Huge Tax Savings for Network Marketers

“A network marketing business can result in tax savings of $3,000 to $9,000 dollars per year.” -- Sandy Botkin, tax expert 

After 5 years working in network marketing, I have yet to pay income tax on my earnings.  I am doing well with my business, earning a nice living.  However, because of the many costs that are tax deductions when you have a home business, I have been able to deduct more than I earn.

As a network marketer, you can deduct whatever cost you may have to pay to your company, whether it be a one-time payment, monthly or an annual fee.  

• In most cases, you can deduct a portion of your mortgage or rent and a portion of your utilities.  (Whatever percentage of your home you use as your "home office," you can deduct that same percentage for rent, utilities, etc.)  
• If you purchase advertisements online or offline, if you print or purchase brochures or fliers, they are business expenses, and therefore, deductible.
• If you attend your company's annual convention, all expenses incurred during the event are deductible.  The cost of the registration, your hotel, travel and food expenses all will likely qualify for tax deductions.

There are actually too many to mention here.  Be sure to discuss this matter with your upline and/or a tax professional to see what YOU can deduct, because some deductions vary from one person to another.  Before you actually deduct anything, ask your tax preparer or at least research what is deductible in your situation.

It is very important that you track these expenses very carefully all year long!  You can use tax software, a spreadsheet or just a hand-written record, but record everything!

In summary, remember that even before you start earning money with your network marketing business, you are benefiting by the tax benefits for which you qualify.

Use Your Mistake as a Learning Experience

I am not discouraged, because every wrong attempt discarded is another step forward.” -- Thomas Edison, Inventor, Scientist and Businessman

As you work your network marketing business, if you don't make any mistakes, you're doing it wrong!  We need to try new things.  Some will work, some will not.  

With each error we make, we are closer to our goal.  Review what went wrong.  Why did the mistake occur?  What could you have done differently to prevent the error?  Then learn from it,  and move on!   

If at first you don't succeed...

"Continuous effort--not strength or intelligence--is the key to unlocking our potential."                                                   [BLACK ELK]

It is easy to complain if we are not successful, easy to place blame.  I see it posted frequently that such-and-such company promised me I'd be earning X dollars in my first year.  That company is terrible.  They didn't help ME.

While certainly there are scam companies and there are some recruiters who don't take time to train their new team members.  HOWEVER, in my experience, more often it is the trainee who doesn't take advantage of the resources provided to them to help them succeed.  The vast majority of team leaders are there to help, but many of their team members simply do not ask for help.

It takes continuous effort to succeed in any business, but certainly in network marketing.  No one can do it for you.  You must put forth the effort; you must do the work; you must ask for help when you need it.  It is not your enroller's responsibility to chase you down to train you.  He/she has an entire team to help, so team leaders must be selective.  They must devote their time working to those who request the help, even if there are team members who need it more.  

It is not a question how much a man knows, but what use he can make of what he knows.
- Josiah Gilbert Holland

It is your responsibility to yourself to continue learning throughout your life.  Certainly you're learning life's lessons, hopefully automatically.

However, when it comes to network marketing, you have to take steps to learn and grow - grow yourself and you will grow your business.  

If your company offers training calls, dial in frequently to hear how other people are working their businesses.  Sharing ideas is one of the great part of network marketing.

Find speakers you enjoy, whether it be Dani Johnson, Robert Kiosaki, Jim Rohn or myriad others.  Each one has their own style and perspective, so you can learn different things from each of them.

Read self-improvement books (or listen to audio books).  There are hundreds, possibly thousands from which to choose.  Some particularly popular ones with network marketers are:  The Slight Edge, Rich Dad, Poor Dad, Think and Grow Rich, Your First Year in Network Marketing and so many more. 

If you read these books prepared to learn, you will.  You will get something out of each one.  And, little by little, you will change, you will be better - a better person and a better network marketer.

Obstacles

“Obstacles are those frightful things you see when you take your eyes off your goal.” -- Henry Ford, Founder of Ford Motor Company

There is no question that you will have obstacles arise while building your network marketing business.  The question is, do you perceive it as an "obstacle" or a challenge?  

If you know your destination, your goal, your "why," then you will simply find a solution and move on.  If you have difficulty overcoming the problem, it is actually your lack of focus on your goal that is causing the obstacle to loom large.  Re-evaluate and refocus on your goal, and you will be able to move on.

Never Settle

“Once you say you’re going to settle for second, that’s what happens to you in life.” -- John F. Kennedy, 35th President of the USA

Have you settled for mediocrity?  You CAN raise yourself up higher than where you are right now.  It will take effort on your part, and no one can do it for you, but if you want to be a better person, a more successful person, a better network marketer - go for it!  Don't quit now!

Have you set a goal that is attainable, but challenging?  If you've set your goals too low, you're likely to stay right where you are now.  You won't improve yourself or your situation - in life or in business.

