Are You Investing Or Wasting Money?
2016 came and went like a flash in the pan. It’s kind of crazy to think we are already wrapping up the third month in 2017. With the deadline for taxes quickly approaching, I’ve been chatting with some local business owners about how they budget for taxes and what their company budgets look like compared to their personal budgets.
Some were more forthcoming than others.
Some I could tell where making their personal budget tactics look smarter than they were.
How do I know?
In the case of one gentleman I spoke to who owns a local fast food franchise, he talked up his personal budgeting like he was a financial tactician. If we would have been on the phone, I would have thought he we a great penny pincher and good person to emulate.
In this case, we were talking in person. I couldn’t help but notice his rolex. I asked him about it. He said it was an “investment” since these watches are always increasing in value. Ok, strike one.
As we went on talking about how he budgets his business vs his personal expenditures. He said that he doesn’t buy things. He invests in things that will return some value.
This is actually a great way of thinking about budgets IF you keep your “investments” to an absolute minimum and don’t use them for vanity.
After we said our goodbyes and he walked back to his car, I say him get into a decked-out Range Rover. I’m sure he would have told me this was a good way to impress clients of something ridiculous. You know this sounds silly, but make sure to ask yourself if you are doing a little bit of this in your own life. Are you “that guy”?