3 Simple Money Tips That Will Change Your Life!
Published: Tue, 10/07/14
During my 17+ years in business there were three "Money Mindsets" I adopted that made a HUGE difference in both my lifestyle, and the success of my business.
In my email to you yesterday I talked about coming up with the funds to attend a live event that could have an amazing impact on your online business (event details), so I thought it was a great time to share these three tips with you...
1. "Make It Before You Spend It"
When I consider a big purchase I always create a plan to make the money I want to spend. Whether it's a vacation, a piece of exercise equipment, or a new laptop - I immediately go to work brainstorming how to MAKE the money I want to SPEND.
This is a great way to stay out of debt, and hold yourself accountable to your financial goals. It doesn't matter how much money you have in savings, always consider how you can earn before you buy. That way you don't burn through savings, and find yourself in a bad spot when you need that money.
It can be as simple as selling something on eBay you don't need anymore (or can live without in exchange for the new purchase), having a yard sale, or for bigger purchases: offer coaching, create a short report to sell online, land a new client, find a sponsor or sell advertising on your website, etc.
2. Immediate ROI
You won't always be able to "make money before you spend it" and in some cases you need to make a fast decision about an investment. Depending on the purchase, I handle this one of two ways. I either create a plan to make the money back in short time, or I use what I purchased to get a fast ROI (return on investment).
When it comes to your business, don't buy anything without a plan to make the money back WITH it ASAP. If it's a guide on Facebook Advertising for example, challenge yourself to implement what you learn and make your money back in the same week.
Consider how many products you've purchased and NOT used. How much money is hiding on your hard drive in the form of training, PLR content, how-to guides, etc?
I just purchased CoversCrush so my main goal is to create and release a report or short Kindle book, with an awesome cover graphic of course! While that was a very low investment money-wise, I still aim to USE the product and make my money back on it WITH the product.
That's just smart business. ;-)
3. Expenses vs Investments
If you're not ready to implement it, don't buy it - period. There are very few exceptions to this rule. By the time you get ready to implement, the rules or policies (or trends, even) may have changed.
True story: I decided to start a podcast. I got everything in place. I purchased a Blue Yeti microphone, had a custom jingle created, and purchased podcast hosting.
The mic and jingle were great investments, however... I still haven't started publishing my podcast. I paid for that podcast hosting, at $100/month, for more than TWO YEARS before I finally canceled it until I was ready to actually get started.
If you're not using it, it's an unnecessary expense. If you are using it, it's an investment - and you should always focus on getting a return on that investment. You're not in business for fun (although it should be fun too!), so if you're paying $100/month for podcast hosting you should be earning more than that with your podcast.
Common sense stuff, right? Yet every day I hear horror stories of people going into debt to start an online business, or going broke when something drastic happens because they didn't continue to build on their savings. Don't be that person! Play smart...
Best,
Lynn Terry
ClickNewz.com
p.s. In yesterday's email I also suggested you start each day off with a Money Task. It doesn't matter if it's a big task, or small - if it takes 5 hours or 5 minutes. Get in the habit of starting each day focused on growing your business, and you'll see consistent results! ;-) *cheers*
http://www.clicknewz.com/10503/money-tasks/
1. "Make It Before You Spend It"
When I consider a big purchase I always create a plan to make the money I want to spend. Whether it's a vacation, a piece of exercise equipment, or a new laptop - I immediately go to work brainstorming how to MAKE the money I want to SPEND.
This is a great way to stay out of debt, and hold yourself accountable to your financial goals. It doesn't matter how much money you have in savings, always consider how you can earn before you buy. That way you don't burn through savings, and find yourself in a bad spot when you need that money.
It can be as simple as selling something on eBay you don't need anymore (or can live without in exchange for the new purchase), having a yard sale, or for bigger purchases: offer coaching, create a short report to sell online, land a new client, find a sponsor or sell advertising on your website, etc.
2. Immediate ROI
You won't always be able to "make money before you spend it" and in some cases you need to make a fast decision about an investment. Depending on the purchase, I handle this one of two ways. I either create a plan to make the money back in short time, or I use what I purchased to get a fast ROI (return on investment).
When it comes to your business, don't buy anything without a plan to make the money back WITH it ASAP. If it's a guide on Facebook Advertising for example, challenge yourself to implement what you learn and make your money back in the same week.
Consider how many products you've purchased and NOT used. How much money is hiding on your hard drive in the form of training, PLR content, how-to guides, etc?
I just purchased CoversCrush so my main goal is to create and release a report or short Kindle book, with an awesome cover graphic of course! While that was a very low investment money-wise, I still aim to USE the product and make my money back on it WITH the product.
That's just smart business. ;-)
3. Expenses vs Investments
If you're not ready to implement it, don't buy it - period. There are very few exceptions to this rule. By the time you get ready to implement, the rules or policies (or trends, even) may have changed.
True story: I decided to start a podcast. I got everything in place. I purchased a Blue Yeti microphone, had a custom jingle created, and purchased podcast hosting.
The mic and jingle were great investments, however... I still haven't started publishing my podcast. I paid for that podcast hosting, at $100/month, for more than TWO YEARS before I finally canceled it until I was ready to actually get started.
If you're not using it, it's an unnecessary expense. If you are using it, it's an investment - and you should always focus on getting a return on that investment. You're not in business for fun (although it should be fun too!), so if you're paying $100/month for podcast hosting you should be earning more than that with your podcast.
Common sense stuff, right? Yet every day I hear horror stories of people going into debt to start an online business, or going broke when something drastic happens because they didn't continue to build on their savings. Don't be that person! Play smart...
Best,
Lynn Terry
ClickNewz.com
p.s. In yesterday's email I also suggested you start each day off with a Money Task. It doesn't matter if it's a big task, or small - if it takes 5 hours or 5 minutes. Get in the habit of starting each day focused on growing your business, and you'll see consistent results! ;-) *cheers*
http://www.clicknewz.com/10503/money-tasks/
p.p.s. You only have a few days left to score your ticket to the Marketing Mayhem Live event super cheap! I'll be there (wouldn't miss it!!) and would really love to meet up with you in person if you decide to go. You can get the details here:
This was a GREAT investment for my business. I walked away with tips and connections that will pay back over and again. I just got home from the event five weeks ago, and have already earned back my travel expenses three times over - and then some. I highly recommend it...
If I could only attend ONE event next year, this is the event I would choose!
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