This week, Nathan gives some tips on how young entrepreneurs can invest in their own future and the struggle to find balance in saving money and reinvesting in their business.
I can remember in middle school as I was starting my business depositing money and it being in the thousands. It's hard to not run away from school but just as fast as you make it you can spend it even faster. I’ve known others who have spent every dollar they earn on clothing, food and entertainment. It’s unwise!
You need to save your money. As my Dad has said since day one: cash is king If you don’t have cash, you really don’t have anything. I recommend that you save a portion of what you earn after you pay for gas and other necessary expenses and use those funds to upgrade your equipment. I can remember buying new mowers 3 years ago and between buying equipment on fleet in cash or finance the savings you receive are astronomical.
Set a goal and work towards it. I can remember one of my first purchases was a weed-wacker/blower Kombi unit from a national retail chain. I think it was around $200. It was a big deal for me — it proved to me that I can save and invest the money I earn in my business to help me progress further. My savings actually “paid off.”