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RANT Financial Minimalism is Anti-Fastlane/Unscription

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LionMarketing

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I think this video is great at explaining why save save save is a not the best idea for an entrepreneur looking to achieve great results.

Wanted to share this and see some responses from the forum.

View: https://www.youtube.com/watch?v=DsXi3b9wC2w
 

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GravyBoat

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You don't get rich by saving a few bucks.

You get there by earning more than you could possibly spend (within reason).

You sell a company, create a cashflow business, etc.

Saving $10 bucks a day on whatever causes you so much more mental harm than the $300/mo you're saving can buy you.

If you are so financially f*cked that $300/mo makes a difference in your life, you need to go hustle your way to a point where that $300/mo no longer worries you.

People underestimate the mental strain that caring about the "small stuff" puts on you and your goals/action taking.

If you're worried about the small stuff all the time, you just don't have enough energy to put towards the stuff that will get you to financial freedom.
 
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thechosen1

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There is merit here and it comes up a lot, I just want to point out though that no matter how much money you have, accumulated over days, weeks, or decades... it is always possible to piss it all away very quickly.
Don’t forget that :)

You might build a business for 5 years, sell it for $1 million, but you can spend all $1 million in 5 minutes with a stroke of a pen.

but yeah, saving 10% of your income while working at McDonald’s isn’t going to cut it.
 

Tony100

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Oct 11, 2020
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I think this video is great at explaining why save save save is a not the best idea for an entrepreneur looking to achieve great results.

Wanted to share this and see some responses from the forum.

View: https://www.youtube.com/watch?v=DsXi3b9wC2w
Nice video, thanks for sharing.

Though it is still important to be frugal when building a business. Profit needs to be reinvested in the business to generate more profit and compound interest. Fancy offices are a waste of money when that cash could be reinvested in a new product or service.

When you're starting out you should minimise personal expenses. Things like the choice between no car, second hand car and new car. But don't obsess about all the little expenses. Not buying take out coffee will have little effect on how much you can invest in your business but getting rid of your car will. Cut your big expenses down then stop worrying about the small things and focus on revenue instead. If a Starbucks coffee makes you happy each day then go for it.

So many businesses (and people) are in a constant situation of income = expenses. We spend whats in our bank account. If you're in a service business it's easier to grow without making a profit but in most businesses profit is essential for growth.
 

spElle

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When you're starting out you should minimise personal expenses. Things like the choice between no car, second hand car and new car. But don't obsess about all the little expenses. Not buying take out coffee will have little effect on how much you can invest in your business but getting rid of your car will. Cut your big expenses down then stop worrying about the small things and focus on revenue instead. If a Starbucks coffee makes you happy each day then go for it.

So many businesses (and people) are in a constant situation of income = expenses. We spend whats in our bank account. If you're in a service business it's easier to grow without making a profit but in most businesses profit is essential for growth.
Ah thanks for adding this. After selling my house it's a little daunting to see how much I spent in the six weeks since — getting some of those essential big expenses out the way. Nothing crazy like a car, just essentials, but it's nice I can stop worrying about little things now.
 

GoodluckChuck

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I didn't want the video but I can attest to the difference between focusing on saving pennies vs focusing on making dollars.

About 3 years ago I decided to stop worrying about trying to save and instead focused on increasing my income. My thought is that I can focus on the finite amount I have or the infinite amount I can get.

So far it's worked well. I call it abundance mindset. Everyone around me is trying to stretch the money they have. I know that in a few years when I have a million plus, I won't be worrying about the 10k I could have saved.

That said, that doesn't mean I just blow all my money. It's a general rule for me to have more coming in than going out. I don't have a lot of expenses and I lean towards investing rather than spending money on things that bring zero return.
 

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