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Budgeting

Budgeting

Having a budget is one of the core pillars of financial responsibility. You should know where your money is going. Business owners know the importance of understanding their cash flows and balance sheets; as a result, no successful business exists without a budget. Neither should you.

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133 reads

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The Stock Market

The Stock Market

When it comes to saving, investing in the stock market might be the most profitable choice available. Sure, investing involves risk, but taking calculated risks is sometimes a necessity. The responsible way to go about it is to have a plan.

Start by examining asset allocation strategies to ...

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145 reads

The Basics Of Financial Responsibility

The Basics Of Financial Responsibility

It's a complex question with a complex answer, but at its core is a simple truth: To be financially responsible, you need to live within your means. And to live within your means, you must spend less than you make.

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282 reads

Consider the Interest

Consider the Interest

Paying interest on anything means that you are spending more on that item than the purchase price. Does that sound like the most responsible choice or just the most convenient?

When the interest payments are factored into the purchase price, you are spending more to obtain the item than eve...

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189 reads

Paying Yourself First—Saving

Paying Yourself First—Saving

Spending every dime that you earn is simply irresponsible unless you have a massive trust fund that is so flush with cash that you will never outlive the earnings. For most people, especially those of us hoping to retire someday, s...

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155 reads

Credit Cards and Debt

Credit Cards and Debt

If you're really looking to be financially responsible, just being able to make your minimum monthly credit card payment doesn't cut it. In fact, the fact that you aren't able to pay your 

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223 reads

Acting in Your Own Best Interest

Acting in Your Own Best Interest

For many people, cutting down on interest and borrowing is easier said than done, but in practice, it really comes down to knowing the difference between necessities and luxuries. 

you might need a place to live, but you don't need a 

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149 reads

Emergency Fund

Emergency Fund

Financial responsibility means being prepared for the unexpected. Most experts agree that you need to be able to support yourself financially for at least six months without an income.

If you are married and used to living on dual paychecks, this means being able to pay the necessary bills...

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133 reads

Don't Keep Up with the Joneses

Don't Keep Up with the Joneses

Financial responsibly means doing what you have to do to take care of your needs and the needs of your family. To make this happen, your focus should be internal. The neighbors aren't paying your bills, so their spending habits shouldn't dictate yours or set the bar for your 

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121 reads

A Very Personal Definition

A Very Personal Definition

Does being financially responsible mean that you have to scrimp and save? Maybe, but only if that is what it takes to stay out of debt.

On the other hand, if you are the Sultan of Brunei, you may easily be able to afford a jet, a mega-yacht, a mansion in the South of France and a few palac...

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102 reads

The Bottom Line: Arriving at "Responsible"

The Bottom Line: Arriving at "Responsible"

Ultimately, financial responsibility means living within your means, regardless of the level of those means. So take a close look at your financial situation, evaluate your earning and spending habits, and make the necessary adjustments to put yourself on responsible financial footing.

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130 reads

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verra_

"Many people are in the dark when it comes to money, and I'm going to turn on the lights. " ~ Suze Orman

Money basics.

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Budgeting = creating a plan to spend your money

Budgeting is simply balancing your expenses with your income.

It's a plan for the coordination of resources and expenditures. When you budget your money, there’s a desired outcome. And being able to track your spending should ultimately move you in the right direction towar...

Budgeting myths

  • Myth - I don't need to budget: A budget focus on identifying all the expenses that are likely to occur during the month, quarter, and year. A budget can identify costs that could be reduced or cut.
  • Myth - I'm not good at math: Budgeting software on...

9. Understand The Odds You're Up Against

9. Understand The Odds You're Up Against

 New business owners also new to risk management should understand the importance of having a probability-based mindset. Business leaders have to make decisions on matters big and small regularly, and each decision will have its risks and rewards.

You may ...

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