Tag Archives: money

3 Ways You Can Gain Startup Capital

There are many exciting and new adventures that come along with starting a business, but  one aspect that may not be as exciting or may even be taunting, is finding ways to fund your company. Below are three ways to jumpstart your thinking on how you can fund your business:

1) Angel and seed investors.

Sometimes you find these people via the Internet, your personal network, or maybe you cornered Chris Sacca at his favorite coffee shop to pitch your idea. Regardless, your angel or seed investor is your go-to advisor whom you may compensate with equity in the company. Their network is always as rich as their net-worth, so take advantage of it. Angel investors can be found at websites such as Angel.co.

2) Crowdfunding websites.

Kickstarter, Indigogo, Gofundme, etc. We’ve all heard of these. Crowdfunding is a centralized way for startups to reach out to a large audience in their niche to make their prototypes or ideas a reality. In return, you not only create a community around your product, but you acquire your first users to test, utilize, and help innovate what you are working toward.

3) Private Lenders.

Music to an entrepreneur’s ears. Through private lenders, founders can gain access to funds without any involvement from the government. It is the most convenient way for most businesses to begin operations. One of the key players in this space is My Business Funded. They have a remarkable reputation for funding startups quickly and efficiently, even they’ve only been operational for 6 months. In turn, a ministration like this allows founders to worry less about operational costs, and focus on selling. Remember, as Shark Tank has shown, a startup doesn’t have to be a tech company; it’s any company on its way up! MyBusinessFunded is one of the quickest growing business funding websites today.

 


 

Read more from the original source:

https://www.entrepreneur.com/article/270373

Everything You’ve Learned About Managing Time is Wrong, Here’s How…

I think we can all agree that there is not enough time in the day the majority of the time… There’s nothing worse when five o’clock rolls around and we realize we are barely halfway through our to-do list more than halfway through our day. The good news is, this is because our concept of time management is skewed and there is a way to fix this problem; watch this video below to learn life changing techniques that will help you manage your time better for more productivity:

 

How To Start A Business Despite Your Lack Of Money

One of the biggest concerns with accomplishing a dream a lot of times, is money. But money doesn’t have to be a barrier when it comes to your dream of starting your own business, you just have to know how to work around it. Below is advice from Jayson Demers, CEO and Founder of AudienceBloom, on how to start a business despite your lack of money:

You have two main paths of starting a business with less money: lowering your costs or increasing your available capital from outside sources. You have three options here:

Option one: Reduce your needs

Your first option is to change your business model to demand fewer needs as listed above. For example, if you were planning on starting a company of personal trainers, you could reduce your “employee” expenses by being the sole employee at the start. Unless you need office space, you can work from home. You can even do your homework to find cheaper sources of supplies, or cut out entire product lines that are too expensive to produce at the outset.

There are a few expenses that you won’t be able to avoid, however. Licensing and legal fees will set you back even if you cut back on everything else. According to the SBA, many microbusinesses get started on less than $3,000, and home-based franchises can be started for as little as $1,000.

Option two: Bootstrap

Your second option invokes the idea of a “warmup” period for your business. Instead of going straight into full-fledged business mode, you’ll start with just the basics. You might launch a blog and one niche service, reducing your scope, your audience and your profit, in order to get a head-start. If you can start as a self-employed individual, you’ll avoid some of the biggest initial costs (and enjoy a simpler tax situation, too).

Once you start realizing some revenue, you can invest in yourself, and build the business you imagined piece by piece, rather than all at once.

Option three: Outsource

Your third option is all about getting funding from outside sources. I’ve covered the world of startup funding in a number of different pieces, so I won’t get into much detail, but know there are dozens of potential ways to raise capital — even if you don’t have much yourself. Here are just a few potential sources for you:

  • Friends and family. Don’t rule out the possibility of getting help from friends and family, even if you have to piece the capital together from multiple sources.

  • Angel investors. Angel investors are wealthy individuals who back business ideas early in their generation. They typically invest in exchange for partial ownership of the company, which is a sacrifice worth considering.

  • Venture capitalists. Venture capitalists are like angel investors, but are typically partnerships or organizations and tend to scout businesses that are already in existence.

  • Crowdfunding. It’s popular for a reason: with a good idea and enough work, you can attract funding for anything.

