Tag Archives: personal finances

How Self-Employment Affects Your Personal Finances | AllBusiness.com

Are self-employed people better off financially?  Four out of five self-employed people surveyed in the QuickBooks Self-Employed 2019 Personal Finance Survey say they were “financially motivated” to become an entrepreneur. But is the financial side of self-employment all it’s cracked up to be? Find out how self-employment affects your personal finances. Here’s what the survey found.

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5 Ways to Regain Control of Your Personal Finances | Getentrepreneurial.com

Few things feel worse than not having a secure financial life. But this isn’t an uncommon phenomenon. Only about 30 percent of people in the United States are in a situation that’s considered “financially healthy.” If you’re in the majority, you probably want to have more security in your life. Here are five ways to regain control of your personal finances.

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Finding the Line Between Frugality and Deprivation | The Simple Dollar

Frugality is a spectacular tool for immediately seeing positive financial results in your life. Whenever you find ways to get most of the same value in your life for a lower price, or you find a different avenue completely to fulfill your needs and wants without the same sticker impact, you’re managing to still enjoy life while spending less than you have before.

There’s a catch, though. At some point, you’re going to cross a line where the frugal strategy is no longer enjoyable. You’re going to give up something you care deeply about and find yourself feeling miserable about it.

The reaction to that state is usually a bad one. People who dig deep into frugality and then find themselves miserable often respond by undoing most of the frugal changes, even many changes that have little or no life impact for them. When they cross that line where they feel a sense of deprivation, that’s it. They’re done with frugality for a while.

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How Entrepreneurs Can Manage Their Personal Finances | Allbusiness.com

Compared to other workers, entrepreneurs tend to enjoy an advantage in financial literacy. The know-how required to invest, organize, and save funds for a business often applies well to personal finance management, so these individuals run a “tighter ship” at home.

But this isn’t always the case. Business owners can lose their way financially by going to one of two extremes: Tying their personal finances too closely to their business resources, or running their personal finances quite differently from how they manage company money.

An unbalanced approach in either direction can lead to financial difficulties in the form of squeezed budgets and damaged credit. On the other hand, entrepreneurs who can strike a middle ground between these extremes enjoy greater financial security and success in their business and personal lives.

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