Just about everyone in America comes across a little money at some time or another. I always say that such events likely don’t happen more than five or six times in a lifetime. They might win a lottery; they might inherit a sum; they might cash in some old stock that was passed on to them. Maybe they just received a modest refund on their taxes. Perhaps they had an insurance settlement from a loss or an injury in the past. We see it all the time. What do most Americans do with a cash windfall when it comes their way?
Most spend it on something they’ve wanted or dreamt about for a long time. Many actually put themselves into debt by using it as a down payment toward something that locks them up with monthly payments.
Few put their windfall to work to grow it. So after a time, long or short, it’s gone.
If money comes your way in any form, don’t throw it away flamboyantly. Invest it in what you are doing or in something that will likely ensure its growth. Use it to position yourself. Use it to meet new business contacts. I believe that there are only a few such opportunities in a person’s lifetime. Some people use money opportunities wisely; some don’t. I call these opportunities “monetary crossroads.” You should take them when you cross the junction.
Very few people recognize these life-changing opportunities. When I was fresh out of high school, my dad passed away and left me an old VW to drive. I went into business working on cars, opening a little VW repair shop. But I soon learned it was a tough way to make a living. In 1973, two years after I started, a check showed up in his mail for $2,000. It was the balance leftover from $4,000 my father had left me for college. As I had stopped going to college, my father’s executor sent me the remaining balance.
I decided I wanted to deal in cars as well, so I bought a used ‘71 VW Bug with the money and sold it for $2500, taking a ‘71 Ford Pinto in trade on the deal. I had made more in those two transactions in one week than I had working on cars for two years, so I decided I wanted more of that action. Within six months, while still working on cars for a month, I had a $10,000 financing floorplan at my bank and was regularly buying and selling cars.
That one check for $2,000 completely changed my life. I had recalibrated my financial ambitions and was moving into a new area of business life. You position yourself for success. Nobody does it for you.
Don’t forget to go the website for my new book, www.greenweenies.com, to learn all the backroom business terms. There are 1,200+ terms in over 300 pages, with hilarious illustrations by world famous Gahan Wilson. You can register there for your free weekly “green weenie.” If you want to know what a three fingered booger is, or what’s in a train wreck envelope, it’s the only place to go!
Remember, only you can make BUSINESS GREAT! Next month, more from Chapter Six of How to Salvage Millions from Your Small Business.
Please email if you would like me to send previous articles.
AutoSalvageconsultant.com was formed in 2001 to help recyclers improve their businesses. With over fifty years of experience in three staff members, the group is THE definitive source for recyclers’ management and training needs. The founder, Ron Sturgeon, is past owner of AAA Small Car World. You can review his resume, with skills and experience, at our website. In 2002, his book How to Salvage Millions From Your Small Business was published to help small business owners achieve significant success. It was recently reprinted in the U.S. and published in China, Korea, and the Czech Republic. You can learn more about how to help your business at www.autosalvageconsultant.com. You can reach us at 5940 Eden, Haltom City, TX 76117, or by calling or sending an email to Mike Gibson or Tammy Sturgeon. Mike can be reached at 817-925-0061 or firstname.lastname@example.org, and Tammy can be reached at 817-999-1224 or email@example.com