Growing your business, especially growing rapidly, can be a really great accomplishment, but there are dangers when growing too quickly. Here are several traps to avoid to ensure successful growth: Cash flow: Quite often, a small business will have cash flow issues when growing too rapidly. This is due to a delay of getting paid, […]
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The Secret Formula for Financial Happiness
Is there really a secret formula for financial happiness? If so, it would look like this: Income = $100 Spending = $90 Result = Financial happiness Alternatively: Income = $100 Spending = $110 Result = Not too happy financially (at least not for long) Simple, but true. If you like what you just read then […]
4 Low Risk Ways of Starting Your Real Estate Empire
Real estate investing can be lucrative over the long haul, but most people never even get started except for owning their own home. How can you get starting without taking upon too much risk? Don’t sell your home: It is very common for individuals to purchase their first home with little money down and then […]
Is Cash Flow Going in the Wrong Direction?
Cash flow. It’s what keeps every business alive just like the blood flowing through your veins. The irony is that although it is extremely important, it is not managed properly by many businesses, even the successful ones. Here are reasons for common cash flow issues and how to fix them: Problem: delays with receiving payments: […]
Instead of Taking out More Debt, Do This Instead
One of the first ways most people try to cover a financial shortfall is to incur more debt. Whether this is to support a struggling business or even on a personal level. This may be a solution in some cases or may be used in conjunction with other financial methods. However, there is another solution […]
Use the Snowball Effect to Get Better Financial Results
According to the Cambridge Dictionary, a snowball effect is a situation in which something increases in size or importance at a faster and faster rate. It sounds too simple and general, but it is a useful principle that can be used to achieve significant results over time. Practical examples of this are as follows, along […]
Do This to Avoid a Big Tax Surprise
If there is one recurring theme from this tax season that caused the biggest tax surprise it is this: Double-check your withholdings: The withholding tables were revised and many taxpayers were under withheld, which caused them to owe taxes versus receiving a refund. The easiest way to correct this is to see how much you […]
Business Lessons from a Paperboy
I was a paperboy when I was a kid and I also mowed some of my neighbors’ lawns. These are two activities that have become extinct in modern times. I was fortunate to learn some good business lessons from these entrepreneurial endeavors. The value of money : If I worked not only hard, but did […]
Is Your House Really Considered an Asset or Just a Place to Live?
Is your house an asset? Some would say yes, and I am sure that some would say it’s actually a liability. Here are different ways of thinking about your house. Asset: Hopefully your house will appreciate in value over time, but this is not always the case. Because of the often high amount of leverage […]
Some Horrible Ways to Lower Your Tax Bill That are Not Recommended
I don’t think that I ever met anyone that likes to pay taxes. Everyone feels better when their taxes are paid in full with no outstanding balances, but not actually paying them. Sometimes this hatred of paying taxes can go too far and here are a few examples of what not to do: Understate your […]