Quote:
Originally Posted by digitaldivas
Thanks Will, thats good, solid advice. I am reinvesting into my concepts right now. After my other 2 concepts are up this spring, I am going to to transfer my savings into long term endeavors to do that.
|
Best advice I have learned over 10+ years.... Don't wait, start now.
If you want to be successful long term first thing you need to do is put the pieces in place to protect your income. Second thing you need to do is set up long term retirement as a safety net. Based on your age, how much you can afford a month and how much you want to retire on at age 65 will determine how much you need to allocate from your revenue each month towards that.
ALL OF US, want to reinvest into our business, start new ventures, etc.. but there is no guarantee that the money will always be there or the new ventures wont flop (most will). If all else fails you always have your retirment plan to fall back on... those that don't have a retirement plan may be depending on family members, social security (if it is even still around) or worst, working till the day they die.
I have seen so many people do really well for themselves for 3-5 years and then they end up going back to working for someone else and making a lot less money. Everything they made they either blew or lost it all. They had no plan, and as fast as the money came in it was gone they may be spending the rest of their lives working for someone else.
1. protect your income.
2. set up a retirement plan as a "worst case scenerio" so if all else fails you can still retire when you get old vs working at walmart till you die.
3. invest what you have left over into your business and new SAFE ventures.