Personal Tips for Entrepreneurs - Part One
Hello Project Hope Community, I hope you all had a great weekend, the truth is that for each of us, who are in the search to be financially independent, I know that the road has not been easy for those who have already achieved it, and I also know that each in their own way could give some recommendations that they feel can serve others to achieve that economic stability that so many want.
The truth is that I am not an expert in finances, but I can say that I have learned some things that work, at least for me, and that without a doubt well coordinated can help you to start that path to investments, and that it will not be traumatic, with this I do not mean that it will be easy, of course not.
Whoever wants to have real economic stability must -almost- necessarily sacrifice many things, unless you were born in a wealthy family, then many problems will be solved, not all but a good part of them.
You must focus on ending debts: you cannot think that by owing many or large amounts of money that have been spent but not invested, you will be able to be mentally calm, many times debts consume you in such a way that they will leave you breathless before you intend to start anything else. This does not apply to those debts acquired with the purpose of investment, but rather to those debts that were acquired for superfluous expenses.
Organize your budget: Too many people do not have the slightest idea of what their monthly, weekly or daily expenses are. This is a serious mistake, because we must have clarity in this aspect, so that we know the amount that will help us to cover our basic monthly expenses, and of course, from there to work for much more. I do not mean to say that by making this calculation we will put that amount as a limit, not at all, but it is necessary to know this.
Because it will allow us to know which are the real important expenses, and it leaves uncovered those hormiga expenses that we have, and that we must eliminate.
- The need for an emergency fund: we all want a certain level of security, it gives us peace of mind and keeps us from spending time thinking about how to deal with emergencies, it's simple.
If we consider the above point, and suppose we say: "I need 300 dollars to cover my monthly expenses ", from this amount we already have in mind that to have 3 months of expenses covered we must have 900 dollars, which I know seems a very large sum, however, think about the following: How much is security and peace of mind worth?
Now, if what we want is to undertake and dedicate ourselves fully to this business, this is not the only thing to consider, obviously, I can not pretend to say that only with this will be a success what you want to do, but if it is a first step that should be done, for the time to start, already be solvent, controlled expenses and also a fund that would allow us to be calm in case of an eventuality.
I must say that this worked perfectly for me, throughout last year, when the pandemic that was decreed and led to the absolute quarantine for a few months in my country, times became very difficult, I was forced to establish rules, which allowed me to quit my job in December and to enjoy a certain stability not only economically but mentally.
In the second part of this publication, which I will be sharing soon, I would like to give other personal tips, which may be useful to those who wish to venture into entrepreneurship.
Thank you very much for reading my post, have a great week.
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hello @josevas217,
of all the people I know, you are a great example of how things should be done, perseverance and dedication make the difference, on the other hand since I am implementing an investment plan similar to yours, the favorable results are becoming more and more noticeable, in a few months I can have a security that will only be possible thanks to doing things well and consistently, thanks for all your advice.
Well said. As an entrepreneur, one must learn to organise his or her budget because that will get a long way in money management in the life of been an entrepreneur.
As an entrepreneur you must learn to know what are your weekly and monthly expenses
Organize your expenses very fairly, only what is extremely necessary, this is very important.
It is an important topic and good advice my friend, certainly being financially free requires first of all a change of attitude, facing everything with debts and not keeping a budget, while not guaranteeing success, surely lead to failure if not controlled.
Unfortunately, most people do not sit down seriously to organize their expenses, and end up in serious financial trouble.
Greetings friend @josevas217, excellent advice that you share with us, I would particularly place not to get into debt unnecessarily, it is not worth having debts and what you raise is true you have to get out of debt quickly, excellent topic for entrepreneurs, thanks for sharing it with us.
there are debts that can be assumed, but as long as we have a purpose for that money, but if it is not for production, it is crazy to get into debt.
Greetings @ josevas217
Very useful tips my dear friend that we should always keep in mind in our lives, beyond wanting to be an entrepreneur or not, are economic realities and misuse of our resources as you explain that make us unable to change our reality. As they say in my town we must wrap ourselves with the cabin as far as we can reach.
thank you very much for sharing your publication.
You are right my friend, this is not just advice for entrepreneurs, it is a way to take our debts seriously at home.
Meeting up with the demands of financial stability is actually not easy at all, these listed points will indeed help a lot to gain financial freedom and stability.
I will really like to join this community of intelligent writers, what do I have to do?
Hello, well, thank you very much for the good rating and for the comment. On the front page of the community are the rules to be eligible for support.
Thank you @josevas217.
Hi @josevas217 Thank you for sharing your experience, sometimes you need to know and know how someone else does it, those of us who have had to migrate not from the country but from the profession or trade, it has cost us to undertake the financial and economic flight, it is always good to read you, greetings.
These are things that I have learned in a particular way, and nothing had to do with a profession, it is curious, don't you think, that none of this is taught in schools or universities.
Thank you very much for commenting
These are extremely important tips that you give my good friend and I think that in a way sit you have become an expert in finance, at least the experience allows you to speak properly about it. It is essential what you mention about ending debts and making a budget of expenses, especially not to acquire more debts than you already had initially, I think that even in the midst of a crazy economy like the current one in many countries if you can generate the space to be financially independent, we must only have a good plan. Thanks for sharing your good advice as always.
Note: You should not sacrifice everything, I think you should give importance to each thing and the value it has and only do without what does not contribute to your life, otherwise you end up sick. Of course that is my opinion.
You are right, there is no need to sacrifice everything. Although it does involve some sacrifices, no doubt, I know. Or at least it has been my experience.
I think we can all achieve great things, there are certainly country conditions that affect and limit a lot, but still, there are people doing it. As you say, you have to have a plan.
Hello @josevas217!
In such time those advices are really valuable and actually they work for everyone not only a specific portion of people. Being able to monitor your expenses and what you are receiving is essential to avoid falling in debt which if it was aimed to cover expenses it will accumulate and by time it will be a huge amount that can never be compensated with what you have from money.
Nice info, thanks for sharing!