One of the amazing benefits of the network marketing industry is the lifestyle we get to live. We are fortunate to have flexible schedules and a lot of opportunity to earn vacations. But think about this…How many successful network marketers do you know who still can’t make ends meet? This is why financial literacy is so important for network marketers! When people start making money, they often do not invest or prepare for the future. Want to set yourself up for success? Educate yourself about money. Financial literacy for Network Marketers is something I have been passionate about teaching for a long time. You will hear more about this in the months to come!
Did you know 46% of all American workers have less than $10,000 saved for retirement?
I recently spoke about financial literacy at Eric and Marina Worre’s Top Most Powerful Women in Network Marketing event. It was an honor to be one of the 20 speakers! When I was researching data, I was completely shocked to see the numbers about retirement. Did you know 46% of all American workers have less than $10,000 saved for retirement? And that 50 year olds and above have less than $50,000 in their retirement funds? That is insane! Would you like to learn how to better manage your money? How would it feel if you could live now and retire later stress free?
Well, I have learned the rules of the money game. I have been studying how to make money and how to take care of that money for about 15 years. I have read countless books on this subject and have attended many wealth building workshops. I came to network marketing via a successful corporate career for over 20 years and woke up in my 40’s just wanting more and different. I set on the path to become an entrepreneur and to create wealth. Network Marketing found me in my late 40’s and in my 9 plus years in the profession I have only worked with two companies and have achieved the 7 figure income earner level in about 2 years. So I guess I can say I know something about how this works! But at the end of the day, if you are spending more than you make, then you are still broke. I am on a mission to help network marketers get smart about the money they make!
Now is not the time to feel badly about what you do or don’t know about money. We still don’t teach financial literacy in schools. Children receive little to no education on managing money even today! Some of us are fortunate to learn it from our parents, but in general, it is something we are left to figure out along the way. This presents a problem because the earlier you start saving for your future the better. What was the money language in your childhood home? Do you remember how your parents talked about money? Was it a stressful topic? For most of us, it was and still is. 76% of households today are living paycheck to paycheck.
What gets talked about a lot in network marketing is how to SPEND your money. Many of our company cultures are about lavish lifestyles which is great and which is fun – as long as the money continues. If you’re making $100,000 a year and you are spending $110,000 a year – you are still broke! I want to add to the conversation being smart with your money.
I decided as a young girl I never wanted to worry about money. My parents had 9 kids and it was a struggle. I decided as a working professional in my 40’s I wanted to become wealthy and not have to deal with financial stress like my parents did. It starts with a decision. That is all it is – a decision that you want more and better. Reading changed my life. I love “Think and Grow Rich” and “Rich Dad, Poor Dad”. These are two books that totally changed how I viewed money and how to acquire it. I also love Tony Robbins new book: “Money: Master the Game”.
It isn’t just how much you make, it is also how much you keep. I know many million dollar income earners who are broke because they spent more than they made. Living within your means is a huge accomplishment.
Most of us don’t know all the advantages of a home based business. Most of us don’t know how to keep the records you need for tax purposes. Most of us don’t know you can live your life like a business and write off meals, gas, travel, meetings and a home office. Understanding this can help you start building a savings for your future! Use financial literacy to your advantage.
So what are some Easy Habits you can Create?
- By making one extra payment of $1000 each year you could payoff your mortgage 5 years earlier. (usnews.com)
- Debt snowball – pay off smallest debt first. Then payoff the next smallest debt and keep going…
- Set aside 6 months minimum living expenses for “peace of mind”.
- Start funding your retirement early!
- Teach your kids about money.
- Get good financial advice – it is worth paying for!
It’s never too late! Use this information and more to come to make an investment in yourself and your future. Share the wealth and give this information to your team as well. Cheers to a successful life now and retirement later!
I hope these network marketing tips are of value to you. You may find this blog post on how to Build Your Net Worth With Residual Income helpful too! If you learned something in this article, share it on Facebook! Also, comment with your thoughts below.