There is one time that I was out for dinner with the Dragons that really sticks in my mind. We’d gone to a restaurant after filming Dragons’ Den and were ordering sharing plates.
The last dish to arrive was a beautiful bit of steak, which I’d spotted on the menu had cost £72. But we were so full by that point, we barely touched it.
I couldn’t help myself. When the waiter came to take the plates, I asked him to box up the steak for me to take home; I’d have it for lunch the next day.
I was a bit embarrassed, but it felt like a waste. All I could think was: “There’s about £60’s worth of steak on that plate.”
Old habits die hard, they say. But it’s habits like these that have got me to where I am today. The most successful people in business, and in life, still live by the same habits they did before they made their millions – and that’s what keeps them wealthy. Here are mine:
Wait 24 hours
You know what it’s like when you get wrapped up in the moment – you’re on holiday and want to book the next one, you’ve seen your dream car on a special offer. As someone who has worked in sales for over 20 years, I can tell you that we are trained to pull at that emotion and get you to buy now.
But quite often, once you’ve taken some time to reflect, you think: well, did I really need that? So my golden rule is to wait at least 24 hours before making any non-essential purchase. It’s amazing how often you’ll end up not buying it.
Reinvest before you reward yourself
In the early days of my business, any profit we made was used to buy stock, because the only way we could get bigger was by reinvesting that money back into the company. Only after that can you reward yourself.
Once we’d reinvested enough, I used some of my money to pay off my mortgage. The same principle works in your personal finances. If you want to grow your wealth, you can’t just spend all of your money – you have to invest in yourself first, and treat yourself later.
Negotiate on everything
A lot of people feel really uncomfortable negotiating or asking for a discount. We’re often happy to negotiate in business and in the workplace, but it’s a great skill to take through to your personal life as well.
This is something I learned growing up in our family shop, which sold wallpaper and paint, where loyal customers often asked for (and often got) a discount. It’s harder to go into a shop and ask for money off these days, but you can still do it on everything from your TV package to your mobile phone.
After all, what’s the worst that can happen? They might say no, but they’re not going to think badly of you. They’ll just think you’re a bit cheeky – up North, we call it being canny.
Buy once, buy well
When I got married 19 years ago, someone bought my husband and I a really good quality air fryer. That appliance changed my life, and it lasted 15 years. When it finally went, I bought a cheap replacement. And since then, I have to buy an air fryer every year or so.
Buying cheap goods is a false economy. But I’ve learned my lesson. When I needed a new hairdryer, I bought a Dyson. At the time, I was thinking: “Oh my god, who spends this amount of money on a hairdryer? It’s just a hairdryer.”
But, you know what, it was a great decision. If you can afford to buy one thing well and it lasts you, you’ll save in the long run.
Stick to a schedule
In the business, we do an audit every six months looking at all of our costs and reassessing them, asking: do we still need it? Is it still good value? And this is good practice at home as well.
I do this with everything from subscriptions and apps to my clothes; every six months, go through it all, see what I still need, and clear out anything I don’t.
A prime example is my Peloton membership. I haven’t sat on the bike for two years. If I’ve not used it by the time my next personal audit comes around, I should cancel my subscription.
Use debt properly
When I passed my driving test, I needed a car but couldn’t afford an expensive one. I stuck with my little 1.8 litre diesel Ford Fiesta that I bought from the auctions until I could afford a Citroen Saxo, because I refused to take on debt for something that was just a “nice to have”.
Debt should only be used for growing something, not for wanting something. When people come to me for investment, I want to know they’re going to use it to invest in something that will create growth. The businesses I back, both on and off Dragons’ Den, are the ones that have a plan and are investing the money to grow.
It’s the same in your own finances: if you need to take on debt, it should be to grow – whether that’s to start a business or to buy a house – not because you want a new car or a handbag.
These might sound like simple steps, but layering good habits on top of each other is the secret to long-term success, whether you’re running a business, investing your pension or managing the household budget. Do it for long enough and they become ingrained.
The most successful people I know still keep to the same habits they had when they were on their way up. Although maybe they don’t all ask for a doggy bag when they leave a restaurant.
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