  • Government grants and loans. The Small Business Administration (and a number of state and local government agencies) exist solely to help small businesses grow. Many offer loans and grants to help you get started.

  • Bank loans. You can always open a line of credit with the bank if your credit is in good standing.


 

Learn more from the original source here:

http://www.entrepreneur.com/article/271446

Becoming $1,000 Richer in Just 5 Tips

What may seem to be a minuscule purchase at the time, could be burning a hole in your pocket, and often times it goes overlooked. Establishing best practices can save you $1,000 in a week if executed consistently and honestly, who couldn’t use an extra $1,000 around, am I right? Rammit Smith, author of, “I Will Teach You To Be Rich” provides these important tips when it comes to saving:

1)Optimize Your Cell Phone Bill

When buying a new cell phone, Sethi likes to pay a little bit more upfront by choosing the unlimited data and text messaging plan. He then sets a three-month check-in on his calendar, and analyzes his spending patterns after a few months to see where he can cut back.

-Estimated Savings: $20- $600

2) Create a No Spending Day Once a Week

Choose one day each week and challenge yourself to not spend a single dollar.The key to this tip is putting it in your calendar so it becomes a consistent system.

Estimated Savings: $5-$75

3) Postpone a Large Purchase Until Next Month

Set a reminder on your phone to remind you about the desired purchase and most likely you will either realize you don’t need the object anymore or it may even be on sale now.

Estimated Savings: $50-$3,000

 

4) Go Cash Only

Take a limited amount of cash out of your checking account that will last for a few weeks. This habit will force you to become a conscious spender.

Estimated Savings: $50-$300

 

5) Forget The Bar Scene- Ask Your Friends To Your House

Copyright:ridofranz
Copyright:ridofranz

 

Even if this is only done once or twice a month, it is one of the most cost effective decisions according to Sethi. This factors out costs such as, gas, food, drinks, tips, taxicab, valet, etc.

Estimated Savings: $50-$200

 


 

 

Read The Rest of Sethi’s Tips at:  http://www.businessinsider.com/how-to-save-money-quickly-2015-6?op=1#ixzz3dZ6lfNV0

4 Key Tips To Becoming a Millionaire

If you have the dreams and aspirations to make it to millionaire status one day, then take a look at these 4 key pieces of advice that will have a major impact on how and how fast you reach this goal.. It’s possible and accessible with a little help a long the way from the people like, Daniel Ally, self made millionaire and Business Expert :

Save Relentlessly

This will address the queries that I’ve recently received. For many individuals, there’s too much month at the end of the money. However, you’ll have to make your best effort to save as much as you can, even if it’s a ridiculously low number.

There are many techniques for saving money. You need to find your own system and start building your wealth. Even if you’re on a fixed income, you need to find the discipline necessary to save. Whether you start out with saving $50 or $500 per month, do the best you can and invest this money in the best way possible.

Learn from Millionaires

Most people are surrounded by what I like to call “Default Friends.” These friends are acquaintances that we see at the grocery store, gym, school, work, and other places. We naturally befriend these people as trust grows. However, in most cases, these people aren’t millionaires and cannot help you become one either.

If you truly desire and aspire to be a millionaire, these people may tell you that it’s impossible. They’ll tell you that you’re living in a fantasy world and why you’ll never be able to make it happen. Instead, learn from millionaires. Let go of these relationships and seek new ones that can help you get to the next level.

Change Your Thinking

You have to see the bigger picture. When most people see just trees, you need to look at the entire forest. This way, you’ll be able to chart your own course and get to where you want to be. By having a vision and the goals to attain that vision, your possibilities are endless.

You’ll have to go through plenty of self-discovery before you earn your first million. Knowing the truth about yourself isn’t always the easiest task. Sometimes, you’ll find that you’re your biggest enemy and best friend — even in the same day! Nonetheless, changing your thinking is a requirement for wealth.

Believe It’s Possible

If you believe that it’s possible to become a millionaire, you can make it happen. However, if you’ve excluded yourself from this possibility and think that it’s for other people, you’ll never have money. Also, be sure to bless rich people when you can. Haters of money aren’t likely to receiving any of it either.

The best way to do this is to learn relentlessly about yourself and money. You can do this by reading books that have been written by millionaires themselves. By gaining a well-rounded education and staying inspired, you’ll be able to get the wealth you’ve been looking for.


