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Getting Big: For Small Businesses



There’s no fixed technique when it comes to being wealthy and there are no hacks either. Money can come fast or slow, in bulk or in pennies, but it’s not about how the money gets to you – it’s about how you ask it to come over and let it stay for long. Honestly, there are easy money-making schemes out there, but the ‘making’ part isn’t really what you have to focus on but the gray area of ‘saving’.

Cutting to the chase, small business owners often are skeptical when it comes to their business size, thanks to tons of misconceptions out there about high-flying industries and classy professions being the only ones who get bigger by already being big from the start. Honestly and simply speaking, getting rich is an internal process that starts with financial discipline and management.  To learn that, here are some helpful tips:

Make Your 24 Hours Count

Make time by getting up early. This way, you’d have several uninterrupted hours for planning ahead, going through your business’ necessary assessments, and preparing for the day’s duties. Contrary to clocking in on time and rapidly facing the storm of responsibilities, slow mornings can help you fine-tune how you’re going to deal with your upcoming circumstances. If you’re a night owl, boost your creativity and productivity by working while others are not. It just comes down to giving yourself the right headspace to better outsmart your workload, not to be stressed by it.

Get Rich By Living Like You’re Poor

Live below your means to save up for the important stuff. Many rich people spend less than they are earning to make the most out of their money. Don’t be ashamed to get yourself a bargain. Before spending on something, ask yourself if it’s something you really need or just something you fancy for the short-term. Remember that the trends of today can fleet in value anytime and you don’t want to be splurging your hard-earned money on something that would sell for half its price in a couple months’ time.

Accumulate enough earnings, invest, and let it grow. It’s this concept of letting your money work for you that will get you a head start in the pathway to wealth. Get rich before spending like you are one and by the time your savings reach your desired threshold, spend wisely to reward yourself.

Take Calculated Risks

In the business, it’s okay to settle if it’s the safest bet, but make sure you’re not letting huge opportunities slip by. When presented with possibilities accompanied by the paranoia of the unknown, it’s not always necessary to say yes, but it would do a whole lot of change to study the prospect.

PODS founder Pete Warhurst used to be a man of the traditional storage business when the idea of portable storage units popped in his mind. He shared, “You’ve come up with an idea, and your gut and instincts tell you it’s a good idea, be willing to take the risk. But monitor the decisions you make and be willing to admit when you made a bad one and change it and fix it.” Selling his company meant making a billion-dollar business out of it. Venture out but keep your eyes wide open.

Learn Taxes & Investments

Expounding the notion of letting your money work for you, learn to legally take advantage of tax reduction strategies and invest in the right programs. Tax-deferred investments, such as Individual Retirement Accounts or 401(K) plans are claimed by wealthy people as ideal instruments. As a business owner, you can also take on a Simplified Employee Pension (SEP) or Savings Incentive Match Plan for Employees (SIMPLE) plans.

Educate yourself on the power of compound annual growth rates to grow even the most modest 401(K).

Trust The Slow Process

Getting rich doesn’t happen overnight, and the arguments of inheritance and lottery winnings aren’t valid here as quick money isn’t an indicator of lifetime wealth. As early as you can, learn the magic of investment (and patience). Set a financial goal and stick to it – whether it’s saving a certain amount every week or investing a rate yearly. It’s never too late as long as you work well with time. One study by Ramsey Solutions claimed that nearly three-fourths of millionaires took 28 years to attain a 7-figure net worth, making them rich at the age of 55 or older.

Don’t Splurge On The First Step

In picking a business, go for those in the industry with low operating costs but emit a great profit potential. Unless you have an outside investment for those with high operating costs, choose humble beginnings with hopeful futures. Although you’d want a business to profit from as instantaneously as possible, you wouldn’t want to boast a name with empty pockets. Ease it out by picking a simple business and planning everyday on growing it.

Firmly Effectuate Your Business Culture

Albeit considered a ‘small’ business, it’s inevitable for it to be costly in the long run. When equipment starts operating inefficiently due to missed checkups and premises drop in the list of priorities, profit, too, could go down the drain. To prevent this, always keep an eye on your business’ details. This doesn’t only apply to the concrete details but also to the unseen customer impressions, product and service duplications, product reputation, and the dependability of your suppliers.

As the leader, make a great mentor out of yourself by letting your employees take pride in your well-run business. Practice what your business preaches and regularly check on the culture’s effectuation.

Mind Your Employees

As salaries are part of your business budget, make sure you’re allotting enough to give justice to your employees’ workload. Remember that the business isn’t going to help you if the people that manage it aren’t happy.  Foresee hidden expenses from employee turnover and customer dissatisfaction caused by poor employee morale by letting your team know they are the company’s assets. When they take pride in the job, they can lead the business, themselves, and yourself to wealth.

