5 Challenges for Entrepreneurs

August 15, 2022

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Andre & Mara Simoneau

Andre & Mara Simoneau

Financial Consultants

Lynx Creek Cir

Frederick, CO 80516

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March 28, 2022

Does Work-Life Balance Make Any Sense?

Does Work-Life Balance Make Any Sense?

It’s a well-known fact that work can be tough on your health and wellbeing.

But is it possible to have a healthy work-life balance? And if not, should everyone just resign themselves to the idea that they must choose between their careers or their families?

The term “work-life balance” is often used to describe the ideal of maintaining equal priorities between your work and personal life. But is this balance really possible? And if not, does that mean we should just accept that work will always come first?

There’s no denying that work can be demanding and time consuming. But many people feel that they can’t just leave their work at the office—it often follows them home in the form of stress, worries, or even arguments with loved ones.

On the other hand, it can be tough trying to fit in all the things you want to do with your personal time, and you may even feel like you’re sacrificing your career in order to have fulfilling experiences with your family.

So what’s the answer? Is work-life balance really possible, or is it just an unattainable fantasy?

The answer to this question is tricky, as it depends on individual circumstances. For some people, having a good work-life balance is definitely possible—they may have a job they love that doesn’t consume all their time, and they may be able to fit in personal commitments.

But for others, it’s a challenge. CEOs, lawyers, engineers, business owners, doctors, and high achievers often wake up to find they’ve spent their lives prioritizing their careers over their families, friends, and making memories. It’s one of the worst realizations a person can have.

Here’s a different take on the problem—what if the question isn’t about how to balance work and life, but about what you actually want?

Do you want a career full of travel and boardroom dealings?

Do you want a happy home surrounded by white picket fences?

Do you want peace, quiet, and a few acres with grass, trees, and streams?

Do you want limitless time to exercise your creativity?

These are tough questions with no easy answers. You may find yourself nodding to all of the above!

But here’s the truth—only one can be your top priority.

Decide what matters most for you. Then, integrate the rest into your vision of your life.

Prioritize your career above all else? Create a 5-year plan that will get you to your ideal job and then make it happen.

Value your personal relationships and family time above your career? Then build a business or take on freelance work that allows you the time and freedom to do the things you love outside of work.

The key is to find what works for you. And that means being honest with yourself about what you really want.

So ask yourself—what do you want? And how can you make it a reality?

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March 24, 2022

The Complete Guide to Buying Happiness

The Complete Guide to Buying Happiness

You’ve probably heard that money can’t buy happiness. But what if it could?

What if you were able to find a way of spending your money that made you happy, and the more you spent on it, the happier you became? Doesn’t sound possible, does it? But it IS entirely possible.

At least, that’s the premise of a paper written by scholars from Harvard, the University of British Columbia, and the University of Virginia. The title? “If Money Doesn’t Make You Happy Then You Probably Aren’t Spending It Right.”

The thesis? If you spend money right, it makes you happy. If you spend money wrong, it makes you feel… well, meh.

Here’s what they found…

Buy experiences, not things. The researchers found that people tend to be happier when they spend money on experiences rather than things. That’s because experiences provide us with opportunities to create memories, which can be recalled and enjoyed long after the experience is over. And as you get older, those memories become constant sources of joy, satisfaction, and happiness.

So if you’re looking to spend your money in a way that will make you happy, focus on things like travel, getaways, skydiving, sunsets, long walks, and conversations. Those will remain with you for the rest of your life.

Help others first. It’s a fact—social relations are critical for happiness. The better your relationships, the greater your happiness.

So it follows that one of the best ways to spend your money in a way that will make you happy is to help others. This could mean donating money to charity, or simply spending time with friends and family.

Focus on little pleasures. Another way to spend your money in a way that will make you happy is to focus on little pleasures. This one seems counterintuitive—shouldn’t you save a whole bunch of money and spend it on something fancy?

