Money Be What? Question #7
“I Have My Own Jewelry Business, Using The Jar System Where Would The Money For Supplies, Etc. Come From?”
-Alex Argo
Note: “The Jar System” Is A Money Management System in which you split your money up like so…55%Expenses, 5% GIVE, 10% Play, 10% EDUCATION, 10%Long Term Savings, 10% Investments (IRA/IRA Roth/401k) To Learn More Go Here
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Congrats on your Jewelry Business! I’ll have to check it out…
I like to treat a business as a completely separate entity. There are several ways to manage your money with that in mind. One way to do it is to take the money you make from your jewelry, reinvest whatever the materials and other expenses cost and whatever else you would like to take to reinvest into your business from the gross profit margin.
Then pay yourself out whatever is left. That would be the money you would then use the Jar System with. So for example. You sell earrings for $40 It costs you $10 to make them. So you reinvest $15 into your business {an extra $5 or whatever you want to use for cushion if you’d like} Pay yourself out $25. That $25 you will then split up into your JARS.
Related Questions: What Is The Jar System?
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