Should I Reinvest In My Business Or Diversify?

When your business starts generating real profits, the next move can feel surprisingly complicated. Do you keep pouring those earnings back into growth, or is it time to start building wealth beyond your business? The pressure to make the right decision is real because the path you choose can shape not just your company's future, but your personal financial freedom as well.

• 0:00Speaker 00

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  In fact, I built a fully functioning, commercial-ready app in seven days, and one of the major reasons why I was able to pull it off so fast is because of Whisperflow. Whisperflow is free. Download it at whisperflow.ai. That's W-I-S-P-R-flow.ai. When you sign up and ask you how you heard about Whisperflow, pick Podcast and type the $100 MBA show so they know we sent you. Should you reinvest your profits in your business? Or should you diversify your profits into other investments? That's today's Q&A Wednesday's question from Jake. We'll be answering it right here on Q&A Wednesday with Nicole. Nicole, thanks for joining me today.

• 2:51Speaker 01

  Excited.

• 2:58Speaker 00

  Welcome back to the $100 MBA Show. I'm your host, Omar Zenhome, where I deliver practical business lessons three times a week, Monday, Wednesday, and Friday, to help you start, grow, and scale your business.

• 3:11Speaker 00

  So, this is a very interesting question because at some point in your business, you're going to make enough profit where it's like, okay, what do I do with this profit? Do I take this profit and reinvest it in my business? Make some hires, buy some equipment, maybe buy some software that's gonna help me get an office, whatever it might be? Or should I take some of this profit, maybe all of it, and reinvest it outside my business? A lot of people, they wanna diversify their investment, take some chips off the table, like they say, and maybe invest in something else, like real estate or in the stock market or something like that. So, we're gonna talk about this because this is something that Nicole and I had to make a decision on several times in our career in business,

• 3:54Speaker 00

  whether it's running Webinar Ninja or a software company before we sold it, whether it's this company, the $100 MBA. But before I begin, I must say, of course, this goes without saying, but I must say that this episode is not financial advice. None of this is financial advice. Speak to a financial expert. This is all for educational purposes. So, Nicole, I think it's important to point out that there are different stages in business. At some point, after you've paid yourself, you've paid all your expenses in your business, and you have a profit, let's say, for example, you have a $30,000 profit of $50,000 profit. You know, this is a decision you're gonna have to make. I actually believe that if you're making less than $100,000 in profit at the end of the year,

• 4:36Speaker 00

  that you should just not worry about this question so much and reinvest in the business. You should really take that money and try to reinvest something that's working. One of the things that a lot of people don't understand is that if you have a business that works, that makes you money, that's getting you a profit, like you're making $100,000 in profit, great, how can you make that $200,000, $300,000? You know how to make money, okay? Most people out there in the world, whether they're in a job, whether they are even in a business, they don't really know how to create wealth like you are. Like, if you're making $100,000 profit, that's not insignificant, it's actually pretty rare. So, you should double down on what you know. You should reinvest in something that's working, right, which is your business. Most people, they take their money, invest it somewhere else

• 5:20Speaker 00

  that's not as high-yielding like the stock market or real estate because they don't know how to make money out of thin air like you do, right? So, if you're a business owner that's making profit, first of all, congratulations. Second of all, if it's less than $100,000, just back the same horse over and over. And we did this with Webinar Ninja.

• 5:35Speaker 01

  I mean, that's my experience, that's our experience, for sure. I didn't grow up very financially savvy or see a lot of financially savvy habits, you know, where I came from. I think the question is particularly interesting because I feel like it's taken me the longest out of everyone to figure this out. And I think in our early days in business, I was so focused on exactly that. How can we continue to make more profit so that we can continue to grow the business? We can continue to pay ourselves, pay our team? And that's all I was focused on. I didn't really have that savviness of, you know, diversifying and where else can I put my money? Would you say, though, that even putting a little bit into EFTs is something that you would still...

• 6:19Speaker 01

  Would you do anything differently to what we did in the early days? Because we didn't diversify early enough.

