Money Management for Dummies – How to Better Manage Your Affiliate Finances

– Hey, how's it going? So, one thing I've seen a lot of successful affiliate marketers struggle with is how to manage their finances Now, you just can't check your volume stats today or check the tracker and see how much you made

No, you have to account for overhead, such as the office software, tools, salaries and taxes So, some guys, they see that they make $5,000 a day, but actuality, after everything it's only $2,000 a day But the problem is, they're spending money like they're making $5,000 a day, and what happens at the end of the year is they get hit with a huge tax bill, they don't have any money left in the bank What happens? They disappear, they start over again, or they go back to a job So, I want to give you guys some tips on how to better manage your affiliate marketing finances

Now, this is not a sexy subject, okay? It's not sexy as a script or a traffic source, but it's very, very urgent So, let's get into it Tip number one is to make sure you have the right software to track all your finances Some guys like QuickBooks For me, me and my companies, we personally use something called Xero, X-E-R-O

Once again, X-E-R-O I like it a lot, it's what I use and recommend Tip number two, leave it to the professionals So, one of the biggest mistakes I've made was when I started making a lot of money I had an accountant, and he suggested I have some day-to-day bookkeeeping or week-to-week bookkeeping

I asked him how much they charge He said $200 a month My mistake was, at that time I was making six figures a month, but I insisted on doing the bookkeeping myself Why? Hey, I could save 150 bucks Big mistake

So, what you want to do is you want to have a professional bookkeeper manage your money on a weekly or a monthly basis Next thing you do is visit direct lender paydayloansnow then you need to have a report So, what I do is I have a weekly report and a monthly report so I can get a high-level overview of where our money's going, so I can see exactly how much I'm paying the wages, how much we're spending on tools, how much money we're spending in the office, all the overhead, so I know exactly how much money we're spending That's very important Tip number four, you gotta realise money is a source of power

It's a resource, so when you take your money and you buy cars or you buy bottles or useless stuff, that's money you're taking away from your company that you could have used to grow it So, when you first make money, I know it's very tempting Man, there's aeroplanes all the time

It's so annoying All right, let me start over So yeah, when you make money, I know it's very tempting to buy materialistic stuff and go to the club and all that, but you have to realise, that money you should be reinvesting back in your company It's this simple Let's say you have $50,000

Yeah, you could spend that $50,000, or you could reinvest that $50,000 and in a year, now you have $200,000 So, the most important thing with money is you have to drop the ego You have to realise that financial independence and having complete freedom is way more important than any other material possessions So, I hope that helps, and remember, finances, they're not that sexy, but I want you to know everything about your business Every single cent that's being spent, it needs to have a job, it needs to have a purpose

All right, hope that helps

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