Mistakes that Most Entrepreneurs Make- Day 2
Neglecting Personal Finances
A lot of entrepreneurs are so focused on growing their business and generating income that they forget to create additional streams of income to add to their portfolio. I have been guilty of this in the past too.
As entrepreneurs, we have the power to make a difference. This is something that’s often overlooked when we are so focused on making the most of what we currently have. We fail to recognize that as we take care of our business, we slowly neglect our personal finances.
It is always important to take care of yourself first before you take care of anything else.
It is normal for your expenses to grow as your business grows and that is why it’s important that you diversify the way you generate income.
Let’s take a look at doctors. When people think about doctors, they just see the glory of earning plenty of money. Most of the time though, that isn’t the case. In order to become a doctor, you need a lot of education and certifications to acquire the skillset to be able to run a successful practice. This is why not every doctor runs a very profitable service. They have the heart to serve others, but they often neglect their own finances because of it.
Making money, building your business, serving others – it’s all great, but at the end of the day, do not forget to take care of your own personal finances.
As entrepreneurs, we always put more and put everything in our businesses. When we make money, we spend more on marketing, innovation, etc. So here’s what you do to control that:
When you earn money, pay yourself first before you pay anything else. What does that mean? Invest in your financial future. Entrepreneurs do not have pensions and I don’t think social security will have us covered either. Pay yourself first, set aside an amount, and secure your financial future by making more investments that would support your life in the future.
Take care of yourself first so you can better care for everything and everyone else around you.
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