Peter Norris – Money

November 27, 2013 § Leave a comment

  • Money – Universal exchange system.
  • Cost – Something surrendered to gain something else.
  • Profit – Excess of income after all costs.
  • Income – Money generated on undertaken activity.
  • Profit = Income – Cost

Pete asked us to calculate every single thing we spend during the year, from food to clothes to memberships, etc.  I honestly don’t know how much I (or I should say my parents) spend a year (more like I don’t want to know) but I know it’s a lot, and I am blessed with the current lifestyles I lead. It got me thinking about just how hard it will be to carry on this standard of living when I am earning for myself,  and that I will have to earn  a certain amount of money if I want to maintain it. He then went on to talk about tax, etc, and I found it rather eye opening.

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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