Listen up, guys. This is really important. This post is all about money. It’s not about making money per se but more to do with what to do with the money you’ve made up afterwards. The motivational reason for getting into business for yourself in the first place is to empower yourself with independence and potentially make more money than you ever did before when you had a normal day job and that you ever dreamed of before. The stats so far have shown that those who go into business for themselves and follow the minimum of basics in entrepreneurship usually do end up making more money for themselves.
So what to do with all this boodle? Spend it? Hell no. That’s the worst thing you could do. Save it? Hell yes. That’s the best thing you can and should be doing for your business and for the rest of your future life. But where to put it, now that’s the thing. Nobody keeps their money under the mattress or in a shoebox anymore. Ok, some still do, but who cares. Let them be ignorant or keep their heads buried in the sand. What about the savings and loan bank? The banks aren’t bust but if there’s any interest rates going, it isn’t much.
You need to enrich and reward yourself with compound interest savings which your local bank isn’t always going to be able to provide you with or won’t be willing to do. Finding the right baskets, several of them, takes some doing. Its market research all over again but this time guys, let’s be honest, you and me don’t have the skills, time or expertise to find the best places to save and invest. You also don’t have the know-how to select the best vehicles for your future pension fund savings. And you can’t afford to burn your fingers on risky stock options either.
The old saying was (and still is) don’t put all your eggs in one basket. Don’t go for broke either. Hey, that’s a catchy phrase. The buzzword for many years, and still the case today is to diversify. Getting all your eggs in the right basket is the next big step. More market research in a way is required. You are now looking for a specialist and certified financial planner. Make sure his or her credentials are just right. I once asked a guy at a bank where I held an investment account that was cancelled due to clerical error, to produce his degree and/or certifications proving that he was qualified to carry on the business he was doing and has the right resources and knowledge to do just that.
He said no. No, he couldn’t produce the paperwork at this time. So, I politely thanked him for wasting my time, grabbed my bag and left his office. Whether it’s to do with outsources in my entrepreneurial ventures or investment advice, I don’t hang about discussing, debating, arguing or lodging complaints when I hear those two magical negative phrases used with short shrift; ‘No’ or ‘I don’t know’. Don’t waste time doing other people’s work for them. Simply move on and act in your best interest. You can get the ball rolling at your local bank that is obliged to appoint a consultant or assist you in finding one.