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Amazing Personal Finance Guide For Startup Owners

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Amazing Personal Finance Guide For Startup Owners

People are always talking about effectively managing cash flow in case you are running a startup. Very rarely they discuss managing personal finance efficiently. However, startup owners must necessarily keep their personal finances well-organized. Your finances must mandatorily be in perfect order as running a business on your own could prove to be tricky and you may encounter an emergency when you least expected it.

For maintaining steady cash flow and for maintaining your business finances well, it is crucial for managing your personal finance competently. If you wish to be a reputed and successful entrepreneur, you would need a tremendous amount of expertise in several areas.

One of the most critical areas that might make you successful one day is by keeping your finances well-organized. Remember that there could be no business if there is no money. As a startup owner, you simply cannot lose track of specifically your personal finances.

Here are some of the best personal finance tips provided by the experts for managing your business finance along with keeping a tab on personal finances.

Keep Business & Personal Finances Separate

It is mandatory to keep your business and personal finances totally separate. You must not mix up the two under any circumstances. One must pay a salary to yourself and abstain from paying off all your personal bills from the company account. You must seek assistance from cutting-edge software and tools for keeping track of your net worth and all your personal funds.

Manage Efficiently Personal Cash Flow Same Way as Business Cash Flow

The key to maintaining a steady cash flow both for running your personal life and your business operations is efficient management of funds and competent handling of finances. You must treat your personal finance with equal importance as your business finances.

One needs to consider creating a financial forecast. You must comprehend your expenses, all sorts of potential cash inflows, your cash burn, and also, potential unanticipated expenditures. Someone needs to, first of all, figure out exactly how you would be organizing funds for the personal account and effective ways of maximizing personal revenue stream. Once you are all set with your personal finance, focus your attention on your business finance and do the same.

Focus on Diversification

You may not wish to think like a pessimist but it is best to be realistic and have the guts to admit that your startup may not be a runaway hit and may not succeed. So it is best to think safe and plan in advance to overcome any unanticipated outcomes.

It is always best to diversify and place some of your funds into some other alternative investment, side business, or simply keeping aside some money. This could help you in an emergency situation when you need to shut down the business or switch over to another business. If you could plan effectively, you experience constant growth in your business and encounter exciting opportunity to boost your business and attain your goals.

Always Plan for Crisis Situations

Businesses could prove to be quite erratic at times. You may need to handle financial emergencies and irregular income so it is best to chalk out a budget for your personal expenses and stick firmly to that budget so that you could have enough savings to help you run your life smoothly during the leaner business period.

You must arrange to cover the essentials such as food, housing, insurance, utilities, etc. Consider adding up all these crucial expenditures and keep aside just about enough for covering a minimum of two months. In case you are compelled to take out loans, it is best to get in touch with for perfect debt management and debt relief solutions.

Secure Your Future

You must essentially save for your retirement. Someone may be having a highly erratic income flow during the initial few months or even the first few years after initiating a startup but even then your intention must be to keep aside a small amount as savings every month.

You must consider opening up a Roth IRA and also consider contributing the maximum amount possible every month. If you are looking to save more, you may open a Solo-401 K account or SEP IRA account that may help you evade a substantial amount in terms of taxes from your business income.

Balance Your Expenses against Income

A parallel drawn to Parkinson’s Law dictates that as your income increases, so do your expenses. This would explain why you might feel back to a tight financial situation a month or two after getting a raise. You will need to make an intentional, targeted effort to stay on top of your finances and ensure you are not only living within your means but also keeping enough room for savings.

As the owner of a small business, you are likely to be operating on a stringent budget. You should ensure that something similar is in place for your personal finances. It is almost too easy to lose track of your own accounts while trying to scale your business.

This is why you can use an app or website that keeps tabs on your incomes and expenses and gives you notifications when you’re taking rash decisions and need to be reeled in. The next step would be to try to reduce your expenditure, and then settle debts or put the surplus funds into savings.

Safeguard the Most Precious Asset

You must understand the necessity of disability insurance because your ability or capacity to earn is supposed to be your most precious asset. Stop taking for granted that it would never happen to me. Start believing that it may happen to any and everyone including me.

