How to Start Now - Personal Finance

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When I receive the opportunity to speak at seminars, I often get asked the question from people at all stages of life, "I don't have the money to start a business. What can I do to start my business?"

Did you know that women wearing pants use to be considered taboo? What a world we live in. Another concept that has been considered completely taboo is talking about money and the finance geek in me LOVES answering this question. 

The harsh truth is that we live where money makes the world go 'round. Truly not knowing how to manage money can be very detrimental to your chances of moving ahead in life. It starts with you. It starts today. You need to learn how to manage money. 

The best advice I have ever heard in my life was from my accounting professor that once told me: "Successful Old people come from Smart Young People." And what he meant is that success and its fruits are not handed to you, it takes foresight, thoughtful calculations and above all, discipline.

Physical and mental health are on the forefront of human wellness discussions, and the consensus is that you should be mindful of them, but Financial Health is not often not discussed and financial health must be paid attention to just as much. 

Leading to a startup is risky, so when you apply for financing as a new business you may have to personally guarantee your loan. The better shape your credit score and assets are, the better off you will be when it comes to locking in good terms and the best interest rates, which could save you money. When you open a business, you are scaling your money management from your personal practices and now influencing your business practice and you need to start with a good foundation just like you would when you scale your operation.

Before you approach any financial institute for any access to capital, start today by getting ready to present your financial story in a healthy way that people understand. Speak with a financial advisor on how to create a budgeted plan to pay off debt and build a savings. 

Thanks for sharing this space,

Erica








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