It’s a scary thought: common money mistakes can jeopardize your wealth and financial health if left unchecked. But if you can identify and avoid these pitfalls, you can be smart with your money, protect your financial well-being, and work toward building a healthy and secure financial future.
Read MoreMoney is one of those topics that can feel a bit tricky to discuss with your kids. How much do you share? When do you start? And how do you ensure they understand the value of a dollar without overwhelming them? Whether you’ve got a toddler just learning about the concept of “more” or a teenager eyeing that first job, talking to your kids about money is one of the most valuable lessons you can teach them.
Read MoreEmployees are the backbone of any business—they’re the driving force behind a business’ operations and long-term success. They’re trusted individuals who are skilled, creative, and dedicated, enabling a business to forge ahead, innovate, and grow.
As a small business owner, you know that the hiring process—knowing how, when, and who to hire—is a critical part of your business. Building the right workforce, at the right time, can strengthen the productivity and performance of your business, and ultimately help you to achieve your vision and goals.
Renovating your home can be an exciting yet daunting task. Should you channel your inner HGTV star and tackle it yourself, or is it wiser to call in the cavalry of seasoned professionals? Whether you’re eyeing a kitchen overhaul or just sprucing up the bathroom, making the right choice can save you time, money, and a heap of frustration.
Read MoreI recently had a heartfelt conversation with a friend who, with tears in her eyes, shared a significant milestone in her life. For the first time ever, she managed to fund her family’s vacation without resorting to debt.
In previous years, she had been caught in a vicious cycle of racking up credit card debt to fund their trips, only to spend months paying it off just in time for the next vacation.
As I joined in celebrating this meaningful moment with my friend, it prompted a moment of reflection on my own journey and the profound impact of managing finances wisely.
Read MoreA personal emergency fund can act as a savings buffer and help you face the unexpected without taking a significant financial hit. “Saving for a rainy day” and having emergency savings can give you peace of mind and offer financial security through uncertain times.
Just as unforeseen events can disrupt your personal finances, your business can also face unpredictable challenges that threaten its financial stability. It’s crucial to have an emergency fund for your business to help provide a layer of financial security — expecting the unexpected and being financially prepared can help your business survive any challenges that come your way.
Read MoreHere’s a tip that we often forget in the rush leading up to the end of the school year:
Plan ahead for the expenses of summer.
You’ll likely be thankful you did — preparing and planning can help you enjoy the season and focus on fun instead of finances. By creating a budget and saving early for certain seasonal expenses, you can make the most of your summer without the stress and worries of overspending.
Read MoreIf you find yourself frantically slashing expenses, racking up debt on lines of credit, or worse, dipping into your personal funds just to stay afloat during the off-season, it's time for an intervention. Your finances shouldn't be at the mercy of fleeting trends. You need to take control and implement smarter planning.
Read MoreWe've probably all been there at some point in our lives — staring at those bills, trying to figure out how the heck we ended up drowning in debt again. Whether it's unexpected emergencies, lack of planning, or just a case of the "I want it" taking over, debt can quickly spiral into a vicious cycle that can leave you feeling suffocated.
If this is you — it's time to break free from those debt shackles and reclaim your financial freedom.
Read MoreOne of the most important (but often overlooked) aspects of running your company is addressing the question, “How much should I pay myself?” It’s crucial to pay yourself regularly to maintain financial stability. The whole point of starting a business is typically to create financial freedom and security for yourself and your family. But it’s easy to get caught up in the day-to-day operations and forget to take care of your own paycheck.
Read MoreKnowing where to stash your cash can feel a bit like choosing your fighter in a video game. Each option comes with its own set of powers, weaknesses, and strategies to maximize your wealth. Some of you might be thinking, "Any old bank account will do, right?" Let me stop you right there. Not all bank accounts are created equal — they come in different shapes and sizes, each with its own set of pros and cons.
Let’s look at some of the most common bank accounts. Getting your cash situated in the right spot can maximize returns, minimize fees, and generally make your money work harder for you.
