Entrepreneurs On A Budget Are Living In Luxury: How Do They Do It?

Can you live in luxury on a budget? Yes. Living a luxurious life has more to do with your choices than it does dollars spent. If you’ve been wondering how some entrepreneurs are able to live in luxury, now you know. Here’s how they make it work:

How Entrepreneurs Are Living In Luxury On A Budget

1. They don’t spend money frivolously

Not spending frivolously while building a business is the foundation for financial success. Entrepreneurs who keep only enough cash on hand to survive are more likely to generate the funds necessary to add luxury to their lives.

When an entrepreneur wants a non-necessary big-ticket item like a smart home security system, they won’t put it on their credit card. They’ll save a portion of their income until they can pay for it with cash. This way, they aren’t spending money they don’t have, and they’re not spending funds allocated for other purposes. With this habit, they can buy just about anything without going into debt to get it.

2. They downsize their living arrangements to save money

Entrepreneurs on a mission to be successful have multiple methods for saving money, including downsizing their living quarters. Some rent a room from a stranger, while others sell their house and move into an apartment.  

A handful of entrepreneurs move into a luxury apartment for several reasons. The most important reason is that they understand the importance of being in an environment that reflects success. Renting the cheapest apartment on the block isn’t going to do that.

Even though some luxury apartments can rent for the price of a mortgage, there are several advantages to making the switch.

There are no property taxes, you’re not responsible for repairs or maintenance, and you don’t have to worry about the value of your property fluctuating. You’ll get amenities you didn’t have in your home. For example, the Brookstown apartments in Winston-Salem, NC provide tenants with energy efficient appliances, oversized windows, walk-in closets, and breathtaking views of the city.

In an apartment, you won’t have to do yard work or clean as often, giving you more time to work on your business. Less space equals less mess, period.

3. They incrementally add luxury to their life

Entrepreneurs don’t create a luxurious life overnight; they slowly add luxury to their daily lives. One of the first things most entrepreneurs do is buy a comfortable bed. There’s no reason to sleep on an air mattress on the floor when you’re an entrepreneur. You need a good night’s sleep, and a comfortable bed will support you on all fronts. There’s no reason to sleep on an air mattress on the floor when you’re an entrepreneur. You need a good night’s sleep, and a comfortable bed will support you on all fronts.

After acquiring a bed for a good night’s sleep, they’ll buy the simple things they’ve been depriving themselves of. For instance, they’ll upgrade their laptops and get a desktop computer. They’ll get a second monitor, buy some ergonomic office furniture, and set themselves up for success.

Another way entrepreneurs add luxury to their lives is by purchasing specific appliances for their health routines. For example, some purchase equipment to work out in the garage or a spare room. It’s cheaper than a gym membership in the long run, and eliminates all travel time. Health-conscious entrepreneurs with a morning breakfast routine might invest in a high-quality blender, juicer, and coffee maker.

Every entrepreneur has a personal definition of what it means to live in luxury. If you want to upgrade your life, consider what will add value to your day. Forget about expensive watches and fancy clothes if those things aren’t important to you. If soaking in the tub for an hour and drying off with an expensive spa-grade towel makes you feel luxurious, then buy yourself several bamboo carbon spa towels. Buy a soaking tub if you don’t have a big enough bathtub. Focus on adding elements of luxury that matter to you.

4. They don’t save up for private jets and Ferraris

Even if owning a Ferrari is an entrepreneur’s dream, they don’t create a Ferrari fund until their income reasonably supports the purchase. Otherwise, they’d buy the first mechanic’s special on Craigslist and end up never being able to drive it.

5. Prioritize your desires and don’t be a scrooge

Adding luxury to your life requires prioritizing your dreams. If you want to own a Ferrari, but your income doesn’t yet support it, keep it in mind but don’t throw money toward it until you can truly afford it.

On the flip side, don’t be a scrooge with your money. Let it flow where it’s needed. Allow yourself to buy the things that make you feel luxurious in your home. When you’re surrounded by pleasurable sights and comforts, you’ll do your best work. When you’re financially successful, then you can buy that Ferrari.

Top 5 Personality Traits Of Successful Entrepreneurs

You have often been buoyed by the success stories of many entrepreneurs and often wondered whether you have that killer instinct in you to make that cut and be a success, aggressive and pioneering personality. Is it sheer technical know-how or luck that made a Bill Gates out of a college dropout? Did Steve Jobs make Apple happen only on the basis of a whim? Recent research indicates there is more to this story. In fact, there are certain personality traits that go a long way in creating that fine line of distinction between a successful entrepreneur and mere dreamer.

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Personality Traits Of Successful Entrepreneurs

Personality Traits Of Successful Entrepreneurs

1. Congeniality

Running a successful business means you need to deal with a whole lot of people on a daily basis and not everyone will be your type. A successful entrepreneur is often one person who kind of always knows the appropriate way of dealing with people and never loses cool. This trait also means that they are essentially easy going individuals and relatively more tolerant than most others around them.

