Be Smart About Your Money When You Start Earning $10,000/month In Profit.
Be Smart About Your Money When You Start Earning $10,000/month In Profit.
You need a lifetime plan at this point so spend so time making one.
There will be a time when you start to earn profit from your business. That will be the time to set yourself up for life and never work again. This is important because, in business, nothing is guaranteed. Many companies thrive for 5 years and then go out of business (this is just an example). There are many reasons for this, but typically, it happens when the business owner decides to let their foot off the gas. Even if you don't let your foot off the gas and work on your business 24/7, things can happen. Unforeseen things that even the best entrepreneurs can't predict.
You should be prepared because the worst thing to happen to entrepreneurs who tasted freedom is going back to square one and losing everything they worked for.
My biggest fear was losing it all.
Honestly, this is what I feared most when earning good money. I had a taste of what life is when you start to earn money and the freedom it buys. Then I realized I needed to keep pushing if I didn't ever want that freedom stripped from me. That fear kept me going and kept me motivated until I cracked the code and learned how to be smart with my money. On top of that, I found my passion in building software companies. Luckily for me, my passion also brings money, which is a double win.
How do you prepare for such things so that your freedom lasts a lifetime?
To prepare yourself, you need a kickass strategy of allocating your money. By the way, this all requires hard work, discipline, and time. If you woke up today thinking that you want to start a business and get rich tomorrow, you're severely underestimating the time it takes to build and achieve financial freedom. Know that this is a 10 to 30-year journey you're signing yourself up for. By year 5, I hope many of you figure out the process and start to enjoy it so that it becomes fun instead of making it yet another job you don't like. I will write an article about this later so you can follow the best strategies that will get you to appreciate entrepreneurship.
Also, this doesn't mean that you won't be making 50k, 100k, or even 200k after 2-3 years. This just means that building absolute financial freedom takes time, and you should enjoy the entire journey while going through it.