Give Frugality A Spot In Your Business Culture

One study says that 93% of rich people stick to their business’ set budgets, and this has shown significant impacts to their net incomes.  Before taking on any business expenditure, consider its recurrence. A $10/month bill would seem harmless at present but if it charges for years, the collective amount can present how much of your earnings the bill eats up. If it’s something you’re certain you’d be using in the long run, like external services or software tools, snatch the annual commitment instead. Most times, it’s those annual charges that hold the most discounts – just make sure you’re always scoring a great deal by weighing your options. Additionally, if you have software subscriptions that charge monthly but don’t necessarily do much in the business, cancel them. Periodically review your credit card statements and financial accounts to see which charges should be gotten rid of.

Establish frugality in your business culture to let everyone involved scrutinize every single minute expense and to educate them on how to smartly cover those expenditures.

Regularly Collect Receivables

You can be too hardwired to the job but still end up with insufficient profits. One of your biggest barricades to getting rich is your failure to collect money owed to you. Design an organized system that monitors the invoices sent out to clients. When waiting for months before getting paid becomes a habit, slashing your personal finances to shoulder charges will soon take a toll on the business.

Track your Days Sales Outstanding (DSO) to determine the time it takes to collect invoices. Well-run companies have a DSO average collection time of under 30 days. If it reaches 60 days or longer, expect poorer performance (industry-variable). 

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The latest weekly indicators indicate a significant decline in consumer confidence due to mounting debt



Weekly Indicators: Consumer Confidence Drops Sharply As Debt …


Welcome to our analysis of this week’s economic indicators! In today’s blog post, we will focus on the sharp decline in consumer confidence and its impact on the economy. Also, we will explore growing concerns about increasing levels of consumer debt. We will dive into ten different aspects that provide a detailed view of the current market scenario and its potential consequences.

Consumer Confidence: A Decline Worth noting

In recent weeks, consumer confidence levels have seen a sharp drop across various regions. This decline is intrinsically linked with the overall health of the economy, as it reflects how optimistic consumers are about their household financial situation and the job market. When consumer confidence is low, spending decreases, investments falter, and ultimately economic growth slows down. It is essential to understand what factors contributed to the drop in consumer confidence recently. Some causes include inflationary pressures, global economic uncertainties, and fluctuations in financial markets. These challenges can lead to a decrease in disposable income, rising unemployment, and increased anxiety over future prospects. To illustrate the significance of the drop in consumer confidence, consider: – A nation grappling with high inflation rates and stagnant wages inevitably experiences a decrease in consumer confidence, resulting in lowered spending habits. –

  • Higher prices for everyday goods and services

  • Wage growth not keeping pace with inflation

  • Limited disposable income

  • Growing consumer pessimism

  • Reduced consumer spending on non-essential items

  • Lower demand for products and services impacting businesses

Debt Concerns: A Growing Menace

Simultaneously, there has been growing concern about the increase in consumer debt levels. High debt can negatively impact the economy by making it difficult for borrowers to manage their financial obligations and affecting the stability of the financial system. It can also lead to a vicious cycle, with debt-laden individuals finding it harder to access credit or save for the future. Higher debt levels result from various factors such as the ease of obtaining credit, low-interest rates, rising cost of living, and slow wage growth. When consumers are unable to keep up with their debt payments, default rates increase, which affects the lending institutions and can potentially send ripples throughout broader economic sectors. Imagine a scenario where consumers take on substantial debt over time, fueled by easy credit access: –

  • Shopping sprees financed through high-interest personal loans

  • Frequent use of credit cards without timely repayments

  • Struggling with multiple loans and debts repayments

  • Increased default risk on loans

  • Lenders becoming cautious around loan approvals

  • Credit score decline impacting future borrowing prospects

Summary Table

Indicator Trend Impact
Consumer Confidence Declining Decreased spending, slowed economic growth
Debt Concerns Rising Financial instability, higher defaults, restricted credit access

As we continue to monitor weekly indicators, it’s essential to assess both consumer confidence and consumer debt levels. Understanding their causes and potential consequences can help formulate policy decisions aimed at mitigating their impact on the economy. An astute evaluation is vital to ensure steady economic growth and prevent unwanted setbacks or crises in the future.

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Keeping End-of-Year Finances in Check



Sometimes, the holiday season is not full of wonder and merriment. The gift-giving culture associated with the holidays can be a source of stress and frustration, especially with the ongoing pandemic, economic downfall. Here is how you can keep your finances in check to cap off 2020 by being financially aware.

