Through operating my own web design business and observing how clients run their business, my thoughts have changed drastically regarding the “recipe for success”.
Perhaps the biggest mental transformation is around money and how to spend it properly.
YOUR HOMEWORK: Review your budget – how much do you spend on things that contribute nothing to your growth? This includes:
- Restaurant & bar tabs
- Entertainment (Netflix, cable, video games)
- Designer clothing
- Shiny toys
These things aren’t just emptying your wallet, they waste your time, which is infinitely more valuable than the money.
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In our highly politicized world (especially social media), you’ll see the envy of people who achieve financial freedom. They actually believe business owners do nothing while cashing blank checks weekly.
This narrative is completely false.
My most successful clients work more hours to EARN that money. They never stop thinking about their business.
My most successful clients aren’t afraid to spend money to achieve progress faster. All of them spend on things that will grow their business and eliminate things that won’t.
My most successful clients spend on things that have no immediate benefitbecause they know it could massively help them 1-year down the road (like creating a great company website).
My LEAST successful clients make a decent living but simply aren’t willing to dedicate the time, energy or money to grow their business to the next level.
You know what this translates to? They aren’t willing to LEARN new things.
They stay stuck in the “worker” mindset and don’t step up a level to the “business owner” mindset.
Business owners must look into the future, create the long-term vision, set goals, measure progress, determine the acceptable standards, and then hold themselves accountable when things fail (which is a given).
If you desire financial success, you must be willing to (1) spend on the right things and (2) do the work.
If you are broke, it’s even more important to use credit wisely. There is such a thing as “good debt”. It’s money spent that earns you more in the future.
College is turning into the WORST kind of debt, I’ll discuss that in another blog post…
Here’s a zero-risk investment to make more money freelancing: