October 2017 Blog Posts

  • 6 Financial Tips for Young Adults

    October 27, 2017

     

    Being a young adult is hard. Transitioning to being financially independent is even more difficult. Here are some financial tips that young adults need to follow in order to be financially set for years to come.


    1. Self control

    Credit cards are great for emergency purposes and those “must have” items. But the bill that comes at the end of the month isn’t so great. Even though impulsively buying those clothes or furniture seems like a good idea, waiting to spend that kind of money once you can pay off the bill right away is an even better idea.


    1. Take control of your financial future

    As a young adult, it’s easy to take other’s advice on your personal finances. However, they often don’t truly know your financial situation. Take some time to read a financial planning book or meet with a financial planner. This way you will be ready for anything that is thrown at you.


    1. Know where your money goes

    Whether you are right out of college or in your mid to late 20s, it is crucial to not outspend your income. Making a monthly budget is the easiest way to know exactly where every dollar is going.


    1. Emergency fund

    Most young adults have moved out on their own and start their career. With that being said, emergencies happen and you have to be able to take care of those financially. Once you have your bills sorted out, create a savings account that is only for emergencies. Not only will you be able to access this money in case of emergency, but you will gain interest.


    1. Save for retirement

    It is never too early to start saving for your future. The earlier you begin saving, the more money you will have to live off of when it comes time to retire. Whether you take advantage of your company’s retirement benefit program or save on your own, it’s important to start saving early.


    1. Taxes

    Fully understanding income taxes can be difficult especially as a young adult. When you’re offered a salary at your job, being able to calculate how much of that will go to taxes and how much you will actually receive is important.


  • 5 Tips For Launching a Start Up

    October 13, 2017

     

    Starting a new business can be hard. From setting up business bank accounts to managing your cash flow, it can be tough to get a new business up and running. Follow these five tips when starting your next business.


    1. Cash flow

    Many startups fail because they run out of money. It’s important to know where every single dollar is coming from and going to.


    1. Monitor spending

    Hiring a full time accountant isn’t ideal for a new business. Use accounting software to track your spending in the early stages to ensure you have a steady cash flow as well as accurately fill out your tax documents.


    1. Limit fixed expenses early on

    Keep your business expense low especially in the early stages. Refrain from spending money on high rent and meals. Instead, use the money to help your business grow.


    1. Time is money

    There are only 24 hours in a day. As a new business, any time during the workday spent not working, is time and money wasted. Plan out your day and make sure to allocate enough time to get certain things done. This way, you spend your workday focusing on making money rather than wasting it.


    1. Create financial goals

    Creating realistic and measureable goals are key to startup success. Create daily, weekly and even monthly revenue goals will allow you to track your growth and make changes accordingly to ensure continued growth.


    No matter the business, following these basic financial tips will help your startup stay afloat.