Finances

Daymond John “The Power Of Broke”

Advice for aspiring entrepreneurs:

Set goals…always have 1-year, 5-year and 20-year goals for you and your business.
Find strategic partners/mentors you believe in…for ongoing advice and direction.
Be willing to adjust your plan as you go…don’t get locked into your original plan!
Embrace your failures…you have to fail to succeed.
It’s never too late to be an entrepreneur…America’s highest rate of entrepreneurship is 55-64!

And some additional advice on how to live a debt-free life:

Embrace the process of accepting the financial responsibility of your life.
Know your numbers…understand how much your life costs and create a budget around it.
Don’t use credit cards…or use only one credit card that you pay off each month.
Use separate checking/savings accounts for the different parts of your life…one for bills, another for food & entertainment and a third for long-range goals. If you find you run out of funds in the first two, you can draw money from the long-range goals account, to put into the first two. But here’s the catch…as you see the numbers in your long-range goals account going down, you’ll quickly get a wake-up call that they are escaping your grasp!
Get back to basics and live within your means!