However, the paper cites research that frequency is more powerful than intensity. Is eating a 12oz cookie better than eating a 6oz cookie? Absolutely. But is it two times better? Probably not. It’s a concept called diminishing marginal utility—the more you indulge in something, the less enjoyable it becomes.

What does that mean? Frequent day trips beat rare but epic vacations. Fun, quiet date nights once per week beat going all out twice a year.

Pay now, consume later. Again, this seems counterintuitive. But it makes sense when you think about it.

Consider the all-too-common alternative—buy now, pay later. First off, this model encourages rampant spending. Without facing immediate consequences, it’s just too tempting to rack up debt and buy stuff you don’t need.

But more than that, it entirely removes antici…

.. pation from the equation. And that’s half the fun!

So instead of whipping out the credit card, save up. Pay cash. Delay gratification. You’ll enjoy your purchase more, and you’ll be happier overall.

So there you have it! The complete guide to spending your money in a way that will make you happy. Just remember—experiences over things, helping others first, little pleasures, and pay now, consume later. Follow these tips, and you may find that your money’s doing its actual job—making you happy.

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February 9, 2022

Why The Lottery Is So Addictive

Why The Lottery Is So Addictive

If you’ve ever played the lottery, then you know there is practically no chance of winning. You’re more likely to get struck by lightning than hit the jackpot.¹

But you also probably know that gambling is highly addictive. For some, there can be an undeniable draw to buying yet another ticket. Or pulling the lever on that slot machine again. Or buying into just one more hand of blackjack. Or making just one more ill-advised day trade.

Why? Because maybe, just maybe, this time will be different. This time, lady luck might save the day and solve your money problems.

There’s a quote from late comedian and lifelong gambler Norm MacDonald that captures this spirit perfectly…

“As long as the red dice are in the air, the gambler has hope. And hope is a wonderful thing to be addicted to.”

Now, if you fall into the black hole of gambling, you’ll find it’s a dead-end—gambling promises hope, but for many it delivers only disappointment and despair. How could it not? It dashes hopes time and time again, draining bank accounts and shattering relationships.

But here’s the thing—many leave the future to a wild bet without ever stepping foot in a casino or shady gas station.

They gamble that they’ll have enough for retirement, even though they do little to prepare.

They gamble that they won’t need long-term care, even though almost 70% will.²

They gamble that their incomes won’t dry up, even though employment isn’t guaranteed.

They gamble that they won’t pass away during their working years, even though the financial consequences could be devastating for their families.

And that’s all fine while the red dice are in the air. But when they land, your hopes could be dashed to pieces, triggering a financial crisis for you and the ones you love.

The takeaway is simple—hope is great, and hope is good. But hope alone isn’t enough. It’s far wiser—and it feels far better—to hope in well-laid plans than wild gambles.

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December 20, 2021

The Surprising Financial Benefit of Marriage

The Surprising Financial Benefit of Marriage

No, it’s NOT the tax break, although that’s helpful.

It’s not the extra income, though that can help you reach your financial goals.

It’s not even the health insurance perks, which may save you a massive chunk of cash.

It’s actually love. And that’s not hyperbole. It’s a fact.

A Harvard study spanning decades discovered that men who described their close relationships as warm earned vastly more than their peers.¹

Why? What’s the connection between healthy relationships and income?

Maybe it’s simply a correlation, not a causation. Perhaps there’s a hidden factor that leads to both high incomes and great marriages.

It’s certainly not intelligence. Past a certain point, warm relationships were better predictors of income than IQ.

Health might play a role. Happy marriages tend to boost longevity and increase physical well-being, the study found.

But it doesn’t take much thought to see potential connections between relationships and income.

For instance, the stress of an unhealthy relationship might make it harder to focus on work, impacting performance.

Or maybe the power of healthy teamwork exponentially increases a couple’s ability to excel in their fields.

Or maybe encouragement and acceptance empower people to take more calculated risks with big potential payoffs.

