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 see all. I hear all.
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.
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.
I used to work on my own car years ago… I thought I’d save a boatload. And it’s definitely possible. But often… you break something (due to inexperience or just accidentally) and then it costs you more. Fortunately a good friend of mine was an expert and helped me out of (many) jams.
I suppose if you’re living right at the edge, this kind of scarcity mindset and living like a pauper is the answer.
But they’re terrible ways to save the green stuff.
Better to velocitize the money you have right now, enjoy life, and grow your savings at the same time.
More info here: