"I have an app on my phone and it reminds me 5 times a day that I’m going to die,” is exactly what one of my friends told me recently. I stopped and thought about what she said, coming to the conclusion that I didn’t find it morbid. In fact, I think it’s a little weird that we don’t talk about dying more often; that we go around living our lives, putting things off as if we have all the time in the world.
Read Morepersonal finance
How to Stay on Top of Your Business Finances: The Weekly Checklist /
My favorite dad-joke about being a freelancer or small business owner is how we end up getting jobs that we never applied for.
No matter what you do, when you first start out, you do it all. You’re the head of marketing, the VP of sales and the director of finance.
If you’re in business, and you’re a little lost on what you need to be doing to stay on top of your finances, here are the things you should be looking at every week to make sure your business will be sustainable in the long run.
Read MoreFocus On Earning Money /
Saving money is important. So is not spending more than you earn. And so is understanding the implications of big financial decisions like taking on student loans or a mortgage. All of these are crucial for long-term financial sustainability.
But one huge piece of the equation that not a lot of people focus on is the earning money part. As you can imagine, I spend a lot of time thinking about this concept.
Read MorePractical Principles: Ten Meditations on Finance /
I’ve been spent the better part of the last four years thinking about both the small and massive role that money and finances have in our lives, from the global economy to our everyday choices.
The following principles I’ve written goes beyond the standard practical information I tend to put together. These are things I find myself regularly thinking about often sharing. They are the things I’ve learned through my work helping people and from my annoying curiosity about where our lives intersect with the financial and economic world.
Read MoreHow to Save for Taxes /
Disclaimer: I am not an accountant and this is not tax advice. There are different methods and strategies for saving for taxes. This is one I’ve found to be very simple.
If you’re tired of being totally freaked out about owing taxes because your business earned money, listen up. Instead of being unsure about how you’ll pay your tax bill, you can get ahead of the curve by saving for your taxes as you earn income.
Read MoreHow to Care About Your Finances: Schedule Finance Time /
The world of finances is wide and deep. From building a budget to understanding insurance and everything in between; it can be intimidating. Jumping in all at once can result in a harsh flop followed by a defeated retreat.
Read MoreHow to Be "Financially Responsible" /
How to Be Financially Responsible | The Basics of Financial Responsibility
One of the most frequent financial struggles that people talk to me or email me about is having trouble being "fiscally responsible".
When it comes to doing the things one ought to do with their money, according to what I've learned from the industry and society at large, we fall short in a few common ways. Most people have trouble saving when you know you should save, curbing spending on bull shit that you don't need and understanding how the financial markets and economics. I get it. I make weird choices too. A lot of us do it because we're emotional creatures that act on our feelings.
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What Is Venture Capital Funding? Is It Right for Your Business? /
What is venture capital?
Venture capital (VC) is funding given to businesses from investors.
It’s called venture capital funding because it’s funding from the specific investors known as venture capitalists.
Investment from venture capitalists can be more than money. In addition to cash, VCs often invest in the form of technical or managerial expertise. It’s not their first rodeo, so they can impart some wisdom.
Read MoreWhat Is a (Business) Line of Credit? /
Lately I’ve been working with a lot of small businesses that are growing rapidly. It’s awesome to watch this unfold, but one thing I’m learning quickly is growth comes has a cost. Whether you’re selling products, providing a service or manufacturing something, in order to grow, you need to invest in the business.
As I’m sure you’re painfully aware, business doesn’t happen in a neat timeline. Cash flow timing issues are very real. For example, there’s the furniture designer who is bringing on more staff, expanding to be a bigger storefront and signing new accounts. There’s the retailer who needs to make a purchase from the manufacturing company and the larger order comes at the best price. And then there’s wedding photographer who needs to pay her tax bill during the slow season. A line of credit may be an option to help bridge the gap.
Read MoreUnderstanding Credit Card Balance Transfers /
A balance transfer is when you pay off a higher interest credit card with a lower interest credit card. You're transferring the balance from one credit card to another. A lot people use this strategy with their personal finances to get out of credit card debt. Credit card companies will often advertise balance transfer deals where no interest will be charged for a certain period of time. For example 0% interest (APR) on balance transfers for 12 months. Sounds like a pretty good deal, right? It can be, but there are some things you should know before making the transfer.
Read MoreHow to Price Your Services /
If you work for yourself or dream of working for yourself, I'm sure one of the motivating factors is to make a profit. Making a profit can depend on a lot of different factors. Some of those factors are outside of your control like the market and the competition. You can move the needle on other factors like leadership, management, location and the number of locations. But one of the most important factors that have a direct impact on your profit is pricing. Pricing is how much you charge for your service.
Read MoreUnderstanding Student Loan Consolidation /
Alright, student loans. These wonderful and horrible tools that allow people who can't afford an education to pay for one by simply mortgaging their future. Ah, the American way. If you're one of the unlucky and you've been avoiding doing the leg work and mental work when it comes to consolidating, this is for you.
Read MoreWhere Are You At? The Mid-Year Financial Gut Check. /
If our calendar year could be compared to a basketball game, we're at about half time. Halftime is a chance to pause and reflect. What's the score? How is the other team playing? How are you playing? You probably went on the court with an objective. Maybe the objective is to win. Or maybe the object is to not lose by 30 points. Whatever the objective is, now is the time to take stock of the score, your performance and how you can make adjustments to finish strong.
Read MoreShould You Buy or Lease a Car? /
The decision to buy or lease your car means finding the balance between what fits into your lifestyle, what you value and what makes economic sense.
Putting too much weight on one of those variables can put you in a less than ideal position. For example, not considering the economics and only considering your lifestyle and what you want could look like you buying a car that you can't really afford.
Read MoreWhen Is Renting Better Than Owning a Home? /
Be discerning. Question assumptions and conventional wisdom. Don't just assume that tax benefits benefit everyone. Run the numbers. Think for yourself.
Read MoreHow to Earn Money /
Whether you're in business for yourself or working for the man, the woman or the big faceless corporation, the principles of how to earn money are the same. Understanding these principles and applying them consistently are key. Progress comes from consistency.
Read MoreHow to Get Out (and Stay Out) of Tax Debt /
If you owe taxes to the IRS, but you don’t have the money to pay them, it can be an overwhelming feeling. That sucks. But the good news is, you can totally come up with a plan to pay it off. The IRS is good like that. As scary as their certified mail notices can be, they definitely want you to be able to settle up with them.
Read MoreHow to Save: Start Small and Think Big /
If you’re trying to pad a savings account (or multiple savings accounts), it can be daunting and overwhelming. The first thing you need to do is figure out how much you need to save.
Read MorePayroll 101: What Is Payroll? /
I scream, you scream, we all scream for payroll!
If you're an employee who has ever gotten a paycheck, getting paid is a pretty awesome feeling. As an employer, payroll is pretty damn costly. It tends to be the biggest expense for most businesses and not just because of the actual cost of salaries. There are taxes too. Payroll can have complexity and any missteps may cost you. According to an IRS report, roughly 40% of small businesses incur an average of $845 per year in IRS penalties for errors with payroll tax filings and payments.
Read MoreThe Minimalist Guide to Finances: Automate Everything /
I was sitting down with a client and friend yesterday and she was talking me about how she finally decided to automate most of her life. Amazon will automatically ship household goods each month, the staples she needs each week for groceries will be sent automatically, and her paycheck gets split amongst different accounts as soon as she gets paid. The first part of her rationale was since the technology exists so we may as well leverage it. The second part of it was her realizing she didn't need to involve herself in all the tedium of her life.
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