Nov 26, 2015 10:13 PM EST
There are many strategies that suggest effective management of personal finance for professionals and entrepreneurs. We've complied below some of the most effective and highly recommended action items that every aspiring business owner should follow.
The Street recommends a fundamental strategy about personal finance - knowing the difference between wants and needs.
It says there is nothing inherently wrong with small luxuries and enjoy many of the nonessential things you have but it is also important to separate the wants from the needs.
If one adheres to this principle one's personal finance will be safeguarded and one will not dig into the money from the business to feed impulse spending.
Meanwhile, Forbes advised making debt reduction a priority since it lowers the stress level. It also lowers risk of damaging credit rating which could severely hurt one's ability to borrow the money you need to grow the business.
You can easily do that by focusing on eliminating debt that imposes the highest interest rates and that usually means the credit card debts.
Another way to manage debts is to consolidate multiple loans to allow one to pay lower interest rates, albeit with longer repayment terms.
It may be advisable for those who are not familiar with interest rates to consult or hire a professional.
Forbes also advocates that entreprenuers pay for the best health insurance you can afford, and consider adding disability coverage.
In an example, Forbes illustrates that for less than $30 per month, a 25-year-old non-smoker can buy a $250,000 policy with a 20-year-term with the caveat that the insurance costs increases with age. In a sense, the older you are, the more expensive the insurance becomes. It is imperative to secure one at an early age to keep expenses down.
Statistics have shown that an overwhelming number of startups fail and most of them fail as a result of financial woes.
In Young Upstarts, bankruptcies are reportedly commonplace in the US in 2013 and 2014 with more than 1.2 million filing Chapter 7,11,12 and 13 bankruptcies.
To avoid being part of that statistics, new entreprenuers should learn to manage personal finances well in order to win half the battle when it comes to managing the finances of the business.
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