Month: December 2018

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Blog Business Cash Management Growth & Capital Personal Ready for Retirement Saving & Budgeting

Financial Podcasts Are A Wise Investment

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Learning about money has to be hard and boring, right? It has to take a long time, and it’s never entertaining. Wrong! Financial podcasts are here to change the way you think about financial education. 

And now is the perfect time of year to find a few new podcasts to add to your playlists. Apple has its ‘best of’ lists out, and lots of other critics are weighing in with their favorite shows. From true crime to sports, to comedy, there are so many podcasts out there to entertain and inform. 

Here are some of our recommended financial podcasts. Make the commute to work a productive trip by giving these shows a listen!

Stacking Benjamins: (https://www.stackingbenjamins.com/about/) An award-winning podcast that focuses on helping listeners build wealth

What Works: (https://cocommercial.co/whatworks/) A podcast about what works to run, manage, and grow a small business today.

So Money: (http://podcast.farnoosh.tv/) A podcast for entrepreneurs who want to take their business to the next level 

The Side Hustle Show: (https://www.sidehustlenation.com/side-hustle-show/) Want to create multiple income streams? This podcast is for you! 

Radical Personal Finance: (https://radicalpersonalfinance.com/) A masterclass on how to achieve financial freedom.

Smart Passive Income: (https://www.smartpassiveincome.com/podcasts/) It’s in the title! This podcast is all about creating passive income. 

Money for the Rest of Us: (https://moneyfortherestofus.com/) Improve your “retirement IQ” by learning about wealth building and investing.

Afford Anything: (http://podcast.affordanything.com/) This podcast will help you to make smarter decisions about your money, time, and life.

Listen, Money Matters: (https://www.listenmoneymatters.com/show/) Their tagline is: This is not your father’s boring money show. Enough said! 

ChooseFI: (https://www.choosefi.com/category/podcast-episodes/) Design a life you love by reducing expenses, eliminating debt, optimizing credit card rewards, and more.

Categories
Blog Business Managing Your Business

3 Fears That Plague Most Entrepreneurs

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To overcome our fears, we must face them head on and find ways to move past them. Because entrepreneurs face common challenges, they also can suffer from similar fears. The 3 following fears will be familiar to most entrepreneurs and business owners. If you have fallen prey to any of these common fears, you can take comfort that other people have felt the same way, and still found a path to success. 

1. Fear of change

Change is unavoidable. The very nature of life is change and business and technology are now changing faster than ever. How can you find ways to embrace change in your business? Does a new innovation or advancement frighten you? Read about it, take a class online or in person. Have confidence that you have the flexibility to meet and embrace change. 

2. Fear of failure

If you are faced with a challenge, instead of giving up because you’re afraid you will fail, try the following exercise:

  • Ask yourself what will happen if you succeed. 
  • Next, ask yourself what will happen if you fail. 
  • Finally, ask yourself how you will feel in 5 years’ time if you don’t take advantage of the opportunity. 

If you decide to move forward, make a plan to prepare yourself if things do go sideways. Instead of avoiding fear, face it, plan, and prepare. 

3. Fear that you’re not good enough

At the root of many fears is self-doubt. I’m not good enough. I’m not smart enough. I don’t have enough education. Why would people listen to me? This negative inner talk can be crippling. 

Stop harmful inner monologues by asserting the opposite. 

I’m not good enough becomes I am good enough.

Why would people listen to me? becomes People listen to me because I am an authority in my field. 

You don’t have to let anxiety and fear hold you back from achieving your business goals. Remember that fear feeds upon fear but backs down when directly confronted.

Categories
Blog Business Cash Management Managing Your Business

Get your Small-Business Finances Organized

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Owning and running a small business can be challenging. There are a million little things to take care of and lots of big things that cannot be ignored. We’ve brought together our 6 top tips to get your small-business finances organized. Follow these suggestions to gain peace-of-mind and to thrive in your business!

1.  Keep a Separate Bank Account

Congratulations! Your business is making money. Now it’s time to separate your business and personal finances. Why is it important to have separate accounts?
  • You appear far more professional to clients and customers when they make a check out to your business name rather than your personal name
  • It signals the IRS that you have a business rather than a hobby
  • It makes doing your taxes much easier. Your personal and business transactions will already be separate.
  • Should you be audited, providing a separate business statement and record provides a clear picture of your business finances.
  • Mixing your finances may result in missed tax deductions, and it will certainly cost you precious time.
  • It’s much easier to keep track of your expenses, cash flow, etc.

2.  Protect Your Business – And Yourself 

Did you know that establishing an LLC or an S-Corp allows you to separate your business identity and finances from your personal finances? This means that should a legal issue arise, your personal assets and property would not be liable. By protecting your business, you protect yourself.

3.  Track Your Income and Audit Your Expenses 

It’s important to know how much you make and how much you spend. There are many ways to track your income and expenses:
  • Spreadsheet
  • Online or phone apps
  • Invoicing or bookkeeping software
You can track your income and expenses daily, weekly, or monthly – whatever best suits you and your business. This is a great way to spot trouble areas in your finances.

4. Eliminate, or Cut Down, on Paper

There is nothing more unorganized than a giant stack of paper! Get rid of clutter by organizing and digitizing your important documents. Save documents digitally then store them. Some information can be kept on your computer or on a separate hard drive, while more important documents should be stored and protected by a third-party secure service. Some documents cannot be stored digitally. Be sure to keep these in a well-organized, fire-proof filing cabinet.

5. Decide How You Will Accept Payments

There are now more ways than ever to received payments, and you want to make it as easy as possible for your customers to pay you. Do you accept credit cards in person? How about online? Does it make sense to set up a PayPal or Venmo account to receive payments? Do you need to be able to accept payments on-the-go directly from your phone? These are all things to consider. Compare and choose the option(s) that have the lowest fees and the most ease for you and your clientele.

6. Put Finance Meetings on Your Calendar 

Many people are reluctant to look at the finances regularly, which only makes it more painful when they have to figure out what their financial situation is. Set a weekly meeting to go over your business finances. These meetings do not have to be long. In fact, they will likely shorten in length once you have a better idea of your financial situation. Once you have made weekly check-ins a habit, set up quarterly or bi-annual meetings with an accountant or tax professional to get an outside perspective on how your business is doing.