What’s the best financial advice you’ve ever received?

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What’s the best piece of financial advice that you’ve ever gotten? This is Judi Otton and with GrowthCast and I’m here with your Fiscal Fitness Tip of the Week. One of my favorite networking groups always starts with an ice breaker and this was last week’s icebreaker. So I wanted to share my favorite financial advice with all of you. Now some of you may know before I owned this business I owned another business, and I learned so much from my business partner in that time. One of the things that he really believed was never make a decision solely based on the money. And that may sound funny coming from a finance person, but I’ve really found it to be true. Let me tell you three ways this plays out in real life. The first way I see this a lot is with customers, taking on a new client. When you’re starting out It’s probably really hard to be discerning, but please, please, try to be discerning. Don’t take on a client that you can’t help. Don’t take on a client that doesn’t value the unique gifts that you have because no matter how much money they’re willing to pay you, it’s going to be a train wreck. The second way I’ve seen this play out, in that same business that I owned with this partner, we really wanted to move into some fabulous office space. Now we didn’t entertain a lot of clients there. We had a very small team. It was certainly pricey, but there were lots and lots of other business people around. Lots of amenities we were there for seven years and gained so much being part of that community. The third example I’m going to give you is from my personal life. My husband used to love to buy the cheapest grill he could find and every year or two he’d throw it away and buy another really cheap grill. Until finally I convinced him to spend a little bit more money. I think he probably spent two or three times what he had been spending, and he bought the grill that’s still sitting on our deck 20 years later. So when you’re looking at things, yes, yes, it’s always important to look at the financial considerations around something, but it’s not the end all and be all. This is Judi Otton and with GrowthCast and I’ll be back next week with another Fiscal Fitness Tip for you.

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