• 6:26Speaker 00

  I wouldn't say so because I think we were in a highly competitive space with software, with the webinar software space. So, we wanted to put all our resources back into the business so that we can continue to compete, to continue to grow. We had to build a very talented team to be able to develop the software, to deliver it, to support it. So, I think there is the investment of money, but there's also the investment of attention and time. Like, it takes time to make a decision where to put your money when it's not back in your business. There's risk involved, there's all this, every investment has risk.

• 7:00Speaker 01

  And there's education involved too. Like, I say that now, but, you know, now I'm looking at it from a very different lens, right? Back then, like you're saying, there was no way I would dilute our focus and put our money elsewhere other than the business.

• 7:14Speaker 00

  Yeah, and just for, like, for the purposes of this episode, you mentioned ETFs.

• 7:19Speaker 01

  Oh, did I say EFTs?

• 7:21Speaker 00

  Yeah, that's okay. But like, they're similar to index funds. Basically, you are buying a basket of stock. This could be like hundreds of companies in the stock market, in the S&P 500, for example. And a very common ETF is like a Vanguard fund where you basically get a collection of funds. You're basically buying a portion of the stock market. And the reason why this is very common is because, on average, you get about a 10% return. Sometimes it's eight, sometimes it's seven, sometimes it's nine, sometimes it's 11, 12, 15. Some years are higher or lower. The point is, is that that's kind of a good average 10% return on your money if you just invest in the stock market. Basically, you're just investing in the world economy.

• 8:02Speaker 01

  I've heard it described as the party mix.

• 8:04Speaker 00

  Party mix, yeah. It's usually the strongest set of companies. But the point here is that, why would you do this? Like, why would you put this money aside in the first place? Well, the first thing that we have to keep in mind is that whatever money you make, let's say, for example, you make $100,000 in profit. You have $100,000 after paying everything, your tax, everything for the company yourself. You have $100,000 just sitting in the bank. Every year, that amount of money, on average, is going to be worth 3% less than it is. That's because of inflation. Inflation will fluctuate, sometimes it's even higher than that. And we're actually entering an age, in my belief, that inflation is gonna get higher and higher economically because interest rates are rising, all this kind of stuff. But the point here is that, like, you wanna beat inflation.

• 8:48Speaker 00

  So, anything that gets you a return on investment, usually, like, if you throw your money in a savings account, like a long-term savings account, term deposit, it's usually double the rate of inflation. So, like, right now, you can probably get a return of 6%, 7%, something like that because inflation's around 3%. And that at least allows your money not to lose its equity. You put it in the stock, you get an ETF, you get like an index fund, you're gonna get 10%. So, the whole point is that, like, I don't wanna lose money and I wanna make a little bit while I'm there. Cash sitting in the bank is actually not a horrible thing because it's like a rainy day fund. But any of these things are pretty liquid. You could sell your stock at any point, you can take your money out of a term deposit, there are some penalties and blah, blah, blah. But the point here is that, like, you wanna make sure that your money's not getting weaker over time.

• 9:33Speaker 01

  So, if you are earning enough and you're starting to, you know, those profits are starting to build, rather than having them sit there, you're either using them to reinvest in the business or doing... It's at that point where you wanna consider, like, doing something else with your money.

• 9:49Speaker 00

  Yeah, you should be doing something with your money, right? Whether you're buying something that's gonna help you make more money, you're making a hire, you're expanding into new markets, you're spending it on marketing budget. There are some levers you should know how to, if you're making profit right now. You should know that I can put more gasoline on this fire and make more money. Usually, it's a marketing spend, a hire, investing in sales, whatever it might be. So, definitely, I believe, if you're under $100K in my recommendation, just go back into the business and make more money. But at some point, the reason why this question is so important, at some point, you're gonna need to start taking money out of the business and start allowing money to work for you. There's only so much you can do to make money.

• 10:32Speaker 00

  At some point, you have to leverage compound interest. Now, a lot of people don't understand or conceptualize compound interest. It's not very easy for a human being to understand that if I put money into an index fund and I make 10% return, it doesn't seem like a lot. Oh, I put $1,000, now I make $100, now I have $1,100, right? I have $1,100 after one year. But that compounds over 20 years, 30 years, 40 years, that's millions of dollars. If you do it consistently and you put $1,000 every year, this is hard to conceptualize. So, you need to allow money to work for you as well and use the power of leverage and compound interest. Because, yes, you're gonna work on your business, you're gonna make money, but it's good to have a vehicle that's helping you make money in other ways because you can't work forever.

• 11:16Speaker 00

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• 13:31Speaker 01

  When you're so focused on continuously growing your business and generating more and more revenue, you think, well, this is not going to end and that's all you want to stay focused on. But because there is that risk, I think that's why this question becomes so important. And I don't think we, I thought about it early enough.

• 13:48Speaker 00

  Mm hmm. I think so too. And I can't emphasize how much it's important for you to speak to an accountant. Have a good accountant in your corner, somebody that can explain things in plain English. We've had an accountant in the past that was not a good fit for us. We didn't understand what they were saying. We didn't understand the terminology. It was very confusing. And by the way, if this person is taking twice as long to explain it to you because they don't have good communication skills, then you're paying twice as much. They're on an hourly rate here. They're going to bill you for that time. So find a good accountant. Don't be afraid to fire an accountant if they're not good for you.

• 14:23Speaker 01

  That's gonna be like, that was gonna be my one big piece of advice. Cause we just, I just assumed, oh, accounting, you know, understanding all this is pretty murky. It's probably just me. No, there are good and bad accountants out there.

• 14:35Speaker 00

  A thousand percent.

• 14:36Speaker 01

  And you totally owe it to yourself to have a good accountant, someone in your corner, someone you understand, and also someone where you feel like you can ask questions. Like I'm so not afraid to ask all sorts of questions now.

• 14:50Speaker 00

  Yeah, with our accountant, Peter, yeah.

• 14:51Speaker 01

  Right, because it's your money. It's your future. You owe it to yourself.

• 14:56Speaker 00

  Yeah. And I think if we're going to be completely fair, the accountant that we used to work with, worked with a lot of like pre-revenue startups, people that were not making that much money. So we probably outgrew him and he didn't really know how to handle the situation. And with our accountant right now, Peter, he deals with larger companies. One thing I would recommend is to have one accountant or accounting team that can help you with your businesses, with your personal stuff, with your investments, somebody that's gonna have an eye over your whole snapshot. Because they're going to be able to tell you based on where you live and your jurisdiction and the laws of the land that you're in, like what's the best way?

• 15:37Speaker 00

  Maybe taking a dividend is a good way to take this money and invest this money in your own name. But actually, no, maybe creating a bucket company where it's an investment company as a branch of your other business is the most tax effective way to do this. It could be, oh, you can take a loan from your company and then pay it back and with a certain amount of time, and that's going to be the most effective way. Your accountant's going to be able to tell you this because your situation is unique. And this is what's important. You have to, this person having a global understanding of what you're doing. But the reason why I say this is because your accountant's going to be able to tell you, hey, you're making X amount of money. This is kind of the risk you're taking by taking it out of the business. But also by reinvesting in the business, what does that mean in terms of your tax liability? All that kind of stuff.

• 16:20Speaker 00

  So this is why it's so important to have somebody in your corner that you can ask questions, get feedback. So you're making decisions or you're like, yep, this is the trade-off. Everything's a trade-off. If you invest the money that you make, the profits into stocks, into real estate and whatever, it's going to have a trade-off and an implication. So you, you just have to choose what you're comfortable with.

• 16:38Speaker 01

  And have those conversations. In certain cultures, I think it's more taboo, but I think you need to start having these conversations. Start surrounding yourself with people, talk about, you know, what they're doing with their money. And then just getting, I mean, for me, it was, it's been such an educational curve.

