Never Take Out Personal Loans - Deepstash
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Never Take Out Personal Loans

New business owners are tempted to fund the business themselves, even if they don't have the savings to cover those expenses. They take out personal loans, max out their credit cards, or incur debt in other ways to get the money they need.

A few minor expenses here and there won't hurt you, but for the most part, you should never take out personal loans. Instead, work with investors, tap into your savings, or rely on your business credit to take out loans in the business's name.

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Focus On Independent Saving Strategies

  • Budgeting and frugality: Be smart with your budgeting and try to remain as frugal as possible.
  • An emergency fund: Set aside at least enough money to cover a few months of personal expenses.
  • Tax-advantaged investment vehicles:...

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56 reads

Establish an LLC (limited liability company) or a Corporation

Establish an LLC (limited liability company) or a Corporation

If you start a sole proprietorship or a partnership, you could be held personally liable for almost anything related to the business; that means you will be responsible for paying any business-related debts you incur and you could be sued by your clients, employees, etc.

If you start an...

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78 reads

Diversify Your Income Streams

Try to diversify your income streams, both inside the business and on a personal level.

  • Within the business, that could mean selling multiple different types of products and services, monetizing your content or applications in different ways, or even targeting diff...

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micmcbrid

Psychotherapist for dance movement

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Advantages of Personal Loans

  • Personal loans are flexible forms of credit where they can help you reach various financial goals.
  • They allow the borrower to use it in every situation imaginable like emergency expenses or debts that you might have.
  • Personal loans ca...

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