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Why Seek Outside Counsel Before Starting A Business

March 31, 2021 By Justin Weinger Leave a Comment

You’ve got an idea that you believe would be a great business opportunity. You’ve taken the time to do some research. You’ve gathered your resources, devised a plan, and now you’re ready to get started. Although you realize that starting a business is a risk, it’s one you’re willing to take a chance on. While your determination is admirable, it couldn’t hurt to seek counsel before you get started.

It’s Not Easy

No matter how many success stories you hear about, it’s not an overnight process. Starting and maintaining a business is actually harder than you think. It involves more than money, education, and skills. There are long hours, sacrifices, risks, challenges, and obstacles you’ll have to overcome along the way. Unfortunately, not everyone succeeds.

Call On The Pros

If you’re going to be among the entrepreneurs that succeed, you must seek counsel. Talking to people that have experience in business and are experts in their field can give you better insight into what you’re up against. They can help expand your knowledge, sharpen your skills, pinpoint your weaknesses, and provide advice that enables you to beat the odds. Here’s a closer look at who you should call on before starting a business.

Your Partner

Although your significant other isn’t a professional, they are your life partners. Running a business requires a lot, and you want to ensure they understand. You’ll need them on your side to help keep home life intact as you pursue your professional dreams. So, before you make any significant moves, have a conversation with your partner. Let them know what your goals and intentions are, what it’s going to take, how it will impact your lives, and ways you could use their support.

Mentor Or Business Coach

No one is born with the skills and experience necessary to run a business. It’s developed over time. If you’re new to entrepreneurship, talking to a mentor or business coach is recommended. These are seasoned professionals that have gone through the trenches to reach the top. They can provide guidance on reaching your goals best while also helping you sharpen your skills and avoid common pitfalls.

Financial Planner

Until your business starts generating revenue to cover operational expenses and income, the financial responsibilities fall on you. This is a significant financial undertaking. Before investing, it’s ideal to talk to a financial planner. They can review your personal finances to help you determine how much of a risk a business is based on your circumstances. A financial expert can evaluate everything from your credit rating to your household budget to assess your ability to apply for funding and manage expenses. If you don’t have the money necessary to start a business, they can give you advice on how to acquire more capital and credit, so you don’t fall into debt.

Accountant

Your personal and business finances are two separate things. While a financial planner can help you assess and evaluate your personal finances, an accountant is the best person to talk about business financials. Their job is to evaluate your capital and assess how it can best be used to cover operational expenses and grow your business. They can help you avoid financial pitfalls by helping you to develop a budget, payroll system, and financial reporting process that keeps everything intact.

There are many facets to owning a business. It takes a lot to make it to the top. While you may feel you have what it takes to accomplish your goals, it’s easier said than done. The best thing you can do to increase your chances of success is consulting people like those listed above. Collectively, they have the experience, understanding, and resources you’ll need to overcome the obstacles and get where you want to be. If you believe you’re in the right position to get started after talking with these individuals, then don’t let anything stop you.

5 Tips for Saving Money on the College Admissions Process

March 25, 2021 By Justin Weinger Leave a Comment

Are you concerned about college admission fees? Whether you are considering two, three, or ten colleges, you need to be prepared for the fees. You do not have to worry as much when you have a plan for success. Fortunately, there are a few options out there that can help you take the load off your back. Consider these five tips to make the college admissions process cheaper.

Plan Ahead

While it may be tempting to wait until the last minute to apply, this can lead to higher expenses and a more significant margin of error. Plan ahead to start the college admissions process early, and set aside some of your earnings to do it. Some colleges offer a free enrollment period for admissions each year if you sign up at the right time. If you start researching your options early, you are more likely to find a school within your budget that still meets your needs and preferences.

Pick a Path To Higher Education

There are tons of colleges and vocational schools out there to choose from, whether you want to go online or offline. Students who are unsure of where to go may spend lots of money and time sliding in applications everywhere they can think of. Suppose you narrow your selections down to the schools that are most compatible with your educational dreams. In that case, you do not have to worry about applying to so many different colleges.

Include Everything You Need

There is nothing like sending in your college application only to realize that it is incomplete. Be sure to double-check your application to ensure that all of your information, essays, and other work is attached. For example, if applying for admission to architecture school, you’ll need a well-composed architecture portfolio in your college application. If you don’t, you may find yourself paying additional fees again to resubmit it. Be sure to double-check each application that you submit to reduce your expenses.

