Learn more about moneyandinvestments with this collection
The importance of innovation
The power of perseverance
How to think big and take risks
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: With any extra money, use tax advantage investment vehicles to maximize your savings and plan for retirement.
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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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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 ...
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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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Create an income safety net
Many singles don't have a strong enough backup plan to cover the costs of a major illness or other problems.
Ensure you have enough cash on hand to cover emergencies. For singles, the aim is between nine and twelve months of living expenses in a savings account. As you nea...
Saving up For Retirement, Together
- Firstly, save up for the emergency fund, which is three to six months of expenses, and set it aside. After that, least 15% of your combined gross household income should go towards your retirement, once all debt is cleared.
- If only one of the partner works, you still can save up for...
Forming the habits of an investor
Investors put their money to work. They know that the money they set aside today sets them up for financial freedom.
- An investor puts any excess money towards investments that will earn more capital.
- They value learning new skills and think of ways to use it...
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