I still remember our conversation.

"Paul I'm thinking about knocking down that wall."

Paul looked at me and said, "John do you really think it will make you more money?"

That answer was a wake up call. My decision was based more on ego, than it was on sound money management.

I'm still thankful I never tore down that wall.

Every dollar you spend, must bring back more than a dollar in profits.

If you break even, you've lost money. You have a hole in bottom of your bucket.

You must save money in your personal life and in your business venture as well.

The next time you're ready to spend money on a product or service, ask yourself; "Will this make me more money?"

If answer isn't a resounding yes, put your credit card away. Make decisions based on profits, not ego.

Employees of large corporations for most part always had ability to borrow from their 401(k). Now small business owners, such as freelancers, consultants, and entrepreneurs, who have left corporate world also have that choice. They can borrow up to lesser of $50,000 or 50% of balance in their 401(k). A Solo-Owner 401(k) plan gives small business owners opportunity to defer up to $40,000 per year in a tax deferred retirement plan and flexibility, should they ever need it, to borrow from their retirement funds.

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