Whether you just started your first “grown up” job or you’ve been working for over 40 years, you should make saving for retirement a priority. When planning for retirement, it’s essential to know that you’re not on this journey alone, and there are many ways you can ensure a growing savings account. Whether you’re on track for retirement or need to catch up, we have the best advice for saving towards retirement that will help you reach your goals regardless of your profession or your current stage in life.Read more
Whether you are young or old, just starting out in the workforce or beginning your retirement, finances are something that every adult has to think about. It can be really difficult to know which financial advice to listen to and which to ignore with so much information out there, and this can be overwhelming at times. But some rules of thumb should be followed because they will help make your financial journey easier. So here are 5 finance tips that anyone can use.Read more
Your finances are important. They can make or break every aspect of your future, so it is crucial that you take the necessary steps to secure your financial future. Here are 4 investments that will help you do just that.Read more
Many successful duos are happily married and run a business together. While there are many advantages to opening a business with your significant other, there are also a few risks and factors to consider before taking the plunge. Here are a few of the most common yet important issues to keep in mind.
The Added Pressure To Your Marriage
When opening a business with your spouse, you need to make sure your marriage is rock solid. For example, if you and your partner already have communication problems within your marriage, you will need to improve your skills accordingly before opening a business together.
Once your new company is up and running, any preceding marital issues will only be exponentiated because you are not just life partners but business partners as well. Before considering this new adventure, have an honest and open conversation about your stress thresholds and whether or not you will be able to resist channeling redirected frustration onto your partner.
You Must Have A Plan B
It is never fun to think about worst case scenarios but it must be done. Before you sign any business loans or start a branding campaign, you will need to ask yourself if you are comfortable dividing your business in a divorce. Or if you are ready to declare bankruptcy should your financial plan not cover your expenses or if your business does not take off in the way you thought it would.
Don’t let this mental discourse dissuade you from pursuing your dreams of opening a business with your partner, but you need to prepare for the worst and hope for the best. What’s more, dividing your business in the event of a divorce does not mean that the business has to close or that it will go under. It simply entails a change to your management style. Remember that creating your plan B will help you be more adaptable and solution-savvy in the future.
Be Ready To Make Sacrifices
Being a business owner is a double-edged sword. You have many advantages such as the freedom of setting your own hours and choosing who you will and will not work with, just to name a few. However, it also requires rather consequential sacrifices that can look like many different things.
You and your partner should ask yourselves if you are ready to give up certain parts of your lifestyles. If you do not have children, you will need to discuss whether or not you will put off having a family. And if you do already have children, you will need to accept the fact that you might miss out on some family time. When managed properly, these sacrifices will seem miniscule and will be worth it in the long run.Read more
Creating your marketing budget is an important part of ensuring your business’s success. After all, the only way you can continue to generate revenue is by attracting more customers. Marketing can be considerably expensive, so ensure you get the maximum return on your investment, you should plan your marketing budget carefully. To help you throughout the process, here are some of the best tips for creating your marketing budget.
The first step is determining how much money you have to work with overall. Before you start adding up expenses that you'd like to throw on your marketing budget, it's crucial that you ensure that the funds are actually there. So, go over all assets, and get a feel for how much money you have to work with. Once you've added it all up, you'll have a better idea of whether you have enough money to do the kind of marketing you're hoping to do. If not, you might want to think of some creative ways to come up with more funds for your marketing strategy. Whether you host an event or look for a new investor, there are many different ways to generate extra funds for marketing.
It's important that you're looking at your key performance indicators such as how many leads you're producing with your current marketing efforts. Doing so will give you a better idea of how effective your current budget is, and where changes need to be made. There are plenty of tools out there available to measure your current marketing campaigns to give you an idea of whether they're yielding the kind of results that you hope for.
A smart businessperson knows that they should always be paying attention to what their competitors are doing. Keep an eye on their marketing strategies, and take note of what’s working and what’s not. Consider whether what they’re doing could fit into your budget as well.
Once you implement a budget and put new marketing methods to use, it's important that you closely keep an eye on your most important metrics. Run a daily report to get a feel for how much ROI your current campaigns are producing. Make adjustments as needed, and don't hesitate to take action. The longer you wait to make changes, the more money you're losing on ads that aren't producing any results.
It's critical that your team stays in close communication to ensure that your budget is going to the most effective channels. If you're limited on funds, it's important that you make every cent count. Therefore, having regular meetings to assess whether your marketing team should shift their resources more in different areas is extremely important for your overall growth.Read more
Starting a new business from nothing is incredibly difficult. If you happen to have some money saved up that you can invest into your own business venture, you might be able to wait awhile before looking for other funding options. But if you’re determined to get your idea off the ground despite not having any money yourself, you might want to seek out other investors before you look at options like business loans. This will require you to have some difficult conversations with those you love and trust, as talking about money is usually something most people find to be taboo.
If you’re going to be having these types of conversations soon, here are three tips for talking with friends and family about investing in your business.
Ask In The Right Way
The way in which you bring up the topic of investing in your business can have a huge impact on how likely that person is going to be to want to give you some of their money.
Depending on your relationship with the person, you might want to give them a heads-up about what you want to talk about before you meet in person. This might include sending an email or giving them a phone call to set up a meeting. Generally, it’s not a good idea to have this whole conversation over email or the phone, unless meeting in person just isn’t possible. But so your friend or family member will have some time to think about how they can help and what they’re willing to give, it’s usually good to let them know what the meeting is about before you get together.
