Financials are the core of any successful business; Money is an essential part of a business as it's responsible for keeping a company running; Managing a successful business requires you to have your personal finances in check. Personal finances directly correlate to your business finances, as your funding the company.
It's crucial to maintain healthy personal finance habits as of the correlation between business and personal finances. An article written by Forbes titled "5 Ways To Be Less Freaked Out About Your Finances" talks about methods you can use while dealing with finances to have authority over your emotions. The strategy discussed in the article was to build a better budget and make a financial plan; It talks about the 50/30/20 rule in finance. The rule suggests the split of your income after tax; 50% for needs such as mortgage payment and healthcare, 30% for wants such as travel plans, and 20% for savings and investments. The 50/30/20 rule ensures that the capital you earned is spent effectively to maintain your wealth and grow it over a period of time.
__________________________________________________________________________________
Sources & References:
__________________________________________________________________________________
For any and all inquiries, please fill out our contact form on our website, or send us an email at theglobalbusinessscholars@gmail.com
Our executive team will be in touch shortly.
Comments