Home Business Bank System For Those Who Wanna Go Full-Time

Man, when I tell you that this home business bank system will revolutionize how you manage your finances with your home business, it's a complete understatement.  To go full-time and more importantly be able to manage your real life going on, you have to be on top of your finances.  That's why having a home business bank will keep you from suffering during up and down seasons of commission only work.

The First Step To Setting Up Your Home Business Bank

Take note of where you make every commission.  Do you sell your own digital products?  Well, do you get paid into Stripe or PayPal?  If so, what bank account do you transfer to or do you just spend all the money willy nilly.  If you just drain your PayPal account every time you make a sale just to spend it on something with no real plan on how you're managing your money, then you're not ready to go full-time yet.  

Ya see, when you make money in business, there should be a process as to where that money goes every time you're paid.  Every dollar should be accounted for, or else you'll just waste it. So the first step to setting up your home business bank is to plan out your offers in a way that funds everything you need in your life. 

For example, In my business I have products that pay household bills like rent & lights, I have products that pay business bills like marketing tools and advertising, I have products that fund my investments and lifestyle, and yes, I even have products that are just to have fun with the money, and finally I save a perecentage out of EVERY sale for taxes.  This goes up and down depending on how much I make.  Why do I categorize my offers in such a way?  It's because now when I make a sale I don't have to guess where the money is going, and I don't have to worry about spending every sale on coffee and cookies without saving enough to pay my bills and taxes.

Going Full-Time Without This Important Step in Your Home Business Bank Can Cause You To Have to Look For a Job

Do you know what your two biggest expenses are in life?  Debt & Taxes.  If you get a hold of both, you'll flourish like a tree planted by the river.  If either or both control you, then you could suffer your entire life.  You have to use debt wisely and only pay your fair share in taxes.  That's why as a home business owner you MUST keep good records of all your expenses and income.  

The person who waits until the last minute to prepare for taxes ALWAYS overpays.  Instead, operate like The Wealthy and plan your tax strategy the entire year.  This starts with knowing your deductions, so when you make a business purchase, you keep the receipt and record the expense.  This way when tax season comes, you'll most likely get a little bonus out of the money you've been saving.  It never comes out to equal what you put up for taxes when you first save a percentage from every sale, and second, keep up with your deductions throughout the year.

Building a Home Business Bank For Wealth & Financial Freedom

Now finally, let's talk about this elite home business bank system that will give you the most interest and cash flow for your money.

Now, I'm going to talk about two payment processors...

What To Do If You're Paid In Stripe

What To Do If You're Paid In PayPal

Let's Start With PayPal First

Home Business Bank: What To Do When You're Paid In PayPal

First, from every PayPal settlement you should deposit some (between 1% - 25%) into a high-yield savings account.  This account is going to be for emergencies and to pay for expensive things without using credit.  Build this up until you have a full year's worth of income saved (of course if you need to use it in between do so, but keep filling it until you have a year's income saved).  The easiest way to do this is to simply transfer some of the sale from your business PayPal to your personal, then you can use PayPal's high-interest savings (current APY 3.8%).

Next, take a percentage and save for taxes.  One of my mentors saves 50% for taxes and he makes millions.  He does this so he'll have a nice bonus at tax season.  When you start making more money, you may have to pay taxes 4 times a year, and if that's the case, you won't have to save as much and interrupt your cash flow, but you'll want to do good accounting all year round (or hire an accountant).

Next, use the rest of the sale to spend it on whatever you categorized the sale for...

• Bills
• Advertising
• Fun Money
• Investments

Whatever category the sale falls in, use it for that.  Now, the goal is to appropriately categorize each sale.  Don't categorize a product you rarely sell for bill money, and your best seller isn't just for fun money.  Look at your overall business model and see which commission fits at each stage in your business.  Here's a basic overall idea to get you going...

• $5 - $50 Sales - Advertising
• $100 - $1,000 Sales - Bill Money
• Additional $250 - $300 Sales (As In They Already Bought Something Else) - Fun Money
• Recurring - Bill Money, Investing, & Lifestyle

Home Business Bank: What To Do When You're Paid In Stripe

Stripe is a tricker animal than the easy paypal but here's a home business bank system that absolute rocks the house with stripe.

First, have all of your stripe settlements deposit into a little mobile banking app called "CashApp".  First, you'll get your deposit a day ahead of when stripe tells you, then you can also do like PayPal and use their high yield savings.  The difference is that with cashapp, you have more than just the savings account, you also can buy stocks and bitcoin.  Another thing about CashApp is their "borrow" feature.  This is a quick one month loan and the amount you can request is based on your personal cash app history.  Borrowing from CashApp is a great way to inject cash flow into your business.  For example, borrow $25, run an ad, make $50 - $100.  Having cash app by your side is a great help when you need some money like right now.  Of course, just like with PayPal, save some for taxes.

My Last Words About This Home Business Bank System

Going full-time doesn't have to be scary and yes, if you save money, you'll be a lot more stable during the ups and downs of commission only work.  One thing that has helped me tremendously over my 20-year career is having recurring, residual income.  Having that money come in every month takes the stress out of your business because you're not starting the month at zero and every NEW sale is to grow your profits, not play catch up.  I'm not an affiliate of his, but this book by Russell Brunson called The Linchpin really boosted my business from a "shakey, hustle and grind" to a stable, passive business that I can depend on.  You don't have to pick up the free book, but if you want more information about network marketing lead generation strategies that make you go full-time then click the prior link.

Have a wonderful and great day & may God Richly Bless YOU!

~ Justin A. Hammonds
"Visionary Network Marketer"
MLMMarketing.Buzz