Living below your means and running a profitable business with a strong future puts you in a powerful, powerful position.
Source: When life changing money, isn’t… – Wil Reynolds – Medium
Good reading and perspective on value systems and how to make judgment calls about what’s really important in life, particularly in regards to finances. It also reminds me of the “profit first” TEDx talk:
TL;DR = From whatever you get, subtract your profit, and the difference goes towards covering your overhead. If you can’t cover your overhead, you either need to reduce it, or you need to reduce your profit. It’s your call to make.
I started applying this philosophy to my student loan payments this year. Rather than making small payments each month I committed to making large payments so that I could pay it all off in a shorter amount of time.
Operating without debt, operating without massive overhead, putting profit first… all of that puts you in a powerful position. And I’m not quite in that position yet, but I’d like to get there.