Do you want to invest money in to the affiliate marketing business, but you always find yourself struggling to acquire the funds. Well I’m going to introduce you to a strategy, that will help you plan your finances.
Did you know that managing your money, is a side business itself, it is one of the most important parts to a successful career.
For this strategy to work you will want to open up six different bank accounts, with your local bank. This will allow you to separate your money in to specific accounts so you can spend and invest wisely.
A key bank account, this is used for paying all of your monthly bills, including mortgage, rent, car payments. Put 45 % of your monthly income in to this account. Anything that is a must, should come out for this account. If you are spending more than 45% of your income on your bills is there a way that you can reduce your nessecties.
For example do you buy take away food, cigaretees, alchol. Could you reduce the amount of clothing purchases you make. Look for ways to reduce your neccesities. Remembering success is made doing what is uncomfortable.
- Long Term saving
Have you always wanted something, but never been able to afford it. This is the purpose for this bank account. 10 % of your income goes in to this account. This could be for a new house, a new car, a holiday. Something that is special that you have wanted for a long time. Don’t be tempted to spend this money elsewhere.
- Financial Freedom
Passive income…. Passive income helps you escape from your 9 to 5 job and live a life financial freedom. Put 10% of your income In here and spend it only developing yourself a passive income. Whether that is on affiliate marketing or on any other passive income stream.
Before you invest your money make sure you have a clear understanding on the passive income topic you are investing in. Which leads us on to the 4th bank account.
Being able to educate and self develop yourself is important for success. Reading books, taking courses, meeting mentors. Anything that is going to improve you. You should work on yourself self development every single day. You can also educate yourself on earning a stream of passive income and combine bank account number 3 and 4.
Being able to enjoy your life is an important part to success. Financial success is important, however you don’t want to lose other parts of your life. There is no point in having large amounts of wealth, if your not able to use it in an enjoyable way. So put 10% of your income in to this account. This account has one rule….. You must spend all of your money and empty this account every month.
Giving back to other people sends out positive vibes, and increases your chance for success. But you also get a chance to give back to other people. Put 5% of your income and give it to other people who are in need. If you are someone who can’t afford to give 5% of your income away, then instead of giving your money give your time.
Managing your money is so important for any success. You need to understand exactly what your spending your money on so you can become aware of changes you need to make. This will allow you to then invest your money in a strategic way.