Direct Selling and Your Financial Freedom – Part 1
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Today is the first part of a series about financial freedom and direct selling. There are many ways to attain financial freedom and direct sales is a viable option. For many people, sales have been the key to financial independence and greater personal freedom.In fact, the tradition of wholesalers offering products to independent representatives at a lower cost to offer them at retail prices for profit has been around for over 100 years. Representatives earn commission for each sale made. The potential for sales is unlimited and independent contractors can call their own commissions based on their efforts and personalized service.
According to the host of CNBC Mad Money, Jim Cramer, “Direct selling is a great model…with high gross margins, low capital intensity, lots of free cash flow. It’s a fragmented industry with gigantic room for growth. The top 15 players only account for about half the market.”
In the United States direct sales add up to a $32 billion industry and internationally, the figure is an astounding $110 billion. Amy M. Robinson, Vice President of Communications and Media Relations at the Direct Selling Association, comments, “Direct selling is hot because it’s a fun, convenient way to shop that people enjoy. So, poor economic times or not, people find direct selling to be appealing. Great products, personal service and income potential are elements of direct selling that make it a strong economic contender at all times. People motivated to get started in direct selling typically share certain attributes. Most seek supplemental income, either short-term or long-term. The social aspect also is appealing for those who love to meet new people and many enjoy buying products and services they already use – at a discount.”
Tomorrow we will discuss ways to get started toward financial freedom with direct sales.
Tags:Financial Freedom, Financial Freedom Opportunities Financial IndependenceAchieve Financial Freedom In Steps
To achieve financial freedom, you have to take it in steps and realize the ongoing progression. There is no quick fix or instant gratification for your current state of finances. The only way to attain financial freedom is to pragmatically approach your financial situation.
To have success in turning around your money matters, you need come to three major realizations.
1 You must change your current lifestyle to attain financial freedom. If you have financial issues, they are a result of your current lifestyle which must be changed. Spending more money than you make is at the root of your problems. You need to make more money or learn how to spend less to reach your financial goals.
2 Reaching financial freedom does not happen overnight and requires time and effort. If an easy fix existed, there would not be so many people in debt. You need to sacrifice and work to reach financial freedom and deal with the changes involves along the way.
3 Permanent changes must be made to have and keep you financial independence. If you make temporary changes, your old habits will creep back and put you in the same financial problems you had before. Change has to be permanent to achieve financial freedom.
The efforts and sacrifices made to gain financial freedom will give you great satisfaction both personally and economically in the future.
Tags:Debt Management, Financial Freedom, Financial Freedom Opportunities Financial Independence
El Cinco De Mayo and Five Questions About Financial Freedom
Five questions about financial freedom are dedicated to el Cinco de Mayo on today, May 5. This famous holiday celebrates battle victory in Mexico leading to their Independence Day on September 16, with many parties all over the country.
While May brings thoughts of celebrating freedom, Financial Literacy Month just passed in April. A test recently sponsored by the JumpStart Coalition for Personal Financial Literacy revealed that many of our high school and college students are not as wise about financial matters as they should be. Adults fared poorly on the test, too.
Consider the basic content of five true and false questions that were missed by over half the students in high school:
A credit report is free only if you are turned down for credit because of a report. False – you can get a credit report for free every year.
Your should invest in stocks for 18 years to get the most growth for your baby’s college education instead of using bank saving accounts of U.S. government savings bonds. True, when wisely invested.
A thief steals your credit card, charges $1,000 and you notify the issuer of the card right away it is missing so you are not responsible for any charges made by the thief. False because you must pay the first $50.
You do not pay income tax on interest made from bank savings accounts. False, you pay taxes unless your income is low.
The damage to your car is covered by liability insurance if you cause a car accident. False, only collision insurance covers your vehicle if you are at fault and not liability.
With knowledge is power and greater financial freedom for your future. The younger we learn, the more wealth and security we can create.
Tags:Financial Freedom, Financial Freedom Opportunities Financial IndependenceFinancial Freedom of America at Tax Time
Tax time is a good time to realize how financial freedom of America works. With April 15 right around the corner, more people are wondering how to minimize their tax liabilities and become financially free.According to attorney Drew Miles, “The super rich pay single digit taxes reportedly at low as 4 to 5 percent while you are getting creamed. Between Federal, State and Social Security taxes, the average American taxpayer pays about 50 percent in taxes. I want to help people recoup those losses and put that money back in their pockets where it belongs.”
