Aleks goes into some examples of how to think as an investor, build your business and your long term wealth as opposed to quick cash.
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In this podcast, I’m going to talk about how people spend a lot of money outside their business, once they have some money coming in.
I have a friend, and he just started making about $6000 a month, for the first time in his life, as an online entrepreneur. He’s living the ‘lifestyle’ now, and we were discussing some stuff recently, and he was saying: “yeah now I have the income, I’m going to start living the lifestyle. I’m going to go the Gucci store, and buy a shirt. I’m going to hang with the Gucci crowd, and they’re going to see I’m part of them, because I’m wearing the attire I’m supposed to wear, to hang out with them”.
Now he thinks he’s this big entrepreneur, with a big ego, and he’ll be with the ‘in crowd’, and they’re all going to accept him, because he’s wearing the Gucci, and Louis Vuitton. The difference between him, and real entrepreneurs like some friends of mine, who make seven figures, eight figures, is that they reinvest almost every single penny back into their business (they are always pretty much broke).
If you read the book about the founding of Amazon, they didn’t make money for ten years. They reinvested everything, and more into the company (they were basically making a loss).
A real entrepreneur who owns a business, and wants long term success (not cash in some checks, and buy some Gucci), they reinvest everything into themselves, by learning new things, by going to seminars, by hanging out with people who have a clue, and joining masterminds. They don’t just go round spending their cash on consumer items.
An entrepreneur, he spends his money, he reinvests some of his money, whereas a consumer spends his money, as if it’s a ham burger, where he gets an instant good feeling, which goes very very quickly, and doesn’t have a long term result.
