I was born incredibly frugal, raised by parents who were impacted by the Great Depression, and frugality was key because money was scarce. One of the wealthiest people I know, a multimillionaire in my hometown, used to drive 15 minutes each way to save 8 cents a gallon on gas. This sense of frugality was ingrained in me, and early on in my career it served me really well.
What I’ve come to realize is that earning and focusing on making more money is easier than saving more money. I needed to shift my mentality from focusing on saving to focusing on earning. I can be extremely tight on how I spend every dollar, but my time is going to be more well spent if I focus on earning more.
There is no upside to earning, you can continuously build your wealth and income, but there is a limit on how much you can realistically save. Instead of saving a dollar within my business, I can spend that time and energy to make three dollars instead, which is a lot easier for me as an entrepreneur.
There is a balance here, saving money in my business can drive valuation at high rates. I still buy company apparel from Walmart and outlet stores, and I’m still wise with my money, But the power of generational wealth and life-changing resources starts with earning. Shift your mindset towards income-earning, wealth-creating activities.
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