Treat Your Life Like a Business
May 10, 2020 By MonkWealth Career, Finance, Personal Finance, Philosophy
Some people got lucky and made millions. Some people were disciplined and got rich slowly.
However, adopting certain principles can make us eliminate the factor of luck in business and in life. Maybe not completely but enough to feel sufficient control over our project.
In this post I want to point out a few non-exclusive factors that may significantly improve our lives.
The idea is in the title: Treating our lives as a business. And if we’d do a good job in achieving what’s considered success in life, applying the same principles in a corporate environment would be a joke. Winning at life is much more rare than career success.
Don’t overspend It always starts here. Know your budget. Allocate it properly. Don’t borrow without a plan. Have a fund that can cover your expenses for a few months.
Regardless of whether we talk about business or life, going into high interest debt is extremely risky, especially when certain levels of cash-flows are not already established. Although debt can be used as a leverage given a proper strategy, it can also be a fast track to a bankruptcy. So use with caution – or don’t if you have the slightest doubt in what you’re doing.
But what’s even more important is where you allocate your spending. Do you buy items that serve no real purpose and have non-positive ROI? Both in life in business these can be abstracted away as indulgences without long-term value, usually purchased because of human instincts and insecurities.
On the other hand, you can buy assets – things that give value in return. These can be your employees and tools & technology as a business, or long-term investments and education as a private individual. The amount of overlap is huge.
You want that debt-to-equity low. While at it, utilize financial reporting. Have a balance sheet. Know what you own, know what you owe. And if you still haven’t, develop a thorough understanding of your cash flows. Market research & Strategy Never jump in the waters without a plan.
It’s your responsibility to know the environment you’re operating in. Know your customer. Know your audience. Know your obstacles. Know the framework you’re a part of – learn about the government, the economy, the tax system… Understand supply and demand.
It’s in your best interest to understand the rules of the game you’re playing and leverage them to your advantage.
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