 

Read more from the original source:

http://www.entrepreneur.com/article/253514

 

The Best Piece of Money Advice From Someone Who Manages Multimillionaires Money

I think it’s safe to say we all wish money grew on trees! That way we wouldn’t have to worry about where are income came from… (we can all keep dreaming). As money doesn’t just appear out of no where and start growing , we can tend to our wealth that we do have and nurture it so it will grow to become the max potential we wish it to be… Below are pieces of advice from a man who has spent the last 16 years advising some of the wealthiest families in the United States…

Think like an entrepreneur

The enterprising family exhibits entrepreneurial creativity in many aspects of their life. They often break from tradition, accept new approaches, and take measured risks.

Entrepreneurs know that rules are constantly changing — and the same is true when it comes to building wealth. To do well, be a self-learner, hire the right expertise, and acquire creative, goal-oriented financial advice. Be a financial entrepreneur.

 

Ask smart questions and insist on answers

Don’t be afraid to ask yourself and your advisers the tough questions.

Ask yourself: Do I have enough to support my lifestyle? Do I know what will happen to my family if something happens to me? Is my wealth having the impact that I desire? Am I missing anything?

Ask your adviser: Can you get me answers to my questions (see above)? How do you get paid?

When these questions are answered, you will be better informed and gain greater confidence in yourself, your adviser, and your approach.

 

Define success, then achieve it

Take time for you (and your spouse) to clearly define, set, prioritize, and agree upon and document specific goals that you want to achieve, such as a specific lifestyle or charitable grant.

This may sound trite or even cliché, but our clients who set goals move to action quicker, make better decisions, and get better results relative to their peers. Taking a goals-based approach defines benchmarks that are relevant and meaningful for you and your family.

Have a plan

This one might seem obvious. After all, most experts advocate having a plan if you want any chance of meeting your financial goals.

But it is important to understand that “set it and forget it” is not a plan.

Enterprising families build plans that are smart, focused, dynamic, and useful. Wealthy Americans spend an average of 15 hours per week thinking about their planning relative to their goals compared to the nine hours spent by the broader US population.

If being financially successful is important, then this will be time well spent.

Track cash

In my experience, individuals often underestimate their spending on average by 25% and sometimes as much as 50%.

Further, they save less than they think they do or less than they should to meet future goals.

Most alarming, their cash reserves are dangerously low and therefore, they may be ill prepared for an emergency or call on capital.

It is critical to prioritize liquidity and automate bill payment and savings. Additionally, adopt cash flow reporting to get the insight you need to adjust your plan and make better cash choices.

 

Original Source:

 

 

Proven Tips To Make Saving Easier For You

We all want to make more money and there are various ways to get there, but we can’t forget the importance of saving. As it can be daunting and unpleasant thought, saving is well worth the effort! Below are a few tips that should make that unpleasant stash away seem a little brighter:

Stuff your savings account — one debit card swipe at a time.

Apps like Digit and Qapital automatically put aside savings for you in different ways:

Qapital’s approach is pretty straightforward: It tacks a little cash onto your everyday transactions — like that morning does of caffeine — and puts it away for you in an account. Picked up a 75-cent pack of gum? It’ll round the transaction to a full dollar and put that sweet, sweet quarter away for a rainy day.

For folks who aren’t fans of rounded up, there’s Digit. After signing up, it looks at your spending patterns over a period of time to see how much it could put away without you noticing. This might be a more comfortable technique for people with inconsistent incomes, like freelancers or small-business owners.

 

Dip your toe into the investment pool.

I dunno about you, but the idea of investing makes my head hurt. I sometimes have to breathe into a paper bag when I make my 401k selections. I’m told it’s a big decision, but I don’t know what the best selection is. WHAT IF I CHOOSE THE WRONG COMPANIES FOR MY PORTFOLIO?!

Apps like Acorns make the process a lot less scary, and it’s a huge hit. It takes your spare change when you want (daily, weekly, or monthly) and invests it into startup companies. Then you sit back and watch your investment account grow. The simple approach has been really attractive to young folk: So far, it’s helped millennials save $25 million and counting.

 

Track your spending.

