This is an undeniable fact:
When it comes to building a successful business… or just saving a little extra coin for next year’s vacation… it all comes down to money management.
Sales… marketing… these things are very important.
You can’t have a business without marketing. But you can actually end up worse than if you had no marketing plan if you don’t know how to manage your finances.
Anyway, I lurk in a lot of the personal finance forums on the Internet.
I especially like studying entrepreneurs and business owners.
Anywho, I was perusing a popular forum recently and here are a few bad munny advices I done seen. Thought I’d share a few of them with ya:
- Eat less food (yes really).
- Eat at a friend’s house 3 times a week (become a moocher).
- Cancel gym membership.
- Have wife/husband cut your hair.
- Start knuckling down and really tracking every single penny.
- Clip coupons.
- Change your own oil and do more car maintenance.
- Stay home and have the secks instead of going out to a movie.
And so on.
It’s the typical stuff you see online.
Problem is… the underlying premise of all these tips is you can shrink your way to wealth.
Maybe there’s something romantic about turning the thermostat down 5 degrees and eating tunafish right out of the can 7 days a week. And… I suppose if you’re living right at the edge, this kind of scarcity mindset and living like a pauper can work in the short-term.
But they’re terrible ways to save the green stuff over the long-term.
Better to build a savings you can actually use right now, enjoy life, and grow your savings for the *future* at the same time. Doing it some other way creates twice as much work and takes a lot more effort for the same result.
More info here: