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Financial Literacy

4 Bad Habits that Can Ruin Your Financial Stability

Every business owner should remain focused on the ultimate goal of generating revenue and maximizing profits for their company. That’s because despite all the distractions business owners face, the most crucial element to running a successful company is maintaining its financial viability. Unfortunately, those distractions that occur on a regular basis can not only deter you from accomplishing good work, they can actively cost you money. With that in mind, here are four bad habits that can sink even the soundest operations –– and how to avoid them in the first place. Working with Friends or Family On paper, it might sound like a good idea to involve close friends or relatives in your business. Trust us, it’s not. Friends and money simply don’t mix. Keep your professional relationships professional, and keep your personal relationships personal. Doing so will go a long way to alleviating costly mistakes. Poor Time Management Procrastinating is one of the worst habits you can pick up –– and not just because of the negative business implications. Indeed, not having a sound time-management strategy will almost certainly hinder your efficiency. This can occur in obvious ways like missing important deadlines or meetings, or it can gradually ...

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4 Types of Phone Apps that Can Help You Get on the Best Financial Foot Possible

When you start off on your own, it is important to take the time to make sure that you do everything that you can to get off on the best foot financially. There are many young people who do not realize how important it is to build a nest egg to fall back on in case anything goes wrong in the future. If you want to be able to track your finances in the easiest way possible, consider using your phone to do so. There are many great phone apps that can help you track your financial decisions to ensure that you have the best financial start that you can. The following guide provides you with a few different options to consider using to build the best financial start you can have in life. Consider a Great Banking App There are many great banking apps available that allow you to track the money that is in your bank account at all times. Look for a banking app that allows you to deposit your checks via your phone, like the one offered by OakStar Bank. This will allow you to deposit checks from anywhere without having to make a special trip ...

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Do You Understand the Importance of Your Credit Score?

In a world where financial independence and control over your credit and debt are important, you’re probably constantly looking for new ways to improve your money management skills. Many people begin searching for strategies to make their lives easier financially, but they pause once they hear about credit scores and reports. Not only can these areas be confusing at first, but you can also easily miss some of the most important aspects of this information. If you’re feeling confused, don’t worry. You can find plenty of resources available to help you understand your credit. Your credit score affects more areas than you may think. For example, although employers can’t see your credit score, they can check your financial history, which includes requesting your credit report. A credit report lists plenty of personal information, such as outstanding collections, bankruptcies you’ve filed, and your history of wage garnishments. Employers will use this report to form an opinion about how reliable you are as a potential employee. This information is only one of many ways that a credit report can impact you. With so much at stake, you should understand why managing this part of your finances is so important. HealthIQ.com has resources ...

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How to Make the Most of a Year End Bonus

According to a recent survey by Accounting Principals, only 63% of companies plan on rewarding employees with year end bonuses this year. This figure is down from 75% last year. Clearly, year end bonuses are not something everyone gets to enjoy.  Even so, many people who do get bonuses spend the money on extravagant vacations or frivolous purchases. If you happen to be one of the lucky ones, here’s how to make the most of an end of year bonus. Save It First of all, congratulations on not immediately spending your year end bonus. It is a feat that not everyone can claim. Unfortunately, most will dole it out as if it were water running through their fingers. There are lots of good reasons to save your end of the year bonus rather than spend it. For example, you can save the money for a rainy day. Or, save toward a future large purchase, such as a car. Pay Debt If you have debt, applying your end of the year bonus to it can reduce it and get you one step closer to financial freedom. Pay on the lowest debt you have so you can get it paid off first. ...

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Discover How An Improved Credit Score can Influence Your Life

If you give the needed importance to your finances, then you know that building and maintaining a good credit score could improve your life significantly. If you do not plan to make a huge investment, such as buying a property or a new car, then fixing your credit score may not represent one of your main priorities. However, you should know that you do not even need a reason of such magnitude to start acting in your favor and enjoying the short-term and long-terms benefits of improving your credit score. First, this decision could help you save money for unexpected situations that may arise in the future or major upcoming events. Secondly, it will facilitate your life from many perspectives; this means both personally and financially. Indeed, you will have to initiate a time-consuming process that challenges your patience and determination but once you complete it, the “struggle” will pay off. Another solution is opting for professional credit repair services, which will save you the amount of effort and time invested in the process.   Cheaper insurance and lower interest One of the perquisites of having great credit score that you probably overlooked is cheaper insurance. You should know by ...

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