• 16:56Speaker 00

  We were forced to do it. Let's be a little bit transparent and share a little bit about what we've done to diversify and all that kind of stuff and investments. But we were kind of forced because we sold our company, Webinar Ninja. And you know, when you sell a company, you have a payout. You have basically a lump sum of money. Now you gotta deal with this. What do you, like, a lot of people think this is like rich people's problems. And it's true. It's a, it's a good problem to have, but it's a big problem if you screw this up, right? And I used to speak to a lot of people on WhatsApp when I sold my company. You know, we sold Webinar Ninja and we, and I used to talk to them and say, you know, you know, what are some things you're worried about? And they would say things like, I'm worried I'm gonna screw up being rich, right? Like I'd never been rich before.

• 17:38Speaker 00

  So we were forced to say, okay, what do we, you can't have this money sitting in the bank. We gotta figure out what we gotta do. The first thing we did, we talked to Peter, our accountant. We said, okay, and he kind of gave us like a game plan. This is the best way to do it, hold it for this long. You know, then you can figure out what you want to do with, you know, with these investments. So one of the things we wanted to do is we wanted to make sure we invest in our next business or the business that we're running, the hundred dollar MBA. So we invested in infrastructure, like an office. We've made hires. We've invested in team members abroad. We invested in even just equipment, like better cameras, better lights, studio, all that kind of stuff. Right? So that we can make more money with this business. But outside of the business, with the money that we made with our sale and the profits

• 18:23Speaker 00

  that we're making from this business, you know, we started to say, hey, it'd be nice to kind of diversify a little bit so that like all our wealth is not dependent on the performance of this business, you know?

• 18:33Speaker 01

  This was the longest time it was.

• 18:35Speaker 00

  Yeah. All our eggs were in one basket with Webinar Ninja. And we were just like, okay, like a lot of people asked me like, did you feel like a sense of accomplishment when you sold your, like, I felt a sense of relief, like, oh my gosh. Okay, I can now say that it was worth it. Cause a lot of people won't admit this, but some people don't make it. Some people go out of business before they get a chance to get acquired or whatever it might be. So we had to make some choices, like what do we want to do with this money? Right? Do we want to put it in our self-managed super fund, which is basically our superannuation, which is like a 401k, like a retirement fund? Do we want to buy real estate with this, like investment property? Do we want to buy our own home so that we, you know, in terms of like a residential property? Do we want to put money into stocks or into ETFs or index funds? Do we want to save it? There's like, there's so many options here.

• 19:19Speaker 00

  So what I think is important, like you said, that important, like the education piece is so important to like, make sure that you're putting money into something that you can understand.

• 19:27Speaker 01

  Yeah, I started getting very focused on education. So I started going to events. There's some great resources and people here in Australia that will, you know, mention. I started, I went to a finance conference hosted by Mel Brown. I went to a meetup by Molly Benjamin, Ladies Finance Club. Like I started to get my head around concepts and ideas. I read, read books. I started to get my head around concepts that I hadn't really thought about because I was so focused on the business and the growth of Webinar Ninja and keeping the hundred dollar MBA going that I, all these, it might not be everyone's situation. People might come in, you know, with a different level of education and experience and savviness.

• 20:08Speaker 01

  Wasn't my experience, but as soon as I started going to all these events and having these conversations. And when you go to events and where the topic is finance, it's really okay and safe to talk about.

• 20:20Speaker 00

  Yeah, money. Yeah, which in some cultures is very taboo, yeah.

• 20:23Speaker 01

  Exactly. And so I can't stress enough, like.

• 20:27Speaker 00

  Surrounding yourself around these people.

• 20:28Speaker 01

  Surrounding yourself with this content and people like, you know, that you can talk to or who, you know, have a bit more of a leg up in this area.

• 20:37Speaker 00

  I think it's important that you said that, like, it's really important to surround yourself with people that are where you want to be or are doing the things that you want to do. The opposite is also very true, which leads me to preview our upcoming episode, which is the five people you want to avoid like the plague. Five people that will sabotage your success. Hit subscribe, you don't want to miss it. It's an upcoming episode that we're working on. The difficult thing about this episode was that every single type of person I know personally in my life, or I knew personally, and I had to cut them out, or I had to reshape my relationship with them. And these are non-negotiable. These five types of people, these people that you probably can identify when you watch that episode, will sabotage you and hold you back.

• 21:20Speaker 00

  And the thing about business and life and being successful, it's hard. It's super hard. And you're making yourself struggle more than you need to having these types of people in your life. So hit subscribe so you don't miss that episode when it comes out. And you're right, somebody that we both know, Dale Bowman, who's been on the show, for years, he would bug me and say, you need to speak to Jackson Milan, Jackson Milan, like, who's this Jackson Milan guy? Okay, fine. And one day, I just like, I remember, we paid the ATO like, an eye-watering amount. And, and then we said, okay, we need to speak to Jackson Milan. So Jackson Milan is, he runs a company called Aurius, Aurius Financial, here in Australia. And I'm sure there are other companies like this in wherever you are, you just have to look for them.

• 22:04Speaker 00

  But basically, they're a company that can educate you on your options for investment, and how to make more money in your own business, how to reinvest in your business, how to, how to invest outside of your business, personal finance, how to budget, all that kind of stuff. And we just loved the fact that he makes it easy for you to take care of your money problems, and take care of your money decisions by having somebody in your corner, an advisor, and you have access to all their tools and their other advisors, which is really helpful.

• 22:31Speaker 01

  Yeah, what I like about their model in particular, and why it's been so great working with them, is that it feels like they're your own little team. And I think that's the way, I wish I'd seen it earlier on, that, you know, like we said, get a really good accountant. It's almost like you see these people as people on your team who you're able to talk to, connect to, you know, connect with on a real level, and be able to learn from, and get the right advice. But you see them as a part of your world, and they're more integrated in your world than just this, you know, this person that you go to maybe like, twice a year or something, when it's tax time or something.

• 23:07Speaker 00

  Yeah, and it gives you a chance to bounce ideas off. You might come up with a, a concept, or something that you saw online, or like, oh, maybe I want to start building some homes, buying some land, but building some homes, and start renting them out. And this is going to be my new investment project. Yeah, I mean, and then you can talk to these people to figure out what the pros and cons of that, and what that entails, and how much of that would cost, and all that kind of stuff. So I think that's really helpful. I think as entrepreneurs, we're often looking at ideas, investment opportunities, even buying other businesses, maybe starting other businesses. And it's good to have somebody in your corner, be like, hey, this is going to be a distraction, or this is not as rosy as you might look. I have other clients that have struggled with this kind of investment.

• 23:50Speaker 00

  You know, I think that's helpful. Now, before we wrap up today's lesson, I want to also just back up a little bit, and pose some questions for those who are watching and listening, that they can think about, that they can ponder. Ask yourself the question, what are you investing for? Whether you're reinvesting in your business, whether you're investing outside your business, figure out what the end goal is. Are you trying to just make more, make more, make more? Or do you actually have a retirement plan? Is there a number that you want to hit? Do you want to save up so you can buy a deposit for a house, so that way, you know, when you retire, you don't need to pay rent anymore, you own the house, whatever it might be. Like, it's important to get rock solid about what you're doing this all for, instead of just like, I should be doing this, because that's what adults do. Would you agree with this?

• 24:32Speaker 01

  Yeah, I think that's where these guys really helped us at Aurius, because there was that piece at the beginning, where you get to reflect on your goals. You get, you know, you have that time to say, well, what does the future look like? What do I actually want? And because you've made that time, and I think that's another thing that is so important, we have this regular cadence of meeting up with them, so that money is a part of your life. Wealth building is a part of your calendar, and, and it's not something that's in the too hard basket. So when we would make time for those conversations, we got to really reflect on, what is this all about? What is it all for? And rather than just like, hearing some isolated pieces of advice, and, and starting to implement

• 25:17Speaker 01

  them, whether it is, you know, investing, or, yeah, whatever it could be.

