Where to spend your money

Last week I wrote it's not what you make, it's what you keep.I had an interesting question in a seminar I ran a few weeks back. We were talking about building a thought leaders practice. A participant asked where he should spend his money.

I reckon there are three areas to prioritise spending on when you are building your practice.

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  1. Your energy. If you are the thought leader in a practice, you are far and away the biggest asset (and perhaps the only asset) in the business. Consequently your energy levels are incredibly important. So spend money on anything that improves your energy – yoga classes, personal trainer, a house cleaner, a regular massage etc.
  2. Your support. Your job as the thought leader in your practice is to think, sell and deliver. Spending money on support to free you up to spend more time doing that is money well spent. Engaging a bookkeeper, a virtual assistant, a business manager, etc is intelligent spending.
  3. Your development. If you are the biggest - or only - asset in your business, any thing you can do to get better at your job will give you a huge return. Remember your job is to think, sell and deliver, so invest hard and continually on getting better at these things.

So while I’m more interested in what you keep than what you make, and I want you to “rockstar your income, not your lifestyle,” there are some things that it’s probably smart to spend more money on.

Love to hear your thoughts – where should you spend more rather than less? You can leave them below.