DECIDING YOU WANT TO WIN BIG
With any venture you’re considering starting or growing, you must first decide what you want out of it. In order for you to achieve your goals, you need to know what those goals are. In many cases you’ll need to write them down and recite them each day and commit to achieving them. Are you working to enjoy a better lifestyle for you and your family or do you want to have a million dollars in the bank at the end of the first year? Are you preparing to live a millionaire lifestyle or are you going to live off the interest your million dollars generates?
I recently read Crush It by Gary Vanyerchuk, a businessman who has taken an established retail wine operation from $4 million a year in sales to over $64 million in sales in less than four years. And he says he wants to buy the New York Jets football franchise. His determination to be successful is the reason he is in business and at least one of his main goals involves buying the New York Jets. Take a look at Facebook co-founder Mark Zuckerberg whose wildly successful Internet utility is now worth an estimated $50 billion, according to CNBC. Zuckerberg often says, “It’s not about the money or getting rich, I just want to change the world.” They both have goals in mind and both are seemingly well on their way to achieving them, all while enjoying the benefits of successful business operations.
So what is your version of success? Will you be driving fancy cars and wearing designer clothes or will you live like the “millionaire next door,” shopping at discount retailers like Wal-Mart and Target? I prefer the discount retailers over the department stores on most days, but I’ll admit—perhaps like some of you—that I, too, want the shine and bling that comes with being successful.
I will tell you that I have wanted to buy the Mercedes-Benz S550 for three years now but can’t bring myself to make the purchase. I have studied the car, been to the dealership to drive it and searched options and available inventory models from New Jersey all the way to California. I would not mind flying to California to purchase my car then driving it back—or better yet, shipping it to my home in New Jersey. But I am not yet prepared to do that. I can buy the car, valued at $110,000, but my money management and better sense say, There are still other things that I want out of this business venture that take priority at this time over a very nice, but hugely depreciable, asset.
Believe me, there will be a time when you see me driving that car or some other high-end car, but it will be slightly used and paid for in cash or purchased as a tax strategy and nothing else. Smart money moves, and a bit of delayed gratification is what will sustain you and your venture and accommodate your version of success.
Starting your venture will require you to gauge your definition of success. Is it about fame, fortune, notoriety, or none of the above? Is your picture of success having the financial freedom to do all the things in life you want to do and when you want to do them? Is your picture of success having all the things you have not yet had but still want? Or does it involve philanthropic initiatives where you would give away most of what you build, living only off of the 10% to 20% that you might really need to survive?
Order your copy today!