5841 – 628 – 2016-09-11
For me the main lesson is to save even if it is a very small amount – but it must be regular and become a habit to save a portion of your income.
The second lesson is to keep business and personal life apart by not using savings, additional mortgage or pension/social security/insurance money to finance your business, specifically if you are over 50. Passion, love, sentiment and emotion will blind you to see the reality of a non-profitable business and suck you into debt. My son and me had a Scuba-diving business which was exactly that (our passion and love for the sport) but by Gods grace I never took a loan or mortgage to finance it. We closed it down and unfortunately he had to go and find a job. If a business cant sustain itself, don’t put personal money in just to keep it running.