt, you want to use your commissions or part of the 40% to pay down your credit cards.
You also want to take into account self employment taxes and save enough to cover your taxes come year end.
If your personal finances are out of control and you find yourself using business funds for personal things, like dinner or adding cash to your wallet as spending money, that would be a good signal that you may benefit from our Financial Boot Camp.
Give your business the ability to grow and flourish - take some money medicine if needed, just don't sabotage yourself out of business by poor personal financial practices....
the business world needs you to be a success!!!