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Categorized | Random Rants

Don’t P*** Away Your Money

Posted on 04 December 2012 by Andrei

There are more young and very young people involved in Internet-related industries than in offline businesses, so I hope some of you will find my advice useful. I keep in touch with a lot of young entrepreneurs as well as domainers and certain things related to their stories are often similar.

When you’re making money at a young age, the temptation to spend on “lifestyle”-related things is hard to resist.

Or instead of calling them lifestyle-related things, let’s just broadly refer to them as depreciating assets.

Why?

Well, because in most cases, that’s what a lot of young people end up spending their money on.

Useless gadgets, rapidly depreciating cars, you name it.

When money’s coming in, it’s easy to get carried away.

In fact, I’m pretty sure that most of the people who are reading this aren’t keeping track of expenses.

“Going with the flow” is pretty dangerous and if you don’t put an end to destructive spending habits quickly, things can and will degenerate.

Now I’m not saying you should live like a hermit.

Rewarding yourself makes sense, I’d say it’s even necessary but everything has a limit.

I could dedicate a huge post to money management but wouldn’t even be able to scratch the surface, so do yourself a favor and buy at least some decent books about money this week. Possibly the best investment you’ll ever make.

Here are a few recommendations.

1) Rich Dad Poor Dad

2) The Wealthy Barber

3) The Intelligent Investor (Warren Buffet’s #1 recommendation)

4) Fail Safe Investing

Books #1 and #2 are “easy reads” but I’d say very useful for people who don’t yet understand the basics, books #3 and #4 are gems.

I analyzed all of them myself and am not recommending some random books for the sake of it, I’d say these are a decent enough starting point.

So there we have it, I helped you avoid countless financial disasters – you’re welcome :)

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5 Comments For This Post

  1. Jacob Fedosky Says:

    You hit the nail on the head. Every entrepreneur (young & old) should be managing their business revenues & expenditures. Young people (myself included) tend to lose track of everything, and come tax time, it’s a huge ordeal.

    I recently started using FreshBooks. It’s cheap & easy to use. I’d recommend it to anyone who needs a little bit of help keeping up with their books.

  2. chris Says:

    Ive read #1 years ago as a teenager – do you still think that #3 and 4 still apply to today’s economy? They were both written in the early 2000’s

  3. Andrei Says:

    @chris: you shouldn’t read investment books thinking that you’ll find out what you should invest in because you and only you will ultimately have to decide which investments work best in the current climate.

    You should, in my opinion, read them in order to understand the way of thinking you need to have in order to ultimately be able to decide which investments you’ll make.

    Therein lies the value.

    If you develop the proper way of thinking, the chances that you’ll do well in the long run will be very high.

  4. RaTHeaD Says:

    i disagree… under ordinary circumstances i might say yes… but with the world coming to an end within the next three weeks… i would tell them… spend spend spend. just my opinion… other opinions may differ.

  5. Andy Says:

    Very good, resonant advice. A trap that, probably more so for young, in-experienced people, is so easy to fall into. If it came easy (the money) it will sure disappear a lot faster.

 
 
         
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