Cynthia emailed me this question a few weeks ago concerning the unique needs of trying to set up a budget when you own your own business or are on a commission based income. I have already written a few blogs on this subject ( Feast or Famine , Finally Breathing , Your Business , The Power of Percentages ) but I felt like this question is so relevant to so many people that is bares revisiting. Cynthia wrote, “We desperately need a budget and it has been difficult for us to budget because we own our own business. I need …
Generating Additional Income
My husband Matt has held the same job for the past nine years, and yet he has never only done that job. Every year of our marriage we have earned above our salary in what I call “side” income. But through that time I have come to believe that everyone should have some type of “side” income, business, or entrepreneurial adventure in addition to their regular job. Whenever I hear people complaining about not having enough for their budgets (and sometimes there really isn’t enough), I always question… what else has God put into your hand to do that you …
A Question: Salary and Commissions
A friend of mine emailed me this question concerning her budget that I wanted to share with you today: OK, if you feel like you have just read a math question on the SAT’s, so did I. However, there is always a way through. So let’s just take it slow and I know this is going to help many of you who have a more complex pay scale. Basically my friend’s income is set up in two ways. Most of it is a fixed salary income, just paid weekly, and even the “fixed bonus” should just be considered to be …
The Power of Percentages
“Deride not what I say because of its simplicity. Truth is always simple. I told thee I would tell how I built my fortune. this was my beginning. I, too, carried a lean purse and cursed it because there was naught within to satisfy my desires. But when I began to take out from my purse but nine parts of ten I put in, it began to fatten. So will thine.” ~from “The Richest Man in Babylon” by George S. Clason. OK, I love this book so much that (although it is not Christian) I’m just going to say… You …
Your Business, Your Freedom, and Your Responsibility
Self-employment can be a liberating, extremely rewarding way to earn your income. Many people who are self-employed are doing exactly what they love and want to be doing. They are their own boss, set their own hours, and consequently have a lot of flexibility. However, it can be a very difficult venture when you are first getting your business going, and also when you are laboring in a business that may not go very far. When you are at the top and a huge contract doesn’t go through, or they are late on payment, it is you and your family …
Life on Commission: Finally Breathing
Some of my dearest friends in the world are realtors. And although they are wonderful at what they do, the realty business is a %100 commission business and is consequently very competitive and difficult to make a living in. However, it has very flexible hours, and can be extremely rewarding business. So how do you budget when you might have a $7,000.00 month one month and an $1200.00 month the next? I am going to lay out a plan for you today and I hope is going to help some of you finally come to a place of balance in …
Life on Commission: Feast or Famine
My husband Matt, is gifted at so many things, but sales is not one of them (he will tell you that himself :)). When we first started dating he was working at a Christian telemarketing company in which his paycheck was based largely on commission. He had to sell a certain number of commercials in order to even receive a commission and in the five months that he worked there he hit that commission exactly –once. It was a very difficult five months, but he learned a lot during that time. One of those things being, that he will never …
Every Other Friday
OK, I just need to warn you from the beginning, this blog is going to be a little bit long, but I really don’t see any way around it. But hang in there, because if you are paid every other week, you are going to love me today. The lightbulb is going to come on and by the end of this blog you will understand how to manage your previously unmanageable finances. Being paid every other week is a very common practice, but it can be very difficult to set a budget because your bills come on a certain day… …
By the Hour
According to Forbes magazine, more than half of working Americans get paid by the hour. So if that is how you are receiving your income, you are in great company. As far as budgeting goes, it is not too different from receiving a salary in that you roughly know what you are going to make each month. However there are some notable considerations with hourly pay and we are going to look at those today. Now I want you to hold on to your seat a little bit, because I am going to be giving you a lot of information …
Simplicity
Albert Einstien once said, “Everything should be made as simple as possible, but not simpler.” There is a lot of complexity to finances, and sometimes it is difficult to find the simple answer. Sometimes the answer is so simple and obvious that you miss it because of it’s simplicity. My heart in this week, as we begin to get more into the details of setting up your budget, is to help budgeting become extremely clear, simple, and accessible to you. So please feel free to ask questions, feel free to comment. I really want to make this as simple as …