• 25:21Speaker 00

  Yeah, I'm going to mention a book that maybe sounds strange, and a little bit left wing, but there's a book called Die With Zero by Bill Perkins. It's the concept of like, what should you spend on, and at what point in your life? Like, in certain stages of your life, you're going to want to spend money on certain things, and experience certain things that you're not going to be able to do later on. A good example is like, if you have a dream to climb Mount Everest, it's best for you not to delay that until your 60s or 70s, it's better for you to do that as soon as possible, while you still have the health and able to do that. So investing in that experience when you're younger, is actually pretty smart, to do it at that time. It's probably not that smart to go on a 300-day cruise around the world when you're 25, because you could do that

• 26:05Speaker 00

  when you're in your 60s or 70s. The same thing goes with investment. Like, for example, when we were in our Webber and Ninja days, we're in our 30s, we were really grinding and using all our energy while we had it.

• 26:18Speaker 01

  We had it, I was going to say.

• 26:20Speaker 00

  We're not that old, but I'm just saying that like, that's the peak performance energy, you can do all-nighters, you can recover physically, mentally from it very quickly. So we reinvested in the business, because you're like, let's, let's keep putting fuel into this fire. Let's keep growing this, see how far we can take it. As you get older, your appetite for risk starts to wane, because you don't have that much time left. As you get older, you don't have as much earning years left, right, where you can work hard. So you need to start investing, and allowing money work for you, so that when you do get older, and you just physically can't show up to work every day. And now, hopefully, everybody, knock on wood, will have a long life and healthy life, and that's up to you to make sure you maintain your health. But it's something that you have to think about,

• 27:04Speaker 00

  like, how much time do I have left to work as hard as I am right now?

• 27:08Speaker 01

  And that's why this question's important, because it starts to get you to think about it before it is a little bit too late. Because I think most people start probably having these discussions, and realizing, oh, what is my plan for the future, maybe later than they should?

• 27:22Speaker 00

  Mm-hmm. And, you know, you can go to extremes with this, and everybody has their own formula for what they want to do. This is the point of today's episode, is like, you get to choose how to invest. You can reinvest in your business, if you feel that's what's best for you. If this is what's best for you, the chapter of your life. Like, literally, you could be like, hey, everybody's buying houses and buying nice cars, I'm not going to buy, like, strap myself to a mortgage. I'm going to take the difference between my mortgage and rent, and invest that in my business, because this is where I believe I can make the most money. Like, I'm going to get a better return on my investment here. And that might be the best choice for you. Maybe that's not your case. Maybe you're in a different season in life, and maybe you've been running your business for 15 years, and you've been reinvesting for a very long time, and now it's time to take some chips off the table, start reinvesting, diversifying your wealth, whether it's within

• 28:07Speaker 00

  your business, or with other businesses, or bucket companies, again, speak to an accountant, and use your money that way. But the point here is, is that like, you're in a fortunate position right now. Like, this is a good problem to have. Everybody has problems in life. Choose your problems, and this is a good problem to have. Like, this is an upgraded problem. But nevertheless, it is a challenge. It is a problem. So don't take it lightly, and speak to somebody that you can trust, when it comes to the financials.

• 28:31Speaker 01

  Very good advice.

• 28:32Speaker 00

  And just to wrap up, there's a lot of people that talk about personal finance online, and there's a lot of people that are, for lack of a better term, scammers, people that are just spouting advice, and they're not educated, they don't actually do anything that they say they preach, or they teach. But some of the tried and true people that we have listened to, read their books, have gotten to know personally, that really walk the talk, people like Ramit Sethi, who has a Netflix show called How to Get Rich, but also, New York Times bestselling book called I'll Teach You to Be Rich. And he also has another book called Money for Couples. He has an awesome podcast called Money for Couples, great concept about, you know, the dynamic of money and, and within couples.

