I can recommend two methods about getting out of a financial mess.
Defensive Strategies
The first one is defensive:
Cut down what you are already spending on. You cannot start a business being in a financial mess. Cash Flow is more important than revenue. In addition, you need to have lots of cash flow coming from your pockets if you are going to succeed.
Here are some things you can cut down on
• Smoking – if you can’t quit, just cut down on a few sticks
• Alcohol – booze can drain your finances faster than a running tap
• Night outs – spend some nights at home thinking about making more money
• Gambling – if you plan to gamble, it is better to gamble in a business
• Vacation and Country Clubs – you won’t die without a few memberships
• Food – eat healthily and you can even think clearer
• Laziness – The biggest thing that will hold you back!
Most important of all, don’t buy anything that constitutes a liability. A liability is anything that takes money out of your pocket no matter what they are worth in the future. Think in terms of cash flow. What can I invest in today that will give me funds tomorrow?
Now let us move on to offensive strategies
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