Crafters who set up a crafting business are usually left with money from their income generating hobby. It is advisable that they learn wise spending and saving habits so that they would not run out of money in time of need. This article is dedicated to entrepreneurs who would like to make their money grow and save it wisely for the hard times.
The first thing that an entrepreneur should learn in doing with her money is to give a portion (10%) of it to her church or charitable institution. It might be hard for people who are not used to giving away a tenth of their profit but how can they learn to if they wouldnt start now? This teaching lies in the concept of give so you can receive. Be generous with your money and share it as if you do, God will reward you by giving you more blessings.
Second tip is to allot a certain percentage for your retirement fund. Twenty percent of your earnings is advisable to set aside monthly for your retirement fund. It is true that now is the best time to save for your retirement, not tomorrow, not next week but today. A lot of elders or senior citizens survive through their Social Security pension or through the assistance of their children just because they were not able to prepare well for their retirement fund. An investment (which you can purchase from your 20% a month savings) that will generate monthly income is also a good source of your retirement fund.
The third tip is to allot your money in various growth funds. Growth funds are venues where they make use of your money as funds for companies and other institutions. There are also instances where your money will suffer a slight loss, but this should not be a reason to despair. Investing your money in growth funds is a quick and fun way to watch your money earn.
Last tip is to be creative and keep on improving your product through innovation. In this way, youll always be ahead of your competitors and people are most likely to buy your products because you present them with new ideas all the time. It is also wise to learn how to venture in other businesses. In this way, you can have several sources of income and would not begin to despair in case some of them fail.
The first thing that an entrepreneur should learn in doing with her money is to give a portion (10%) of it to her church or charitable institution. It might be hard for people who are not used to giving away a tenth of their profit but how can they learn to if they wouldnt start now? This teaching lies in the concept of give so you can receive. Be generous with your money and share it as if you do, God will reward you by giving you more blessings.
Second tip is to allot a certain percentage for your retirement fund. Twenty percent of your earnings is advisable to set aside monthly for your retirement fund. It is true that now is the best time to save for your retirement, not tomorrow, not next week but today. A lot of elders or senior citizens survive through their Social Security pension or through the assistance of their children just because they were not able to prepare well for their retirement fund. An investment (which you can purchase from your 20% a month savings) that will generate monthly income is also a good source of your retirement fund.
The third tip is to allot your money in various growth funds. Growth funds are venues where they make use of your money as funds for companies and other institutions. There are also instances where your money will suffer a slight loss, but this should not be a reason to despair. Investing your money in growth funds is a quick and fun way to watch your money earn.
Last tip is to be creative and keep on improving your product through innovation. In this way, youll always be ahead of your competitors and people are most likely to buy your products because you present them with new ideas all the time. It is also wise to learn how to venture in other businesses. In this way, you can have several sources of income and would not begin to despair in case some of them fail.
About the Author:
Mara Hernandez-Capili is a writer and a researcher on events in Travel and Leisure. Visiting events such as the West Virginia craft fairs will open ones spirit on the beauty of the world beyond home's borders. If youre staying in West Virginia, the author suggests checking out the West Virginia craft shows for entertainments to make your stay worthwhile.
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