Do Treat Your Personal Finances as a Small Business? Should You?
Making your way through your financial life comes with the ability to earn money?
Once you have an income source of personal income, you spend your money on the basics, food, and shelter.
In addition, as you get more entrenched in your career, profession, and or job, you may have more opportunities to earn more income through advancement, developing a higher skill set, or other income opportunities you build for yourself.
Suppose you have funds leftover from taking care of the basics with this additional disposable income. Therefore, you start to think about a newer vehicle, a bigger home, personal toys, travel; the list becomes endless.
Is investing on your list?
Fun Purchases, Fun Money
When you start to have some extra money, I recommend you turn part of your hard-earned cash into Fun Money; however, don’t break your personal bank.
Think “Investing” as one of your priority items and look at investments that help you earn returns, real returns; in other words, not the stock market volatility where stocks go up and down. Of course, I am not asking you not to invest in the stock market. But, above all, ensure that any stocks you purchase have a dividend component to the stock.
Having a dividend-paying stock: in addition, gives you some protection, if the stock value dips in price to what you paid for it, you get a monthly or quarterly dividend that could offset the price you paid to the current price.
How to Create a Rock Solid Business Plan
In a recent podcast interview, I spoke about the importance of having a business plan and adding investment real estate to your financial portfolio, and above all, how to build a business plan around this type of investment.
If you listen to this audio clip below and you like what I have to say you might be interested in listening to the entire podcast interview. On Thursday in my blog post, I will add the link and full details to a recent podcast show I was a guest.
Below is a one-minute audio clip to give you a sample of part of the entire podcast show. On the podcast, in addition, to discussing a business plan we talk about the whole spectrum of purchasing your first investment real estate property.
Build a Business Plan for You
Having had a corporate management position for much of my career I was heavily involved in business planning.
Part of the business planning process involved a S.W.O.T. (Strengths, Weaknesses, Opportunities, Threats) analysis and we worked through this process several times a year.
What’s Good for the Goose, Is Good for the Gander?
When you are involved in corporate planning and management, what you are asked to do for your employer helps propel them to higher sales and profits.
The corporate foundation you help set and sustain through your employment with an organization brings your employer prosperity.
Why would you not implement the same planning for your own personal financial life?
Please talk the time on Thursday to read my blog post and listen to my guest podcast as I write and discuss your plan for your financial health.