Spend money to make money—now what exactly does that mean? Actually there is an old saying that “you have to spend money in order to make money.” It may sound like a catch 22—in other words,

you cannot make money unless you go into business, and you cannot go into business unless you have money. But once you think about it, the whole process started before you even began to look for a job. Maybe while you were there, you also held a menial job or two on campus—washing dishes, office work or the like—in order to pay your way through.

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International Money Pile in Cash and Coins
International Money Pile in Cash and Coins (Photo credit: epSos.de)

Where are you going to get the money to pay all these bills? One way might be to apply for a loan, either from a bank or from a friend or relative.

In making this move you will be hoping that you will make enough money from your business operations to eventually pay back what you owe. The down side is, of course, that if you fail you will be faced with large amounts of debt and may even have to declare bankruptcy.

Another way is to find a temporary job with somebody else. Even if you only succeed in getting a menial job, given enough time you can save enough money to open your own business.

You can also invest some of your money in stocks and take out the interest and/or dividends when you need to.

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Spending money intelligently is an indispensable skill for the owner of any business, whatever its operations, size, or structure. The more wisely you plan your budget and stick to it, the more revenue you will earn. Economists speak of the “bean theory,” which can be expressed as follows:

You use the money you earn to buy more goods.

The sales of the new goods earns you more money than you originally paid for them.

In the words of scientology founder L. Ron Hubbard, the result is “so many beans issued to an activity and so many more beans back.”
As an example of an unintelligent way of spending money, let us say you spend $3,200 on a new cell phone on credit.

Not only do you make no money off of it, but the value of the phone decreases over time and you have to pay your monthly bills in addition to the interest on the loan until that is finally paid off.

In terms of the bean theory, you have put in several thousand beans and gotten back none at all. The way to keep yourself from falling into such a trap is to spend only on things that pay “dividends.”

The best thing that you can invest in is none other than yourself—learning new things so that you can improve the way in which you do business. This could mean taking classes at your local university, purchasing self-help CDs or simply going to the library and signing out books on the relevant subjects.

If you start out in the business world with the right mindset, you will know what you need to and never have to worry about this chicken-or-egg question of which comes first, the business or the money.

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