PAY YOURSELF

I recently listened to an excellent cd from the Orlando NSA conference by Richard Parker,
www.richardparkerspeaker.com. His focus was on product development and using an IRA to fund it. He also has a site called www.iraideas.com.
There are a large number of financial experts in NSA. If you go to www.nsaspeaker.org and do a search on financial and tax planning (As of today Oct. 9) you will get 76 profiles and websites of experts who speak on the topic.
The bottom line is all of us, if possible, should be contributing part of our business revenue into some kind of IRA or other retirement savings program.
You can also set up a system to invest portions of sales from products to produce more product.
Of course we should be paying ourselves a salary from any revenue we receive if working the speaking business even part time.
If you are still working part time or full time to keep the bills paid. I suggest starting a savings account that will pay your mortgage(or rent) and payments for your benefits when you are first starting your speaking business FULL TIME.
But try to avoid the temptation to borrow from yourself unless you have a systematic plan for repayment.
I am not a financial guru but I enjoy reading the Wall Street Journal to keep up with financial trends. This speaker business is a BUSINESS and needs a constant review of resources, revenue and return on investment.
I would be interested in hearing ways others are paying themselves.

ROSIE
Your Idea Coach