Please consult your CPA or financial advisor for specifics which relate to your industry.
The basics are simple:
1. Earn more than you spend.
2. Save what you can.
3. Use a budget.
If you're thinking about going into business, I recommend starting as lean as possible. Do you really have to lease that fancy office space and hire a full time receptionist? What can you do with no overhead at all? Can you start by just cultivating relationships with prospective customers and provide a service which costs little but your time?
Can you start by trying out different ideas while still enjoying a stabilizing income from your current source of revenue? Unless you have no other source of income and this is your only option, giving up your current source of security may be unnecessarily putting yourself at the edge of terror. Building a business takes confidence and focus. This is not the time to increase unnecessary challenges.
When asked what a successful Amway business would be, Jay Van Andel, co-founder of Amway, is reported to have said, “One that is profitable.”
In a conversation between John Travolta and Brian King on The Larry King Show in 2008, John Travolta said he uses a budget. When Brian asked him, “Even you?” John replied, “If you want to keep any money, you have to budget. Anybody could lose what they make if they don't budget.”
For more information:
Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence by Vicki Robin, Joe Dominguez, and Monique Tilford
Penguin
ISBN 978-0143115762
Best wishes,
Marilyn McLeod
Marilyn@PersonalizedHealthCoach.com
Visit Marilyn McLeod's Amazon Author Page
http://www.bit.ly/drWaBB
Blog: http://www.PersonalizedHealthCoach.com
Products & Free Assessment: http://www.Amway.com/HealthCoach
The problem is Jay didn't apply that thought to the IBOs in the Amway business:
ReplyDeleteAmway has ripped off millions of people for several decades, to the tune of 10s of billions of dollars.
Read about it on this website: http://thenetprofitgroup.yolasite.com and forward the information to everyone you know, so they don't get scammed.
Amway is a scam, and here's why: Amway pays out as little money as they can get away with, so they support the higher level IBOs ripping off their downline via the tool scam.
As a result, about 99% of IBOs operate at a net loss, while the top 1% make several TIMES more from their Amway tool scam than from the Amway products. This was made illegal in the UK in 2008, but our FTC is unable to pull their heads out of their butts to stop it here.