Crafting business owners are usually left with money from their income generating hobby. It is advisable that they learn wise spending and saving habits so that they would not run out of money in time of need.
First thing that an entrepreneur should remember is to allot a certain percentage (10% is most applicable) of their profit to give away to their chosen church or charitable organization. For some, this is not easy to follow especially for those who are not used to giving away a percentage of their income. This concept lies entirely to the saying that you should give in order to receive. It is true and very proven as some financial experts or gurus attest the authenticity behind this teaching. Learn to give because in giving, you create a hole inside your money bank that the universe will eagerly fill.
The next advice is to allot a certain percentage for your retirement fund. Twenty percent of your earnings is advisable to set aside monthly for your retirement fund. Some people might say that it is too early to start building your retirement fund but this is not the case. A lot of elders or senior citizens survive through their Social Security pension or through the assistance of their children just because they were not able to prepare well for their retirement fund. Other worst cases are those who still continue to work despite of their old age.
Third tip is to invest your money through various growth funds. We had been taught before that we should invest our money in the bank. Same teaching does not apply nowadays as growth funds are ideal places where you can watch your money grow without you doing anything. Growth funds are places where your money is being used to fund institutions or companies. Your money will grow depending on the performance of that company.
Last tip is to build various businesses which will provide you with different sources of your income. In this way, you can have several sources of income and would not begin to despair in case some of them fail.