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.
First thing that an entrepreneur should remember is to allot a certain percentage (10% is most applicable) of their profit to give away to their chosen church or charitable organization. For some, this is not easy to follow especially for those who are not used to giving away a percentage of their income. This concept lies entirely to the saying that you should give in order to receive. It is true and very proven as some financial experts or gurus attest the authenticity behind this teaching. Learn to give because in giving, you create a hole inside your money bank that the universe will eagerly fill.
The next advice 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. Some people might say that it is too early to start building your retirement fund but this is not the case. 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. Other worst cases are those who still continue to work despite of their old age.
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 invest in various businesses which will provide you with different sources of your income. I personally believe that it is safest to have different sources of income so you can have other sources in case one of them fails.
First thing that an entrepreneur should remember is to allot a certain percentage (10% is most applicable) of their profit to give away to their chosen church or charitable organization. For some, this is not easy to follow especially for those who are not used to giving away a percentage of their income. This concept lies entirely to the saying that you should give in order to receive. It is true and very proven as some financial experts or gurus attest the authenticity behind this teaching. Learn to give because in giving, you create a hole inside your money bank that the universe will eagerly fill.
The next advice 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. Some people might say that it is too early to start building your retirement fund but this is not the case. 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. Other worst cases are those who still continue to work despite of their old age.
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 invest in various businesses which will provide you with different sources of your income. I personally believe that it is safest to have different sources of income so you can have other sources in case one of them fails.
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 memorable.
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