Here are a few frequently mentioned good financial habits:
- Build and cultivate relationships - Networking is imperative to not only creating new customers but also creating new resources. Creating a never ending circle of knowledge, possibilities, and wealth.
- Sir Richard Branson (Founder of Virgin Group)
- Business plan – Planning and budgeting will make you assess your business at all angles. Study your industry, improve and perfect your skills and figure out how long it's going to get you to your goals. This is your opportunity to come up with a realistic budget that will include the cost of operation, the point of breaking even, and what to do to gain and exceed your goals.
- Margaret Thatcher (Former Prime Minister of the United Kingdom)
- Mind your money - Closely watch what you spend your money on. Only buy the essentials. Meaning although you would like to upgrade your computer or purchase a new cell phone if it is working, it is not a necessary purchase. Spending small before spending big is, however, essential to be a successful entrepreneur.
"It's not your salary that makes you rich, it's your spending habits."
- Charles A. Jaffe (Chess Master)