Hi Guys,
First time poster, I accidentally stumbled across this forum and think it's fantastic!
Anyway, just as the title states, you've done the grind and hustle and have built up a successful business which is ticking along fine and dandy... and suddenly for the first time in your life, you're not in the red but have lots and lots of spare change. I was wondering what do you entrepreneurs do with the profit from your business after you've paid all your expenses, including a decent wage for yourselves? I have a business which generates a healthy turnover (6 figures), and after paying all expenses and a healthy salary I am left with approx £50k per year sitting in my bank account. I know high net worth individuals, or even those with £1-2m in the bank have access to private bankers who advises them on how to invest their money. But about small fishes like us?
I would be interested to know, do you SPEND, SAVE, OR RE-INVEST? Or, for example do you allocate a certain % of the profits into any of the following areas, and approximately what %:
1. % of profit reinvested into existing business
2. % of profit put into pension
3. % profit put into property
4. % profit to splurge (i.e. that dream car)
5. % profit put into savings
6. % of profit to start a new business
7. % of profit put into stocks and shares
I know to get to a £1m is a journey and not a destination ("a journey of a million miles start with a single step...." and all that jazz), and many successful entrepreneurs have multiple income streams. My business is steady and I am ready to start expanding, however I want my money (i.e. profits) to work for me instead of sitting in my bank account.
I am also interested to know HOW you spend your money now that you're successful (sorry for asking such personal questions!)... Would you say, you spend more now that you can afford to i.e. new car, clothes, house, (even body) - you "flash the cash". OR, you spend less i.e. no time due to running business, OR no change?
Thanks in advance!
First time poster, I accidentally stumbled across this forum and think it's fantastic!
Anyway, just as the title states, you've done the grind and hustle and have built up a successful business which is ticking along fine and dandy... and suddenly for the first time in your life, you're not in the red but have lots and lots of spare change. I was wondering what do you entrepreneurs do with the profit from your business after you've paid all your expenses, including a decent wage for yourselves? I have a business which generates a healthy turnover (6 figures), and after paying all expenses and a healthy salary I am left with approx £50k per year sitting in my bank account. I know high net worth individuals, or even those with £1-2m in the bank have access to private bankers who advises them on how to invest their money. But about small fishes like us?
I would be interested to know, do you SPEND, SAVE, OR RE-INVEST? Or, for example do you allocate a certain % of the profits into any of the following areas, and approximately what %:
1. % of profit reinvested into existing business
2. % of profit put into pension
3. % profit put into property
4. % profit to splurge (i.e. that dream car)
5. % profit put into savings
6. % of profit to start a new business
7. % of profit put into stocks and shares
I know to get to a £1m is a journey and not a destination ("a journey of a million miles start with a single step...." and all that jazz), and many successful entrepreneurs have multiple income streams. My business is steady and I am ready to start expanding, however I want my money (i.e. profits) to work for me instead of sitting in my bank account.
I am also interested to know HOW you spend your money now that you're successful (sorry for asking such personal questions!)... Would you say, you spend more now that you can afford to i.e. new car, clothes, house, (even body) - you "flash the cash". OR, you spend less i.e. no time due to running business, OR no change?
Thanks in advance!
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