Where to Get Business Financing

Dec 9, 2019 Mary ArmstrongComment

Financing a business can be complicated. You need to get money to run the business at the infancy stage. In the beginning, you will not make any profit. At this time, you will need to be patient before you can start making any money.

You need to have enough money to finance a business. When you have a business, you are required to finance everything for at least six months. The trick is getting the money for the business. Here are some sources of business finance for startups:

Savings

Saving money to start a business is an option. Many people save money so that they can start a business. If you are planning to start a business in the next few years, this is the right time to start saving. Putting some money aside every week or every month can make a big difference. By the time you are ready to start a business, you will have already accumulated enough money to finance the business.

With savings, you can finance businesses that are not very financially intensive. You might not be able to save millions of dollars, but you can save thousands of dollars from financing your business.

Family and Friends

It is also possible to finance your business through family and friends. It might be difficult, but it is possible to get some capital from them. The first step is to share your dream with them and pitch your ideas.

If your friends and family trust your ideas and have faith in you, they will give you some money. You might not get a lot of money from your friends and family, but it can boost your capital.

Angel Investors

You can get business capital from angel investors. These are people who finance business without actually running them. If you decide to look for an angel investor, make sure that you have your business plan well drafted.

It is important that you have everything put correctly so that you win the trust of your investors. Your investors need to know that you are serious about your business, and you …

Financial

Financial Mistakes that are Keeping you Poor

Dec 9, 2019 Mary ArmstrongComment

There are financial decisions that only rich people make. That is the difference between the rich and the poor people. Financial management and learning where to put your many makes all the difference. People who never achieve financial freedom have a habit of making poor financial decisions that end up costing them in the long run.

Some of these financial decisions might not look as bad as they sound, but they are detrimental to financial growth. Here are some financial mistakes that are keeping you poor and preventing your financial growth:

Car Payments

Today every American has a car payment. Making payments seems like the standard and the rule. The truth is that you do not have to make car payments. Instead of buying a car that you cannot afford, buy a used car that you can afford.

The best way to buy a car is actually to save for it. Put money aside, and before you know it, you will have enough money for the car. You can keep those car payments aside and use them for something more beneficial or add them to your investment portfolio.

Buying a House that you Cannot Afford

The biggest mistake you can make is buying a house that you cannot afford. When buying a home, get one that you can afford to pay for the mortgage without any stress. If you have to pay more than half of your salary, you are not yet to buy a house.

Take some time to save money and increase your portfolio. If you are single, you might not need a four-bedroom house, stay away from a big house, and get a small one that is easy to pay.

Taking Unnecessary Debt

You do not have to finance everything. Hire purchase and financing causes unnecessary debt. Do not go on vacation if you are not ready to pay for it because it will only cost you more. unnecessary credit card debt is something that you need to avoid. Some of the unnecessary debt comes with a very high interest rate, and it hurts your finances more.…

December 2019