Wealthy Wednesday: Saving Money for Success

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As we browsed the latest headlines for money-related news to share, we noticed that economic inequality is still a hot topic right now and an important angle to keep up with, since, as business owners, we all have the same opportunity to acquire wealth.

The following tips, from @Siebold, show how millionaires view finances differently and how others can follow their lead to also see success:

1. The wealthy focus on earning.

2. The wealthy use leverage.

3. The wealthy think about money in non-linear terms.

4. The wealthy see money through the eyes of logic.

5. The wealthy believe being rich is a right.

However, bills, groceries and insurance are just a few of the items that can keep us from saving as much money as we’d like. A recent Gallup survey showed that 59 percent of people reported spending more on groceries this summer than they did last year, compared to only 10 percent who said they are saving on food. Other facts included:

  • 58 percent of people are spending more on gas
  • 45 percent are paying more for utilities
  • 42 percent are forking over more for health care

While these stats from @jonnelle may cause small brands to worry about ever making it big or even breaking even, the good news is that there are many ways to stay within budget and increase overall business.

When it comes to an office space, for instance, consider virtual offices or letting employees work from home a few days a week, to save on rent or electricity.

Shop around on things like insurance, computers and flights, to make sure you’re getting the best bang for your buck.

And finally, remember why you started your company: Do you hope to reach 100,000 customers by the end of the year? Are you working to get a couple more investors this quarter? Is upping your social media following on your to-do list? All these little factors go in to building up awareness of your brand, and by paying attention to each detail and working to reach each goal, you will see success – financially and overall!

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