Money Matters

One of the most interesting things I learned from the individuals I knew who became billionaires is that they considered every dollar to be valuable. Money was a means to advance their goals – in particular, the goal to become wealthy. And you don’t become wealthy by being careless with any amount of money.

I’ll give you an example.

About 15 years ago, I was working with a successful hotel magnate who was opening a convention center. One of the things that had to be installed was an industrial dishwasher – and, at the time, industrial dishwashers retailed for around $40,000.

Millions of dollars were being spent, so you’d think he would have just given his team a quick okay to go ahead and make the purchase.

But no. Experience had taught him that rebuilt equipment was just as good as new. So he had his team do some research to see what it would cost for a rebuilt dishwasher (same make and model).

They found one that was selling for $7,500, and they snapped it right up – for a savings of $32,500 that could be allocated elsewhere.

You should do the same, whether you’re dealing with your business, family, or personal budget. You should always be looking for ways to spend less (or not buy at all). Because every dollar adds up, especially when your goal is to be wealthy.

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