Business Tip of the Day:
Invest first, spend last.
Do you spend, spend, spend, and have NO money left to INVEST in things that will set you up for your future? You WANT to start a business, you SEE the possibility, yet don’t have a few hundred or a few thousand to start it. You want to invest in your retirement, but every month there is more month than there in money.
But you have a brand new car in the driveway…
Or do you invest, invest, invest, make sacrifices and only “spend” what is left? Ever think about how CRAZY it is that with ALL the resources, education and opportunities, people can’t save/invest enough to become financially free after 40 YEARS of working?
Do you HAVE to have another purse? Another new pair of shoes? A bigger house? A better car?? Do you have to keep up with your friends? Neighbors? The Jones’.
Do you place value on how you look, and what people think about you, or do you make the best decisions for you and your future?
This is a huge difference between poor minded and wealthy minded people. This is one of the biggest.
Broke people go work for a paycheck and usually spend it before they get it. $10 at Starbucks here, $30 at the movies there, $5 in lotto tickets every week, Cigarettes, Eating out, $50 sporting events, $50 night out of drinking. etc. sIt adds up. Can you find just $300-400 a month of “fat” to trim? If you invested $500 a month for 40 years, at an average market rate of return, it would be worth about $6.8 Million. BUT, no. You HAVE to have that new car every 5 years….right?? That $500 car payment is literally costing you MILLIONS…
Wealthy people invest TIME in people, businesses and education. They invest first, and spend less. Some of the wealthiest people I know drive the shabbiest cars. They work long hours and build their dream. There will always be time for fun things, but you have to pay the price. Sacrifice means giving up something good for something better.
Give up going to the bars to watch your favorite baseball team 3 nights a week and someday you could have tickets behind home plate….. or own the team. Give up Starbucks every day and brew your own coffee! It could make a difference of tens of thousands of dollars in retirement.
Be smart. Invest in you, your dreams, people, and businesses. Spend less. Spend it someday when you have so much, you can.
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