Nov 25, 2021
In this episode, I wanted to break down and get you guys to really change your mindset about how you look at things as you're spending money, or as you're investing money.
There's a huge difference between investing and spending. We're going to give you three key differences.
First difference - spending is basically you putting your money or time out and getting nothing in return. Investing compounds either your money, it compounds your time and brings you back something in your business. The caveat is, you should be investing on something that you understand and have knowledge about. May it be on cryptocurrency, mutual funds or stocks for example. Educating yourself is very important.
Now the second difference is, spending is usually more of a short term outcome. And investing is usually a long term outcome. We’re not talking about just money here. This could be time, education and other stuffs as well. Unfortunately, though, for a lot of you, it's in the form of a job. And so you're investing again even more time. And the return on that is very little compared to other ways of doing things like owning your own business, which again, it's an investment of time, and there's money, but your return on your upside is far greater. It's got way more potential. So it all just depends on what you are looking at getting in return and what your expectation is.
Third difference is that spending is usually has little to no plan. While investing is the opposite. You need to plan well and understand where are you going to use your money or time to. Knowing what and when it will yield and grow back into.
We want to challenge you to start investing your time and your money in yourself, to what to learn new skills, and to build something that's going to return something to you. And again, we believe that that's in a business
Listen to this week’s podcast to learn more, but please send any questions you have to firstname.lastname@example.org
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