I’m a fan of Robert Kiyosaki’s work and have applied a number of his philosophies into my life and businesses, including the practice of creating assets to pay for liabilities.
Over the years, I’ve found this philosophy to be extremely valuable across the board and eventually evolved it into a broader statement…
“Never use old money for new things.”
And it works pretty much everywhere…
In Personal Decisions
When I wanted to buy a new house, I built a business to pay for it. A new boat? Built another new source of income to pay for that. An RV? Again — another source of income to pay for it.
See the trend?
In Business Operations
Want to expand into a new market? Build a new product or service to capitalize the expansion.
I believe every business initiative should earn its right to exist from day one. If it can’t pay for itself from the start, it isn’t a good investment of time and resources.
I never invest savings or credit in my startup projects.
Did you notice the ‘Consulting’ links sprinkled throughout this site? The capital I raise through 10x Effect consulting pays for my startups.
I’m a firm believer in bootstrapping — everything.
How would this philosophy fit into your business or life?