the most important financial rule for entrepreneurs so got a great question
entrepreneurs so got a great question
entrepreneurs so got a great question from one of my youtube viewers love you
from one of my youtube viewers love you
from one of my youtube viewers love you guys
guys
guys Albert wrote in the saying what tips are
Albert wrote in the saying what tips are
Albert wrote in the saying what tips are financial discipline should I adopt as
financial discipline should I adopt as
financial discipline should I adopt as an upcoming entrepreneur this is a great
an upcoming entrepreneur this is a great
an upcoming entrepreneur this is a great question and Albert the number one the
question and Albert the number one the
question and Albert the number one the most important financial rule that you
most important financial rule that you
most important financial rule that you need to adopt as an entrepreneur is
need to adopt as an entrepreneur is
need to adopt as an entrepreneur is don’t spend money until you’re making
don’t spend money until you’re making
don’t spend money until you’re making money it’s easy to spend money ok
money it’s easy to spend money ok
money it’s easy to spend money ok anybody you can spend money you are
anybody you can spend money you are
anybody you can spend money you are really good at spending money right if I
really good at spending money right if I
really good at spending money right if I gave you a million dollars today you
gave you a million dollars today you
gave you a million dollars today you could find a million different ways to
could find a million different ways to
could find a million different ways to spend money not everybody can make money
spend money not everybody can make money
spend money not everybody can make money and that’s the key difference as I’m
and that’s the key difference as I’m
and that’s the key difference as I’m sure is we don’t start off with a lot of
sure is we don’t start off with a lot of
sure is we don’t start off with a lot of money ok at least I didn’t if you’ve got
money ok at least I didn’t if you’ve got
money ok at least I didn’t if you’ve got some rich Uncle Joe who’s willing to
some rich Uncle Joe who’s willing to
some rich Uncle Joe who’s willing to back everything that you’re doing and
back everything that you’re doing and
back everything that you’re doing and dump all his money into your company
dump all his money into your company
dump all his money into your company then fine do whatever you want but if
then fine do whatever you want but if
then fine do whatever you want but if money is important and you don’t have a
money is important and you don’t have a
money is important and you don’t have a lot of it you guys it’s gotta be used
lot of it you guys it’s gotta be used
lot of it you guys it’s gotta be used properly and wisely like it was for me
properly and wisely like it was for me
properly and wisely like it was for me then you have to make sure that you’re
then you have to make sure that you’re
then you have to make sure that you’re spending it properly ok so a lot of
spending it properly ok so a lot of
spending it properly ok so a lot of entrepreneurs do this say hey I’m gonna
entrepreneurs do this say hey I’m gonna
entrepreneurs do this say hey I’m gonna launch a t-shirt company so I’m gonna go
launch a t-shirt company so I’m gonna go
launch a t-shirt company so I’m gonna go out and I’m gonna buy a thousand
out and I’m gonna buy a thousand
out and I’m gonna buy a thousand t-shirts and spend all my money on that
t-shirts and spend all my money on that
t-shirts and spend all my money on that and you end up with a thousand t-shirts
and you end up with a thousand t-shirts
and you end up with a thousand t-shirts sitting in your garage because you
sitting in your garage because you
sitting in your garage because you picked the wrong product or I’m gonna go
picked the wrong product or I’m gonna go
picked the wrong product or I’m gonna go out and I’m gonna start making videos
out and I’m gonna start making videos
out and I’m gonna start making videos and I’m gonna get my own camera and I’m
and I’m gonna get my own camera and I’m
and I’m gonna get my own camera and I’m gonna buy all the all the tools and then
gonna buy all the all the tools and then
gonna buy all the all the tools and then you get bored of it after two weeks and
you get bored of it after two weeks and
you get bored of it after two weeks and you stopped and you got this equipment
you stopped and you got this equipment
you stopped and you got this equipment just sitting there in the corner that’s
just sitting there in the corner that’s
just sitting there in the corner that’s what a lot of people do they spend
what a lot of people do they spend
what a lot of people do they spend whatever money they have trying to get
whatever money they have trying to get
whatever money they have trying to get something to go but it was the wrong
something to go but it was the wrong
something to go but it was the wrong vision this is the wrong product it
vision this is the wrong product it
vision this is the wrong product it wasn’t the right thing for them and now
wasn’t the right thing for them and now
wasn’t the right thing for them and now you’re out of money or worse you go and
you’re out of money or worse you go and
you’re out of money or worse you go and you take out a loan to try to make this
you take out a loan to try to make this
you take out a loan to try to make this thing happen maybe you put an extra