Seek Out Academic Assistance

If you want to save money on college admissions, you can get professional assistance from your current school counselor. There are maybe hidden opportunities available for students focused on education who are not afraid to ask. Many colleges offer financial aid explicitly tailored to the individual student, including the price of admissions. Be sure to ask your guidance counselor or educational advisor what resources are available and how they may help you pay for college admissions.

Consider Public and Government Funding Sources

When it comes to paying for college costs, there are many options open to you. If you qualify in the low-income threshold, you can even get your fees paid for free. There are scholarships available for everything from community service to athletics to ethnicity, and there are grants available to help you pay for admissions. There are grants available in private and public sectors offered by businesses and organizations and grants from the government. Get started and aim to sign up early when savings are provided because resources are used quickly.

Choosing a college is one of the most important decisions you can make, and you do not want an inability to pay to block you from moving forward with your education. The college admissions process can be frustrating, but it does not have to be as expensive as you think. Students who are proactive and take advantage of the resources available can come out ahead with more money in their pocket.

8 Ways to Save For an Engagement Ring Without Going Broke

March 24, 2021 By Justin Weinger Leave a Comment

When you’re ready to ask the big question, the thing that can be a little daunting is figuring out how to afford a ring. Living the broke life means you probably don’t want to get a high interest loan, or add more debt to your credit card, so what can you do instead? You can save. If you haven’t started saving yet, now is a good time to start. Because if you want her to say, “I do”, you’ll probably want to put a ring on it.

Set a Budget

Start with a reasonable (for you) budget in mind. If you’re slinging burgers and hustling Uber rides for money, it’s likely that a $10,000 ring isn’t right for you. While old-school experts say you should plan to spend 2-3 months salary on a diamond, new research shows that’s not the case anymore.

The truth is, you decide on a budget that works for you. Pick a number, and plan to stick to it. It can be easy to get carried away later on, but if you know how much you have to spend, it becomes easier to stick with the budget.

Split it Up Over Several Months

If you’re thinking about marriage but not ready to ask just yet, it’s a great time to start setting aside money each month. Once you’ve figured out how much you want to spend on a diamond ring, you can figure out how much you need to have on hand. Let’s say you want to spend $2400, you would need to set aside $200/month to have enough money for it in a year.

Be a Cheap Date

Setting financial goals, means you might need to make some sacrifices. If you aren’t already frugal in some areas of your life, it’s probably time to start so you can get that ring. There are plenty of ways to go out with your loved one without spending a fortune every time. Go out to eat less each month. Rent movies instead of seeing them at the theater. Don’t splurge on expensive trips.

Find Affordable Rings

The truth is you don’t need a ring with a diamond the size of the crown jewels to pop the question. Princess cut engagement rings are one of the most affordable cuts and one jeweler, Diamond Nexus, has several sparkly options for under $1000. If you got frugal enough, you could save for one of these beauties in just a few months.

Automate

It’s hard to spend your money if you can’t see it in your bank account. Automate your saving using the tools your bank offers or even using an app. Forbes mentions in this article that one of the best ways to save money is through automation. Some people even use apps that round up their savings. It’s a great way to set aside your “spare change” from purchases you already make.

Check Your Entertainment Budget

If you’re paying for 7 streaming services plus cable, internet, and 14 other subscription services, maybe it’s time to say goodbye to some of these or try to do more free and outdoor activities. Once you fill your time with sunshine, maybe you can say, “see you later.” Some people save as much as $300/month by cutting subscription services or getting smaller cable and internet packages.

Change Your Insurance Company

Insurance costs a lot of money over time. There is insurance for your home, your car, your health, and even your death. One way to cut costs to save up for that engagement ring is to switch insurance companies. While you may not be able to choose your health insurance, you can save big when you switch your car, home, and life insurance. Some people are overpaying on these important items by thousands of dollars a year.

It’s easy to save up for your engagement when you put your mind to it. The best thing about saving up and paying cash for a diamond ring is the peace of mind you gain by not having to worry about paying for it later. You can get down on that knee and ask for her hand in marriage without the dark cloud of debt. And with these good savings practices put in place, you’ll set the stage for a healthy financial future in your marriage.