Or maybe, just maybe, healthy relationships give people something worth fighting for.

You be the judge. Regardless of the cause, it’s clear that your relationships are among the wisest investments you can make.

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¹ “What makes a good life? 3 Lessons on Life, Love, and Decision Making from the Harvard Grant Study,” Michael Miller, Six Seconds, https://www.6seconds.org/2021/04/19/harvard-grant-study/

August 18, 2021

The Non-Financial Investment That Can Dictate Your Success

The Non-Financial Investment That Can Dictate Your Success

Some factors that influence your success are out of your control.

You can’t change your height or birthday or birth order or a dozen tiny variables which can all impact your success.¹

But there’s one factor that radically impacts your financial and personal success that you can control. And it impacts everyone, regardless of their background or income…

That’s right. Relationships are critical predictors of your life success in every category.

A Harvard study followed hundreds of students and inner-city boys from the 1930s to the present. The emotional, financial, and physical well-being of the subjects were regularly examined for almost 80 years.

The results were stunning…

Loneliness was as deadly as smoking and drinking Stable relationships protect from memory loss² Men with warm relationships earned $150,000 annually on average than men without³

The takeaway is clear. The healthier your relationships, the greater your potential for achieving success.

Practically, that has implications…

1. Prioritize your family over your career. Don’t think that you’re doing your family and finances a favor by working long and stressful hours. Invest in the ones you love, and you might be surprised by the long-term career benefits.

2. Examine roadblocks to creating healthy relationships. High-quality friendships and marriages don’t fall into your lap. If you have a track record of complicated and dramatic relationships, seek to understand the cause. You may need to enlist the help of a mental health professional. It’s well worth the investment!

3. Seek mentors. They’re a source of perspective, encouragement, and can help to overcome your weaknesses. And unlike friends (who might be less objective), mentors can be completely devoted to helping you meet your goals.

Relationships aren’t always easy. Like your career, they require mindfulness, intention, and effort to succeed. But they’re well worth the time, attention, and sacrifice.

If you haven’t recently, take stock of your life satisfaction and relationship quality. Then, talk with a loved one or friend about steps you can take to make improvements going forward. It might just change your life.

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¹ “26 surprising things that can make you successful,” Shana Lebowitz and Rachel Gillett, Business Insider, Jul 20, 2018, https://www.businessinsider.com/surprising-things-that-affect-success-2017-1

² “Good genes are nice, but joy is better,” Liz Mineo, The Harvard Gazzette, Apr 11, 2017, https://news.harvard.edu/gazette/story/2017/04/over-nearly-80-years-harvard-study-has-been-showing-how-to-live-a-healthy-and-happy-life/

³ “Love and Money: The Surprising Wealth Predictor,” Partners 4 Prosperity, Nov 17, 2017, https://partners4prosperity.com/love-and-money/

October 21, 2020

Identify Your Ideal Mentor

Identify Your Ideal Mentor

Mentorship is a key to success.

The numbers confirm what we already know. Students who regularly met with a mentor were 52% less likely to skip school and 46% more likely to say no to drugs.¹ At-risk adults with mentorship expressed more interest in pursuing higher education. It makes sense; a mentor can offer a unique perspective on your circumstances and also help you talk through the situations you face. There isn’t a person on the planet who wouldn’t benefit from having a mentor at some stage in their life.

But finding the perfect mentor for you? That’s where the challenge begins.

Building a mentoring relationship with someone can be time consuming work that shouldn’t be taken lightly. Here are three essential indicators to help you identify the right person to be your mentor.

Do you want to be like this person? <br> There are plenty of high-achieving, high-earning individuals that you probably wouldn’t want in your life. That’s not to say you can’t learn from someone who doesn’t share your values, has totally different interests, and works in a field you find less than stimulating. But a mentor should be a person who you strive to imitate. Ask yourself these questions… Who inspires you to work harder and smarter? Who do you admire for their integrity and kindness? Who do you find yourself emulating and feeling good about it? That’s the person you want as a mentor.