thing happen maybe you put an extra
thing happen maybe you put an extra mortgage on your house and now you’re
mortgage on your house and now you’re
mortgage on your house and now you’re forcing this monthly payment back that
forcing this monthly payment back that
forcing this monthly payment back that you can barely afford let me give an
you can barely afford let me give an
you can barely afford let me give an example so with my with my videos ok I
example so with my with my videos ok I
example so with my with my videos ok I make these videos right you watch them
make these videos right you watch them
make these videos right you watch them every day hopefully when I started my
every day hopefully when I started my
every day hopefully when I started my first videos were just with my my DSLR
first videos were just with my my DSLR
first videos were just with my my DSLR camera
camera
camera that’s how I started I didn’t want to
that’s how I started I didn’t want to
that’s how I started I didn’t want to spend any money on it until I knew that
spend any money on it until I knew that
spend any money on it until I knew that I had a way to make money and then I was
I had a way to make money and then I was
I had a way to make money and then I was committed to keep on doing it and then
committed to keep on doing it and then
committed to keep on doing it and then as I got a little bit of money from
as I got a little bit of money from
as I got a little bit of money from advertising and as I saw some results
advertising and as I saw some results
advertising and as I saw some results and I got a little bit of speaking gigs
and I got a little bit of speaking gigs
and I got a little bit of speaking gigs here and there I could justify spending
here and there I could justify spending
here and there I could justify spending more money on it and spending more time
more money on it and spending more time
more money on it and spending more time and I knew I wasn’t getting bored of it
and I knew I wasn’t getting bored of it
and I knew I wasn’t getting bored of it because sometimes you start something
because sometimes you start something
because sometimes you start something and then you get bored of it and you
and then you get bored of it and you
and then you get bored of it and you invest all those money into it so I’ve
invest all those money into it so I’ve
invest all those money into it so I’ve started spending a little bit more and I
started spending a little bit more and I
started spending a little bit more and I started upgrading my camera and I kept
started upgrading my camera and I kept
started upgrading my camera and I kept the cheap I went to Costco and my first
the cheap I went to Costco and my first
the cheap I went to Costco and my first camera was gonna be 250 bucks 300 bucks
camera was gonna be 250 bucks 300 bucks
camera was gonna be 250 bucks 300 bucks and I slowly started upgrading my
and I slowly started upgrading my
and I slowly started upgrading my cameras through Costco and I always went
cameras through Costco and I always went
cameras through Costco and I always went to Costco because you had 90 days to
to Costco because you had 90 days to
to Costco because you had 90 days to test it out before we had to return it
test it out before we had to return it
test it out before we had to return it whereas with the camera stores they only
whereas with the camera stores they only
whereas with the camera stores they only gave you seven so if I didn’t like it
gave you seven so if I didn’t like it
gave you seven so if I didn’t like it and I didn’t use it if I stopped having
and I didn’t use it if I stopped having
and I didn’t use it if I stopped having an interest in it I could always just
an interest in it I could always just
an interest in it I could always just take it back and get my money refunded
take it back and get my money refunded
take it back and get my money refunded so I slowly started increasing my budget
so I slowly started increasing my budget
so I slowly started increasing my budget as I started seeing results and I knew
as I started seeing results and I knew
as I started seeing results and I knew it was working and I knew I want to
it was working and I knew I want to
it was working and I knew I want to continue it so now how much have I spent
continue it so now how much have I spent
continue it so now how much have I spent my so I spent $3,000 on my current gear
my so I spent $3,000 on my current gear
my so I spent $3,000 on my current gear setup I have my camera I got my tripod I
setup I have my camera I got my tripod I
setup I have my camera I got my tripod I have my microphone maybe a little over
have my microphone maybe a little over
have my microphone maybe a little over 3000 I have Christina who edits my
3000 I have Christina who edits my
3000 I have Christina who edits my videos hey Christina
videos hey Christina
videos hey Christina I’ve got Monsour who does some research
I’ve got Monsour who does some research
I’ve got Monsour who does some research for some of our videos so I was a team
for some of our videos so I was a team
for some of our videos so I was a team around me so I have salary to pay that
around me so I have salary to pay that
around me so I have salary to pay that goes into making these videos happen but
goes into making these videos happen but
goes into making these videos happen but this has happened because I’ve invested
this has happened because I’ve invested