Are you aiming for the top, or have you settled for "getting by."  If you just want to earn a little more money, that is truly what you want, then it's fine to continue on your current path.  If, however, you want to reach a higher level, be promoted or again, just be a better person, you must aim higher.  

Where do you think you will be in 6 months from now, a year from now, 5 years from now?  If you don't see yourself in a better place than you are this minute, take time to re-evaluate.  

Do you need additional training, more support or more money?  Write it down and really look at what you have written.  What is holding you back, and what do you need to do to overcome it?

If you are in network marketing, contact your sponsor and ask for help to reach your goals.  If he/she is unavailable, contact someone else in your upline or someone you know in your company.  Nearly everyone in network marketing is eager to help another marketer.   

Don't settle for 2nd!

5 Tips to Reduce Stress – by Unknown

I want to share this wonderful article with you.  I wish I could claim I wrote it, but I did not.  I think it is so good though, I’m passing it along.   

I am "borrowing” this article from: http://www.lifeofhope.com/5tipstoreducestress.htm

Stress Relief Tip 1: Do one thing at a time.

Do it mindfully. Do it well. Enjoy the satisfaction. Then go on to the next thing. Multitasking might work for computers, but humans have yet to get the hang of it. It leads to careless mistakes, shoddy work and unreliable performance. Worst of all, having to do things over. This is no way to live. Give what you're doing your undivided attention. Take the time to get it right. And enjoy the experience.

Stress Relief Tip 2: Cut down on competitive stress.

Today, we compete for everything: the space around us, to be first to own a new product, to get our kids signed up for programs, to get our viewpoints across, to be faster, smarter, richer, sexier. Our days are filled with stressful competitions. And most are absolutely unnecessary. Because they're driven by insecurity, fear of being left behind, an ingrained need to always have more or better than the next guy. Try to get above all that. If you want to compete, vie to be the one who stays calm and in control, who isn't easily sucked in by material things, who avoids being caught up in the daily grab-bag that robs people of health and peace of mind. Compete for that and see how pointless all those other competitions become. And how misguided those who partake in them begin to appear.

Stress Relief Tip 3: Throw something out every day. 

You've got too much stuff in your house. Office. Garage. Attic. Useless clutter that's weighing you down, getting in the way, obscuring the things you really need. Be realistic. If you're not going to use it, lose it. And you don't have to make a humongous project out of it. Every day, find one thing you don't need and toss it. Or give it away. Over time, the clutter will begin to vanish and space and order will magically appear in your home...and your life.

Stress Relief Tip 4: Eliminate meaningless deadlines.

Our life is full of them. Arbitrary and unrealistic time constraints imposed by ourselves and others that serve only to make us more pressured, anxious, stressed out. For no worthwhile reason. Avoid the trap of assigning time frames to everything you do, especially if you have little idea how long it will take. Instead, make your goal one of completing a project in a careful, profession- al, satisfying manner. In other words, as long as it takes to do it right. Save your nerves, and your energy, for the few real deadlines we face...like April 15th.

Stress Relief Tip 5: Get more out of life by doing less.

What a concept! Is your life fulfilling? Or is it merely crammed? Know the difference and you'll realize it's not the quantity of activities you engage in (or possessions you collect) that ultimately determine your happiness. One naturally unfolding, enriching experience can easily surpasses many rushed and distracted ones. But you may be so chronically overscheduled, you never give yourself a chance to enjoy anything to the fullest. Experiment. Choose an occasion and give it your complete, mindful and unhurried attention. Then imagine an entire life of such enrichment. It's absolutely attainable.

Difficult Times

We are living in difficult economic times.  Few industries are not affected by it, including network marketing.  There are likely times when  you wonder when or if it will get better.  You may even consider quitting.  But consider this, "Success bestows those who don't quit." [J.G]  

If you KNOW that quitting is NOT an option, then both your business and the economy will improve in time.  We all just have to wait it out.  KNOW that the country has had bad economic times before, and we always recover.

If you're feeling down, call or IM your upline or other team member.  Over the years, I have become very close friends with one of my team members.  When either one of us needs a pep talk, we are there for one another.  There were times when I told her that I needed "a kick in the rear."  Yes, I too have had my "moments."

As long as you remember that the only ones who fail [with reputable network marketing companies] are those who quit or lose focus and don't work their business.  That isn't you, is it?

Advertising - On the Road

I just returned from a trip.  We drove about 2000 miles.  Although I was visiting family, I took advantage of the trip by advertising everywhere I went.

• At every rest stop, I left a flier, business card or brochure.
• When we dined out, I left a post-card sized flier along with my payment at the table.
• I spoke with a variety of people along the way and at my various destinations about my business.
• I had magnetic signs on my car, so I was advertising everywhere I went.
• When I used a public restroom, I left some form of advertisement in the stall or near the wash basin.

Each one of us is a walking or driving advertisement.  Wherever you go, remember to mention your business.  Sometimes it is the least likely person who is interested in learning more.

As one of my team members says, "Expose Yourself!"