SERIES: Fundamental Rules Of Money Management VI
In this series, I have been sharing some thoughts on some fundamental rules of money management that are time-tested and known to be true. If applied, these rules can help you take your finances to the next level.
Rule #6 Your business idea has a much better chance of succeeding when there is a strategic plan and a financial plan.
As a financial counselor, I routinely meet with small business owners who started their own businesses. Some of them have been wildly successful. Others have not had the success that they had expected and desired. There are always a few exceptions, but it has become very apparent to me that individuals who take the time and effort to prepare a strategic business plan AND a “Seed Fund” for their idea have a better chance at succeeding.
A strategic plan includes developing critical milestones that must be achieved and establishing detailed action steps necessary to achieve them. It should also include financial targets that must be achieved for the business to be considered a successful effort.
Having some money available to start the business with is essential as well. I have seen too many good business ideas fail before they could mature simply because the business was too highly leveraged with debt.
And of course, one should always remember Warren Buffets number one rule of money management – “Don’t lose money.”
Are you eligible for the Federal Housing First-Time Homebuyer Tax Credit?
Many 1st-time home buyers have benefited from receiving the Federal Housing Tax Credit. If you are in the market for your first-time home purchase, you should definitely become informed because this credit can be a deciding factor in purchasing your first home!
To find out if you are eligible, you can visit the National Association of Home Builder’s website HERE. The IRS also has more information about it HERE.
Book Reviews: What Everyone Should Know About Money
I am blown away by the book reviews written about my new book What Everyone Should Know About Money Before They Enter THE REAL WORLD.
Check them out:
- Moneymonk wrote about it HERE.
- Keith Tackel wrote about it HERE.
- Cy wrote about it HERE.
- Coupon Girl Confessions wrote about it HERE.
- Tom at RusticTom wrote about it HERE.
- ProBikeWrench wrote about it HERE.
This book is helping us accomplish our mission to help others accomplish far more than they ever thought possible with their personal finances.
Free Samples
Like everyone else – I LOVE A DEAL! I wrote the “I Was Broke” part of my book by always paying full price for items. I was able to write the “Now I’m Not” part by demanding a deal.
I have been learning a lot about obtaining great deals from The Saving Freak.
One way to save money is try out free samples. A good site to check out is Shop4Freebies (link has expired).
Since Jenn and I are expecting a baby boy in early February, I signed up for a bunch of free diaper samples!
Hope you find some deals!
5 Reasons To Lead A Personal Finance Study – Part 5
In this series, I am sharing five reasons to lead the I Was Broke. Now I’m Not. personal finance study at your church or business.
Part 5 Schools Are Not Teaching It Enough
Most people I meet had “one or none” classes that taught personal finances. I personally had one class and it was called “Home Economics”. It was about the home economy, but we only learned how to make no-bake cookies (which we didn’t even put in the oven!).
I am guessing that you would not be excited about leading a group study about calculus or geometry, but helping people with such a practical and potentially life-changing skill set is tremendously rewarding! We can complain all we want about the schools not teaching it, but that does not address the fact that most of us are not still in school and need to learn it now.
Thank you so much for reading this series! You can be a part of this effort by leading the I Was Broke. Now I’m not. Group Study. You can learn more about the study and purchase kits HERE.