Can you develop a friendship with this person? <br> Mentorship is NOT just having an older buddy around you can swap jokes with. There must be a real bond of friendship for it to actually work. It’s worth considering what you look for in a friend. Do you seek someone who respects your decisions and opinions? Are you comfortable with appropriate and constructive criticism? Or do you surround yourself just with video game partners and rec league teammates? Nothing wrong with those friends or acquaintances, but a mentor must also have the interpersonal skills and emotional maturity to achieve a deeper level of connection. It’s the only way they’ll be able to speak into your life, challenge you, and help you level up.

Will this person challenge you? <br> Ultimately, a mentor is someone who pushes you to be better. Someone who fuels your personal growth and accelerates your maturing process. That means they can’t shy away from taking you to task for your failures. But they’ll also celebrate your victories with you and won’t take credit for your accomplishments. They’re not afraid of pointing out your weaknesses, while at the same time giving you tools to overcome them and move on. The right mentor for you realizes that the truth is a powerful tool of change, that encouragement is the best motivator, and that accomplishment is the ultimate reward.

Let’s be clear; there’s nothing wrong with casual, relaxed friends. Not every hangout has to be an intense brainstorming session or motivational seminar. But don’t neglect the relationships that will push and challenge you to grow. Look for the people in your life who inspire you and start a conversation. Ask if they want to grab some coffee and talk about how they do it. Put in the legwork building a real mentorship with someone you want to be like and watch the fruits of that friendship flourish!

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October 7, 2020

How To Talk To Your Spouse About Money

How To Talk To Your Spouse About Money

Family finances isn’t always a fun topic.

But getting in the habit of discussing money early on in your relationship may help pave the way for a smoother future. Whether or not you see eye to eye, learning each other’s spending habits and budgeting styles can help avoid any financial obstacles in the future. Below are some tips on getting started!

Talk about money regularly <br> One of the best ways to approach a conversation about money is to decide in advance when you’re going to have it, rather than springing it on your spouse out of the blue. Family budgeting means making the time to talk upfront and staying transparent about it on a consistent basis. If you and your spouse choose to set a monthly or annual budget, commit to sitting down and reviewing family expenses at the end of each month to see what worked and what didn’t.

Start a budget <br> It’s easy to feel overwhelmed if you don’t have a family budget and don’t know where to start. However, with the development of mobile applications and online banking, you can now more easily track your spending habits to find ways to cut unnecessary expenses. For example, if you see that you’re going out to dinner most nights, you can try replacing one or two of those evenings out with a home cooked meal. Small changes to your routine can make saving easier than you might have thought!

Remember your budgeting goals <br> Budgeting comes down to a simple question—how will these money decisions affect the happiness of my family? For example, you might need to ask yourself if taking an awesome vacation to your favorite theme park will give your family more happiness than fixing your minivan from 2005. Can’t do both? You aren’t necessarily forgoing the vacation to fix your car; instead, you might need to invest in your car now rather than potentially letting a problem worsen. You might then decide to rework your budget to set aside more money every month to take the trip next year.

The key is that talking to your spouse about money may actually become more about talking to them about your goals and family. When you put it that way, it may be a much more productive and rewarding conversation!

Even if you haven’t discussed these things before you walked down the aisle, it’s never too late to sit down with your spouse. This topic will continue over time, so talking about your financials with your partner as you approach new milestones and experience different life events as a family can help you financially prepare for the future.

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July 6, 2020

Should You Only Use Cash?

Should You Only Use Cash?

Bills and coins are outdated.

Who actually forks over cash when they’re out and about anymore? Paper money and copper coins are a relic of the past that are useless in a world of credit cards and tap-to-pay…

Except when they’re not.

