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CHARACTERISTIC #8–LOW OVERHEAD
I prefer to keep money in my pocket
versus paying everybody else and not
my self. Event on this day, I keep my
business lean and mean.
I could easily get a fancy office or hire
some drop-dead gorgeous assistant,
but I don’t. Why? Because I prefer
cash in one place: my pocket.
Conventional wisdom says that you
want to invest your profits back
into your business.You know what?
That’s a load of CRAP.
Lots of people take the profit from
their business and sink it all back
into the business—that’s just dumb.
Ask yourself this: if you can’t hold onto
the money and invest it personally,
what value will it be to your business
when the business gets in a down
cycle or is not doing well?
There are always ups and downs in
business. If you don’t think your business has a down cycle, you haven’t been in business long enough.
So think . If you put all your money and earnings back into your business and don’t take any money out, and then a downturn happens and your business goes broke, where do you go for help? Think about it. You’re broke, too, since you didn’t keep any of the money!
Rather than reinvesting all your profit back into your business, my motto is to suck your business dry like a vampire.
Take money out all the way.
If I’m NOT happy then nobody is happy,
so I want to make sure I get paid
before every body else. As a business
owner, you need personal cash flow.
You need to put cash in your pocket to
feel like you’re succeeding.
Now, you might be thinking, “Oh, Mr., I
can’t take money out. My business
won’t survive.” If your business can’t
survive just because you take some
money out, you either need to fix it or
you need to walk away from the business.
Now don’t take me out of context here.
I am not saying you have to take all
your money out so you have no
operating capital or cash flow. What I
AM saying is that you take out as much
cash as possible and leave just enough
money in the business to keep it running.
Also, as the owner of a business you
want to PAY YOUR SELF FIRST, not
your employees. I know some
employers who pay their employees
first before they pay themselves—
bad idea.
MONEYISM#63: Suck your business dry
like a vampire.Take money out all the way.
If you’re in a business that would normally be very profitable, yet it’s
being mismanaged (by YOU), then you suck—you’ve gotta fix yourself.
Perhaps you’ve compared your current business with the characteristics
I’ve listed in this chapter and come to the conclusion that you’re in the
wrong business to begin with. If that’s the case, good!
Now you’ve realized that you’re in a
business that sucks, so you can stop
wasting your time.
Life is too short. What’s the point of
keeping a business that can’t even
provide you more income than you
need to live comfortably and
buy the things you want?
》Next》Click
CHARACTERISTIC #8–LOW OVERHEAD
I prefer to keep money in my pocket
versus paying everybody else and not
my self. Event on this day, I keep my
business lean and mean.
I could easily get a fancy office or hire
some drop-dead gorgeous assistant,
but I don’t. Why? Because I prefer
cash in one place: my pocket.
Conventional wisdom says that you
want to invest your profits back
into your business.You know what?
That’s a load of CRAP.
Lots of people take the profit from
their business and sink it all back
into the business—that’s just dumb.
Ask yourself this: if you can’t hold onto
the money and invest it personally,
what value will it be to your business
when the business gets in a down
cycle or is not doing well?
There are always ups and downs in
business. If you don’t think your business has a down cycle, you haven’t been in business long enough.
So think . If you put all your money and earnings back into your business and don’t take any money out, and then a downturn happens and your business goes broke, where do you go for help? Think about it. You’re broke, too, since you didn’t keep any of the money!
Rather than reinvesting all your profit back into your business, my motto is to suck your business dry like a vampire.
Take money out all the way.
If I’m NOT happy then nobody is happy,
so I want to make sure I get paid
before every body else. As a business
owner, you need personal cash flow.
You need to put cash in your pocket to
feel like you’re succeeding.
Now, you might be thinking, “Oh, Mr., I
can’t take money out. My business
won’t survive.” If your business can’t
survive just because you take some
money out, you either need to fix it or
you need to walk away from the business.
Now don’t take me out of context here.
I am not saying you have to take all
your money out so you have no
operating capital or cash flow. What I
AM saying is that you take out as much
cash as possible and leave just enough
money in the business to keep it running.
Also, as the owner of a business you
want to PAY YOUR SELF FIRST, not
your employees. I know some
employers who pay their employees
first before they pay themselves—
bad idea.
MONEYISM#63: Suck your business dry
like a vampire.Take money out all the way.
If you’re in a business that would normally be very profitable, yet it’s
being mismanaged (by YOU), then you suck—you’ve gotta fix yourself.
Perhaps you’ve compared your current business with the characteristics
I’ve listed in this chapter and come to the conclusion that you’re in the
wrong business to begin with. If that’s the case, good!
Now you’ve realized that you’re in a
business that sucks, so you can stop
wasting your time.
Life is too short. What’s the point of
keeping a business that can’t even
provide you more income than you
need to live comfortably and
buy the things you want?
》Next》Click
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