When you are looking for appropriate answers to questions such as how exactly your family would be leading a normal life without your income or how would you generate some income if something bad happens to you, there would be an instant realization that disability insurance is a must.

Conclusion

Your personal finances could be well-protected provided you consider becoming a C Corp. You could be in tremendous trouble if you are having the LLC. With a C Corp, there is no connection between your personal and business finances.

The business would certainly be a separate entity with a C Corp implying that the business would be managing its finances and you would be managing your own business. Seek expert professional for managing your finances well and offering you a completely unbiased view of your finances.

Siddharth Kashyap loves crafting content and sharing information about technology and business. Since the world mainly revolves around, business growth, and technological advancements, you can always find her delved into the digital world.

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PM Modi was Seen Plogging at Mamallapuram Beach and He Also Requests Everyone to Keep Public Places Clean

Priya Verma

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PM Modi was Seen Plogging at Mamallapuram Beach

Prime Minister Narendra Modi is a name that needs no introduction. He is a man of words, what he said, he does. As we know he is so strict regarding preserving Mother Nature and preserving our environment. That’s why he encourages everyone to avoid the use of plastics in daily life and he is the man behind launching Swacch Bharat Mission in India to encourage everyone to make India neat and clean. Recently, we also him on a cleaning spree at Tamil Nadu’s beach, Mamallapuram ahead of meeting with Chinese President, Xi Jinping. Most of the individuals have appraised Modi for this act while some are making fun of him by saying, cleaning plastic with plastic and some other comments.

PM Modi also releases a video on Twitter while cleaning the trash-

Even PM Modi also released the video on Twitter where he could be seen picking up plastic garbage from the beach and other kinds of waste from while doing his morning walk which got viral on social media. He was wearing a black kurta and dhoti, walking barefoot and picking up litter very nicely.

Modi on Twitter Said

On his Twitter profile, he mentioned, “Plogging at a beach in Mamallapuram this morning. It lasted for over 30 minutes. Also handed over my ‘collection’ to Jeyaraj, who is a part of the hotel staff? Let us ensure our public places are clean and tidy! Let us also ensure we remain fit and healthy.”

Seeing his Post on Twitter, fisherman K. Vinod who belongs to the Ocean awareness group, responded, “When the Prime Minister can do it, why can’t ordinary people too.

One of the Mamallapuram residents appraises Modi’s Act

Appraising the act, Mamallapuram resident, Aine Edwards had also posted several photographs where she says how clean the town and beach looks after the summit. “It just shows that the town has the potential to be clean. The humans, who cleaned it up so beautifully, did a good job. But can they keep it that way?” she asked.

Actor Prakash Raj criticized his exercise

Some of them also criticized this act of Modi, Actor Prakash Raj on Twitter said,

Other people said that the beach was already clean since it’s a tourist place. Modi is just trying to raise his name that’s it. For example Kancheepuram District Collector, P. Ponniah said the plastic must have washed up onto the beach. “Since the beach is visited by tourists, it is usually kept clean. We had also cleaned up the beach before and during the summit,” he said. Here, he means to criticize his exercise.

As PM Modi has arranged an informal summit with Chinese President, Xi Jinping, he also discussed with him lots of other areas of concern and issues that are affecting our environment and nature. They both met at Mamallapuram and held the second round of talks at Taj Fishermen’s Cove in Kovalam.

This year while giving a speech on the occasion of Independence Day, PM Modi had announced a campaign to make the country free by not using any kind of plastic. Now, we need to wait and watch how many of us will follow what he said to keep our country clean.

Many people are telling that he is pretending to clean the beach. For all those haters, Team GudStory wants to give a simple msg which is the same in the following tweet..

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Finance Ministry Decides To Shut Down Two Telecoms BSNL and MTNL Putting The Lives of Over 2 lakh Jobs at Stake

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Finance Ministry Decides To Shut Down Two Telecoms BSNL and MTNL

The two of the most prominent broadband companies, Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL) are going to be shut down as decided by the Finance Ministry. Well, this news has made many people sad and disheartened. The reason behind this is their love and attachment towards these service operators they have for decades that they can’ afford to forget. As per the reports by the Financial Express, the two public sector undertakings are now finding difficult to sustain amid the competition between private companies that have taken over them. This is why the government has finally decided to shut them down permanently which will leave people working here in the lurch.

