Many believe in this dictum – and their emphasis is to search for revenues and ways to earn more. And they are of course, wrong.
Whether for your family budget or for your business, a dollar saved goes right to your bottom line. To earn more, you usually must spend more, work harder, invest some, rent more space, add more inventories, hire help, and what have you. You’ll be lucky if you get 20% of your additional earnings to go to your bottom line. And yet people devote most of the time, effort and energy to this activity.
Why not save and get rich?
Generating revenue or additional income is dependent on outside forces. Saving money is dependent entirely on you. Which would you choose?
In any group of friends, they are those who grow up earning more than others. But it’s not how much money you earn that determines how much money you have. It’s how much you save.
If you want to remain competitive as a young professional and more so as a business, you must learn how to cut the waste, improve the process, reduce costs and save money. We can’t keep on sweating it out, earning more and more – – and letting it all go to wasteful spending.
Every time we get a raise – we spend it on improving our lifestyle – so that soon, the increase we got is gone. Is every time we get new business, we buy more inventories and hire more staff, and soon the extra income is gone.
In short you must learn how to cut costs, reduce waste, improve processes, and save yourself to riches. Yes, you should earn more and grow, but you must keep saving and reducing waste.
This and more in my book BEHIND THE SECRET OF SUCCESS.
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