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How Successful Entrepreneurs View Money and Spending: The Simple Mindset Shift That Changed My Life

By Nate McCallister / a couple of months ago
Successful Entrepreneurs

Until the age of 23, I was a poor person.

Financially, I was lower middle class.

Mentally, I was in the RED.

I was the type of person that was genuinely impacted by a slight increase in gas prices. 

The worst part: There was no sign of me getting out of my financial woes anytime soon.

I was getting by and there were certainly people who were worse off than I was, but I knew something was wrong.

Happy, but poor family. I wanted more for my wife and son.

My ego didn't let me ignore the fact I was underachieving given the expectations I had for myself.

So, I took a long look at myself. This lead to a 180 degree shift in how I saw money.

It changed everything for me.

E-V-E-R-Y-T-H-I-N-G!

My Poor Mentality

I did a lot of things wrong with my money but here is the BIGGEST mindset issue I had. All the other money issues solved themselves after I fixed this.

Here is what I felt the best way to fix my finances was...

Cut expenses. Get by on less.

The same people that have fed us the lie of "get good grades, earn your dues then someday retire and 'enjoy' your monotony," also encouraged us to cut expenses.

For the working class, this isn't the worst advice ever but for those of us working to get OUT of the middle class, it was damning advice.

Earning is too hard. Right?

WRONG!

As I was growing my business I was constantly trying to find things to cut out of my budget.

I was convincing myself, "I don't need this (insert tool or service)."

While this might be true sometimes, at scale, this approach is going to hinder growth at the highest level.

I was genuinely too lazy to crunch the numbers and ask the hard questions like, "Is this bringing me more money than it costs? If not right now, will it eventually?"

My "Rich" Mentality

Spend now to reap rewards later.

It takes just as much if not MORE fortitude to spend money on your business as to cut expenses and "bootstrap" things.

Now, I'm not saying you need to be investing $1k-$2k in tools and services like I do (I'll show you the breakdown later this year) but you should know which things will give you a positive ROI on your investment AND have the stones to stick with them.

โ€‹Last year I spent $10,738.58 on software alone. Note: I get about 25% of what I use for FREE since I am an affiliate! 

This number is doubled in 2017!

I HATE unnecessary overhead but LOVE overhead that works for me.

As a "solopreneur" I literally rely on 3rd party products and services (mostly digital) to grow my business each month.

Real World Example

We can't prevent or predict the inevitable.

All we can do is prepare ourselves to handle it.

This is why saving money never gets us ahead.

We can plan to cut the SEMrush account of $99 (talking to my content marketers) but we can't plan on the roof leaking, the kids trip to the ER after they put a foreign object in their nose, the car breaking down etc.

We NEED to make more money to get ahead.

I have these disasters as much or more than anyone. (See pic below of me in the ER with bursitis after my tattoo...$1500!)

Bursitis is a gross thing that happens mostly to older dudes who play tennis.

I COULDN'T HAVE PREPARED MYSELF FOR THIS....

But, I had the cash to pay for it and laugh it off.

As a healthy, non-tennis playing 27 year old, this came out of left field.โ€‹

$1500 ER Visit!!

Bottom Line

If an expense makes us money, we need to keep it.

I'll go so far as to say we NEED to find the tools and services that help us make more money and invest in them ASAP.

This applies not only to tangible products or output services. It applies to investing in our own educations and skills.

What Can You Do?

Ok, enough preaching from the know-it-all 20 something. ๐Ÿ™‚

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About the author

Nate McCallister

Nate is the founder and main contributor of EntreResource.com. He is a lifestyle entrepreneur who spends his time building businesses and raising his two kids Sawyer and Brooks with his beautiful wife Emily. His main interests include copywriting, economics and piano.

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