I am a 21 year old entrepreneur and have various businesses so the profit I make varies every month so I have made a goal to invest 95% of whatever money I make and keep 5% for my expense.
It has been very difficult to keep the expenses under the radar at the start and a year before I wouldn't even go out for months as I wasn't making enough. When, because of some events or special occasions my budget would go beyond the spending limit I would adjust it by spending less in the upcoming months. I wanted to do more, buy things, go out and party so I worked harder and kept increasing my profits which allowed me to spend more. By far keeping my expense below 5% of what I make has been the best motivation for me to make more money.
My Investments are as below:
My Persoal Expense:
I have a habit of noting down all my expenses, so I can know where I can cut down my expenses when my business is not running well or need more capital invested.
2 years back I was making less then what I spend now, so I always keep my expense in control and I don’t let it exceed 5% of my previous months profit.
So that's my financial advice for you, keep investing 95% of what you make back in your business and if you still have capital left invest in new businesses, stocks and real estate. You can email me at firstname.lastname@example.org if you have any questions.
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