Peter Norris: Money
27/11/2013 § Leave a comment
What is money? It is a universal exchange system.
The first and most important is COST – something surrendered to gain something else.
The PROFIT is the excess of income after all costs.
The INCOME is the money generated on undertaken activity.
- Profit = Income – Cost
Now calculate your annual outgoing costs:
£420 on phone
£196 on Adobe
£8,000 a year for Tuition
£20 Advent Calendars
£10 Christmas Cards
£205 Christmas Presents (So Far)
£145 Michael Kors Bag
Standard times for payment are 30, 60, 90 or 120 days.
You need to charge a PROFESSIONAL RATE for your work. By doing this, you send out the signal that you’re good at what you do and that you’re confident in what you’re doing. £25 is the starting point for this.