Be Open About How Much You Need, What You’ll Use It For, And What The Risk Is
The more professional you’re able to be when asking for a financial investment into your business venture, the more success you’re likely to find. So before you meet with anyone, make sure you have a firm grasp on how much money you need, what you’ll be using this money for, and what the risk is for their financial investment.
Have A Plan In Place For Repayment
If what you’re really asking for is for someone to make an investment into your business, there’s the understanding that they’ll be making their money back at some point. So while there is always risk involved, it’s wise to have a plan in place for how or when you’ll repay the money they’re investing in you.
For most people, it’s a better idea to plan your repayments based on meeting certain benchmarks with your business rather than trying to shoot for a specific timeframe. This way, your investor can know what the plan is without you having too much pressure put on you for repayment.
If you’re soon going to be asking your friends or family members for some money so that you can get your business off the ground, consider using the tips mentioned above to help you prepare for these conversations.Read more
When you live life with a medical condition that keeps you from working a mainstream job, it can be difficult to keep your finances afloat. Everyone knows you need money to live, and you have to work to make money.
It can seem like an insurmountable challenge, but you still have options. It’s important that you take a deep breath, and give yourself the chance to explore your options. Start now by reading through a few simple tips on what to do when your medical condition keeps you from working.Read more
If you’ve been in real estate for a while but still don’t feel like you’ve found your groove yet, you might be racking your brain for ways to jumpstart your business and find new clients. As part of this, you’re likely also looking for ways that you can bring in some more income, too.
Luckily, there are likely quite a few options for you in this area.
To help you see what they might be, here are three tricks that can help you make more money from your real estate business.Read more
Since the beginning of the global pandemic, many businesses and industries as a whole have had major issues with their supply chain. And while there are quite a few things about your supply chain that may fall entirely outside of your control as a business, there are still others things about your supply chain that you can adjust so that the chances of you running into issues greatly decreases.
To help you see how this can be possible for your business, here are three things you can do to put a spring in the step of your supply chain management.
Work As Locally As You Can
One of the best ways you can eliminate the possibility of issues within your supply chain is to try to work locally as much as you can.
When you’re relying on suppliers or other businesses to keep the wheels turning of your business but those suppliers are half a world away from you, there’s so much time and space in between the two of you where something could go wrong or get delayed. But when you’re working with suppliers who are local to you, or just close to you in location, there are fewer areas where missteps could take place.
While this won’t always be possible, if you can find a way to make it work with a local supplier, you might find that your supply chain is able to become far more streamlined.
Build A Stronger Relationship With Your Suppliers
Along with trying to work with suppliers that are close in proximity to you, you should also be trying to get closer to your suppliers as far as your relationships go, too.
To have a solid relationship with your suppliers, you should seek to support their businesses as much as possible. And once you’re able to build these relationships with suppliers that are great at communication and are reliable for you, if there are issues with supply chain management between the two of you in the future, you’ll have a solid understanding to work from in finding solutions that work for everyone.
Know When You Need Additional Help
The supply chain for a business can be a very complicated thing. And while you might be able to keep track of everything yourself when your business is small, as your company grows, you may find that you need to bring in additional help to keep things running smoothly.
Some of the help you might need could include things like working with a consultant to find areas of possible improvement, getting help with loading and unloading of product, or instituting different inventory tracking systems.
If things have been working less than ideally with your supply chain recently, consider using the tips mentioned above to help you find ways to improve this area of your business.Read more
With the cost of living seeming to rise higher and higher on almost a daily basis, people from all walks of life are looking for ways to save some money and spend their money in a smarter and more productive way. And for many people, this means looking at some of the categories in their budget, like transportation, and finding ways to cut back a bit.
If this is something you’ve been wanting to look into, here are three ways you can begin saving money on transportation costs.
Ride Your Bike More Often
Regardless of the form of transportation you ordinarily use, whether you drive your own vehicle or take public transportation, you’re likely having to pay some amount of money each week or month to keep using that transportation. But if you had a bike, you’d only have to make the initial purchase of the bike and then pay for small repairs as they became necessary. This means that you could be saving literally thousands of dollars each year if you chose to bike when possible rather than taking other forms of transportation.
Keep in mind, however, that you’ll only want to bike often if you can safely do so. Having to pay hospital fees from crashing your bike or getting in a biking accident can get expensive, too, so be smart about when and where you choose to ride your bike in order to save the maximum amount of money.
Find A Trustworthy Mechanic To Work With
For those who are stuck with driving their own car to get where they need to be, there are still plenty of ways that you can likely save money based on what you’re spending now on transportation.
When your vehicle is properly maintained, you’re able to save a lot of money because your car will be running more efficiently and will be able to avoid big mechanical failures. But in order to do this, you have to have a mechanic to work with that you trust to do quality work. Otherwise, you might spend money on fixes that aren’t necessary or aren’t done right and will require more work in the future.
Use Cruise Control When You Can
Your driving habits can have a big impact on how much money you’re spending at the pump each time you fill up.
To save top dollar here, you may want to slow down when you’re behind the wheel and consider using cruise control whenever possible. Both of these strategies will keep your car from pumping on the gas or the brakes too often, which can tank your fuel economy and have you using far more gas than is necessary.
If you’re wanting to cut back on how much you’re spending on transportation each month, consider using the tips mentioned above to help you find some actionable ways to do this.Read more