I would say that if you still want to open your own business, first treat your life like a business.
I would say that if you still want to open your own business, first treat your life like a business. Look at everything that goes out the door monthly, and everything that comes in. Scrutinize it with detail and cut costs where necessary. Every successful business knows that it must turn a profit every month if it wants to stay solvent, and individuals should think the same way. Their lives should be looked at like balance sheets and the necessary changes and budgeting must be made in order to create long-term success.”
“Aside from the few points I’ve made, I would say that the most important factors to succeeding in business are to stay humble and constantly analyze.
“I would also say that, in business, and in life, one of the most important secrets to my success would be to always make more money than I spend, and invest it. Over time, that money compounds on itself. Over time, whatever you invest in begins to accumulate. It begins to accumulate and snowball, building an enormous amount of momentum. But, if you spend more than you make, you can never get ahead.
“My mistakes? Well, my mistakes were plentiful. But, if I were to think about the biggest mistakes I made, they would have to be when it came to taxes. I didn’t have a complete handle on my tax situation from the get go. I learned the hard way and I paid the price, but it was early on. If I were to go back and do it all over, I would have sought sound tax planning from the beginning. I would have made sure I carefully concocted a legal and tax structure that would have been most suitable for my business. Although it was a small price to pay, the lesson was an important one. That lesson taught me that small investments in sound advice early on, could make or break you. Always seek sound advice at the earliest stages. The little amount of money you’ll pay will reap huge benefits later down the road.”
In today’s society, most of us have come to expect instant gratification and immediate expectation of results. We want things, and we want them now, no matter what it is, whether we’re talking about weight loss, more money, real-time news, high-speed Internet, or just about anything else.
When we want to earn more money, we want it to happen quickly and effortlessly, without having to spend years and years planning and working towards its attainment.
”I would say that to truly succeed in life you must provide something of great value to others. Not only must it be of great value, but also the value of any good or service you provide must far exceed the cost you’re charging for it.
To succeed you must always provide great value that’s inherent, and not just perceived.
If you can’t understand your psychology and why you do the things that you do, it’s impossible to fix it.
The Millionaire Method - How to get out of Debt and Earn Financial Freedom by Understanding the Psychology of the Millionaire Mind (Inspirational Books Series) by R.L. Adams
“We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side.
— Charles T. Munger”
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