Entrepreneur Series – Lesson 4 – Avoid Rookie Mistakes

I am not a professional athlete.  However, I would imagine that the rookie year on any of the professional sports circuits has to be daunting in nature.   Not only are you in front of some type of large crowd, it takes some time getting used  to all of the decisions you have to make to be the best of the best in what you do for a living.   Far too often, new entrepreneurs can make first year decisions which can put a major dent in the first year of your new entrepreneurial venture.  Even someone who has a lot of corporate experience cannot understand the firefight of being a business owner until you have to meet your first payroll.One great idea my business partner and I have put into place in our business is the 48 hour rule.   We’ve set criteria around what a ‘key’ decision is for our business and once we have made a decision on the direction ...

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Personal Finance 101 – Running Your Family Profit and Loss Statement

For three years now, we have been teaching individuals and families to begin thinking about their family finances like they were running a business. We know that in every business the two major dashboards are the balance sheet and the income statement.   These two metrics over time develop a real sense of the stability of any company, and those factors will ultimately be a large determinant of the value of the business.  Running your family income statement efficiently (or profit and loss statement) will be the main factor in your long terms success or failure in helping create your own financial security. The next few weeks of articles will help shape some context on how to develop a framework of success running your family profit and loss statement. The balance sheet is simply everything you own versus everything you owe or what some people call your net worth.  This includes assets like real estate, collectibles, furnishings, and all of your ...

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Where did all my money go??

We're about 60 days into 2009, and one of the things people have been asking themselves is "where does all my money go?" When you look at your overall financial situation, your 401(k) has now been reduced to a 201(k). Your real estate property probably has devalued substantially, and really at the end of the day you make some income but you're not quite sure where all of money goes after you pay your expenses. One of the things that we recommend at this time is to ensure that you've got a quality spending plan in 2009. ...

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