In many businesses, there is the tendency to want to hang on to profits and simply reinvest them back into the business. While this is a valid approach to some extent, it often results in the owners seeing very little of their hard-earned profits. In fact, some businesses find themselves holding …
How to Record Prepaid Expenses, and Why You Need To
On the surface of it, it seems like it should be pretty simple to keep your books as a business owner. After all, you're really just keeping track of your income and expenses. But once you realize the importance of accrual-based accounting, there are some complications that can arise. One such …
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Are You In Control of Your Business’s Cash Flow?
Cash flow is the lifeblood of any business, and yet it is so often overlooked in favor of profits. There's often a misconception that if the income statement is showing a profit, then the business is doing OK. However this isn't necessarily the case, because there is a difference between profit …
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Success Is Natural
It's natural to feel overwhelmed when you're trying to achieve success in your business or personal life. It feels like something you have to strive after — to work really hard to achieve. It feels like if you don’t put in every ounce of energy you possibly can, you won’t achieve the success you …
You and Your Business Should Not Have Joint Finances
In a certain sense, your business is a very personal thing. Especially if you’re a sole owner, your business is a manifestation of your vision, beliefs, values — not to mention hours upon hours of work. So it’s normal to see your business as an extension of yourself, or to feel like you are your …
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Embracing Scarcity
One of the most fundamental truths of any finite resource is that it is, well, finite. Money is one of those finite resources. Whether you live under the poverty line, or have billions of dollars at your disposal, you still have a finite amount of money to go around. In a world where we can …
The Conflict Is in You
In our financial lives, whether business or personal, there are situations that come up that appear to create conflict, whether with another person or some circumstance. Maybe there’s a client that always seems to cause you trouble. Or a boss/coworker you don’t get along with. Or you simply …
Are You a Spender or a Saver?
A few weeks ago I had been talking to my mother about how I was happy that the interest rate was increasing so much. Baffled, she asked, “Why? Doesn’t that mean you have to pay more?” Thinking about it for a moment, it clicked that she was thinking about interest on debt, whereas I had been …
Give Your Business Direction by Harnessing the Power of Pre-Paving
Does it sometimes feel as though your business isn’t going how you’d like it to? In such cases, we can feel out of control and powerless. That’s why I’m such a big believer in the law of attraction to create success. I’ve been using it for over 7 years now and have seen amazing results from …
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How to Create Financial Invulnerability — 3: Save for Your True Expenses
We all desire financial security in life. But what if it were possible to create such a sense of financial security, so much stability, that you felt practically invulnerable? That's the goal of this series, and so far we've covered how to stop living paycheck-to-paycheck, and why you need to …
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