April 29, 2019
No matter whether you are just getting started in business or are a seasoned business owner, you need to revisit the method by which you are paying yourself. Perhaps, in the initial days of your business, you went through a period of time where you paid yourself only if there was a surplus in the business accounts. However, as your business matures and as cash flows become more predictable, you must gain control of your withdrawals. You need to plan the method and how often you pay yourself from your business.
April 26, 2019
Richard Branson, famous entrepreneur and owner of Virgin Airlines, once said, “Never take your eyes off the cash flow because it is the lifeblood of business.” I agree with that. I would say the same is also true in your personal finances. However, I actually propose that the amount of cash flow which passes through your personal accounts is more important than the cash flow that passes through your business accounts. Therefore, personal cash flow matters to the business owner a great deal.
April 22, 2019
Business owners are a unique breed of people. We are the only people I know who will work 80 hours a week to avoid working 40 hours for “the man.” We have a tendency to pour all of our energy into our businesses. Yet, we often fail to take care of our personal wealth or our personal health. In this newest series – Personal Finance for the Business Owner – my goal is to show you that your personal finances matter more than your business. Yes, your business probably provides you with your personal income. However, what you do with that income matters more than the business that provides you with it.
March 19, 2019
If you’re ready to start saving for your children’s higher education expenses, then you may be wondering where you should put your money in order to receive the best benefit. Thankfully, you have a myriad of investment options for college savings. Let’s look at the most popular.
March 5, 2019
We all have hopes and dreams for retirement — traveling, relaxing, playing golf every day. Personally, I see myself sitting on a beach after a morning of wetting a line (a.k.a. fishing)… basically enjoying the vacation life every day. However, unless you take necessary steps you simply won’t be able to retire to the full lifestyle they often picture in TV commercials and magazine ads.
February 28, 2019
Small businesses are a driving force in American Society. With more than half of Americans either owning or working for a small business, it makes sense to celebrate those hard-working entrepreneurs hoping to make a difference. As a small business owner myself, I understand the struggle so many face, and I’d like to offer this small piece of advice to my fellow go-getters. If you make extra money this year, instead of investing more money in your business, invest it in yourself first. Let “slow money” be your greatest resource when it’s time to wind things down. Let me explain.