One of the biggest advantages you can have in your business is your ability to live below your means.
For example…
Up until 2016, I spent very little money on my living expenses…
I drove a beat-up 2007 Jeep Commander…
I paid $1000 a month for my rent…
I cooked almost all my meals at home…
And I did all this despite the fact that I was making between $200k-$700k a year.
With my income, I easily could have gotten a nicer apartment…
Or a better car…
But I didn’t.
Why?
Cause I wanted to live below my means.
I wanted to actually save money…
And not live paycheck to paycheck.
What’s interesting is that even as my income went up, I continued to follow this philosophy.
To be fair, I did increase my spending after 2016 when my income really shot up.
Yet despite that, I still spend WAY less than most people who make what I make.
For example…
In 2021 and 2022, I made around $1.6 million in each of those years.
And even with $1.6 million in income, I still only spent around $220k on personal expenses in those years.
So in comparison to my income, my expenses are still very low.
I’m not spending $30k on private flights…
Or dropping $200k on a Lambo…
I do have a nice house in Austin…
And I like taking vacations to spots like Maui, Cabo and Mykonos.
But other than that…
I live pretty low key.
Which to me is a huge advantage.
I don’t feel like I’m under the gun each month to make a huge amount of money to float my lifestyle.
And if I have a bad month or two, it’s not the end of the world.
So if I had to give you a piece of advice it would be to live below your means like I do.
Especially if you’re on your way “up”.
There’s no need to rush out and buy a baller house, car and whatever else you think you need.
You’re better off saving your money…
And giving yourself a buffer…
Obviously this is not easy to do.
There’s temptation everywhere.
But if you can live below your means, you’ll have a huge advantage over everyone else that is hustling each month just to keep their lifestyle going.
That’s a million dollar lesson right there.
So I hope you take it to heart.
– Justin
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