Getting Out of Debt Vs. Investing
Most of you know I’m a maniac for pushing my own team to get out of debt. It’s one of the strongest parts of my culture. But the question always comes up about new people attending events, buying marketing materials, etc:
How many times have you heard something like, “I got into this business to make money, not spend it.” Nothing could be more foolish…
Most people that come into our business are horribly in debt. And they will never get out of it unless they invest in growing their business. And make no mistake, your business won’t grow if you don’t invest in it.
You should invest in:
* Marketing materials;
* Building long-distance lines;
* Attending major functions; and,
* Self-development materials.
If you don’t feed a baby it will die. Your business is the same way.
I hate debt. But it does make sense to invest in your business to grow your bonus check, then invest that bonus check in growing the business larger, then begin work on creating wealth and getting out of debt. That’s how you become wealthy.
-RG
That is true you have to keep investing in your business and you will make it with the right training and leadership.
So true Randy. All businesess have start up costs. Look at franchises like MacDonalds, Dunkin Donuts, etc. A person has to invest a small fortune just to open their doors. At least in our industry, the investment is minimal and the ROI doesn’t take long assuming the new distributor treats his business like a business and not a hobby. JL
That is a mega post. Am sharing it NOW!
Things I have done to cut my expenses:
1)Cut the cable bill $40-$100 per month
2)Don’t eat out $25 per week.
3)Make your own coffee 5 cents per cup instead of $3.50 outside.
4)Cut electric bill by installing efficient air-conditioner and heater. We sure need air-conditioner in Fl. I saved $500 every year for the past two years.
5)Subsititue meals by nutritional shakes from the company.
6)I will be cutting another $500 on my electric bill as I change by home windows.
7)Of course, every time I pay a credit card and loan, I save the $50 to $100 in interest I was giving to the banks every month.
Other ways to cut:
1)Stop smoking $5.00 per pack in Florida
2)Stop drinking $25.00 bottle of rum. $10.00 for a six-pack of beer.
I will be out of debt by the end of 2010.
thanks Randy.
Once again, Randy, you are spot on!
In order to grow one’s business, one must invest and I have always viewed those expenditures (marketing materials, functions, personal development, etc) as an investment in ME. In business, we must do what a business does in order to grow /generate additional revenue. That said, a business also looks for ways to cut unnecessary expenses and increase ROI; a careful analysis of the business can reveal many ways to reduce expenses. However, if a business does not continually invest, it will die and I can think of no better investment than in self (“my business”)
LSM
Once again Randy you are right on the money. Many people come into the profession and don’t want to spend a dime to become more successful. They think that all they have to do is sign up and everything will be handed to them on a silver platter.
I have cut back on my expenses and trimmed some so that I may have a bit more money on a monthly basis to help my marketing budget. If I can do something as simple as this then I know others can too. It is all up to the individual.
Love your posts Randy so keep them coming. God bless!
Yes, that is the point:
Our business grows as we grow!
So I always try to find a way to spend more on personal education.
Along with suitable settlement period of just one to 30 days, according for a monetary ability and repayment stability, it is possible to get hold of advance loan that falls inside range of.
There are a few criteria which you might have to fulfil before applying to the loans like
you’ll want to be citizen of USA, your real age needs to be greater than 18 years, you need to have permanent bank-account also.