Diversifying Your Income
I want to talk a little bit about diversifying. And this comes after a major network marketing company has come out and has totally changed their compensation plan. They are no longer paying their distributors and their down line. All of these people were blindsided, and now have to figure out what they are going to do!
Unfortunately, this happens all the time. Companies change their format. They do this, they do that. In the wake of it, there come to be concepts that don’t work for people in network marketing anymore. Companies come and go, but the really important thing, and what I have seen through social media is a lot of these people are left financially high and dry. Some of them were pretty big earners. Some of them were counting on that income to pay their bills every single month. But the whole point of this life is to…Diversify. You need to have multiple streams of income.
Monat isn’t going anywhere and network marketing isn’t going anywhere. I know it’s going to be here for decades and decades, if not centuries because of the way the company was formulated. At the end of the day, we still have to be saving money. We still have to be investing our money. We have to have multiple streams of income! This is really important. I’ve had conversations with our team and our family about this very thing. Even Senior Luis says to diversify your income, pay your taxes, be proactive about it. Don’t wait until the last minute. I saw a lot of people do that. April 15th came, and they were struggling. So the thing about it is that you guys have to plan.
The best thing that you can do for your business is having a business attorney, and you need a really good, aggressive CPA when it comes to network marketing. You should be writing off all of your expenses. You have to really catalog and keep account of it. Especially if you’re making up to $10,000, you should have a bookkeeper too or be using QuickBooks. The thing about being in network marketing, or an entrepreneur, is that you should be on the front. Don’t be behind. Don’t be reactive, be proactive. There is nothing more that hurts my soul when people are making a great income, and they still have no savings. I was caught in that. I had savings, lost everything, and then had to build it all back up again. know how devastating it can be. Protect yourself, and diversify. I have huge investments in CBD farms right now through the stock market, and I received a 500% return on it.
When making investments, you want to watch what trends are popular, in all aspects. Hire an investor, or maybe more than one. (I have three.) The most important thing is that you want people in your circle who have your best interest at heart and to protect your money and then help you grow it. This is the key to keeping your money, and seeing a return!