When most people think about managing expenses, some sort of fear sets in.
They wonder, “did I spend too much?” or “where does all my money go?”
Or they think, “I shouldn’t have bought that…”
The bottom line? “Expenses,” to most people, is a dirty word.
However, there are actually 3 expenses that make you more money…
And, they’re just one small part of a “30-Minute Cash Flow Breakthrough” designed to help you increase your bottom line without working harder (more to come in a minute…)
#1: Rainmaking (Productive) Expenses
Hiring the right employee, getting the right equipment, creating the right marketing campaign, or joining the right mastermind group are all considered “rainmaking expenses,” and can pay for themselves many times over.
If spending $1 on a productive expense makes you $2, then the idea would be to keep spending until performance goes down.
Other rainmaking expenses keep you functioning at peak performance. For example, quality food, your gym membership, and other hobbies and passions.
And lastly, education – as long it’s applied rather than put on the shelf – can be one of the greatest productive expenses as well.
#2: Protective Expenses
Protective expenses help you safeguard your family, your productivity and your way of life.
Six months worth of savings, appropriate insurance to cover all areas of your life, and a solid plan for emergencies all fit into this category.
You may not know this, but a hidden benefit of spending money on protective expenses is that they help you to be more productive. There’s far more room for creativity and productivity when your mind is free from the worry and stress that comes from uncertainty.
Over time, this added production will increase your cash flow and your wealth exponentially.
#3: Lifestyle Expenses
Special experiences with your family, vacations, dining out, or the latest iPhone or gadget – all lifestyle expenses – have the power to rejuvenate your spirit and help you to enjoy life along the way.
They’re part of the reason you work so hard in the first place, and they actually allow you to be more creative and productive by recharging your batteries. This, in turn, helps you increase your wealth and cash flow over time.
The only caveat to spending your money on lifestyle expenses is that they must be managed well. That means that it’s best to pay in cash, rather than to use credit.
More “30-Minute Cash Flow Breakthroughs”
This is just a section out of one of the “30-Minute Cash Flow Breakthroughs” we teach in our new annual publication, BUILD:.
The idea is that, in 30 minutes or less, you’ll get breakthrough ideas to increase your cash flow and wealth from each of the 5 Wealth Factory Levers:
- Recover Cash Flow
- Strategically Engineer Wealth
- Accelerate Investment Income
- Scale Business Revenue
- Make It Count
There’s lots more where this comes from, so if you want to increase your bottom line without working harder…