Mistakes that Most Entrepreneurs Make- Day 2

Neglecting Personal Finances A lot of entrepreneurs are so focused
on growing their business and generating income that they forget to
create additional streams of income to add to their portfolio. I
have been guilty of this in the past too. As entrepreneurs, we have
the power to make a difference. This is something that's often
overlooked when we are so focused on making the most of what we
currently have. We fail to recognize that as we take care of our
business, we slowly neglect our personal finances. It is always
important to take care of yourself first before you take care of
anything else. It is normal for your expenses to grow as your
business grows and that is why it's important that you diversify
the way you generate income. Let's take a look at doctors. When
people think about doctors, they just see the glory of earning
plenty of money. Most of the time though, that isn't the case. In
order to become a doctor, you need a lot of education and
certifications to acquire the skillset to be able to run a
successful practice. This is why not every doctor runs a very
profitable service. They have the heart to serve others, but they
often neglect their own finances because of it. Making money,
building your business, serving others - it's all great, but at the
end of the day, do not forget to take care of your own personal
finances. As entrepreneurs, we always put more and put everything
in our businesses. When we make money, we spend more on marketing,
innovation, etc. So here's what you do to control that: When you
earn money, pay yourself first before you pay anything else. What
does that mean? Invest in your financial future. Entrepreneurs do
not have pensions and I don't think social security will have us
covered either. Pay yourself first, set aside an amount, and secure
your financial future by making more investments that would support
your life in the future. Take care of yourself first so you can
better care for everything and everyone else around you.