Using cards and digital payment systems actually comes with some pretty serious drawbacks. Here’s a case for considering going cash only, at least for a little while!

The card convenience (and curse) <br> Plastic cards can make spending (a little too) easy. See an awesome pair of shoes in the store? No problem! Just swipe at the counter and you’re good to go. Online shopping is even more frictionless. Everything from new clothes to lawn chairs is a few clicks away from delivery right to your front door.

And that’s the problem.

You might not notice the effect of swiping your card until it’s too late. Those shoes were a breeze to buy until you check your bank account and see you’re in the red, or you get your credit card bill. It’s easy to find yourself in a hopeless cycle of overspending when buying things just feels so easy.

The pain of spending cash <br> Handing over cash can be a different phenomenon. Paying with actual dollars and cents helps you connect your hard-earned money with what you’re buying. It makes you more likely to question if you really need those shoes or clothes or lawn chairs. Studies show that people who pay with cash spend less, buy healthier foods, and have better relationships with their purchases than those who use credit cards.(1) That’s why going with cash only might be a winning strategy if you find yourself constantly in credit card debt or just buying too much unnecessary stuff every month.

Security <br> To be fair, cash does have some safety concerns. It can be much more useful to a criminal than a credit card. You can’t call your bank to lock down that $20 bill someone picked out of your pocket on the subway! That being said, cards expose you to the threat of identity theft. A criminal could potentially have access to all of your money. There are potential dangers either way, and it really comes down to what you feel comfortable with.

In the end, going cash only is a personal decision. Maybe you rock at only buying what you need and you can dodge the dangers of overspending with your cards. But if you feel like your budget isn’t working like it should, or you have difficulty resisting busting out the plastic when you’re shopping, you may want to consider a cash solution. Try it for a few weeks and see if it makes a difference!

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May 27, 2020

How Do Youtubers Make Money?

How Do Youtubers Make Money?

People make tons of money on YouTube.

And a lot of it doesn’t seem to make any sense. The highest paid YouTuber is Ryan Kaji, an eight-year-old child who opens toys and plays with them on camera. He made $26 million from June 1, 2018 to June 1, 2019 (1). The list of highest earning YouTubers includes another child, multiple gamers, and a group of guys who do tricks.

So how do people make money opening toys, playing video games, or doing makeup tutorials? What value are these people bringing to their millions of viewers?

The power of the parasocial <br> It’s important to understand why people watch YouTube. Part of it is for the occasional funny video. Those are great, but they’re difficult to monetize. What’s become more common is for someone to start a channel dedicated to creating a certain kind of content. It can be anything from music reviews to makeup tutorials to skit comedy. Viewers stumble onto the channel and enjoy what they see, but soon something special starts to happen; they form a type of relationship with the content creator.

This is a well-observed phenomenon called a parasocial interaction. People start to feel like they know someone without ever actually meeting them in real life. You’re not just watching someone play video games or watching the news or listening to a music review. You’re spending time with someone you relate to and think of as a friend, sort of. And that results in racking up consistent viewing hours.

Ads <br> Roughly 1 billion hours of YouTube videos get watched every single day (2). It’s really the perfect platform for almost anyone trying to advertise their business. Content creators can become YouTube partners once they have a certain number of subscribers and watched hours. This allows them to put ads in their videos with Google Adsense, provided they follow certain guidelines.

On paper, ads don’t pay much; Forbes estimated in 2018 that top YouTube talent could make about $5 per 1,000 views from ads (3). That’s why the key is to create lots of bankable content. Uploading 5 days a week with an average of 100,000 views per video 52 weeks per year could hypothetically earn you $130,000 annually. But there’s more ways to monetize YouTube than ads.

