Peace of mind is a luxury.
Some believe that ignorance is bliss. To a certain extent, that statement holds true. According to Buddhism’s Four Noble Truths, suffering is caused by craving. And craving only increases as we are exposed to new realms of materialism.
Take the following circle for example. As we advance in worldly exposure, ring-1 will no longer satiate our desires. However, notice how ring-2’s circumference is larger than ring-1; this is the same for ring-3 respectively.
What’s The Point?
At my SmugMug presentation last week, someone asked me whether it was appropriate to increase her prices dramatically. I suggested only under two conditions:
- if you are ready for the change (strategy, portfolio, website, business cards, etc.)
- if you have the financial cushion to survive the transition
Financial Cushion – imagine if you were ladened with bills and overdue payments. How can you think about anything else? Let alone, strategize for your business.
Shopaholic Lesson #5
Yes, I will be referencing to fictional books a lot. Rebecca Bloomwood’s (protagonist) father taught her one thing about shopping – it’s okay to be a shopaholic except that…
…you must either make more or spend less.
Bottom line – don’t bite more than you can chew. Growing or starting a business requires capital. Do it slowly. Give it time.
The moment you enter the negative (red zone), you will be so busy trying to not drown that you will lose sight of how to expand. Either
- make more money so that you can have peace of mind
- spend less money so that you can have peace of mind
- or a combination of the two
Again, peace of mind is a luxury; cherish it.
P.S. My rule of thumb is to have enough capital to survive for an entire year without making a single penny (two years for me).
P.P.S. I still drive an ’04 Honda Civic because my peace of mind is more important than a fancy ride right now. I’m not suggesting that we all be misers — because I do go a little wild when on vacations — but just to plan accordingly.
P.P.P.S. Shopaholic lesson numbers are random so don’t try to look for lessons 1-4 lol!