#699 Entrepreneurship & Business – S3 E9 – Financial security

If we want to talk about entrepreneurship, if we want to talk about business, then we also need to talk about money.

In life, we want to feel safe. We want to live in a comfortable manner. In fact, we need to, at least if we think about Maslow’s pyramid. We can not afford to worry. We can not afford to give up too soon. In this world, things take time. Your business, it will hardly be profitable right from the beginning. Everything is expensive, people, furniture, IT hard- and software and the list goes on and on. Thinking that you can just start doing your thing might in fact help you to finally do something, but it’s highly questionable how far you will come. Better, you prepare yourself well. And one of those things is financial security.

What is the big advantage of having a regular job? Right, you earn money. On time! Every time! It doesn’t matter how well you performed, or how well the world looks these days, you will get your money anyways. Money you need in order to pay all those taxes, bills and whatever comes your mind. Starting your own business is a good thing to do! Don’t get me wrong on that! But it’s a false conclusion, if you think that you can escape the system. You can’t! You just increase the pressure, the work, and everything else that is connected to that.

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Without the right amount of money, I wouldn’t start any endeavor. I wouldn’t risk loosing the idea to someone else, just because I have no money left. That’s a nightmare! Even worse than never actually starting. If I want to continue this journey, I need my income stream secured. I just need the safety. The feeling that I will survive. I know that I will survive anyways, but still, it allows me to keep my focus on the essential things of the project.

But what does financial security even mean? Having enough until the end of our lives? Having enough for the next five years? This can never be an actual figure. It depends on your personality, your lifestyle, your current situation. Do you have a family to care for, a loan to pay, a big house, expensive hobbies, or the like? Depending on your situation, financial security can mean something else. Maybe you even need that, the risk I mean. Maybe you need the burning ship experience before going into battle. I just know that I can’t stand it! I would loose it right there at the coast without even fighting.

Feeling financially secure? A good feeling, indeed. Independence is what we should aim for. Being our own boss? That’s not primarily the goal, but if you have more money then your boss, well, you will just feel so much better. So much more confident. In this world, we are constantly looking for the status symbols, we are wrongly mixing up with our understanding of financial security. We see a guy in a Porsche and think that we know that he has made it. But what we do not see is how this persons financial situation really looks like.

In order to become a successful business man or woman, we need to learn how to deal with money the right way. We need to understand when to spend and when to save. We need to learn when to invest and when to ignore. Financial security is just a mindset thing. You can never have enough money to be secured, but you can have enough money to feel secured. Make it a habit to save money. Make it a habit to be aware of your spending behavior. You can become financially secured, that’s just a lifestyle choice!

See you next time!

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