I recently shot a video of my car and the box truck we use for our business.It was a video to brag, but not in the normal way. I’m not normal and I hope you aren’t either. I drive an 8 year old Hyundai Elantra and our box truck is from the late 90’s with a cracked windshield. We grew a seven figure book business by throwing nearly every penny we make back into the business.
If you don’t have outside funds to invest in your business you can’t siphon off the revenue your business makes to buy shiny things for you and your family.
I heard an analogy from Shark Tank once about money.The jerky bald guy said that he considers his money to be soldiers.Their job is to go out in the field and bring back prisoners.
Your soldiers can’t do that if you take them off the field to buy a new car or a new phone, or a vacation.In this business you need capital to buy your inventory.Every dollar that you spend on trinkets and doodads now will cost you hundreds or thousands of dollars in future revenue.The reason is that you buy a book for $2 sell it for $10.Get $6 after fees, buy three more books, now you have $18 and on and on and on.If you are doing it at my level the margins are thinner but still better than the guys that sell heroin or most other products.
Some of my employees have nicer cars than me, and it bugs me sometimes.But then I think of all the soldiers I still have in the fight, and I get over it. At any point I could stop growing.I could stop increasing the money I spend on inventory and staff, hold steady and take all the extra cash out of my company.But then it’s just money.Right now I’m building a legacy.
I’m married, luckily, to a woman that doesn’t need new vehicles, fancy houses, or anything like that to be impressed by me.We both see that we are building a future together for ourselves, our daughter, and our extended family.(Since many of them work with us.) I’d suggest that you do your best if you are married or have a serious partner to reset short term expectations if it is needed, and that if you are single to stay away from people that care about the car you drive.Let them stay on that ‘Keeping Up With the Jones’’ treadmill, and find someone that wants to build a future.
I know that we all have to live and we have families to take care of, but keep as many of your soldiers on the field as you can so they can bring back prisoners.
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