You described two different things and you know it.
Wealth accumulation and income generation.
You are in the wealth accumulation phase.
Wealth accumulation and income generation.
You are in the wealth accumulation phase.
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Free registration at the forum removes this block.I am in my mid-20s and have created a business through which I am making 200k-300k USD per year in income after re-investing back into the business, etc.
I maintain a minimal lifestyle with a low monthly burn rate. No debt or kids either. I would like to have the money grow passively so I can focus 100% on my actual business.
You described two different things and you know it.
Wealth accumulation and income generation.
You are in the wealth accumulation phase.
I am in full agreement that it is probably best for me to invest back into my business as much as I can to scale faster. There are multiple ways to do that: automating operations, more sales/marketing, newer/better products.SCALE
Could you expand your operations to another geographical area? Take on new companion products? Expand your service to other sectors?
For my business that really comes down to hiring more sales reps or more programmers. I have a few right now and our roadmap is being executed along well. The only thing I am scared of is over-hiring -- hiring more people than we need at this specific stage of the company just because I have extra money sitting around.When I was in the wealth accumulation phase I took more market risks, but ultimately I carried the same "income" objective -- except I didn't use the income, I just reinvested it.
I am in the B2B software business. All of our operations are done online.
I am in full agreement that it is probably best for me to invest back into my business as much as I can to scale faster. There are multiple ways to do that: automating operations, more sales/marketing, newer/better products.
For my business that really comes down to hiring more sales reps or more programmers. I have a few right now and our roadmap is being executed along well. The only thing I am scared of is over-hiring -- hiring more people than we need at this specific stage of the company just because I have extra money sitting around.
I know of too many companies that have over hired sales and engineering staff at the wrong stage of the company's growth and that resulted in more bad than good.
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