The report also tells that the ministry has rejected the proposal kept by the two telcos of pumping in a massive amount of Rs. 74,000 crore to revive them. The ministry has told that the total expense in closing both the companies would be less than Rs. 95,000 crore including the payment to their 1.65 lakh employees for the voluntary retirement scheme and its debt repayment.

While the proposal to shut down these two companies might be very surprising for many but for some it was obvious as we all know how hard it was for BSNL to survive between too many competing companies in the private sector. BSNL has been struggling for very long and even its employees were also not paid for a long time due to their incapability. Last month, it was reported that BSNL had asked 50% of its employees to resign at their will. Even, MTNL is also making defaults for not paying their employees on time from some months.

Both of these companies have a huge employee base. BSNL has 1.76 lakh employees across India while MTNL has around 22,000 employees and the total monthly salary expenses of BSNL are in the range of Rs. 750-850 crore while that of MTNL is around Rs. 160 crores which they are not able to pay right now.

As soon as this news came out, people became emotional and they start outraging their comments on Twitter for the companies and their attachment towards them.

Have a look at some of the tweets below:

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6 Reasons That are Responsible for Giving Indore The Title of Cleanest City of India

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6 Reasons Why Indore Won The Title of Cleanest City of India

You might be knowing that the city Indore has been given the tag of the cleanest city of India. There are multiple reasons that have made this city clean and beautiful. Back to back, three times the city has been given the tag for the cleanest city. I will say not only the government’s strict regulations but also the combined efforts of the citizens have made this city to get this title. All have done a fabulous job to make the city clean. So, are you curious to know which reasons make this city the cleanest and beautiful one? Let’s talk about it

Some of the reasons that make Indore the ‘cleanest’ city of India:

1. They keep separate dustbins to hold trash

They keep separate dustbins to hold trash

via; Twitter

Did you know garbage bins in Indore has been replaced by dustbins? Almost in every locality and area, you will get to see proper dustbins. Not only this, they have two separate dustbins to carry the trash. One is for dry waste and another one is for wet waste.

2. Government distributed dustbins

Government distributed dustbins

via: Twitter

Such a wonderful initiative was taken by the government to gift the dustbins to the residents of the city by visiting their homes. This way they are motivating people to use dustbins and help them in saving the environment by not littering here and there.

Also read: Top 5 Things To Do in Indore

3. Musical trucks to spreads the Swacchta awareness among everyone

Musical trucks to spreads the Swacchta awareness among everyone

via: Twitter

To spread awareness for cleanliness, the government has also made use of the trucks which play music like Swachh Bharat Ka irada song and hatrick song.

4. Residents were given awards

The residents who contributed to making the city clean and beautiful were also given timely rewards and recognition by the government where they share their stories about how they did this and try to inspire everyone by their great deeds.

Also read: 10 Best Affordable Cities to Live in India

5. Giving awareness about composting

Giving awareness about composting

via: Twitter

People were also given awareness about how to compost the waste and in what way. How the whole system works and how the waste will be composted by playing ads on radio or newspaper.

6. Children were made ambassadors of Swachh Bharat

Many small children were also made brand ambassadors of cleanliness mission, Swachh Bharat for Indore. The songs were also recorded by the children regarding the garbage collection and were played so that other people would get to know about this. Even they use rap to make it more attractive and attention-seeking.

Not only these measures have made the city beautiful and clean, but also the government efforts and some strict policies related to garbage collection have made people attentive. Those who do not pay attention to it were also levied a hefty fine and those who followed were given awards. This is due to their combined efforts, Indore was ranked the cleanest city in India, according to Swachh Survekshan which is an initiative of the Urban Development Ministry.

So, by following these ways we can also make our city clean and beautiful like Indore. Let’s take a pledge that we will not litter and try to save our environment and mother earth.

Also read: These 11 Railway Stations Look No Less Than Airport With Beautiful Wall Designs And Paintings

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