How Successful People Spend Money Before Success
Money.
Your thoughts make your actions, your actions make your habits, your habits make your character. — Stephen R. Covey
The influence of habits in your life is enormous. They can build you for good or they can drown you. Choose your habits wisely.
You are a broke college graduate and in a dilemma of getting a job or pursuing your dream. What do you do?
If you are among the majority, you will chose the 9–5, but if risk is your driving force you will go after your dream. You have that feeling in your gut that you are going to make it work. Somehow, after a lot of failures and rejections you will be successful one day. You cannot think of doing anything else. It’s what you are. It’s what you have been doing and wanted to do for your whole life.
Jan Koum and Brian Acton, struggled to launch their app in the market and struggled till they couldn’t afford it anymore. Neither the pressure, nor the money problems. So, they decided to get a job at Facebook but they were rejected. It happens that they thought to try one last time. But this time they made it.
And Facebook bought the company for $19 billion in 2014. WhatsApp.
Walking the path of your dream is not easy. You know that. I know that. There are desperate times. Failures and rejections are your friends. You are unaware of your environment, your health, your relationships, because you are completely focussed on making it work. Your life depends on it. Why wouldn’t you? But I did say desperate times, didn’t I?
How do you spend money when you and your company are at stake?
How do you spend money when you don’t have a job?
How do you spend money when you live off your savings?
Money is just a value. And just like any other value it can measured and managed. When you apply metrics to your value you get better at controlling the output. It mostly depends on what your goals are and what is your financial model. Is saving money more important or investing it? Must you hire a new employee or rent an office? A PG or a 3BHK?
A Budget
Whatever you do or in whichever position you are, having a budget model will pay off in the long run. You need to pay attention where the money is flowing to. Like I said, measurement. Measure your expenses and you will control the outcome.
Gambling blind
Don’t gamble on what you can’t afford to lose. No, I am not talking about the gambling in Casino. It’s a metaphor. You are short on money. You have bills to pay. Mouth to feed.
Don’t waste money on things that can wait. Do what is necessary first. But make sure it will help you in the long run too.
Don’t gamble in casino too. Bad habit.
Not gambling
Say you want to buy a book but it costs a few extra dollars. You don’t buy it and sometime later in your life you fail because you didn’t read that book. It’s not bound to happen. But if something is worth your money, don’t hesitate to buy it. It will pay off.
Liabilities vs Assets
Get that TV out of your room. Sell it. Liabilities rob us of our valuable money. It takes money and effort to maintain these liabilities. That smartphone is too smart for you, sell or exchange it for something simple. It will be less distracting and more money.
Start creating your assets which will bring you money. Let’s say you rent your apartment and live yourself in a small PG. Start thinking business as soon in your life. You will be a changed man with a credible thinking.
Work for free
Work for free. For it will bring you appreciation and a lot of contacts. If you start asking money without having any experience or image in the market you will fail. Start small. Work hard. Work more. Work free if you have to. If it gets you known among the big players, believe me it is worth it.
The experience and friends you make will be for your own good. You will climb up the ladder of success.
Money Management 101. Take it seriously. Manage money. Even if you learnt one thing from the post I did my job.
Thank you for reading. Happy Life. :)
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