Successful Entrepreneurs Teach You Six Financial Secrets
Whether you are an entrepreneur, an investor, or just want to manage your finances better you are going to need to know some guidelines in order to help maximize your return. You need to know your business and establish goals/metrics in order to make sure you are on track. The only way to progress is to be able to learn from your past mistakes and make adjustments.
Here are 6 great tips you can start applying to everyday life to help with your finances.
“Small business owners often work with very tight budgets, which leads to a ‘do-it-yourself’ mindset,” says Reeves. “However, the most valuable resource is often their time. Entrepreneurs should constantly think about whether they’re spending time on the most important parts of their business. For instance, if a business owner is spending three hours a week running payroll manually, they may think they’re saving money, but they are actually expending time and energy that could be put toward growing their business.”
Even as an investor time is the most valuable resource for me. Number five (value your time) is the most important one on the list to me. I saved a ton of time screening stocks by investing in a sophisticated charting system for $20 a month. Some tools to help you with your finances might cost your money but in the end they are worth it if they save you time. You can always earn more money but you can’t earn more time.
Read about time management and five great other tips from successful entrepreneurs.
About Shaun Archer Tatum Shaun works in corporate finance in New York City. He has done financial consulting for several start-ups and has worked at several Fortune 500 companies. He has contributed several finance/investing articles on Seeking Alpha which have been published on Yahoo! Finance.