TessMore Finance Blog

Starting a business is a lonely endeavor. You're constantly putting in long hours, making decisions, and dealing with setbacks. It's easy to get caught up in your own head and start to feel isolated. But isolation can be dangerous for business founders. It can lead to burnout, depression, and even physical health problems. It can also make it difficult to make sound decisions and build relationships with customers, employees, and investors. If you're feeling isolated, there are things you can do to combat it. Here are a few tips: Build a strong support network. This could include friends, family, business partners, mentors, or even a therapist. Having people, you can talk to and who can offer support is essential for your mental and emotional well-being. Get involved in your community.  This could mean volunteering, joining a club, or attending networking events. Getting out and meeting new people can help you feel less isolated and more connected to the world around...

The SECURE Act, which stands for Setting Every Community Up for Retirement Enhancement, offers new investment opportunities for high net worth individuals. With annuities made more accessible in 401(k)s and other defined contribution plans , there is a new level of safety in retirement planning. As a team passionate about finance and aiding high net worth individuals, this has been an exciting development for us. As a high net worth individual – your investable assets are at least $1.0 million – you may not be familiar with the benefits of annuities , which can provide a guaranteed income for life, even as traditional retirement  plans become increasingly rare. With the new opportunities created by the SECURE Act, annuities can provide a safe and stable income source throughout your retirement, ensuring long-term financial security. It's important to note that while annuities can be a valuable component of a retirement plan, they shouldn't necessarily make up the entirety o...

Imagine this: you've worked hard all your life, and now you're at the top. You're doing pretty well for yourself, but have you taken a moment to consider what happens to your wealth when you're gone? Believe it or not, high-net-worth individuals often overlook the importance of estate planning. Failing to plan can have massive consequences, leaving your hard-earned cash in limbo. Think about your valuable bank accounts, 401(k) investments, luxurious properties, and more—it's all part of your estate. Protect your legacy with a well-designed estate plan. High-net-worth individuals often overlook the importance of estate planning, which can have massive consequences for their hard-earned wealth. According to a survey of more than 1,200 Americans by EstateExec, an online resource for executors, over 44% of adults have experienced or heard of a family conflict over assets during an estate settlement. On average, it takes about 16 months to settle an estate, which can...

As a small business owner, you may be surprised to learn that there are actually tax deductions you can take before launching your products. For instance, the costs associated with marketing your product and product analysis are tax deductible. Additionally, the costs associated with performing competitive research and analyses are also tax deductible. Find out more about what constitutes a tax deduction in this video.  https://centsai.com/wp-content/uploads/2023/02/2.23Tax-tips-for-freelancerslinkedin.mp4 The post Tax Tips for Small Business Owners appeared first on CentSai . from Stories and Tips for Ways to Earn Money Now | CentSai https://ift.tt/TdFjD1N

When thoughts about your competitors pop into your head, the last thing you may think of doing is reach out to them to start a relationship. After all, you’re going after the same customers so what if you accidentally give away a secret or worse see what they’re doing and start feeling like they’re better than you. Any entrepreneur who has done the hard work of building a business knows that the secret is really in hard work and execution, not only in the secret sauce. You also know that, even though your competitors may offer essentially the same product or service as you, there are inherent differences between the offers. This is a positive aspect of capitalism, that there is enough room in the market for multiple players to offer the same products and services and have some of them be right for a certain segment of the market while others are better for others. Each company offers a differentiated version of the same products and services. The deeper you understand the actual v...

The adage goes, it takes money to make money. Lack of access to capital can be a major problem for small businesses in a variety of circumstances. Maybe you’re just starting out and you have setup or testing costs. Or you’re trying to grow and you need to invest in space or inventory. Or worse, a pandemic hits and you lose customers. As a small business owner, I’ll share what you need to know about seeking a business loan. Determining Your Eligibility There are criteria you need to satisfy before a bank will consider lending to you. You must have a business checking account and show that you keep your business and personal finances separate. You must have been in business for at least two years showing profitability with paying customers . You have to be willing to provide a personal guarantee on the loan so that if anything goes wrong, the bank can come for your personal assets to repay the loan. You also need a reasonably high credit score . If you plan to seek bank loan...

When your ideal client reads your website, do they know you’re talking to them? Do the words on the page reveal their story in a way that jolts them to action? When I’m writing anything, whether it’s an article like this one, copy for my homepage, an email to a client, or any business writing, I focus entirely on the business owner who’ll be reading what I’m writing. I do this because I want to inspire them to action. I want them to feel supported and equipped to take the next logical step toward building a business that serves themselves, their employees, customers, and community. Writing copy for your website can be a frustrating and overwhelming task when you’re not used to writing marketing copy in general. I know I’ve spent plenty of hours staring at a blank screen or typing out words for my homepage that I end up erasing because they’re boring. And yet, you know your business and customers’ needs better than anyone on the planet, so you’re the best person to know if the copy ...

There’s some debate as to whether financial literacy for the extremely poor provides value. I argue that it indeed does, not only in the present, but in the long term, both in improving financial conditions and in breaking the repetitive cycle of poverty. The argument against financial literacy for the extremely poor is that it doesn’t provide value, that it is insufficient to meet the needs of society’s most impoverished. The argument is that financial literacy is for the middle and upper classes, those with financial resources to manage and grow. Let’s look at what is right and not-so-right with this argument. The Argument Against Financial Literacy for the Poor Financial literacy from its roots has aimed for inclusivity. A primary objective of the financial literacy movement is to reduce the socioeconomic gap, which, naturally, is geared toward improving the financial conditions of the poor. You could reduce the socioeconomic gap by reducing the wealth of the middle and upper cl...

You have the idea, the drive, and hopefully the funding, but as a small business owner, you’ll be faced with a plethora of decisions from conception to day-one operations. Choosing the right financial institution is not the least of them. Here are 8 essential banking tips that could help. Careful consideration needs to be taken when banking on your financial services provider. Small businesses account for 99.9 percent of businesses in the United States, the Small Business Administration reports , so it’s no surprise that most financial institutions are vying for your business. Unsurprisingly, more than two-thirds (79 percent) of respondents in a survey of 600 small business owners (with an annual revenue of up to $20 million) use the same financial organization for both their personal and business financial needs, according to the Banking Administration Institute , a Chicago-based nonprofit financial services research firm. Yet another survey , by PwC, of 570 small and medium-siz...

There’s a peculiar growing interest in socialism in the United States, despite the irrefutable fruits of capitalism. The express interest is in the equality inherent in socialism: that everyone, as co-owners of the means of production, shares equally. There is certainly a difference in wealth attainment in capitalism, whereas, historically, socialism provides equal poverty. The Cuban people, for example, are generally quite poor, though their leaders are quite wealthy — the people share the equality of poverty. Capitalism is the greatest wealth creator ever. Capitalism has created more wealth for more people than all other systems combined have — cumulatively. And by a margin. Socialism, on the other hand, tends to devolve into mass poverty. Capitalism has inequality of attainment, while providing higher average attainment; socialism provides equality of misery. Within a capitalist market, we have the opportunity to choose our destiny, to achieve that which we want and are willing to...