“Is Your Money Mindset Fat or Thin?”
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It’s a well know fact that how you feel about money greatly determines how much of it you earn and more important… how much you keep. So lets take a look at your Money Mindset and see what it reveals about you.
It’s a well know fact that how you feel about money greatly determines how much of it you earn and more important… how much you keep. So lets take a look at your Money Mindset and see what it reveals about you.
Distributors with a “FAT Money Mindset”… • Say things like “I’m not good with the money side of the business so I’ll just sell and sponsor”
• Let paper and receipts pile up
• Don’t track mileage
• Spend impulsively on business supplies
• Embezzle from themselves through personal use of inventory or by spending cash from sales instead of depositing it
• Pay bills late
• Have credit card debt that cannot be paid within 3 months
• Are the first to own the latest gadget
• Don’t bother taking the time maximizing their tax deductions
• Fail to take responsibility for their money.
Distributors with a “THIN Money Mindset”…
• Say things like “I just love it when my checkbook balances”
• Save for what they want rather than go into debt
• Purchase sales aides, inventory and personal possessions only when needed
• Keep financial papers and receipts organized
• Pay bills on time
• Wait for the price of new gadgets to come down
• Love a bargain
• Deplore debt
• Review their personal balance sheet when stressed
• Take every legal deduction available and document them properly
• Take responsibility for their money with healthy financial habits.
Why is your Money Mindset important to your business?
By identifying your Money Mindset you become aware of the daily actions you take that detract from your financial well being. With this knowledge you can begin to establish the healthy financial habits of a Thin Money Mindset that will enable you to hold on to what you make.
Every year, this industry produces thousands of first-time millionaires whose lives are dramatically changed for the better. Distributors with a Fat Money Mindset often find themselves living large, over spending. Ultimately these people end up right back where they started… searching for the next hot deal that will provide another windfall of money. Individuals with a Thin Money Mindset are able to hold on to what they earn, using it to create a lasting lifestyle of freedom and wealth. Which mindset do you choose?
For those of you who are ready to adopt a Thin Money Mindset and keep more of what you earn, here are some simple steps that will start you on your way.
Decide to adopt a Thin Money Mindset! Don’t waste another day. Start applying sound financial habits today for your long-term financial health.
Create a system that works for you. If you tend to pile receipts in various places, make your system very simple. Put all receipts for the month in one envelope, and then detail all your expenses on the envelope. You can transfer this information to your financial software, an Excel spreadsheet – or just leave it alone and allow your accountant to summarize at year-end.
Resolve to reconcile your bank statement every month. This way you’ll know exactly how much you are spending, can check for overcharges and will be alerted to any spending or earning concerns that require immediate attention.
Establish a habit of paying your bills on time. If you find that you cannot make a payment, call the vendor and let them know. Communicating with vendors can avoid a bad credit report and sometimes be the first step to a workable compromise.
View tax deductions as an important benefit of your home-based business. It’s estimated that the self-employed collectively overpay their taxes by $160 - $200 BILLION dollars each year. By learning what constitutes a legitimate deduction and then taking steps to document your business activity, you can reduce your taxes considerably without increasing your risk of an audit.
Keep a mileage log. If you didn’t write down your odometer reading at the beginning of the year, estimate the reading using information such as oil change or car repair receipts. You may deduct mileage for any legitimate business errand or trip at a rate of 36.6 cents per mile. Because this documentation that is often overlooked, try taping a dollar bill to your dashboard as a reminder that for every three miles you drive you are giving the government more than a dollar!
Don’t embezzle from yourself. Keep your business income separate from your personal checking account by having two separate accounts. Furthermore, don’t use your business inventory for personal use or for gifts without paying for them. Finally, if you loan product to team members, document the transaction and ask to be reimbursed promptly.
Find a money mentor within your organization. Becoming a top distributor in the industry is both financially and personally rewarding. Look for leaders in your company who not only earn big but have also learned to save and invest for their future.
By taking these important steps to develop a “Thin Money Mindset” you too can reap the rewards of a lifetime of peace of mind and financial freedom.
This article has been provided by Vicky Collins, CPA/CCPS, The Financial Center Director for the Direct Selling Women’s Association. The Association offers a community web site where direct sellers enjoy 24-hour access to industry specific information and resources designed to help them successfully manage their direct selling business. Discover this one-of-a-kind, all-inclusive business-building resource at www.mydswa.org or contact them at info@mydswa.org.
About the Author
This article has been provided by The Founders of the Direct Selling Women’s Association. The Association offers a community web site where direct selling women enjoy 24-hour access to industry specific information and resources designed to help them successfully manage their direct selling business. Discover this one-of-a-kind, all-inclusive business-building resource at www.mydswa.org or contact them at info@mydswa.org.
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