We've all been offered advice and most have given it; it's quite normal and acceptable except when the advice is unsolicited and unwelcome. I'll usually hear someone out but a lot of the advice people give is not advice at all, just their opinion, which isn't always based on experience or fact, and those opinions may not be relevant or even helpful. Giving advice, or taking it, needs to be approached with caution and especially when it comes to financial matters.
One excellent piece of financial advice I heard and adopted some time ago was, create a single income source then use that to create more. It sounds quite obvious and simple but people forget about that last bit, the create more part, and that part can be incredibly difficult - that's why people avoid it I suppose.
When I started my business I was so focused on getting it set up right, on building and shaping it, and through a lot of effort I managed to get it moving along nicely, but if a business isn't progressing it's going backwards because it's usually surrounded by business who move forward. Along the way, I remembered the advice I was given and began to introduce other streams of income that didn't necessarily steal time from my core business, add-on retail sales, personnel to expand services and man-hours (girl-hours actually) and before long I found I'd created an entire income source that was only very loosely driven by and dependent upon myself.
I was able to focus on deepening and strengthening my core business and to looking at yet more avenues of income like property for instance and I simply kept multiplying from there. It was not easy and took time but I felt my future financial security was worth the effort.
People like instant gratification so often when an income source is created work very hard at spending it on things that provide enjoyment and happiness, a sense of achievement, relevance and other such things, in the present moment, but they fail to think about the future; I don't mean everyone, just some. Financial success is about multiplication, taking that sole income source and creating a second and third until one has multiple sources of income providing a more secure present and future.
I believe life is something we should all enjoy in our own way provided that way doesn't disadvantage or harm others and money isn't always required to create that. However, for most people having financial matters under control, to be building and progressing rather than simply subsisting, is an important part of life and the best time to start that is now. Immediately.
No one is going to do this for us and financial security doesn't come by accident, it's created. By multiplying one income stream, developing more and more, while difficult, a person can build for their future and enjoy rewards along the way.
what is your business, and how is it going?
I work in the beauty industry and my business is strong. I don't advertise or use social media and operate purely on a repeat and referral basis which means I've been able to keep my pricing strong; people will pay more if referred by someone else who is very happy. Of course, the quality of service is important as well.
Becca 🌷
That is good to know. In todays world of hyper social media advertisement, you have certainly chosen a solid unique approach.
I deliver a good service, make my clientele feel comfortable, valued and very welcome and that means they come back and bring friends and family through recommendations.
Over the years I've been to birthday parties, engagements, weddings, baby showers, funerals and have had third generation clients, the grandchildren of clients from long ago who come in with their parents and grandparents and I think it's quite nice. I've been an ear for those that need it, support also. I think the service goes a long way towards keeping people coming back and referring me and I see no need for social media.
Thank you for your comments. I was not sure if my content would be suitable for this community but took the risk it may be muted. Thanks for commenting and for your support.
Becca 🌷
The advice you received early on seems like it was instrumental in the success of your business plan. I think it's sage advice for everyone here on Hive and the timing of 'now, immediately' is becoming more important by the day. The current economic state of the world doesn't offer any confidence or security going forward. As you've stated, no one will create that for us, so we take responsibility for ourselves.
I hadn't thought of it in quite the way you've laid it out, but I like it!
Hi there, thanks for commenting.
Yes, it was instrumental, as were many aspects of my young life which were, as I've laid out in other posts early on, quite difficult financially through losing my father at a young age. Having nothing and struggling for everything is powerful motivation.
My guy and I proudly work for everything we have, or have had, and we value that aspect of our lives; it's ownership as he so often says. It provides a great deal of satisfaction and we have a good life because of it. Wanting everything immediately is a big leap away from having it and for us it means effort, good decisions (and bad because we learn from those) and other things. it's what I've done my whole life and will continue to do; that is, take responsibility.
Thanks for commenting, I appreciate it.
Becca 🌷
The loss of your father at such a young age had to be one of the most difficult things to have to face. I was lucky in that regard, though I have friends since childhood that had lost a parent or sibling and they suffered greatly from the trauma or grief, or maybe both. I'm sorry you had to go through that. It surely had a huge impact on the person you are now.
Though I am an old lady, I have learned so much from everyone here on Hive young and old alike, and the more I learn, the more I realize how little I know lol.
I was eleven and it had a profound effect on me, and has still, but I try to be the person I think he would have been proud of and I have a man who feels that way and supports me and cares for and protects me and makes me laugh. I think I have a good life despite there having been many moments that were terrible. We learn from those.
My guy suggested I write on here now and then and I resisted for a long time because I do not like social media and am very private - as is he - but after relenting I came to understand it to be a place I can shar some thoughts and read others' and really it's my place despite the fact other people can come along and share it. I don't mind as largely it's been positive. So I completely understand about learning from others here; when we stop learning we put ourselves at a disadvantage.
Thanks for commenting again.
Becca 🌷
I wish I had been given that advice when I was younger and then took it. Investing and multiple sources of income and those types of things were all foreign to me as a youngster. Luckily I invested a good deal in my later years and it has saved my ass. Multiple sources of income however has alluded me. I just never seemed to be able to get other businesses off the ground even though I gave some a try. Well, if I am honest, the last time, I didn't really try as I think I had failed in my mind before I started and only was in it half heartedly.
Love Lady A, Good choice!
We all take time to learn and some never do; even those of us who learn along the way are not guaranteed of success. Life can be difficult however I think the most important thing is the we keep on trying even when things become difficult.
Becca 🌷
The good thing is I learned to invest and save a lot. It saved our butt when I had to retire early. Maybe it is not to late to figure out another source of income as well. :-)
The most important abbreviation when talking about financial advice is NFA 🙂
But I absolutely agree with you.
The major part (not to say the whole) of the income you generate from your business, whatever it is, should be invested in its growth, development and improvement.
Because if you spend all your earnings, it will be good for you in the beginning, but the business will stagnate and without improvement and growth, it will be at risk of shutting down (if you are not a gravedigger, then your business is guaranteed 🙂).
An example is Hive, which can be seen as a business.
If you spend all your earnings, and your account does not strengthen and your strength does not grow, you risk losing the support of the community.
Yes, I think you have summarized most what I have spoken of in my post so it's clear you read it.
Thanks for coming along and reiterating my thoughts.
Becca 🌷
There will always be people who will give their opinion on everything on this subject but those people don't know what is best for us, only ourselves and that advice you were given worked very well for you and I congratulate you for that. Keep up the good work.
Hugs Becca💗
I believe there's always someone out there willing to offer advice about any subject, but not as many who actually have a deep understanding of it.
Becca 🌷
Exactly, many people talk for the sake of talking and can confuse us, you have to know who to listen to.💗
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