I have a 1994 BMW 525i with 220K miles on it. I bought it used in 2002. I've had it so long that it has gone from "old" to "classic". I love it and represents something that is important on my entrepreneurial journey. Sacrifice.
I haven't had a car payment in 15 years. I see all those car payments and small investments in Sloane. Google ads. Inventory. Photo shoots. A nice fancy new car has an opportunity cost.
When you start a business you have to sacrifice.....a lot. Saying that you're founding a company and also have a nice house, nice car, go on over the top vacations and are a member of a country club just isn't a reality. Many people often can't fulfill their dream to start a company because their money is tied up.
There have been plenty of times where I thought it would be great to have a new car. I actually LOVE cars. I've loved them since I was a kid and dreamed of having something new and cool. I've had to push that dream to the because my Sloane dream is greater.
My BMW is just one example of the sacrifice I've had to make. I am a book called Peak by Chip Conley now. He was an innovator in the boutique hotel industry in the Bay Area. He said he went years without taking a salary when the economy tanked in the .com bust. YEARS! He said he had to borrow money from friends to make end meet. He went to Stanford undergrad and MBA! Can you imagine what that must have been like?
My BMW is a source of pride for me now. It's a great car and shows my commitment to Sloane. I don't care what other people care about my car. It's embarrassing sometimes because it's not in perfect shape anymore. A couple of the window no longer work. Whenever I get embarrassed I just think......is this embarrassment worth a $400 car payment? The answer is always no!
If you have desires to start a business make sure you save your money and think long and hard about longer term financial commitments. Those commitments could hamstring you and not allow you to have the money to get your business off the ground.
Pick wisely as you choose between what you WANT and what you NEED. I want a new BMW, but I NEED Sloane to keep progressing forward.