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

£380 Bus

£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.

 

 

 

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