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3 Pieces of Personal Finance Advice for Entrepreneurs

Back in the early 2010s, once I had established myself over the first half-decade or so of my career as an entrepreneur and go-to-market executive, I knew I had to evolve my view on personal finance and wealth creation. At that time, my paper net worth (with Dyn and my angel investment and advisory portfolio) was on solid ground, and I had gotten myself into enviable territory. But I needed to reset, professionalize and think bigger!

In my career, I had always operated with two core mantras:

  • Be loyal.
  • Play the long game.

It was time for me to take an important step that all entrepreneurs should take regarding their personal finances: to start thinking about compounding my impact on my community and network, and to start thinking differently about success and wealth creation. In short, to start planning for the future.

So, I solicited candid personal finance advice, and these three tips have stuck with me ever since.

A successful business operator turned venture capitalist once said to me:

“The moment you start treating your personal finances like a business is the moment you’ll start seeing your net worth skyrocket.”

Another piece of sound personal finance advice came from my personal CFO and financial advisor, Phil Swisher, who told me:

“You need to maximize the Dyn halo while you can, before someday you’re just another old guy in New Hampshire with money. Now is the time to capitalize on your reach, reputation and network.”

One last piece of advice came from an angel investor friend who said:

“Invest the money today that five years from now you won’t care about. It’ll keep you one step ahead.”

Two out of three of these mentors/advisors are now investment partners and advisors for York IE. The third, we’ve done several deals with and is a co-conspirator like the others to this day.

The lesson from all three regarding personal finance for entrepreneurs: Evolve your perspective, seek counsel, absorb it, make it your own, move the goalposts and put your new reality into practice. Oh … and always be loyal and play the long game!

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