In this episode, Abu explores a counterintuitive idea: while saving money is important, overdoing it can cost you dearly in the long run. By sharing personal experiences and insights, the discussion centers on balancing saving with investing in quality services—both for business growth and personal well-being.
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Key Takeaways
Mindset on ROI:
- While saving is important, don’t cut corners on investments that help your business grow.
Growing Your Business:
- Early on, you might stick to a tight budget. But as your revenue increases, it’s time to level up your support—whether that’s your accountant, lawyer, or other professionals. Don’t be the “big fish” in a small pond.
Personal Money Matters:
- It’s smart to save a bit of each paycheck, but also invest in yourself. As your income grows, consider spending a little more on quality services or even better personal health choices like improved meal options or a gym that offers more than the basics.
The Hidden Costs of Being Too Cheap:
- Always choosing the lowest price might seem smart now, but it can lead to costly mistakes down the line. Sometimes, paying a little more up front saves you from expensive problems later.
When to Make a Change:
- If you’re constantly managing or fixing your service providers, that’s a sign it might be time to upgrade. The same goes for your health—if you’re feeling run down or low on energy, it might be time to invest in higher-quality options.
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