If you’re an entrepreneur that never gives up, eventually you’re going to be successful in a business. As businesses grow, they go through many different stages. There will come a time when you’ll have extra cash and this is when most first time entrepreneurs run into a lot of trouble.
Everyone wants an expensive car, a new house, and many other materialistic items. Eventually there will come a time for that, but not yet. Also other investments will begin to look good to you, this would also be a mistake. In order for your business to grow to the next level you have to bet on yourself. This means all your extra money should be put back into the business so it can keep expanding. Some examples would be if you’re selling a product, buy more inventory than you need because you know that eventually you’ll sell it at a good profit and you won’t be taking a chance. If you’re a brick and mortar business, try to buy your property so you’re paying rent to yourself and building long term equity for your future. Spend money on expanding your business, make sure if you do this you stay very focused on your goals. The best investment outside of your business would be to buy your own house. This will also build equity for your future.
If you finally pass this point then you can start living the good life, but remember, your best investments are in yourself, not others.