In episode #584, Eric and Neil explain why spending lavishly on business expenses is worth it. Tune in to hear what you should be spending your money on!

TIME-STAMPED SHOW NOTES:

• [00:27] Today’s Topic:  Lavish Business Costs that Are Actually Worth It
• [00:38] Masterminds, which can cost $20,000/year, allow you to build great relationships with high caliber people.
• [01:22] If you have extra money, fly Business or First Class, because you can meet really interesting people who are valuable to network with.
• [02:35] Attend and speak at conferences.
• [02:49] “Brain Dates” at conferences allow you to speak to people you normally wouldn’t have the chance to speak with.
• [03:20] Even though they are expensive, it’s worth the splurge for the networking.
• [03:34] Spend a lot of money on your team.
• [03:45] Richard Branson told Neil, “You don’t build a big company without the team; it’s the team that makes the company. Don’t forget to take care of your team members.”
• [03:58] Gifts, bonuses, and perks like free lunch keep team morale up.
• [04:32] When you invest in your team, they will stick out the hard times.
• [05:15] Think about what your core values are and figure out how to help your team better their skills.
• [05:53] Consider nice clothes and expensive watches, which gives you the appearance of success and changes the way you are perceived.
• [06:22] Neil spent thousands of dollars on clothing and accessories and his business relationships improved.
• [07:10] Eric and Neil agree that credit card fees are worth it, because of the benefits and leeway they provide.
• [07:30] Spend lavishly on dinners! Take care of your guests and don’t cheap out.
• [08:05] That’s it for today!
• [08:10] Go to Singlegrain.com/Giveway for a special marketing tool giveaway!

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