Getting help from an accountant, an attorney or a financial planner can help you minimize your tax liabilities and maximize your money potential. Having a professional review your financial situation is a good investment that will pay for itself many time over. When you learn the techniques to save on taxes, you can also consider ways to boost your income to attain financial freedom. In fact, Miles goes on to say that, “…it’s not how much money you make that matter, it’s how much you keep that counts. Taxes chip away at your ability to build wealth.”
By protecting your assets and legally minimizing your tax liabilities, financial freedom of America is not so far away.
Tags:Financial Freedom, Financial Freedom Opportunities Financial IndependenceSpring Clean Your Way To Financial Freedom
Financial freedom and spring cleaning go hand in hand. Are you up to your ears in bills as well as junk? As you clear out all those unwanted items for spring, realize how much money may have been wasted in trinkets rather than paying off bills and saving. During one of the rainy spring days ahead, take some time to inventory your current financial situation so you can become financially free.
Consider the following questions so you can develop a game plan for the rest of the year that contributes toward your financial freedom and keep your house tidier:
How much money do you earn? Do you have any other sources of income?
What do you spend monthly and what are those expenses or costs?
What are your unavoidable monthly expenses, such as insurance, utilities and housing?
How much are you spending on spur of the moment purchases?
What is the total amount owed on your credit cards?
What is your current credit score and how can you improve it?
When you take inventory of what you have, what you need and how you can make it better, you are on the road to success. After doing inventory, consider whether you are getting a tax refund or owe money this year. If you owe taxes, discuss ways to save with your accountant for next year. If you are getting a tax refund check, find ways to save your money or use it to pay off credit cards rather than spending it vicariously.
With some planning and spring cleaning, you can put financial freedom on your good weather agenda.
Tags:Debt Management, Financial Freedom Financial IndependenceCommon Sense Steps to Financial Freedom
Taking common sense steps to financial freedom gives us greater security and less stress. Fred Brock, author of the book Live Well on Less Than You Think: The New York Times Guide to Achieving Your Financial Freedom, offers several practical ways to eliminate debt and become financially free during these tough financial times.
-Pay off your credit cards and keep just one for booking hotels or renting cars that is paid off right away. Never carry a balance because the interest rates are very high on credit cards.
-Minimize your expenses. If you buy lunch for $8 from the deli, bring a fancy lunch from home that only costs $3 but satisfies all your cravings. If the vending machine charges $1.00 for your favorite energy bar, bring a box from home and save 50 cents on each bar. The savings will add up when you minimize frivolous or unnecessary expenses. Whatever you save during the week by cutting back reward yourself by putting it into savings.
-Use your tax refund money to pay down debt or establish an emergency fund so you don’t need credit cards in a crisis.
-Either purchase lightly used car with a warranty or use a new car completely to the end to save on depreciation by buying new cars every three or four years.
-Own a home instead of renting so you build equity and get a tax deduction for interest instead of spending money.
-Send your children to public or community college for the first two years then let them take out educational loans. After all, there are no loans for retirement so it is unwise to borrow against or use those funds.
-Get rid of your mortgage in retirement. Sell your home and retire to a less expensive area and buy a house free and clear. If this isn’t possible, consider a reverse mortgage once you are 62 years old.
Common sense steps to financial freedom will give you greater personal and economic independence as the years go by.
Tags:Debt Management, Financial Freedom, Financial Freedom Opportunities Financial Independence
Financial Freedom With Automatic Savings
If you are seeking easy financial freedom suggestions, consider automatic savings. Most of us have heard of the concept but figure we can’t afford it right now.
Much like your other bills, savings must be fit into your monthly budget. It seems we always have a valid excuse to use the savings portion of our budget to cover other expenses. By having savings deposits automatically deducted from your paycheck or checking account, you are assured of handling this necessary expense.
Often offered to young people as an incentive to start saving when they open their first checking account, automatic savings deposits work well for people at every age. Whether you want to make sure you have enough money for the holiday or you are looking to invest in a business or you want to attain financial independence, automatic savings can help you to make it happen.
