RichieG
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- Sep 27, 2018
- 97
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I have searched the forums and couldn't find anything linked to this. So either I have missed it, its a valid question or I am barking up the wrong tree.
The questions is aimed at two forms of expense ( personal and business ) but the same question is asked:
Is it important to control expenses and have a budget?
I appreciate cutting costs, searching for discount vouchers and other similar money saving "tricks" aren't going to make you rich but are they necessary in the short term or does it affect your mindset ( putting a limit on what you can spend )
I often beat myself up about this. At the moment I have a 20% spend rule on income. So if $10,000 dollars comes in I have $2,000 to spend. If it was $100,000 I would have $20,000 etc
Now does that make you just spend that money. Am I best just to take each purchase at a time and not have a % budget? By doing this am I encouraging random purchases into my life
Then from a business point of view. If my internet connection is $50 dollars a month do I spend time trying to find it foor $30 dollars a month. I know MJ is an advocate of time but if costs are tight at home or you are starting out in business those $20 could be crucial. Or again is it giving you the wrong long term mindset. Or I need a laptop - do i buy an MAC for $3000 or a basic laptop for $500. This isn't about image - it is about getting the job done.
If you have $3000 in the business account and you need to buy online advertising - do you sppend $3000 in 1 week and go knee deep quick or spend $3000 over 6 months and trickle to a slow death or enter the fastlane slower.
I hope this is a question that is suitable for this forum as it is something I have always liked to get people's views on but "my crowd" are slow laners so I wouldn't get suitable answers.
So Personal or Business: Is it right or wrong to search for deals, if so is there a limit you would put on deal finding ( say over $1000 ) or does every penny count.
I have read TFM and halfway through unscripted . I may have missed this point from the book and and I will be re reading on a consistent basis as there are so many nuggets in there.
I think deep down I would just like your views on costs/expenses both personal and in business.
The questions is aimed at two forms of expense ( personal and business ) but the same question is asked:
Is it important to control expenses and have a budget?
I appreciate cutting costs, searching for discount vouchers and other similar money saving "tricks" aren't going to make you rich but are they necessary in the short term or does it affect your mindset ( putting a limit on what you can spend )
I often beat myself up about this. At the moment I have a 20% spend rule on income. So if $10,000 dollars comes in I have $2,000 to spend. If it was $100,000 I would have $20,000 etc
Now does that make you just spend that money. Am I best just to take each purchase at a time and not have a % budget? By doing this am I encouraging random purchases into my life
Then from a business point of view. If my internet connection is $50 dollars a month do I spend time trying to find it foor $30 dollars a month. I know MJ is an advocate of time but if costs are tight at home or you are starting out in business those $20 could be crucial. Or again is it giving you the wrong long term mindset. Or I need a laptop - do i buy an MAC for $3000 or a basic laptop for $500. This isn't about image - it is about getting the job done.
If you have $3000 in the business account and you need to buy online advertising - do you sppend $3000 in 1 week and go knee deep quick or spend $3000 over 6 months and trickle to a slow death or enter the fastlane slower.
I hope this is a question that is suitable for this forum as it is something I have always liked to get people's views on but "my crowd" are slow laners so I wouldn't get suitable answers.
So Personal or Business: Is it right or wrong to search for deals, if so is there a limit you would put on deal finding ( say over $1000 ) or does every penny count.
I have read TFM and halfway through unscripted . I may have missed this point from the book and and I will be re reading on a consistent basis as there are so many nuggets in there.
I think deep down I would just like your views on costs/expenses both personal and in business.
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