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Managing Your Money For All Ages MRR Ebook

Managing Your Money For All Ages MRR Ebook
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License Type: Master Resell Rights
File Size: 1,280 KB
File Type: ZIP
SKU: 15093
Shipping: Online Download
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One of the biggest mistakes that small home-based business owners often do is to mix up their business and home expenses. There are certain advantages in operating your business from your home. Rent and utility bills are saved and you have not had to buy office furniture and fixtures. But if you wish to maintain accounts in a professional manner, you must account for the facilities you are utilizing even in your own home, in a separate business account.

By maintaining two separate accounts for work and home expenses, you can stay within planned budgets for both. Your bank will also respect the distinction you make and this can enhance your status when it comes to availing of loans and overdraft facilities.

Assign yourself a realistic salary. An extravagant withdrawal every month will leave your finances tottering in no time. Take a modest paycheck and review the situation every six months or year. If profits rise, give yourself a raise! Set your home business venture a target for the next 5 years. Reward yourself on reaching a milestone by giving yourself a good bonus or a holiday abroad.

Set up a system of good record keeping. File away every bill, receipt, voucher and statement in its proper place so that you can easily prepare your balance sheet. Mental notes and shoddy filing can inadvertently cause you to lose a lot of money.

Choose a good bank and the best banking scheme they have to offer. Tailor it to your needs in terms of highest interest for your deposits and low rates for loans. Also ensure that you make all payments in time, as banks and other service providers add on a fine proportionate to the delay.

When it comes to spending money, keep your sights focused on value as compared to high cost. If your college kid can balance your books for your small home-business, then avoid employing an expensive accountant. Of course, as your business grows and you move to a larger scale of operation, an accountant can guide you more professionally on money management and taxation.

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