Holiday Questions

It is no secret that the ongoing pandemic has affected the economic lives of people. While the holiday season promises a short relief from the doom and gloom of the pandemic, more and more individuals are located on opposite sides of the spectrum when handling finances during the holidays. Others want to go all out to celebrate the hardships that 2020 brought, while others are more practical and tend to be more frugal in their holiday spending.

Here are some of the frequently asked questions about how to manage money during the end-of-year season to have a balance between sharing your love and care to the people you love while not breaking the bank.

How Do I Keep from Overspending during the Holidays?

Give the gift of your time and talents.

Gifts come in many shapes and forms, and while the gift-giving culture primarily revolves around how much money you have spent on a gift… Gifts can also come in the form of time and talents! For example, if one of your friends desperately need time for self-care activities or a date with her husband, you can volunteer to babysit their kids in one evening! If you know your friend is getting married and you have an amazing voice, you can ease up their burden of looking for a wedding band and volunteer to become a wedding singer free of charge!

Make your wish list before going shopping online.

While shopping online is becoming more efficient, it can be distracting to put more in your cart than earlier anticipated. One way to not spend more on your holiday gift list is to make a wish list first and, most importantly, stick to it!

Spend within your means.

Yes, with the pandemic, money may be tight, and it is more practical to let go of luxury items (because who needs a $5000 designer bag if you are not a Kardashian, right?) and make do with practical and useful gift items.

I Will Be Using My Credit Cards for All My Holiday Shopping. What Are Your Thoughts on Best Practices?  

With cashless payments slowly becoming a trend, more and more people are attracted to pay using credit cards. Credit cards are a great way to pay for bulk holiday items because most credit card holders provide a generous cash-back system that can pay you back from 1% to 5% of your purchase fees. You have to look out for sure that your chosen credit card has no annual fees, which means you will not pay any interest in your purchases. Another word of caution is to again spend within your means so that your credit card debt will not be carried out through the spring season.

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Airbnb Bounces Back amidst Covid-19 Pandemic



It comes as no secret that the Covid-19 pandemic has severely affected the tourism industry, including the hotel and accommodation sector. Despite the initial setback, Airbnb’s are slowly starting to rise with the trendy Airbnb nomadic culture work from home individuals are starting.

Airbnb Nomads

When the Covid-19 pandemic started, the first industry to take the brink of the economic downfall was the tourism industry. With flight and movement restricted by lockdown protocols, fewer people are checking into hotels and booking at Airbnbs. While the industry initially felt the effects of the lockdown protocols, they are slowly bouncing back with the Airbnb nomad trend.

So what exactly is the Airbnb nomad trend? Because more and more companies are encouraging people to work from home to control the spread of the virus, people are ditching their apartments and are starting to hop from one Airbnb to another as an opportunity to explore the world (within the confines of their Airbnb) while they are working from home.

Working in Style

Take, for example, Tess Pawlisch, who has been working in San Francisco for four years. She can only take a few vacation leaves amidst her busy schedule in her previous office work set-up with her demanding job. However, now that she is working from home, she can balance working from her Airbnb even when she is on a sunny beach in Mexico sipping tropical-flavored shakes. Pawlisch is only of the many individuals who decided to seize the opportunity to “travel” while working from home.

Bouncing Back

With the initial setback to minimal to zero bookings for Airbnb during the early half of the year, this trend comes at a perfect time for the accommodation giant as Airbnb sales skyrocketed to twice their original sales start of the year. Airbnb’s market value is almost at par with another booking giant,, with the Bnb having $83.2 billion and booking having $85.6 billion. Airbnb has been doing so well in the past few months in terms of shares and stocks that they even surpassed Marriott hotel, which has a projected $41.7 billion valuation.

Exciting Opportunities Await

The work from home set-up is advantageous for people who are bitten by the wanderlust bug, but it is also advantageous for individuals with families or those who want to be nearer their families during these trying times. For example, Trey Ditto was working in Brooklyn, New York, because of his job. Because his company encouraged him to work from home, he decided to move in with his wife (who was also working from home) and their 2-year-old son when they found a bigger apartment near the upstate portion of New York City for about two months. When they realized this would be the new normal soon, they moved to another Airbnb in Texas to be closer to their families—an opportunity that would not have been available if they were back in the office.

Pain Points

However, hopping from one Airbnb to another is not all luxury and glamor. First, the stress of hauling all your things to settle for a month and then moving to another house the next. It can be extremely exhausting. Second, there will always be the element of surprise. For example, even if the unit’s photos are very enticing (it’s called marketing for a reason), the actual unit may be smaller or more run-down than earlier anticipated and can be quite stressful for picky individuals. Lastly, since the Wi-Fi connection is essential for work from home individuals, not all Airbnb units have the best Wi-Fi access to work with. In fact, the Wi-Fi connection is the number one complaint of individuals who are slowly adapting to this lifestyle.

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