Money Management for the Internet Marketer

By Sebrina Jackson

Money management is essential to what we do as network marketers.

How much we have or do not have weighs heavily in the beginning, and it matters even more once you become that guy or gal who makes $17,000+ a month.

Taking care of our profits when they come in is just as necessary as marketing itself. Whether you're just starting to make sales or already have consistent month to month income, this can work for you.

1) Open an ING checking account for business. ING offers business accounts now paying a monthly interest rate of 5%. Profits from your business just sitting in a PayPal account are not earning any interest. Get into the habit of transferring anywhere between 50-90% of your PayPal balance to an ING business checking account. 85% or greater is highly recommended for maximum benefit.

2) In simple figures, if you have $16,000 in a Paypal account on June 25, subtract $2,000 from the $16,000 and leave that $2,000 in the PayPal account (do keep your PayPal account funded). Transfer the remaining $14,000 to the ING business checking account.

3) ING calculates its interest payments on the last day of the month, so you want to allow yourself three (3) business days to successfully complete the money transfer from your PAYPAL account to your ING account. This transaction is usually done on the 25th to ensure the transferred monies are in the ING account before the end of the month.

4) Once the $14,000 is in the ING business checking account, on the last day of the month ING will calculate an interest payment of 5% against the $14,000 balance you have in the account.

SIMPLE INTEREST CALCULATION:

$14,000*.05 = $700

That is $700 you have earned for simply doing a timely money transfer.

COMPOUND INTEREST CALCULATION:

If you already had $25,000 in your account, before you transferred over the $14,000, you would earn:

($25,000 + $14,000)*.05 = $1,950

That is $1,950 you have earned for being so smart.

This is a money management mechanism used for my personal life, my business and as a professional bookkeeper. This is how the wealthy stay wealthy. Do It Big.

Sebrina Jackson is a successful Internet Network Marketer and a professional Bookkeeper. "Stop Failing at Internet Marketing - SKIP THE LEARNING CURVE and get right to Making $9,648+ While Quickly And Easily EXPLODING Your Network Marketing Organization Without EVER Buying a Single Lead." ==> http://www.youcandoit2netprofits.com

Article Source: http://EzineArticles.com/?expert=Sebrina_Jackson