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Digg it UP - Self-Employment-Managing Your Money: Tips for Living with a Fluctuating Cash Flow (Part Two)
Is fear of failure an issue when you commit valuable money in advertising?Well how about if I showed you a way to remove this fear and you know that you would be able to spend money advertising KNOWING you would get a return?Is that a valuable lesson?Course it is!So, how do you do it?The answer is testing!It's simple really.. Instead of sending out 1000 sales letters for example. Send out 500. In these 500 have 5 different headlines so 5 x 100 = 500Wh
• GETTING PAID
Banks charge interest when they lend money. Very small businesses and self-employed people
generally don’t. And if they do, they rarely collect. It is hard to lay down the law to slow-pay clien
Hooey! Horse Pucky! This has to be the most asinine statement to ever come out of anyone’s mouth. If you believe this nonsense then please just start writing us checks for a hefty part of your profits, because that’s what you are essentially doing.Do you have a “George Costanza” wallet that’s obscenely thick because it’s stuffed with fifties? Do you use hundred dollar bills as fire fodder? Are you in the business of giving people ridiculous deals because you have more money than you know wh
Self-Employment-Managing your Money ...
The way you manage your money is one of the first things you'll change when you move from employment to self-employment.
You are moving from an environment where you received income in equal amounts at set intervals to one where your income fluctuates.
Managing money in such circumstances is both unfamiliar and uncomfortable for most of us.
These are some tips I developed from my experience of 10+ years of self-employment.
• THOSE PESKY ESTIMATED TAXES
Enter the land of self-employment and you enter the land of quarterly estimated taxes.
You pay estimated income taxes because the Government says you must. Since you no longer have an employer to withhold income taxes, the tax authorities want to make sure that you pay up.
One way to make sure you have money in-hand at the appointed time is to mimic what your employer used to do for you. Take a portion of money you receive and put it away. My solution is to put it into a separate savings account.
By keeping the money separate, you are less tempted to spend it. Then at tax, time, simply transfer it into your checking account and write the check.
It is less painful this way.
Having a method to manage tax payments is most important around April 15 when annual taxes from the previous year and first quarter estimates for the new year come due on the same day.
• GETTING PAID
Banks charge interest when they lend money. Very small businesses and self-employed people
generally don’t. And if they do, they rarely collect. It is hard to lay down the law to slow-pay client
Did you know that you can literally make money while you are catching some z's? There is nothing more rewarding than opening up your email program in the morning and hearing all the email come in filled with sales from around the world. You have worked hard to master your expertise and now it is time to turn it into products that not only provide a ton of value to your customers, but also provide you with another stream of revenue.It's true -- building a passive income is your key to earning
Managing money in such circumstances is both unfamiliar and uncomfortable for most of us.
These are some tips I developed from my experience of 10+ years of self-employment.
• THOSE PESKY ESTIMATED TAXES
Enter the land of self-employment and you enter the land of quarterly estimated taxes.
You pay estimated income taxes because the Government says you must. Since you no longer have an employer to withhold income taxes, the tax authorities want to make sure that you pay up.
One way to make sure you have money in-hand at the appointed time is to mimic what your employer used to do for you. Take a portion of money you receive and put it away. My solution is to put it into a separate savings account.
By keeping the money separate, you are less tempted to spend it. Then at tax, time, simply transfer it into your checking account and write the check.
It is less painful this way.
Having a method to manage tax payments is most important around April 15 when annual taxes from the previous year and first quarter estimates for the new year come due on the same day.
• GETTING PAID
Banks charge interest when they lend money. Very small businesses and self-employed people
generally don’t. And if they do, they rarely collect. It is hard to lay down the law to slow-pay clien
Daily, we see all sort of special discounts or bonuses being offered. Whether it's on the fast-growing web or at the grocery store's frozen food section - we're bombarded with some type of incentive to get us to try a new product or service.I'm not 100% convinced this is an effective means of generating sales. Especially long-term sales. Here's why…What type of people do you attract by dropping your price? Price-shoppers looking for a discount? Or future clients seeking quality?income taxes because the Government says you must. Since you no longer have an employer to withhold income taxes, the tax authorities want to make sure that you pay up.
One way to make sure you have money in-hand at the appointed time is to mimic what your employer used to do for you. Take a portion of money you receive and put it away. My solution is to put it into a separate savings account.
By keeping the money separate, you are less tempted to spend it. Then at tax, time, simply transfer it into your checking account and write the check.
It is less painful this way.
Having a method to manage tax payments is most important around April 15 when annual taxes from the previous year and first quarter estimates for the new year come due on the same day.
• GETTING PAID
Banks charge interest when they lend money. Very small businesses and self-employed people
generally don’t. And if they do, they rarely collect. It is hard to lay down the law to slow-pay clien
There often comes a point in a website owner’s life when they realize that their website is not reaching its fullest potential. If you are at that point in your life, you may be wondering what you should do next. The most common reasons why a website does not reach its fullest potential is because of lack of traffic. To increase your website’s traffic, and quite possibly your income, you are encouraged to examine website marketing.Website marketing is a collection of techniques that can be
By keeping the money separate, you are less tempted to spend it. Then at tax, time, simply transfer it into your checking account and write the check.
It is less painful this way.
Having a method to manage tax payments is most important around April 15 when annual taxes from the previous year and first quarter estimates for the new year come due on the same day.
• GETTING PAID
Banks charge interest when they lend money. Very small businesses and self-employed people
generally don’t. And if they do, they rarely collect. It is hard to lay down the law to slow-pay clien
At the age of 36, Michael Abrashoff was selected to become Commander of the USS Benfold – at the time, the most junior commanding officer in the Pacific Fleet. The immediate challenges that faced him were staggering: Exceptionally low morale with unacceptably high turnover. Few thought that this ship could improve. In many ways, the Benfold was actually an extreme example of the same problems facing many organizations today.As the new head of his own command Michael only became more resolv
• GETTING PAID
Banks charge interest when they lend money. Very small businesses and self-employed people
generally don’t. And if they do, they rarely collect. It is hard to lay down the law to slow-pay clients much larger than you and clients who give you a lot of business.
In fact some businesses make it a policy to pay their creditors slowly. They use your money, interest free, at your expense.
Slow-pay and no-pay clients cost you money and mess up your cash flow.
The subject of collections is worthy of a separate article – or book, in itself. But here are a couple of pointers.
Ask to be paid up front when possible. It’s done all of the time. Contractors get deposits and lawyers get retainers.
One piece of conventional wisdom is to have a policy to handle late payments. Set up a system to diary your outstanding invoices. Then follow up at scheduled intervals as needed. Keep a paper trail in case you have to take things further.
Stay on top of overdue billings and keep lines of communication open with the client. The longer a debt remains outstanding, the less likely you’ll get paid.
The squeaky wheel gets the grease. Be squeaky.
• CREDIT CARDS
Credit card debt can be a killer. Calling the interest rate levels charged on many cards ‘usury’ is not an overstatement. If you have credit card debt, pay it off as quickly as possible.
Nonetheless, credit cards are a necessity in this day and age. When you are on the right side of the credit card companies, credit cards ca
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