You Can Run a Business and Manage Your Personal Finances

May 28, 2019 by OSYB Staff

Intuit QuickBook shares some tips on how a small business owner can run a solid business and also be successful at managing their personal finances and plan for retirement:

• examining your personal finances can be uncomfortable, so change your mindset and accept that making changes often times is uncomfortable but it does need to be done and take a realistic look at where you are financially right now
• look at all your personal numbers, that includes personal credit card debt, loan documents and bank records and do not include business activity, and put them all on paper
• when you have all this information, create a monthly budget and track it regularly
• pay yourself 5% of your gross income monthly to create a savings account
• always work on cutting down your spending
• paying your debt off should always be the priority when you have extra income
• as soon as you are able start working with a reputable financial adviser and start investing

***

For details: How to take charge of your personal finances as a small-business owner

Image Credit: Deposit Photos