Start part-time, stay part-time, until it's appropriate.
Hire professionals.
Pay yourself first.
Pay your taxes immediately.
Spend less than you make.
Spend some time investing in yourself and in your business.

Great financial advice, I recommend reading Robert Kiyosaki's books.

I understand this now after hearing your story, thank you for great tips,

Yes Im saving money :)

Hi Eric
Very interesting topic, it is very value for me

This is some of the BEST advice I wish I would have listened to 12 years ago! Thank you Eric for being so "right on" here and for sharing. You truly are a Professional!

A lot of us here don't do #5, we "fake it till we make it", so to speak. We buy cars on installment thinking we can pay it off from future checks, we buy expensive signature clothes, etc. I fully agree that #6 is better, and should be done after doing #1 - #5. Thanks, Eric. I'm 61 years old, so you are the younger and very much wiser version of me...lol.

Thanks Eric.
I will do that
Love you all
Alfredo Rodrigues

Excellent advice Eric! Very well said on so many different levels!

QOTD - For the most part I do. Once in a while some unexpected expenses come up that will necessitate spending a little more than what I make that month, but as a general rule, I spend less than what I make and save & invest the difference.

Eric, you're right! ... I am an entrepreneur and see these things just happen ... and despite that I have to watch, it is me. I have advisors, accountants etc but ... well you know the drill ..... thx again!
QOTD: yes i do... gladly!

I'm here!

Eric, I'm thinking of investing in myself to learn networking. Have you heard of or know anything about On Stage Marketing? What do you think of there ideas?

Eric my friend, I agree absolutely. I think many network marketers are afraid to win money, because they are afraid to loose it. It’s similar kind of fear why somebody don’t make the calls, they are afraid before somebody will say NO. Be afraid to loose something you can win in the future happens when your financial intelligence is low, I mean when you don’t know how are you going to manage you financial freedom in a daily basis. I highly recommend to play the game casflow 101 or 202, invented by Kiyosaki. I specially recommend the digital one, so you can play with the software any time you want. I play it 2 or 3 times per week, just to keep my mind in shape to know what to do with the money it will come.
Personally, I will invest a % in real estate, with bank leverage, and other % in puts, calls, and shorts.
Winning money is easy when you leverage your mind, not your wallet.
Regards
Juan Carlos Torrico from Santiago de Chile

Thanks Eric,
Fantastic advice for anyone starting out in business. Also timeless tips at any age! Your daily series is wonderful! Thanks for being who you are and sharing your knowledge so generously!
Happy and safe travels!
Dyann

Yes, I spend less than I make. But - sometimes life creeps up behind you, grabs you by the hair and pulls you down and you're broke. (not getting into detail here) The successful people don't let it stop them. I believe you have to continue with your dreams and ride the train that is headed for success. I believe the only thing that keeps you from being successful is quitting. Don't let the bumps in the road stop you from achieving your dreams that put you on the path to success.

And the rest of what you said is right on! Sometimes I go on about what I'm passionate about.

That very great advice Eric.

I see I went down the wrong path as well as you did LOL.
Some of us had to learn the hard way I guess.
I love that your sharing all this great advice for people in this industry.

This is some of the BEST information anyone could listen to... Thank you Thank you!! Fellow MLMers Please take Eric's advise here!

QOTD: I lived by this philosophy, and have very little debt. Being unemployed for 6 months has shown me that if I had large debt like many of my relatives, friends and business associates - I'd be in foreclosure and in huge financial trouble.
Currently I spend more than I make, as the unemployment funds are fraction of my previous salary. It's scary .

Loved this video - took notes and am a student of your teachings.
Thank you Eric -
hugs
Chris

Hi Eric.
During the last month I have learned that earning an income is something else than having a financial IQ. This show only tells me I'm on the right way in this proces. Thank you.
QOTD: yes, I do. And also I pay myself first!

This advice is worth taking seriously, regardless of your business or profession. @ericworre gives tips on how to accumulate wealth rather than just create cashflow, and how to handle money matters wisely :)

May I suggest putting these links on a separate website. They should be organized by subject so people can quickly listen to the video's that apply to them at where they are in their business life. Tax advantages only makes sense for the networker that has made over $600 in their business in a years time. No income nothing to write off.

