The Most Important Money Lesson I’ve Ever Learned

The airport is an odd place. Time doesn’t seem to exist, massage places are right next to restaurants, and strangers will talk to anyone in sight. So it makes sense that some of the best advice I’ve ever gotten came from this place, where water is worth its weight in gold.

I was sitting in one of the always-sticky polyester chairs at the airport terminal, and I put my purse on the floor. Right away, a woman looked up from her magazine and told me, “Don’t put your purse on the ground.” At first, I thought it was for safety, so that pickpockets wouldn’t be able to take advantage of it.

This woman told me that by putting my money on the ground, I was disrespecting the work that went into getting it. I understood it better the more I thought about it. When I put my money on the ground instead of keeping it in a safe place, I was less proud of it. I wasn’t paying attention to it, so it could have been stolen or lost.

If we don’t want the money in our purses or wallets to be jumbled up on the floor, why would we think the same way about our budgets and business accounts?

Prove Your Worth and Its Value: Every day, the markets decide how much money is worth, but each person has a different real value. You want to make sure that your budget includes employees who can help you figure out how much your services are worth.

Please make sure to look for people who will work well with your company by falling into one of two groups. In business, it’s a common mistake to think that one person can do more than one job and save you money. Realistically, one person can only do so much, and it’s cheaper to pay two people to do more specific jobs in less time.

Also, make sure your employees respect the things you choose to spend money on. If they don’t know how much a program or campaign costs, they may use or understand the materials in the wrong way. Putting a price on a service makes it less likely that you’ll spend too much on a project. This saves you money.

“Measure your wealth not by the things you have but by the things for which you would not take money.” Dave Ramsey

Don’t Take Your Money for Granted: Like the purse on the ground scenario, when you let your money out of your hands, you lose control over it. Automatic payment systems are both a blessing and a curse with how easily money can be transferred for services. If there are non-essential or necessary autopay systems you have set up, monitor them monthly so you are keeping track of where money is going in your budget. Check your accounts to make sure they aren’t being used for something you don’t want or need.

Also, contact your vendor to see if there are any promotions you may be missing. If you do have to keep an automatic payment system, make sure to set up alerts so you have a realistic grasp of your finances.

Ask About Your Money: If I had never questioned the woman in the airport, I would have never learned that life-changing lesson about managing my budgets in business. This questioning mindset for your finances particularly benefits your assets when negotiating. When bargaining, there are two ideas to keep in mind to save costs.

The first is, when working with another party on a deal, know there are more options than just money. The goal is to create an exchange that accommodates both parties’ demands by trading resources like people or time. By substituting these other options in a negotiation, you allow your money to be spent on other important items in your budget.

When dialoguing with another company, it is important to focus on more than just making an exemplary agreement with them. Oftentimes, we want to offer a bargain, so we cut the price of our services or products. By doing so, we devalue our company because we now accept less money for a service and a smaller amount of revenue. When negotiating, we must not lose sight of the goal just for the sake of possibly gaining a sale.

“If you want to be wealthy, think of saving as well as getting.” Ben Franklin If I had never put my purse on the floor of that airport, I would have missed an opportunity to learn one of the most important money lessons I have ever experienced. Money is portrayed as being most powerful when spent, but there is often more success in saving.

By budgeting with these ideas in mind, you show that you care about and value your money. You are also leaving a legacy for a successful business. So as you visualize your life, take today to organize your dollars and, please, learn from my mistake of never putting your money on the ground.

Courtesy: Addicted to Success

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