Welcome back to 90 with Nate!
This question is from Junior in Cape Town, South Africa. And Junior asks: “I’ve started making a pretty nice part time income in my MLM. What do you recommend I do with the money?”
The first thing I’m going to say to you Junior…and for all of you out there…when you start making money with your network marketing business, is this: Get out of debt! Get out of debt! Get out of debt!
One of the #1 reasons people give for starting a home based business in the first place is because they are in debt, and they want to make more money so that they can get out of debt.
My question to you is this: once you start making money with your home based business, why do you not then use that money to get yourself out of debt? That was one of your primary motivating factors in the first place.
So, Junior: get yourself out of debt!
And this is what I would recommend you do with your money, in terms of a percentage breakdown. Now, I’m not talking about your regular income from your job. I’m talking about your network marketing income.
The first thing you should do is take 10% of the top, and completely just give that money away! Give it away to a church; give it to a charity; give it away to a family that’s in need. And what that says is this: money does not have power over me. I have power over money. And I wield it and harness money to do good in the world.
The second thing I’ll say is this: re-invest 10% of your earnings back into your business. So, if you’re making $1,000 a month in your MLM, take $100 and re-invest that into some samples, or helping yourself get to an event.
The third thing: take the other 80% and put that money on debt reduction until you are 100% DEBT FREE! I’m talking credit cards, hospital bills, car payments, mortgage, everything! Get yourself out of debt with that extra money!!
You will then be able to be more financially creative once you are in that status of debt free living with all the money that’s coming into your household.
I hope that helps you Junior, and also all of my other network marketing friends out there. Stop blowing the money you’re making! Put it to good use.
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