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1stMarch

Money Tips

So after you earn all this money from affiliate marketing and internet marketing, what do you do with it?

I believe it's important to not just earn money, but to manage it very effectively.

I have to stop myself at times of thinking of all the "neat" things I could get when I receive a deposit of mid-low $xx,xxx. It's an easy trap to fall into. That's the primary reason why I have my goals always written and a clear vision set.

For my finances I try to set aside a certain amount each month. Generally I do something like this:

10% tithe (off of gross income), 10% savings (for future investments / assets), Tax money (variable % depending on what I believe is going to be my tax bracket I try to save around 25% of profits), a very small % is used for personal expenses and the rest is put back into the business for expanding.

In times past, I've managed most of my money via excel sheets but It's time to get a bit more advanced.

I found a pretty interesting post on ZenHabits.com which has some good points. I do disagree with the first tip about buying groceries with cash and such. I buy all my personal stuff on a 2% cash back card. Personally, I think it's a bit more wise but to each his own.

How do you manage your finances? What are your percentages? I always am open to new ideas.

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    11 Comments

    browie says 1st March @ 20:10

    I know you’re a religious man and 10% is great. I, right now, don’t do anything with my money. I bought my wife some earrings for v-day with my aff. account but so far nothing. Granted I’ve made next to nothing right now. This month was nice, broke the $500 gross month :) I’m a newb, but that’s alright I’m getting there.

    Dan says 1st March @ 21:11

    Hey Volk,

    While I do believe that tithing is mandatory for us Christians (under the new Covenant), I have been pretty unfaithful about it. My Church is pretty well off, but I’m going to write a large check down the road, just to get in the habit of giving more to the people that have less, and to give thanks and praise.

    With AM, I reinvest my earnings into new affiliate ventures, and by the time I start hitting it big, I will then reward myself. Right now I’m trying to pay off college, as well as looking forward to get my first car.

    I suppose when I got started in AM, and started making a decent amount, and used that money to get myself a new computer, and 24″ monitor - I know, probably not the best way to spend money, but I view it as an investment, because AM will certainly pay it off later.

    D

    nate says 1st March @ 21:12

    Investing is huge, whatever route you decide to take. For me, it’s a mix of forex and more conservative routes like CD’s.

    Allan says 1st March @ 21:47

    Hey Jonathan,

    Have you looked at Wesabe [http://www.wesabe.com/] and/or Mint [http://www.mint.com/]? I personally use Mint and its a great way to see all your money in one place - checking, savings, money markets accounts, credit cards, etc…

    ps- I’ve been reading your blog for a few months and find you to be genuine and sincere. Thanks for sharing your knowledge with us newbs.

    Best,
    Allan

    Jim says 2nd March @ 7:55

    10% tithe! Do you have any idea how your church is REALLY spending your money?Give money directly to charities that you research, not to your church. At least then you know that your money is doing some good.

    Jonathan Volk says 2nd March @ 10:28

    @Jim: Actually Im very involved in my church. I volunteer 3 times a week @ the office and know the finances go.

    I commend my church for their heart towards missions. They give a huge percentage to direct missions. The reason why its better to give through the local church is that those Charities generally take 20% or more for administration. I can give and 100% of my money will go to the missions. No matter how much I give the pastors don’t get paid more.

    Anyways, I won’t go on and on about all the blessings that comes with it but to each his own.

    Ben says 2nd March @ 13:15

    Very smart, I know some internet marketers that weren’t as wise, blew all their money on huge mortgages & car payments, then really freaked out when the Google slaps came around killed their income.

    You can get some great personal finance information from blog networks like themoneywriters.com or moneyblognetwork.com.

    Cheap LCD TVs says 2nd March @ 17:57

    Hum. I do nothing with it, besides seting XX% to re-invest next month. The rest is just sitting on my bank account.

    Tom Beaton says 2nd March @ 18:21

    Very clever there. There are so many people in this day and age who dont have a clue it is scary!

    Corey says 3rd March @ 10:52

    Hey Jon, it’s interesting. My wife and I go round and round about tithing. We are at about 8% tithe. 10% puts us in the red so until we cut expenses or increase aff earnings, we are stuck at 8%. I know it’s supposed to go to God first but, in reality our mortgage co doesn’t understand that.

    My Aff income is going to business building and lowering house debt to the point that our home is paid off. Then our bills will be low enough to do 10% and get that family boat to cruise the chesapeake on just like my mom provided for me.

    Corey Bornmann

    Pete says 3rd March @ 18:29

    Jony,

    That sounds really great.

    Look into putting some of your cash/investing money into gold and silver.

    Check out these sites:

    http://www.jsmineset.com/

    http://www.kitco.com/

    cheers,
    Pete

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