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How To Avoid A Disastrous Partnership

Career

In the business world, we place a large importance on networking and forming connections with various successful individuals. This philosophy gives life to the idea of asking for, and accepting, help.


Gracefully and humbly accepting help does not make you weak, but instead puts you on the same level as those kickass moguls who know what it takes.

But how do you know that the person offering a helping hand is the right one? Not all business relationships are fruitful; if you jump the gun, you may end up in a partnership with someone who brings distress to you, or worse – your business.

Research & Background Check

What you see is not always what you get so I encourage you to do your homework on any potential partners. Can’t find anything on them? That may be a sign in itself. You want to work with someone who is genuinely beneficial, not someone with a sketchy reputation. Who you ally yourself with affects more than you’d think.

Go with Your Gut

Everything might check out. He or she might be the perfect partner on paper, but the vibe might not be there. Not everything comes down to reputation and recommendations; as sometimes your instinct takes precedence. Follow what feels right for you and your business.

"It is rare to find a business partner who is selfless. If you are lucky it happens once in a lifetime."
- Michael Eisner

Consider the Exit Cost

No one ever wants to go into a new partnership with the idea that things might go wrong; but, just like bad marriages, unhealthy associations fail. This consideration is particularly important for entrepreneurs. The decision to exit a contractual agreement can cost a large amount in legal fees and potentially damage your reputation – a budding business may never recover. Once you weigh out the pros, cons, and how much time, effort and money it will cost you to back out of the deal, you may find that the partnership is not the one for you.

No matter why you decide to turn them down, make sure you do it respectfully. Ending a partnership is one thing but making an enemy is entering a whole new ball park. Save yourself a headache by conducting yourself with professionalism and poise. Who knows, the deal might not be right for you in that moment but who can speak for the future.

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Finance

How to Become an Expert at Managing Your Finances

It isn't always easy to stay on top of your finances, especially when you have developed unhealthy spending habits over the years. However, as you begin to realize the many benefits of having healthy finances, it can become something you want to make a conscious effort to improve. When your finances are in a good place, you often have access to better opportunities whether it be a mortgage loan, greater credit line or business loan. On that note, here is how you can become an expert at managing your finances in case you need a few tips.


Learn to Use Technology

The good thing about managing finances in the technological age is that you don't have to do it alone. There are so many apps available that will help you pay bills on time and track your expenses. For instance, some apps force you to live within your actual income and tell you what to do when you need to balance your budget.

If you need an app that will help you get better at saving, then some will set aside your spare change for you. Also, don't be afraid to use more simple tools such as your smartphone calendar to set reminders about payments if you don't automate them.

Seek Legal Advice

Sometimes, being an expert at something means understanding that you can't possibly know it all. This is why you have professionals around you that can help fill in the gaps where you're lacking. Consider hiring a legal firm to help with any challenges that are beyond you. Lexington Law is a good firm as they could help remove negative items from your credit report. Read this Lexington Law Review (Our #1 Credit Repair Service of 2019) to find out more about how they could help improve your finances.

Prioritize Learning

You can't do better than what you know when it comes to managing finances. You should, therefore, invest your time in learning more about finances and how to manage them. Think about what your goals for your finances are and what knowledge gaps you need to fill.

For example, if you want to invest in the stock market so that you can improve your net worth, then you may need to learn more about investing to do so successfully. To boost your knowledge, try reading articles on credible blogs that share finance information from professionals. Also, be weary of content from finance-driven companies as it could be biased.

Work on Growing Your Income

As a self-proclaimed finance guru, you know that the more sources of income that you have, the better. Work on increasing your streams of income so that you have more money to meet your targets whether it's to save for a property or put larger sums towards retirement. One way to do so would be by getting extra income by doing social media marketing for businesses or creating tutorials on YouTube. If you own a property, renting out rooms is a great way to make passive income.

Live Within Your Means

It can be difficult to live within your means when you live in a society that is always presenting you with things to buy. However, being more conscious about the things that you purchase could help you realize that most are wants rather than needs. To live within your means, always take time to think about a purchase as opposed to impulse spending. You should always get good at bargain hunting as many times you can find items of similar quality at a cheaper price.

Learn How to Manage Debt

Debt doesn't have to be a bad thing if you understand how it works and how to manage it. It can be a tool for credit building when you understand the fundamentals. For instance, if you take out a loan or credit card, always be mindful of your interest rates.

By paying the amount of money you borrowed back in full before the due date, you won't have to pay interest on what you borrowed. If you can't pay back in full, paying more than the minimum payment will ensure you incur less interest. For the most part, the secret to good debt management is never spending more than you can afford to pay back.

Managing finances is a life skill that can help improve your quality of life. By following the mentioned tips and taking your finances more seriously, you're more likely to master the art of healthy finances.