Sponsorships <br> There are plenty of businesses looking for more personal ways of marketing their products. (Remember that YouTubers can have parasocial relationships with their audiences.) A recommendation from your favorite channel feels like a recommendation from a trusted friend. And brands are willing to pay big dollars to cash in on that opportunity. Compensation for a sponsored video varies on the size of a YouTuber’s audience, but on average it’s around $2,000 per 100,000 subscribers. This is where the numbers start to skyrocket. A single sponsored video per week with 100,000 views can now potentially net you $130,000 annually. At that point, you’re poised to grow your audience and further increase your cash flow.

Realistically, YouTubers make money the same way entertainers have for years. They draw attention to ads and are mouthpieces for brands. The differences are that the barriers to entry are incredibly low and scope of the audience essentially limitless. There’s no doubt that YouTube has revolutionized who gets to shape modern media.

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March 16, 2020

Can You Buy Happiness?

Can You Buy Happiness?

Let’s face it: There’s a relationship between money and happiness.

Anyone who’s looked at their savings account during a market correction or has lived paycheck to paycheck knows that not having enough money can be incredibly stressful. But there’s also a fair chance that you know of someone who’s wealthy (i.e., seems to have plenty of money) but is often miserable. So what exactly is the relationship between money and happiness? Let’s start by looking a little closer at happiness.

Happiness is really complicated <br> There is no single key to happiness. Close relationships, exercise, and stress management all may play a role in increasing emotional well-being. Little things like journaling, going on a walk, and listening to upbeat music can also help lift your mood. But none of those factors alone makes you happy—most of them actually turn out to be interrelated. It’s hard to maintain strong personal relationships if you take out your work stress on your friends! Assuming that money alone will outweigh a bad relationship, high stress, and an unhealthy lifestyle is a skewed mindset.

Money contributes to happiness <br> That being said, money can certainly contribute to happiness. For one, It’s a metric we use to figure out how much we’ve accomplished in our lives. It helps to boost confidence in our achievements if we’ve been handsomely rewarded. But more importantly, the absence of money can be a huge cause of dismay. It’s easy to see why; constantly wondering if you can pay your bills, fending off debt collectors, and worrying about retirement can take a serious emotional toll. In fact, having more money essentially only supports greater emotional well-being until you reach an income of about $75,000 (1). People felt better about how much they had accomplished past that point, but their day-to-day emotional lives pretty much stayed the same.

What’s the takeaway? <br> In short, you can’t technically buy happiness. However, taking control of your financial life definitely has emotional benefits. You may increase your feeling of wellbeing if your income gets boosted to a point, but it’s not a silver bullet that will solve all of your problems. Instead, try to think of your finances as one of the many factors in your life that has to be balanced with things like friendship, adventure, and generosity.

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January 15, 2020

7 Tips for Talking to Your Partner About Money

7 Tips for Talking to Your Partner About Money

Dealing with finances is a big part of any committed relationship and one that can affect many aspects of your life together.

The good news is, you don’t need a perfect relationship or perfect finances to have productive conversations with your partner about money, so here are some tips for handling those tricky conversations like a pro!

Be respectful <br> Respect should be the basis for any conversation with your significant other, but especially when dealing with potentially touchy issues like money. Be mindful to keep your tone neutral and try not to heap blame on your partner for any issues. Remember that you’re here to solve problems together.

Take responsibility <br> It’s perfectly normal if one person in a couple handles the finances more than the other. Just be sure to take responsibility for the decisions that you make and remember that it affects both people. You might want to establish a monthly money meeting to make sure you’re both on the same page and in the loop. Hint: Make it fun! Maybe order in, or enjoy a steak dinner while you chat.

Take a team approach <br> Instead of saying to your partner, “you need to do this or that,” try to frame things in a way that lets your partner know you see yourself on the same team as they are. Saying “we need to take a look at our combined spending habits” will probably be better received than “you need to stop spending so much money.”

Be positive <br> It can be tempting to feel defeated and hopeless that things will never get better if you’re trying to move a mountain. But this kind of thinking can be contagious and negativity may further poison your finances and your relationship. Try to focus on what you can both do to make things better and what small steps to take to get where you want to be, rather than focusing on past mistakes and problems.

