Cash flow is lifeblood: Can’t do much without either.
Our boy Lazy Man (and his money) commented on Jeffrey Strain’s 10 Reasons You Aren’t Rich earlier this week. He also added a few of his own reasons, the last one I had to say a hearty “Amen” to this one:
“You Need to Have Income - Many people will say this is not true, that’s it’s always possible to spend less than you earn. Back in the Dot Com bust, I had lost all my income except for the occasional contracting gig. I became a frugal maven out of necessity. I would not have become rich with that life style though.”
Cash flow, or income is one of those things we tend to take for granted, until one day…we don’t have it. Then we realize how important it is.
I realized the importance of money coming in when starting my first business. We were advised to keep our day jobs and build the business part time. We were also advised to work on the business full time, if we really wanted to make the business succeed. We would have to make time for it, if we wanted to have any money coming in.
We opted to “burn the ships” as it were. We had no income, but the funny thing was, we still had the same amount of bills to pay…or rather more bills to pay because we were starting a business! It was lean times for sure. Ever try living off $200 with a family of four, with two in diapers? Yeah, I don’t recommend it…
I learned some valuable lessons during that time though. #1....
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