Paul

Yes Paul. Great minds think alike. Organization by category is coming soon. :)

Aloha Eric, Once again it shows that just because you understand network marketing. It does not mean you understand business. I am friends with a number of multi-million dollar networkers who will probably go broke. The fundamentals of finance are still the keys to creating and building wealth. Live below your means. Give till it hurts. Plan and prepare properly for your taxes. Most importantly. Thank God for what you have. Safe travels and God Bless.

@ericworre presents his six point action guide for accumulating wealth and financial independence. Intended for young people, it works for us old guys, too.

I can't get enough of you, Eric

@ericworre presents his six point action guide for accumulating wealth and financial independence. Intended for young people, it works for us old guys, too.

I can't get enough of you, Eric

If you have a job and you don't have a home business you are leaving 4-12 exemptions to the GOV if you are in the USA. This is likely true elsewhere too. Before I found a home business to increase my jobs take home pay I lived on a submarine. My circumstances allowed deductions in my view not normally taken. Yes, we read tax code while at sea. I kept detailed records and the audit demonstrated the IRS was friendly if you have records and intend to follow the rules. They showed me I was not aggressive enough in my interpretations.

My next two audits in the 90's proved the same thing. I won't use typical professional help because, in my opinion, their first priority is NOT to get audited. My first priority is to only pay the taxes I am legally required to pay. I really like zero too. My three audits always had the IRS show me how to get more back and add to previous years deductions and carry forward into future years tax credits. It's only paperwork and if you have the records it takes an hour or two using current software to fill out tax forms. You can play with the numbers and see what works best. Get decent accounting software; write down every penny you spend and what it was spent on. Keep a log of every second you are in your car. Again is takes just a moment to fill it out and keep receipts from everything. Most of it will be deductible with the correct reason. It really is all your money if you want it to be.

QOTD: Yes. Build a budget and operate from it. Borrow from yourself. Cut up the credit cards and have one if you must. Spend money on money generating assets NOT tax deductions.

Hi Eric
Absolutely fantastic advice!
Obeisance
Thank you
QOTD: I save 10% of my total income to save account. And in the future will increase to 50%

My lifetime challenge. Maybe not so much as spending more than I make but making so much less than I want to spend! But these are great tips and so relevant for me as well as for me to use as training and pass on to team members.

Eric, great advice as always, "Don't Quit Your Day Job". That is so true for anyone starting out in this business. It's just like any other business and if you don't have cash flow, you are going to run into some serious setbacks, while building. Plus you will be more relaxed and less needy when recruiting others for your business opportunity.

As for taxes, I learned a long time ago that is better to spend $500 bucks a year on a good accountant than to try and go at it alone. I don't agree with stretching too far, but we have the best tax system in the world and if you are currently employed, you will put thousands per year in your pocket by having a home based business.

Another great session Eric!

The Germans have a great saying that translates roughly into:
Too soon old; too late wise.
Session like this can go a long way towards us not having to learn all the big lessons iin the crucible of our own experienece.

We do have a better way.

Just for to say you: thank you Mr. Worre for all the points that you developed and that we have to keep in mind. Everything you say is real (for me) but we know those things (perhaps) when we met them before!!! Best regards.(Sorry for my bad english)

LOTS of great advice ! People forget how important their taxes are and keep your records in order.
I posted a Hub Page last summer about this

http://hubpages.com/hub/HomeBusinessTaxDeductions

Trying to impress other people with the money you make is never a good idea...I would rather live in a smaller house with a less expensive car and be debit free than I would owe for everything I have. It makes you enjoy it better.

Thanks Eric!

Really, really great advice Eric! I understand the importance of this advice now, but a younger version of myself might be inclined to say, "Yeah, yeah, whatever. I know what I'm doing."
It's important for younger people to FOLLOW this advice.

QOTD: I do now, but I didn't always, unfortunately.

Eric. Boy I wish this had been around 4 years ago!!! It would have been so much cheaper not to have had to figure all this stuff out myself.

You're a star.

Mark Hibbitts

Eric -

This is great advice for all Entrepreneurs! Your words on paying yourself and taxes is right on point and if followed will save so many people so much heart ache. This episode crosses over the chasm between Network Marketing Professionals and all business owners.

Thank you for your advice, this is a video that should be shared with every member of your team and every business person you know. Sage advice to start a new week!

James
http://Twitter.com/AskJamesHolmes