Self-Employed vs the Clock Puncher
Entrepreneurs and 9-5′ers often handle their money in dramatically different ways. For a 9-5′er, income is a fixed item, and stays relatively the same each month. These folks tend to stick to a budget religiously, and track every single penny they spend. With a set income, this is the smart choice.
Folks who are self employed often have a bit of a different approach to budgeting. They figure that all the time spent counting how many pennies they spent and where it all went is wasted. A better use of their time would be working, and finding ways to earn more money.
Ideally, the entrepreneur should focus more on budgeting, to make sure his expenses stay in line. But neither school of thinking is really wrong. Making more money is just as good as spending, after all. Which one are you - self employed free spender or a budget-minding clock puncher?
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Matt said,
Wrote on July 12, 2007 @ 2:05 pm
The hardest part when you are an entrepreneur is the fact that you know you should be spending your time making money but have to count pennies to keep yourself from eviction or a missed payment. Its a tough catch-22 to be in.
Penny Saved said,
Wrote on July 13, 2007 @ 5:17 am
Good point Matt - even when you’re working for yourself you need to keep track. Especially in the early days, or in businesses where the income is very irregular.