Those who are successful in business didn’t get there through motivation and determination alone. They also took the time to learn an invaluable skill in managing their finances when it comes to earning, spending, and investing. Money management is a crucial skill that all entrepreneurs must acquire if they wish to create true wealth and a lasting legacy.
E-Commerce expert and founder of luxury sneaker brand, Giovvani, Chris Jenkins, shares the importance of good money management to becoming a successful entrepreneur.
Save as Much as Possible
This was a habit instilled in him from an early age. Chris remembers how his parents would save up to take trips every year. In business, saving is just as important as spending. Many people say you need to spend money to make money but often forget to add the word “wisely” to that phrase.
“Save as much money as possible no matter what you’re earning until your investments give you the money you need without actually working for it. I see many young guys get into the eCommerce space, and they go from zero to hero in terms of income and ego as they’re usually straight out of college or university. Typically for this type of person, their income is high, but their net worth is low.”
Put Aside Funds for a Rainy Day
A rainy day can indicate challenging times for an entrepreneur, especially in the earliest stages of business. Chris has endured many rainy days and knows that it is imperative to have savings set aside to weather these financial storms. “Whilst spending feels good in the short-term, you are bound to have some challenging months at some point. If you have zero saved, you’ll likely be returning to that 9-5 job much quicker than the entrepreneurs who accumulated their earnings and are ready to invest in the next business opportunity.”
Frugality Can lead to Opportunities.
Though Chris has enjoyed spending on travel, he has also used his earnings to start a business. His savings had permitted him to start his luxury shoe line Giovvani when he identified a change in the dropshipping marketplace.
“During my travels, I needed some casual trainers but found it incredibly difficult to get anything which wasn’t covered in excessive designs and branding. I believe for Giovvani we’re able to offer a product which is of a very high standard. The branding of the product gives every customer a true feel of luxury, aesthetically and physically.
Each Giovvani shoe is handmade with custom-designed and manufactured soles. The grip of the sole of these luxury shoes are made of unique leather that is exceedingly comfortable. The shoes were designed to allow the colorways to be blended with different outfits.
Chris believes that Giovvani is more than a sneaker and offers an unrivaled feeling of luxury alongside being a select movement for people looking to upgrade their footwear.
Entrepreneurs who are working to develop their money management skills and achieve financial success do well to surround themselves with the right people and improve their spending habits. “No matter what your income is, you don’t have the right to spend like a millionaire.”