Let's unpack these traits and see how to incorporate them into your financial journey.
Read MoreSimilar to other decisions you’ve had to make on your own, retirement is another crucial financial topic you must diligently explore to set you and your business up for success.
Small business retirement plans vary in terms of structure, benefits, and suitability, depending on the size of your business and team, your financial situation, and your goals. Choosing the right one for your business can feel daunting, but the sooner you decide which plan is right for you, the better handle you’ll have on your retirement planning.
Read MoreIn their book "The Next Millionaire Next Door," Dr. Thomas Stanley and his daughter, Dr. Sarah Stanley Fallaw, delve into the lives of self-made millionaires, revealing some surprising truths. These "millionaires next door" aren't living flashy lifestyles. Instead, they are hard-working people who share six common behavioral traits (“wealth factors”) that paved the path to their financial success.
Let's unpack these traits and see how to incorporate them into your financial journey.
Read MoreJotting down your goals and visualizing their realization is exciting, but it's merely the starting point. Genuine progress happens when we dig deeper and adopt a mindset and lifestyle that aligns with our goals.
This is where establishing financial intentions comes into play. Our intentions propel us forward, even if we temporarily veer off course from an ambitious goal we've set.
Hiring your first employee is like adding a new character to the story of your business. You want to ensure they're a perfect fit, someone who can help you achieve your goals and take your company to the next level. So, let's jump into the exciting world of small business hiring and the employee onboarding process.
Read MoreEven with the current economy of rising prices, high inflation, and feeling like our dollar isn’t going as far as it used to, Americans are still planning to spend lavishly on holiday shopping, with figures surpassing pre-pandemic levels. And even though they may be more discerning in their gift buying with higher prices and less purchasing power, almost 40% of consumers plan on spending more than they did last year.
Whether you plan on spending as much or more than you have in previous years or stick to a tight budget, minimizing your stress and maximizing your finances can be at the top of your priority list.
Read MoreYou've reached a point where your small business is thriving, and you can no longer be a one-person show. Congratulations! It's time to take that next big step — hiring your first employee. This is a significant leap, and while it might feel a bit overwhelming, we’re here to give you some tips to help make the process more smooth and straightforward.
Hiring your first employee is like adding a new character to the story of your business. You want to ensure they're a perfect fit, someone who can help you achieve your goals and take your company to the next level. So, let's jump into the exciting world of small business hiring and the employee onboarding process.
Read MoreIf you’ve never created a budget before and have no idea where to start, it can feel overwhelming and to be perfectly honest, not much fun. However, helping our clients create their very first budget is one of our favorite tasks because we know budgeting is the launching point of an organized and intentional financial life.
While a budget is not a cure-all for all the financial woes you may be experiencing — in fact, most Americans do have a budget and still struggle with overspending — it’s still helpful to craft and utilize.
Read MoreEnsuring that all of your resources are being maximized to their full potential is an essential part of managing your business well. Time management also helps you adapt to the ever-changing business environment, allowing you to keep up with new challenges and embrace new opportunities.
We want to share some of our favorite time management hacks that help keep our business (and personal lives) running smoothly and efficiently.
Read MoreDebt can be a necessary tool that allows us to accomplish major dreams like getting a college education, starting a business, funding our first car, or purchasing a home. However, some consumer debts, like credit cards and personal loans, are sometimes the result of poor financial discipline and planning.
If you’re struggling with lingering debt and want to know how to get out of debt quickly so you can move on to bigger and better things, we've got you covered!
Most people don’t love the dreaded “B” word. The term budget can conjure feelings of restriction and thoughts of cash envelopes and eating ramen and beans.
Others may think it’s completely unnecessary because they make decent money and don’t struggle with debt. Or maybe others have been previously shamed for being unable to stick to a budget.
The truth is, everyone can benefit from a budget because it’s really just a plan for how you’re going to spend your money. You most likely have career plans, dinner plans, and vacation plans. Why not a plan for how you spend one of your most valuable resources?
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