Businesses have many goals. For most, if not all of them, the primary goal is to make a profit. They want to bring in more money (hopefully significantly more) than they spend. Of course, they also have other goals as well. Many strive to provide quality work environments for their employees, some to deliver quality products and services, and many aim to give back to their communities.
In many ways, it seems that the goals of a good business are very similar to those of the aspiring Life Rich. Succeeding financially, contributing to society, helping others, they all are things that the Life Rich person aims to accomplish fully in their lives. The primary goal is of course financial freedom, while other desires shape how they get there, and what they do once successful.
While the secondary goals of a business may not be directly related to the first, they often can help in the money department as well. Businesses that contribute to society in more ways than one are often successful. People like to support businesses that connect with them. And businesses that do good in their communities are also far more likely to produce a quality product or service as well.
So with all of that said, it’s clear to me that in order to become Life Rich, running your life like a business may be a great way to start down the right path. Doing so will help you become financially independent, as well as achieve your other big goals. Let’s take a look at how businesses become successful, and how you can use their methods to improve your life.
Focus on Profit First
The primary goal of all businesses is to make a profit. In other words, they make more money than they spend. Seems pretty basic doesn’t it? And it should be exactly how we run our own personal finances. And yet, for some reason that I have yet to fully understand, PEOPLE DON’T.
Debt is rampant in our society. And not just so called “good” debt like mortgages and student loans, but credit card debt, auto loans, and, worst of all, payday loans. If you want to live like the Life Rich, you need to avoid debt at all costs. Sometimes it is unavoidable. It’s awfully hard to buy a house in today’s world for the average person just starting their career. College can often times be hard to afford, while simultaneously not allowing you to work full time. However, even those helpful debts should be minimized and avoided. Going to college doesn’t have to be expensive, and a 4000 square foot mansion on a lake isn’t the best home for someone making $50,000 a year. Most businesses will at some point take out some sort of business loan or offer bonds. However, good businesses that succeed only use credit sparingly, and very responsibly.
Avoiding debt definitely isn’t the only thing that financially successful companies do. They also have to make some money on a regular basis. They produce quality products and services, and they market them effectively. In the same way, the Life Rich are the kind of workers that employers chase after, not the other way around. They succeed through hard work, and playing their cards right. They know their skills, and use them to their fullest potential. They learn and adapt constantly, just as a business does in today’s world. In doing so, they are able to maximize their incomes.
Of course good businesses know not only how to make lots of money, but also how to manage the money they have wisely. You can’t make a profit in the end if you squander all of your money away buying golf memberships and private jets for your employees. In the same way, the Life Rich know that spending all of their money won’t help build wealth, or create any sort of happiness. Financial independence can only be attained by spending less than you earn, and the freedom that such a state offers is what drives the Life Rich to spend their money wisely in a minimalist fashion. Knowing that consumer crap doesn’t make you happier is an incredible power that allows the Life Rich to live more fulfilling lives, and spend less money in the process.
An Employees Dream Life
Of course, companies that do well will often put lots of effort into making sure their employees are more than comfortable. They give them comprehensive benefit packages, provide flexibility and time off, and foster a creative work environment. In the same way, the Life Rich aim to promote a quality life in their household. Once they achieve financial independence, they are not shy about spending money on things that make them happy. By that point, they have already realized that buying lattes and bobble heads of famous athletes isn’t what makes them happy, so they spend money on things that help promote their growth as a person, like traveling, learning new skills, and raising a family. Doing so allows them to live an amazing, fulfilling life.
The Best Version of Themselves
In order to make a profit, businesses are constantly changing, improving, and adapting. They have to embrace new technology, change up their marketing, expand into new areas, and welcome new people. They are constantly working to become the best possible versions of themselves, that way they can stay competitive and productive. In the same way, the Life Rich are always looking to improve their lives. That may mean looking for a higher paying job, learning a new skill, or something as simple as dressing better. Being the best you can be, and then striving to be even better is the most satisfying way to go about life.
Back when I played little league basketball, my team always had a small business sponsor. Small businesses in my town had stepped up and made playing sports a reality for the kids in my town. This was one of many ways that the owners of all the local restaurants, dentists, and others stepped up to make a better community for everyone. The Life Rich aim to do the same thing. They find ways to contribute to their community, and do so in as big of a way as possible. Maybe it’s coaching those little league sports teams. Maybe it’s donating money to help a local church grow. Maybe it’s babysitting for the neighbors for a night. Whatever it may be, giving away their time, money, and effort helps them build a stronger community to live in and enjoy for everyone.
How to Run Your Life Like a Business
So obviously there are some big similarities between the aims of businesses and Life Rich, but how do you go about doing it? For starters, focus on making a profit. Strive to earn more money, spend less, and invest everything you can. Building up wealth and reaching financial independence is the primary goal. Of course, it can’t and shouldn’t be done without everything else I’ve talked about. Living a minimalist lifestyle allows you to accumulate wealth faster, as well as be more fulfilled in life. Striving to be a better you will help you earn more money. Building a community will help you enjoy the place you live far more. Put all of these together, and you are well on your way to becoming Life Rich.