SNM096: Choosing the Right Gear for your Business 2

SNM096: Choosing the Right Gear for your Business

My favorite thing about any new hobby is the gear.  My childhood is littered with sports and hobby stuff that I gave up on once I had all the coolest gear I wanted.  It’s very tempting to always go for the best and most expensive stuff.

It feels great when other people see you driving the best car and wearing the best backpack.

But is that the best way to build your business?

Are You Buying Toys?

SNM096: Choosing the Right Gear for your Business 3

We think about money in different ways at different times.

People overspend on vacation all the time.

We justify it by saying, “I’m on vacation.”

And that’s why resorts and holiday spots charge triple what you would pay in other places.

They know you will put up with it because that is the vacation mindset.

When you buy something for fun, it comes from your entertainment budget.

The money we spend on entertainment we never expect to see back.

But that’s the wrong approach.

Money In / Money Out

SNM096: Choosing the Right Gear for your Business 4

Every penny you spend on books, courses and software needs to come from your business fund.

There is a reason you have to keep a business bank account and seperate your taxes.

The government treats business money and personal money very differently.

When you stop buying books and start “investing in them,” you will see every penny in a whole new light.

It’s easy for me to spend a thousand bucks on a new paddleboard, but I’m very cautious with spending two-fifty on a computer part.

[easy-tweet tweet=”When you are fastidious with your money, the path to success becomes a lot shorter.” user=”servenojonathan” hashtags=”servenomaster”]

Show Notes:

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Key Points:

  1. Keep track of all your expenses
  2. Focus on buying what is “good enough”
  3. Spend from profits rather than debt

Resources Mentioned:

Breaking Orbit

Serve No Master on Amazon

Most other links can be found in my TOOLBOX

servenomastertoolbox

Send in your questions to podcast [at] servenomaster [dot] com

Sponsor:

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