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5 Tips to Living Frugal as an Entrepreneur

Discussion in 'General Mindset, Motivation, Beliefs' started by The-J, Jun 27, 2012.

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  1. The-J
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    The-J Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    "The hardest part about being an entrepreneur and living on a budget is the lifestyle change that you’ll endure. Instead of being able to have the freedom to buy anything you want, go on a vacation, and have a wild night at the bars with your friends, you’ll have to kiss all that goodbye."

    From Under30CEO

    5 Tips to Living Frugal as an Entrepreneur

    I should be enjoying my summer vacation, going on road trips and stuff, but instead I'm sitting in my house doing LinkedIn marketing for a product that doesn't exist yet.
     
    Kingmaker and Determined2012 like this.
  2. EastWind
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    EastWind Bronze Contributor Speedway Pass

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    I don't get the idea that you have to give up having fun to be an entrepreneur. I disagree, you don't. You can still have a lot of fun. moderately.
    I work very hard, but I have 2 fun activities that I engage in. Monday, I go play soccer with friends 2hrs, I skip out on Wed & Friday. :( Friday or Saturday, I hit the bars/clubs with friends for 2 hrs. Just having those things to do and looking forward to them is such a joy. Oh, and I go to the gym 5 days a week. Find things to do, locally, things that you will really enjoy. 1hr, 2hrs max. Treat yourself. :)

    I agree with the article tho. I rarely eat out, I don't have cable (save money and distractions), finances is organized (have a job that covers it, don't need to stress about bills), every penny does count (but i still treat myself from time to time, right now, i'm remodeling my bathroom myself, will probably do it for a $1,000), didn't give up my 'luxury' car, need to drive car here.

    i feel that having a decent job helps a lot, the worst thing to worry about is cash especially as an entrepreneur, bootstrapping is the key. go put in your 40-60hrs then come home and work harder. it's not easy, but your bills will be paid, less stress, clearer mind to focus on your project, and maybe even some money for your project. your biggest variable and hardest challenge will be time, not having enough of it and making do with the little you do have efficiently.