Golden Bar
Good Business Equals Good Finances. It is not a secret that you need to be successful to make money. Actually, let me rephrase that because we live in a society where people who party at nightclubs in NYC are famous, and people who are born rich become instant celebrities. In the majority of cases, being successful will also make you very rich. You could be successful in business, or successful at something such as a sport, or possess a talent but either way you are making money.

For some people making money is a problem, but for others who already have it, keeping the money is the problem. In my opinion making money is harder than keeping it. If you are broke and you become rich you should always remember what it’s like to be broke. Therefore you should preserve your wealth. However, temptation does wave that sweet apple in our faces and sometimes we just need to give in and take a bite. If you are wealthy and feel the need to flaunt what you’ve got, that’s ok. As long as you do it intelligently, and with a business mindset.

Mr. Sean Carter once said “I don’t buy the bottle. I buy the bar.” This is maybe the best piece of business advice I have ever heard. It is all about smart business. Instead of spending money on something that will bring you nothing in return; spend the money wisely on something that is sustainable and will bring you increased profits over the long term. If you buy a bottle of alcohol at a nightclub then that’s it. It’s over, and you got nothing in return to show for it (except for a hangover in the morning). You made no profit and you lost $200 in less than 4 hours. But if you buy the nightclub, you will make a profit from the clubs operations every night!

In case you don’t know him as Sean Carter, you may know him as Jay Z. He is the multimillion dollar business man who owns a successful record company called Rocafella Records, a chain of sports bars called the 40/40 Club, as well as a clothing line for both men and women called Rocawear. As if that wasn’t enough, he is also the former president of another major record label, Def Jam Records. In 2009 Jay Z made $35 million dollars. Oh did I mention he grew up with a single mother in Brooklyn NYC?

It is the American Dream… He came from nothing, and now he can have everything he wants. This is possible for anyone who has discipline and a basic sense of business…the rest you will learn along the way. He didn’t graduate from a Management School, he doesn’t have his MBA. He was a normal teenager who had ambition and grew up into a successful man. He also married Beyonce. Combined they made over $122 million in 2009 according to Forbes. Not their net worth…their combined net income.

Think twice before you spend money. If you are going to spend it make sure that you spend it wisely, and that you get something in return. Buy a house before you buy a car. Real Estate will always have an increase in value. The exact opposite is true for cars. Over time your property value increases, while the value of your car depreciates…even if you add a custom interior and spinning rims.

~ Kristina

(Photo by glennharper)


This entry was posted in Business, Pop Culture by Kristina Tahnyak. Bookmark the permalink.

Avatar photo About Kristina Tahnyak

Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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