You decide how much you want to save and how often you want the money taken from your paycheck or checking account. Saving at least 10 to 15 percent of your total income is the goal. However, even if you simply put away $10 every week, you will have saved over $500 by the end of the year. Double your weekly savings to just $20 and you have over $1,000 at the end of the year. As you can see, these automatic savings can add up quickly for greater financial freedom in your future.
Tags:Financial Freedom, Financial Freedom Opportunities Financial IndependenceFinancial Freedom Thinking
Financial freedom thinking goes against everything you ever learned. All the advise you got from parents, teachers and authorities can be dismissed once you are committed to the concept of becoming financially free.
When you are young, most of the people advising you define a clear path to personal success as getting a good education, going to college, getting a job and working for four or five decades to get by. While this formula will help you survive, it will not get you to thrive or go beyond the daily constraints of trading dollars for hours and tallying bills to the penny.
So why didn’t your elders tell you the real deal? They probably did not know it themselves. Society gears us to listen to authority, not challenge the program, learn a skill, get a job and be a dutiful servant while someone else profits from our decades of hard labor. This philosophy has been handed down for generations because it is “safe”.
While many think this formula is safe, plenty of people know it isn’t. Companies go under every day, leaving people without a job, pension or hope after years of service. Unemployment is on the rise. So is this really the best way to ensure your success and more importantly, financial freedom?
It is only by stepping outside the norm and establishing your own endeavors that you can get beyond the constraints of traditional thinking. To attain financial freedom, you need to take a few risks. Start your own business. Believe in your own ideas or creativity. Sell products or services you believe in as an affiliate. The sky is the limit and when you choose a business you are passionate about, people will find your enthusiasm contagious – and you will continue to profit so you can reach financial freedom. Now that is financial freedom thinking!
Tags:Financial Freedom, Financial Freedom Opportunities Financial IndependenceFinancial Freedom In Four Easy Steps
Can you reach financial freedom in four easy steps? While becoming financially free involves planning and patience, you can take four steps to get on the right road toward the financial independence you want for yourself and your loved ones.
First of all, you need to have goals for your financial future. You need to have both short term and long term plans to reach your desired goals of financial independence. Having a budget for each month and a spending plan for the year to cover major expenses will minimize emergencies so you can save money and get to the next level financially.
Secondly, develop a manageable way to handle your debts. Review your outstanding bills such as loans and credit cards so you know the total extent of your borrowing. Reduce credit card balances to avoid high interest payments so you can pay more toward your mortgage, building equity rather than paying off never-ending bills.
Third, remember that saving money is a necessity not a luxury. Instead of treating your savings account like an option, add money every month just like paying a bill and leave it there. Someday having that nest egg will help you to make home repairs, purchase a new home or even handle an emergency without getting into debt.
Finally, have discipline and stay with your budget and financial plan. If you get off track, talk with a credit counselor, accountant or financial planner who can help you get back on the road to financial freedom. Remember, you can make it to your financial independence if you stay on the right road to success
Tags:Debt Management, Financial Freedom, Financial Freedom Opportunities Financial IndependenceDig Your Way To Financial Freedom
Can you actually dig your way to financially freedom? To become financially free, you need to eliminate debt and stop depending on credit and loans to get by. In other words, you have to dig your way out of debt to see the light of financial independence.
Start by cutting up your credit cards. It may be frightening at first but it’s essential to stop the vicious cycle of debt. It almost gets additive to turn to those credit cards during times of need. It may begin with a utility bill and end with a night at a fancy restaurant to make you feel better. In other words, your needs begin to get confused with your wants and debt accumulates rapidly. Anyway, if you get rid of credit cards you will have cash to yourself in the near future by staying out of debt.
While paying off debts with the highest interest rates first saves the most money, if you need motivation pay off the debts with the smallest balances first. As you eliminate each debt, you will feel the elation of getting rid of another outstanding bill to keep you going in the right direction.
Figure out how much money you make and how much you spend every month – in other words, a budget. Once you know how much money you bring in, put aside 10 percent to get rid of debt. Once your debts are paid off, you can take that money you used to pay debts and put it into savings so you never have to depend on those credit cards again. By doing this, you can dig your way out of debt and find the financial freedom you want.
Tags:Debt Management, Financial Freedom Financial Independence