Why Network Marketing Should be a Part of Your Financial Game Plan

Steps to effective financial planning

1. What does network marketing have to do with financial planning? Network Marketing (or MLM / Multi Level Marketing) is a simple means of sharing a product or service with people and getting paid for it. The ideal way to do this is by using a system that allows you to recruit others to do the same with you, and you are normally compensated for the sales of those that you recruit. So what does this have to do with financial planning? EVERYTHING!
   
   Most people's problem with planning their money is that they don't have enough to plan - even worse, they often do not have enough to pay their bills. By joining a proven network marketing company with a low-or-no cost of entry, solid product or service offering, and reasonable compensation plan, you can have more up front and long term residual income to plan with.
   
   Over the past two decades, I have researched DOZENS of MLM companies. I have joined several and some were winners, others were not, but I learned something with every one of them. If you want to find a great network marketing company with a product that you can stand behind 100%, visit time and Life Freedom to learn more about how you can earn a residual income through network marketing with minimal risk. Best of all you can get hooked up with a team that has proven leadership and can help you build your residual income. You can also get a free copy of "Why People Fail in Network Marketing and what you can do to succeed" from the web site.
2. Become a Student of Personal Finance - Like it or not, money is one of the most important facets of our society. We all have to manage money - no matter how much or little we have, so it makes sense to have an understanding of it. If fact, the more you understand financial principles, the greater the likelihood of earning more, saving more, and keeping more.
   
   How does one become a student of personal finances?
   
   My first recommendation is to read about it. Take note of the finance section of the newspaper, or trusted web sites such as CNN.com. Reading is one of the best ways to learn about money and personal finances, in fact, that is how we all learn - no matter who we are.
   
   There are several good books written on the topic of money, and personal finances in particular. Here are a few of my recommendations:
   
   "Rich Dad, Poor Dad" by Robert Kiyosaki. I read this years ago, and did not take it too heart. I recently read another book where the forward was written by Robert Kiyosaki, and had a friend attend one of his related seminars, which prompted me to once again re-read the book to be reminded of these principles.
   
   "Becoming a Millionaire God's Way", by C. Thomas Anderson. Don't let the title throw you off; it is not all about the prosperity gospel, but rather it is written by a pastor in Mesa Arizona and it speaks more to matters of the heart, and to the fact that the Bible has a LOT to say about money, and therefore it is important to God. It also has practical insights into daily money management; things that few people hear in the church as many churches steer clear of the topic.
   
   "The Millionaire Next Door." I read this book years ago, while on vacation; a good read with practical insights.
   
   My second recommendation is to take a personal finance course. Some people think this is a crazy suggestion, but I guarantee those are the same people who struggle with money and debts. Your local community college can be a good place to check; in particular in the adult education department. Years ago, I took an investment course as an elective at my local community college where I was working on a degree. The instructor was brilliant and he noted that many people had taken his class more than once just to get the latest insights into the financial markets.
3. Know your monthly budget - Budgeting comes down to pretty two simple facts.
   
   First, If your net income (i.e. what you take home) exceeds your monthly expenses, then you are in good shape. You need to be disciplined to take the excess and invest it wisely.
   
   Second, if your net income is less than your monthly expenses, this is a problem that needs a quick remedy or you will find yourself getting further behind. One of the following MUST happen to correct this:
   
   - You need to earn more income (I recommend a simple home based business and you can find out our #1 recommendation at Time and Life Freedom) or
   
   - You need to reduce your expenses
   
   If you are in the second category, do not feel like all is lost. Recent studies show that Americans are getting deeper in debt and this is caused by several factors:
   
   - We are not disciplined enough to delay gratification in buying "things that do not hold value"
   
   - Many continue to live on credit and it eventually catches up with them.
   
   - We do not have a handle on our budgets. Many people do not know whether they make enough to cover their monthly expenses.
   
   Make sure you are using a budgeting tool to monitor your income and expenses. It does not have to cost you a lot of money; a pad of paper and a pen are the simplest of all tools. A spreadsheet, such as Microsoft Excel is the next best thing because you can make changes easier, but there is a small cost associated with it.