Don’t ignore the negative <br> It’s important to stay positive, but it’s also important to face and conquer the specific problems. It gives you and your partner focused issues to work on and will help you make a game plan. Speaking of which…

Set common goals and work toward them together <br> Whether it’s saving for a big vacation, your child’s college fund, getting out of debt, or making a big purchase like a car, money management and budgeting may be easier if you are both working toward a common purpose with a shared reward. Figure out your shared goals and then make a plan to accomplish them!

Accept that your partner may have a different background and approach to money <br> We all have our strengths, weaknesses, and different perspectives. Just because yours differs from your partner’s doesn’t mean either of you are wrong. Chances are you make allowances and balance each other out in other areas of your relationship, and you can do the same with money if you try to see things from your partner’s point of view.

Discussing and managing your finances together can be a great opportunity for growth in a relationship. Go into it with a positive attitude, respect for your partner, and a sense of your common values and priorities. Having an open, honest, and trust-based approach to money in a relationship may be challenging, but it is definitely worth it.

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October 16, 2019

Tips on Managing Money for Couples

Tips on Managing Money for Couples

Couplehood can be a wonderful blessing, but – as you may know – it can have its challenges as well.

In fact, money matters are the leading cause of stress in modern relationships.¹ The age-old adage that love trumps riches may be true, but if money is tight or if a couple isn’t meeting their financial goals, there could be some unpleasant conversations (er, arguments) on the bumpy road to bliss with your partner or spouse.

These tips may help make the road to happiness a little easier.

1. Set a goal for debt-free living. <br> Certain types of debt can be difficult to avoid, such as mortgages or car payments, but other types of debt, like credit cards in particular, can grow like the proverbial snowball rolling down a hill. Credit card debt often comes about because of overspending or because insufficient savings forced the use of credit for an unexpected situation. Either way, you’ll have to get to the root of the cause or the snowball might get bigger. Starting an emergency fund or reigning in unnecessary spending – or both – can help get credit card balances under control so you can get them paid off.

2. Talk about money matters. <br> Having a conversation with your partner about money is probably not at the top of your list of fun-things-I-look-forward-to. This might cause many couples to put it off until the “right time”. If something is less than ideal in the way your finances are structured, not talking about it won’t make the problem go away. Instead, frustrations over money can fester, possibly turning a small issue into a larger problem. Discussing your thoughts and concerns about money with your partner regularly (and respectfully) is key to reaching an understanding of each other’s goals and priorities, and then melding them together for your goals as a couple.

3. Consider separate accounts with one joint account. <br> As a couple, most of your financial obligations will be faced together, including housing costs, monthly utilities and food expenses, and often auto expenses. In most households, these items ideally should be paid out of a joint account. But let’s face it, it’s no fun to have to ask permission or worry about what your partner thinks every time you buy a specialty coffee or want that new pair of shoes you’ve been eyeing. In addition to your main joint account, having separate accounts for each of you may help you maintain some independence and autonomy in regard to personal spending.

With these tips in mind, here’s to a little less stress so you can put your attention on other “couplehood” concerns… Like where you two are heading for dinner tonight – the usual hangout (which is always good), or that brand new place that just opened downtown? (Hint: This is a little bit of a trick question. The answer is – whichever place fits into the budget that you two have already decided on, together!)

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¹ “Fighting with your spouse? It’s probably about this,” Kelley Holland, CNBC, Feb 4 2015, https://www.cnbc.com/2015/02/04/money-is-the-leading-cause-of-stress-in-relationships.html

² “The Case for (and Against) Spouses Having Joint Checking Accounts,” Maryalene LaPonsie, U.S. News & World Report, Mar 7, 2019, https://money.usnews.com/banking/articles/the-case-for-and-against-spouses-having-joint-checking-accounts

August 20, 2018

5 Things to Consider When Starting Your Own Business

5 Things to Consider When Starting Your Own Business

Does anything sound better than being your own boss?

