More Ideas To Deal With Money Issues In The Family

June 24, 2012 9 Comments


wealthymatters,comHere are a few more tips for dealing with money issues in the family.You can find more in an older post here: https://wealthymatters.com/2011/04/12/dealing-with-savers-and-spenders/#more-1285

1)Set a limit on how much each person can spend without checking in with the others.While may be  restrictive, in reality it is a display of respect towards other family members.
2)Before taking on any new debt, such as a larger mortgage or a new car loan, save the amount of the future payment into a savings account for at least six months. If you can consistently save that much for six months, you can realistically afford the purchase. Better to know in advance the sacrifices you will need to make than have buyer’s remorse after the fact.
3)Build and keep an emergency fund for unseen expenses or events such as a job loss. The last thing you need when going through a difficult transition is the stress of worrying about money.

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Getting Investors For Your Start-Up

June 24, 2012 Leave a comment


wealthymatters.comAt its heart, a startup investment is an investment in the entrepreneur. And the earlier stage the investment, the more so this is true.So how does an entrepreneur, just starting out, with little or no track record gain the credibility necessary to attract capital ? They gain credibility in two ways — they borrow it and they demonstrate it.

Borrowed credibility runs on the same principle as guilt by association. If entrepreneurs surround themselves with people who have credibility, they gain credibility themselves. In the business world, reputations are paramount. As a result, when well-respected individuals vouch for an up-and-comer, it is meaningful. There are lots of ways someone can vouch for you as an entrepreneur.(1) They can provide services to your company (awesome lawyers, accountants, recruiters, etc. are in great demand — if they work with your company it means they were willing to bet on your success). They can lend their name to the company as an official advisor (ideally you will be able to clearly explain how they are working with your company other than merely lending you their name).(2) They can invest in the company (if industry experts or startup/product/marketing gurus invest in your company, it is a huge vote of confidence in what you are doing). Read more of this post

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Why Buy An Existing Business ?

June 24, 2012 2 Comments


wealthymatters.comOnce you have made up your mind to enter a certain line of business , the next question  is whether to start a new one on your own or buy an existing business. Both options are doable. Yet, buying an existing business might be an easy way out. Here are the advantages of selecting this alternative:

No waste of time and effort:You are spared the time and hassles of getting approvals and licenses.

Ready-made systems:  When you buy an existing business you get  employees with on the job experience.They are familiar with purchasing,marketing, selling, billing, financing and so on. You also take over a pool of customers who are time-tested and whose credit history is known. In addition, there are suppliers with whom workable deals have already been cut.  Read more of this post

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