this has happened because I’ve invested along the way into making my product
along the way into making my product
along the way into making my product better as I got results any company that
better as I got results any company that
better as I got results any company that you start you can start small you can
you start you can start small you can
you start you can start small you can bootstrap it up to prove that one you’re
bootstrap it up to prove that one you’re
bootstrap it up to prove that one you’re still interested in doing this and to
still interested in doing this and to
still interested in doing this and to you firing the way to make money at it
you firing the way to make money at it
you firing the way to make money at it if you can get those two things
if you can get those two things
if you can get those two things happening then it’s easy to justify
happening then it’s easy to justify
happening then it’s easy to justify putting more money into it okay putting
putting more money into it okay putting
putting more money into it okay putting any money into it I think back there I
any money into it I think back there I
any money into it I think back there I venture capital days and
venture capital days and
venture capital days and easiest deals to fund were the companies
easiest deals to fund were the companies
easiest deals to fund were the companies who just needed expansion capital right
who just needed expansion capital right
who just needed expansion capital right so in other words they already built up
so in other words they already built up
so in other words they already built up a business they already proven their
a business they already proven their
a business they already proven their market maybe they were only selling in
market maybe they were only selling in
market maybe they were only selling in their local area and now they wanted to
their local area and now they wanted to
their local area and now they wanted to take it nationally okay and they needed
take it nationally okay and they needed
take it nationally okay and they needed marketing they also do it that’s the
marketing they also do it that’s the
marketing they also do it that’s the easiest kind of money to raise and they
easiest kind of money to raise and they
easiest kind of money to raise and they take the the least amount of equity from
take the the least amount of equity from
take the the least amount of equity from you because it’s not as risky right
you because it’s not as risky right
you because it’s not as risky right because you’ve shown that it works you
because you’ve shown that it works you
because you’ve shown that it works you shown that it works on a small scale and
shown that it works on a small scale and
shown that it works on a small scale and now you want to build it out that’s
now you want to build it out that’s
now you want to build it out that’s worth spending some money on the hardest
worth spending some money on the hardest
worth spending some money on the hardest money to raise is the R&D the early
money to raise is the R&D the early
money to raise is the R&D the early stage the pure startup because it’s just
stage the pure startup because it’s just
stage the pure startup because it’s just an idea and who knows maybe you’ll maybe
an idea and who knows maybe you’ll maybe
an idea and who knows maybe you’ll maybe you’ll get tired of it maybe you’ll try
you’ll get tired of it maybe you’ll try
you’ll get tired of it maybe you’ll try it for three months and then decide now
it for three months and then decide now
it for three months and then decide now this isn’t for you or maybe you’ll make
this isn’t for you or maybe you’ll make
this isn’t for you or maybe you’ll make a ton of mistakes because you’ve never
a ton of mistakes because you’ve never
a ton of mistakes because you’ve never done this before you haven’t figured out
done this before you haven’t figured out
done this before you haven’t figured out the right business model and you have to
the right business model and you have to
the right business model and you have to pivot and pivot and pivot and pivot
pivot and pivot and pivot and pivot
pivot and pivot and pivot and pivot until you find it and I don’t want you
until you find it and I don’t want you
until you find it and I don’t want you wasting your money all along that path
wasting your money all along that path
wasting your money all along that path so the number one most important
so the number one most important
so the number one most important financial rule for entrepreneurs is
financial rule for entrepreneurs is
financial rule for entrepreneurs is don’t spend money until you’re making
don’t spend money until you’re making
don’t spend money until you’re making money believe those are watching like
money believe those are watching like
money believe those are watching like the video you can support me by clicking
the video you can support me by clicking
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in the link in the description below
in the link in the description below leave a comment let me know what you
leave a comment let me know what you
leave a comment let me know what you think and click on my face subscribe to
think and click on my face subscribe to
think and click on my face subscribe to the channel thank you so much I’ll see
the channel thank you so much I’ll see
the channel thank you so much I’ll see you soon
”
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