Well, maybe a brand new sports car or free ice cream for life. But even a state-of-the-art fully-decked-out sports car will eventually need routine maintenance, and the taste of mint chocolate chip can get old after a while.

The same kinds of things can happen when you start your own business. There are many details to consider and seemingly endless tasks to keep organized after the initial excitement of being your own boss and keeping your own hours has faded. Circumstances are bound to arise that no one ever prepared you for!

Although this list is not exhaustive, here are 5 things to get you started when creating a business of your own:

1. Startup cost
The startup cost of your business depends heavily on the type of business you want to have. To estimate the startup cost, make a list of anything and everything you’ll need to finance in the first 6 months. Then take each expense and ask:

  • Is this cost fixed or variable?
  • Essential or optional?
  • One-time or recurring?

Once you’ve determined the frequency and necessity of each cost for the first 6 months, add it all together. Then you’ll have a ballpark idea of what your startup costs might be.

(Hint: Don’t forget to add a line item for those unplanned, miscellaneous expenses!)

2. Competitors
“Find a need, and fill it” is general advice for starting a successful business. But if the need is apparent, how many other businesses will be going after the same space to fill? And how do you create a business that can compete? After all, keeping your doors open and your business frequented is priority #1.

The simplest and most effective solution? Be great at what you do. Take the time to learn your business and the need you’re trying to fill – inside and out. Take a step back and think like a customer. Try to imagine how your competitors are failing at meeting customers’ needs. What can you do to solve those issues? Overcoming these hurdles can’t guarantee that your doors will stay open, but your knowledge, talent, and work ethic can set you apart from competitors from the start. This is what builds life-long relationships with customers – the kind of customers that will follow you wherever your business goes.

(Hint: The cost of your product or service should not be the main differentiator from your competition.)

3. Customer acquisition
The key to acquiring customers goes back to the need you’re trying to fill by running your business. If the demand for your product is high, customer acquisition may be easier. And there are always methods to bring in more. First and foremost, be aware of your brand and what your business offers. This will make identifying your target audience more accurate. Then market to them with a varied strategy on multiple fronts: content, email, and social media; search engine optimization; effective copywriting; and the use of analytics.

(Hint: The amount of money you spend on marketing – e.g., Google & Facebook ads – is not as important as who you are targeting.)

4. Building product inventory
This step points directly back to your startup cost. At the beginning, do as much research as you can, then stock your literal (or virtual) shelves with a bit of everything feasible you think your target audience may want or need. Track which products (or services) customers are gravitating towards – what items in your inventory disappear the most quickly? What services in your repertoire are the most requested? After a few weeks or months you’ll have real data to analyse. Then always keep the bestsellers on hand, followed closely by seasonal offerings. And don’t forget to consider making a couple of out-of-the-ordinary offerings available, just in case. Don’t underestimate the power of trying new things from time to time; you never know what could turn into a success!

(Hint: Try to let go of what your favorite items or services might be, if customers are not biting.)

5. Compliance with legal standards
Depending on what type of business you’re in, there may be standards and regulations that you must adhere to. For example, hiring employees falls under the jurisdiction of the Department of Labor and Federal Employment Laws. There are also State Labor Laws to consider.

(Hint: Be absolutely sure to do your research on the legal matters that can arise when beginning your own business. Not many judges are very accepting of “But, Your Honor, I didn’t know that was illegal!”)

Starting your own business is not an impossible task, especially when you’re prepared. And what makes preparing yourself even easier is becoming your own boss with an established company like mine.

The need for financial professionals exists – everyone needs to know how money works, and many people need help in pursuing financial independence. My company works with well-known and respected companies to provide a broad range of products for our customers. We take pride in equipping families with products that meet their financial needs.

Anytime you’re ready, I’d be happy to share my own experience with you – as well as many other things to consider.

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