• 29:09Speaker 01

  He's got great content.

• 29:10Speaker 00

  Yeah, we love Morgan Housel's Psychology of Money, and this is talks about like, our relationship with money. This is like a must-read book, like a book that really is going to change the way you believe money plays a role in your life. Like, a lot of times, we think we understand ourselves, but there's these hidden scripts that we've told ourselves over the years, or we've inherited from our parents, that shape our money decisions. So it's actually a really good and easy read, and fun read, I would say.

• 29:36Speaker 01

  Yeah, I loved that book. And to me, it showed you how that there is not a one-size-fits-all, and everyone comes to, into this money topic and decision-making as such a different, in such a different way. And there's a good reason for it. And that book just, yeah, that's such a great book.

• 29:55Speaker 00

  Yeah, and like, not to spoil it, but the first chapter is all about, nobody's crazy. Like, everybody has a reason why they spend their money, whether people are buying yachts, or buying lottery tickets. Like, there's, there's a reasoning behind it, and knowing the reasoning for you is so important.

• 30:08Speaker 01

  Makes you less judgmental, too.

• 30:10Speaker 00

  Yeah, 1,000%. Female-focused financial experts, Mel Brown, you mentioned, Molly Benjamin, these are people that you should definitely check out, or at least follow on Instagram, and, and see their content. Really help empower women to take control of their finances, and their backstories are really interesting. Yeah, so I'll let you guys get into that, because it's good stuff. But all in all, like, we're all learning as we're going, you know? And if you're able to make money and make a profit with your business, congratulations. Now it's time for you to be a little bit smarter, and grow in this part of your life. Now, before we wrap up, if you're not making that much money and profit, let's say you're not making a profit even, right? And you're just thinking about like, what do I do when I make a profit? What do I do when I make $50,000 in profit?

• 30:55Speaker 00

  $5,000 in profit after the end of the year? I think the best investment you can make with that money is investing in yourself, is improving who you are, because you are the person that's making all the decisions in your business, and your life as well. So whether it's reading books, whether it's going to conferences, whether it's taking programs, whether it's surrounding yourself with the people you mentioned, that will allow you to think bigger, and ask the questions comfortably about money and finance, and all that kind of stuff. But investing in yourself is probably the, the best investment to make at the start with your money, because it's going to pay off tenfold.

• 31:27Speaker 01

  I would add investing in your health, too, doing what you can.

• 31:30Speaker 00

  Yes.

• 31:31Speaker 01

  Because you are the one that's driving the business, so.

• 31:33Speaker 00

  Yeah, if you can't get up in the morning, can't get to work, if your health.

• 31:37Speaker 01

  Your energy's sapped.

• 31:38Speaker 00

  Yeah. Or if you're just, you get sick, or you get ill, there's just nothing you can do. Your business is not going to be able to thrive without you, you know, especially in the early stages. So, yeah, and your health is huge. I think sometimes we forget about that, and that's a good reminder. Thank you so much for tuning into today's Q and A Wednesdays episode. If you want to ask a question, you can submit a question over at 100mba.net slash Q, and we'll answer it right here on the show. Thank you, Nicole, for being here today and helping me with Q and A Wednesday. And thank you for being part of the show, and being here to the end of the episode. We love somebody who is here to the end, completionist, loves to see everything completed as it should. So, thanks so much.

• 32:19Speaker 00

  And please, don't just listen, take something from today's episode and implement it, because that's how you're going to see some progress in your life, in your business. We'll check you next time.

• 32:28Speaker 01

  Bye.

• 32:30Speaker 00

  If you found today's episode helpful, and you want more practical business lessons to help start, grow, and scale your business, subscribe to the podcast. All you got to do is hit subscribe or follow on your favorite podcast app, the one that you're using right now. By hitting subscribe, you get our next episode automatically. It's absolutely free, and it's a way for you to commit to growing your business. I'll check you in the next episode.

• 32:59Speaker 02

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