As a maker/builder; what's the best financial advice you've ever gotten?
Jeff Gardner
7 replies
Standard financial advice almost always skews towards people with a single employer, living in the country of their birth. The PH community is way more interesting than that... It would be great to compile a list here of all the advice and hacks.
All the standard disclaimers apply YMMV, Not financial advice, etc.
Replies
Joan Mateo Duarte 🚀@joanduarte
Always have in your mind your runway. Check those numbers daily.
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@joanduarte Very important – I guess I should have stipulated that I was more thinking about personal finances rather than the finances of the business. Have you ever gotten particularly helpful advice on your personal situation?
The 80/20 rule.
Always find ways to cut costs, since 80% of your money spent likely come from the top 20% of your expenses.
Same goes for customers (top 20% of clients make up 80% of revenue).
Network to get funding.
Most investors buy into momentum, so if 10 individuals pitch a startup to an investor but only one individual has already raised money, hired staff, and developed an MVP, that's the one investors will back. Since individuals with big, opulent networks are more likely to get early support, they are also more likely to get follow-on support.
Always keep a runway of at least one year or more - both for your company AND for yourself, personally!
That way, you won't need to freak out in case of any unexpected financial difficulties.
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How your body changes after the last cigarette 20-30 minutes. Improves blood supply to the limbs. Blood pressure and pulse are reduced to normal levels.
12 hours. The level of carbon monoxide in the blood is normalized.
48 hours. Sensory cells are restored. The sense of smell and taste improves.
After two weeks (sometimes after three months). The circulation is stabilized. The lungs begin to recover. Shortness of breath decreases. Lung function improves by 30%.
One to nine months. The risk of infection is reduced because the cilia of the bronchial tubes have recovered. Shortness of breath decreases. The coughing fits subside. The sinuses are less clogged. Improves the ability of the lungs to self-cleanse.