There are many maxims on how to make and save money, but media mogul Edward W. Scripps has some that are a little unorthodox.
Scripps began building his media empire in 1878. Now, it encompasses newspapers, broadcast television stations, cable networks, and, along with other media enterprises, it spans many states.
Scripps was very keen on ethics and keeping his money, business and life in balanced perspective. In his life, he followed a 23-point code of conduct which he detailed in his essay "Some Outlandish Rules for Making Money."
Here are some highlights:
Never spend as much money as you earn. The smaller your expenditures, the larger your profits. If you're always just breaking even, you're setting yourself up for trouble. Any bump in the road could spell disaster.
Never do anything today that you can put off until tomorrow. This may sound like procrastination, but there are always too many things to do in a single day. It is important to prioritize and to apply your time and energy only where it's needed. You may even find the things that are not worth doing today are not worth doing at all.
Never do anything yourself when you can get someone else to do it for you. This may sound like laziness, but when you delegate tasks to others, you are able to focus on the things only you can do -- and do them well.
Never do anything that someone else is already doing. Why compete with anyone else when you could have a monopoly in a different field? Find a need within your community that isn't being addressed, and design a service to take care of it. If something compels you to compete in a market, make sure that what you are doing is different in every way possible from your competitor.
Never do the same thing twice. There is always a better way of doing something. Make sure that every time you succeed, you try to find out how to make the next round better. This will keep you ahead of any competition, keep you on forward-moving track, and your customers will appreciate the effort.
If you're succeeding, keep the "how" and "why" under wraps. If you share your key to success, someone else can try to copy your formula. It's better to keep your best hand a secret.
Save money. No one can save themselves rich, but savings are capital. Capital can transform into security, investments and additional opportunities.
Thinking should be the hardest work you do. With a business, each decision should be carefully examined. Success brings more questions and requires sharper thought to continue growth. Push yourself to question conventions and examine your business and finances at all times.
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