Have you ever gone to the ATM only to find your account overdrawn? And you seriously wonder “where in the world did all my money go?!” Services like Mint and Wave break it down for you by tracking your accounts and categorizing your purchases. If you’re really in the mood for an automated killjoy, you can get email alerts when it notices you’re spending more than usual — Thanks, Mint. I do know I spent more on clothes this month. Wait … that’s how much of my income? Now I know why they say “Ignorance is bliss” — or get texts to remind you when that bill due date is coming up.

 

Make a budget.

The thought of making a budget can be daunting because it probably seems so complicated. There are some old-school ways like filling out a Google spreadsheet (there are several great free templates available). Or if you live on the Internet like me, you can try an app called You Need a Budget. It offers a hard-to-ignore way to look at your finances and spending habits in one fell swoop. A spreadsheet would take longer because you have to look up everything and enter it yourself while YNAB is automated after analyzing your spending habits and bills.

You can also stick with the money tracker Mint, which offers to help you establish a goal based on your spending history (or hopeful future) and gives you regular email updates about whether you’re overspending in some areas..


 

Original Source:

http://www.upworthy.com/folks-aiming-to-up-their-money-game-should-check-out-these-9-easy-ways-to-save?c=tpstream

3 Ways To Get The Most Out of Your Money

We’ve all know the common saying, “make your money work for you”… but what isn’t so common is knowing exactly how to implement this financial suggestion… Below are 3 tips from  Sean Gould, a wealth strategist with Waddell and Associates and a certified financial planner to give you a taste of how you can get the most out of your money:

Open a high-yield savings account.

Gould explains that before sending your money off to do the heavy lifting, you’ll want to have an emergency savings account of about six months of living expenses stored in cash.

A smart place to keep it is in an FDIC-insured high-yield checking or savings account, where it can generate more value as it waits.

A typical savings account offers an interest rate around 0.01%, and a typical checking account is the digital equivalent of putting your money under the mattress. However, high-yield checking and saving offer interest rates that exceed 1% — 100 times what you’d get otherwise.

These accounts are usually available at online banks, which keep costs down by forgoing brick and mortar locations. NerdWallet provides comprehensive lists of high-yield checking and high-yield savings.

 

Choose credit cards with rewards you’ll actually use.

Using a credit card might not feel like putting your money to work, but choosing a card with rewards appropriate for your lifestyle (read: airline miles cards aren’t great for people uninterested in travel) means each dollar you spend on your cards is doing double duty.

“As a financial planner, we don’t like debt, but if you have the cash flow and predictability in your budget and you can pay off your bill every month, there are great credit cards out there,” says Gould. (See some of the best credit cards for every lifestyle.)

If you have credit card debt, this strategy isn’t for you — the key to making your money work with your cards is being able to pay off your bill in full every month.

 

Invest in real estate.

If recent history has taught us anything, it’s that housing isn’t a guaranteed investment. That said, if you have the available cash and risk tolerance, however, investing in residential or commercial real estate may be a possibility.

Investing in real estate is two-pronged: You could consider buying a single home to live in to be an investment, or you could invest beyond your home, into land to sell or stores or homes to rent. Branching out beyond your own home “depends on your market and the appetite for rental real estate,” Gould says. “In most markets, if you can handle the headaches and there’s room, it’s an option.”

But in the spirit of diversifying your assets, Gould says to bear in mind that many homeowners already find real estate to be the largest asset in their portfolio, and cautions would-be real estate investors to be wary of weighting their portfolios too heavily toward one kind of asset

 

Original Source: http://www.businessinsider.com/how-to-make-your-money-work-for-you-2015-12?utm_content=buffer1a128&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer

 

What Americans Actually Spend Money On for Christmas

It’s easy to get caught up in the whirlwind of this Season’s festivities; work parties, gifts for all, decorations for the house, etc. and lose track of your spending, and a lot of times we look back on it all and wonder just where exactly our money even went?   

 

In a note to clients, a Macquarie Research team led by Laurent Vasilescu shared a chart showing the breakdown of holiday expenditures.

A November survey by Gallup found that US adults are planning on spending about $830 on average on Christmas gifts this year — a huge jump from last year’s $720 average.

Screen Shot 2015-12-11 at 2.01.24 PM

 


 

original source: http://www.businessinsider.com/what-americans-actually-spend-money-on-during-christmas-2015-12