Labeling your outflow of money as a cost or an investments may be key to keeping, growing, and leveling up your income.
What is an investment vs. a cost? (If you’re getting this in an email, go to the blog to see the video)
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Your car can be viewed as a cost. In traditional accounting this is how it is labeled. However, this investment allows you to be more productive, earn a living, and multiply your results.
A car can be a VERY good investment.
When you are selling a product are you telling your customers how much your product will cost them or are you telling them what service you will provide for their investment. The benefits you deliver is the return on their investment.
Early in my career, when finances were much tighter, I would always ask myself how much a book would COST me. When I started to see my books and education as an INVESTMENT it changed the game.
Now, instead of dealing with smalls INVESTMENTS, the marketing budgets I help manage on a daily basis are the life-blood of leads and opportunity. If seen as as strictly a cost these expenses would cripple the organization. Seen from the correct viewpoint, the investment into marketing provides massive returns.
Small businesses often never get off the ground and grow near as quickly as they are never willing to invest.