They do not get frustrated or excited easily and generally remain enviably calm even amidst adversity. You might argue that easy going people are often also those who are not driven by passion. Yes, it is possible that every easy going individual is not a successful businessman but one successful entrepreneur is undeniably easy going, at least in terms of people matters. A smiling disposition, helpful attitude, being politely assertive and never losing focus of their goal despite all their pleasantness go a long way to transform a dream into reality and make it profitable as well.

2. Not Rigid

Another connected behavioural trait is the openness to accept change, try out new experiences and being open to the idea of an uncertain end to start of with. This trait not just boosts the creative element for an entrepreneur but also drives them to try out new things, learn from new experiences and continuing their quest to make something new, build something unique, innovate and improvise.

Often the Zeitgeist of their times, most successful entrepreneurs are driven by the passion for doing something which no one tried henceforth, chart territories that have been hitherto avoided and bring in innovation that proves to pioneer not just in their conception but also their overall purpose that they go on to serve. This unique trait also improves their overall efficiency at work and makes them far less conservative than their peers. More efficient execution, of course, paves the road for a far more successful business output.

3. Extroverts

If you visualise a successful entrepreneur no doubt that the image that comes to your mind is that of flamboyant, gregarious and outgoing personality like Richard Branson or cool conversationalist like Bill Gates. So what is that one common element in their characteristic trait? Well, they are both outgoing people. They can easily establish communication with almost anyone and never find it too difficult to break the ice or get a conversation going.

It is not just about striking a great conversation. What I am hinting here is that a successful entrepreneur doesn’t just dream big but also has the right amount of communication ability to convey his dreams and ideas to his team in a way that they can execute it as smoothly and turn it into good business as easily as he envisaged them in his or her mind. Often their outgoing nature is what makes them extremely popular and people tend to accept not only those type of individuals more easily but also their suggestions with equal alacrity. They have a unique ability to press for what they need without sounding rude or arrogant and they can easily get the most problematic individuals to warm up to them in a matter of minutes. Their extrovert behaviour also gives an image of a transparent and honest person and this in many situations comes in handy, especially in resolving people to people issue.

4. Self-Confidence

Something that I mentioned right at the beginning of this write-up. You might have many fancy dreams but what helps you in executing it most appropriately. One simple answer is believing in oneself and never saying ‘no’. Successful entrepreneurs are never the type whose thinking constantly gets clouded by self-doubt and who is never sure of the what, how and whens of whatever they are doing. In a recent interview with CEO of Coupon machine, he said “People with self-confidence will worry about the consequences and confidently move ahead with their plan. They are mentally prepared for the worst outcome but physically put their best foot forward to get the best possible result. Self-confidence is also the primary catalyst that drives passion and makes dreams executable. It gives the entrepreneur the physical ability to push through and garner maximum returns from any initiative that they undertake.”

5. Extreme Focus

A successful entrepreneur is jovial, happy go lucky, conversational but at the core of all this is a deep focus and determination which helps them to achieve whatever they do. They pursue most of their ventures with single-minded dedication and never stop short of their ultimate goal. They never lose sight of the target and will go to any length and any amount of physical exertion to finally achieve it. Many times it becomes the primary attribute or personality trait that drives everything else and all their success. Without the focus, determination and strength of character and individual would be incapable of dealing with adversity or any failure enroot to their eventual success.

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Conclusion

All in all, it would not be wrong to say that a successful entrepreneur is also an individual who has an innate sense of timing, calm, conversational and extremely pleasant. They just do not dream big but also know the road to realise their dreams is often thorny and they have to keep their calm to get the maximum benefit and make a successful venture. They will always put up a spirited fight and know just the right away to deal with even the most difficult propositions.

MIT Associating With Mint To Host The Emtech Conference

The Emtech Conference is a 2-day conference that is going to be conducted in India by MIT in collaboration with Mint. The conference brings together the world’s most innovative speakers and highly influential leaders, passionate change makers and inspired entrepreneurs.

Celebrate the Spirit of Innovation and Entrepreneurship

The Conference is a step towards reaching out to those who are driving the next generation of technological breakthroughs, as the world’s most influential leaders and innovators come together to create a convergence of technology, business, and culture.

MIT Associating With Mint To Host The Emtech Conference

What do we think is the best part of this conference – they are on the hunt for 10 innovators under the age of 35 from India who exemplify the spirit in business and technology! More power to you – definitely!

Why jump on it?

The conference will be addressing serious global issues, transforming ideas, and debating possible solutions. The combination of the MINT and MIT technology review definitely promises to amaze as it brings a great for passionate innovators to share their ideas. Technology enthusiasts and innovators will receive an amazing platform wherein they can display their skills by nominating themselves in the “Innovators under 35” program. This gives them a chance to talk about their expertise before top notch leaders. The event organizers are also engaging with tech startups, tech innovators, researchers, tech geeks, academic scholars, research and development teams, science events and so on.

As tech enthusiasts, we just can’t wait to see how this awesome event unfolds. We are all geared up to witness the numerous dimensions of entrepreneurship, and out-of-the-box ideas that this event promises to explore. As this is an open event, which will undoubtedly inspire more people will be taking part in it. We would strongly recommend aspiring entrepreneurs to participate as it’s tough to find a brighter stage to display your talents.