Have you ever wondered what you should do with your network marketing money? You will want to avoid some of the common mistakes people make when they start seeing that money come in.
Of course, the first step is to start actually earning the money. Make sure you understand the actual job description in your industry and do the things that cause the money to come in. Then, when it starts coming, be smart.
The biggest mistake I see people make when they start getting some of that network marketing money coming in is they quit their job way too early. I made that very mistake. What I should have done was keep that job for another year.
During that year, I should have used that new income stream to pay off all my debt. Instead, I started financing cars, upgraded my lifestyle, and started taking more vacations. I enjoyed the vacations. I enjoyed the cars. I enjoyed life. But I didn’t keep an eye on the future. When my network marketing money dropped off a bit, I struggled to keep up with bills.
It would have made more sense for me to keep the job, pay off all my debt, and set aside at least 6 to 12 months of living expenses before I quit my job.
We all enjoy seeing the story of that latest success story where someone goes from broke to rich in network marketing. What we often don’t see is that, if they didn’t get good coaching and didn’t make good decisions, they actually end up broke, again.
Some of the most successful people I know took their network marketing money and used it to buy other businesses and other cash flow streams.
Years ago, a very successful network marketing professional told me, “When I have enough money saved up to increase my lifestyle by a factor of 10, I might increase my lifestyle by a factor of 1.”
Wise words to live by.
Work on your business.
Get that network marketing money coming in.
Pay off the debt.
Set aside savings.
THEN think about quitting that job. Your future self will thank you for it!
Brian Rooney
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