Treat Your Personal Finances Like A Business


When it comes to business, people generally treat their finances very carefully. They closely track money coming in and money going out, plan for the future needs of the business, and hire the necessary experts to help out when needed. After all, it would be a shame to squander away money your business has worked hard at earning. So why don’t people do the same for their personal finances? You wouldn’t want your business operating at break even; you want to be turning a profit. Here are four steps you can take to end the paycheck-to-paycheck lifestyle; start treating your personal finances like a profitable business.


Make Sure Your Employees Are Taken Care Of

In this case, employees are equal to you and your dependents. A business can’t run properly if the needs of its employees aren’t being met. Consider what makes a company great for it’s employees to work for and how you can treat you and your household the same: competitive salary (your savings), health benefits (making sure you can afford adequate insurance), 401k matching (making retirement saving a priority), and time off (leaving yourself enough money to enjoy your weekends or even a vacation). As soon as you start thinking about meeting those needs, you will see a shift in your mindset about why you should be selfish when it comes to your personal finances.

Talk to the people who can help you plan for your future and give you the advice you need to help ensure your success...After all, you are the CEO of your life.


Cut Unnecessary Expenditures

Every successful business shares one common thing: a budget. Why? Because without a budget, there’s no way of telling where your money is going (and if it’s being wasted) and if there’s even enough money to cover expenses (before you’ve run out). By taking the time to carefully set out a monthly budget, you are doing yourself a huge favor. A budget will not only allow you to prioritize your spending, but it will also allow you to see where you are wasting money and how to reasonably cut back on things you don’t need so that you have more to put towards important things like retirement or an emergency fund.


See The Big Picture

Another common element of successful businesses is a well thought out and researched business plan. You wouldn’t expect a business to grow from basement startup to Fortune 500 without a plan for how to get there, right? A business plan accounts for the present and future state of the business and how various financial scenarios will affect the business’s growth. Consider doing the same for your own life. Make a list of short term goals (like paying down some credit cards and planning a summer vacation), as well as long term goals like being able to afford a house and what kind of retirement you envision. Having these goals in mind and writing them down will help you to anticipate what steps should be taken to reach them.


Ask The Experts

Business owners know that they can’t manage everything by themselves, especially as their company grows. They hire secretaries, marketing associates, assistants, and salespeople. When it comes to things they only need occasional help with – like legal counsel or tax accountants – they hire outside counsel. Consider doing the same. If your taxes are on the more complex side, don’t attempt to file them on your own. You could make a costly mistake or miss out on some really beneficial tax breaks. The same goes for investing or planning for retirement. Talk to the people who can help you plan for your future and give you the advice you need to help ensure your success.

Personal finance is no doubt a daunting subject for many people. Many people feel out of control and unsure of where to start when it comes to managing their finances. But by creating an analogous scenario – in this case, looking at your personal finances like a business – it becomes much clearer what you should do. After all, you are the CEO of your life.

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Do 2020 Presidential Candidates Still Have Rules to Play By?

Not too many years ago, my advice to political candidates would have been pretty simple: "Don't do or say anything stupid." But the last few elections have rendered that advice outdated.

When Barack Obama referred to his grandmother as a "typical white woman" during the 2008 campaign, for example, many people thought it would cost him the election -- and once upon a time, it probably would have. But his supporters were focused on the values and positions he professed, and they weren't going to let one unwise comment distract them. Candidate Obama didn't even get much pushback for saying, "We're five days away from fundamentally transforming the United States of America." That statement should have given even his most ardent supporters pause, but it didn't. It was in line with everything Obama had previously said, and it was what his supporters wanted to hear.

2016: What rules?

Fast forward to 2016, and Donald Trump didn't just ignore traditional norms, he almost seemed to relish violating them. Who would have ever dreamed we'd elect a man who talked openly about grabbing women by the **** and who was constantly blasting out crazy-sounding Tweets? But Trump did get elected. Why? Some people believe it was because Americans finally felt like they had permission to show their bigotry. Others think Obama had pushed things so far to the left that right-wing voters were more interested in dragging public policy back toward the middle than in what Trump was Tweeting.

Another theory is that Trump's lewd, crude, and socially unacceptable behavior was deliberately designed to make Democrats feel comfortable campaigning on policies that were far further to the left than they ever would have attempted before. Why? Because they were sure America would never elect someone who acted like Trump. If that theory is right, and Democrats took the bait, Trump's "digital policies" served him well.

And although Trump's brash style drew the most handlines, he wasn't the only one who seemed to have forgotten the, "Don't do or say anything stupid," rule. Hillary Clinton also made news when she made a "basket of deplorables" comment at a private fundraiser, but it leaked out, and it dogged her for the rest of the election cycle.

And that's where we need to start our discussion. Now that all the old rules about candidate behavior have been blown away, do presidential candidates even need digital policies?

Yes, they do. More than ever, in my opinion. Let me tell you why.

Digital policies for 2020 and beyond

While the 2016 election tossed traditional rules about political campaigns to the trash heap, that doesn't mean you can do anything you want. Even if it's just for the sake of consistency, candidates need digital policies for their own campaigns, regardless of what anybody else is doing. Here are some important things to consider.

Align your digital policies with your campaign strategy

Aside from all the accompanying bells and whistles, why do you want to be president? What ideological beliefs are driving you? If you were to become president, what would you want your legacy to be? Once you've answered those questions honestly, you can develop your campaign strategy. Only then can you develop digital policies that are in alignment with the overall purpose -- the "Why?" -- of your campaign:

  • If part of your campaign strategy, for example, is to position yourself as someone who's above the fray of the nastiness of modern politics, then one of your digital policies should be that your campaign will never post or share anything that attacks another candidate on a personal level. Attacks will be targeted only at the policy level.
  • While it's not something I would recommend, if your campaign strategy is to depict the other side as "deplorables," then one of your digital policies should be to post and share every post, meme, image, etc. that supports your claim.
  • If a central piece of your platform is that detaining would-be refugees at the border is inhumane, then your digital policies should state that you will never say, post, or share anything that contradicts that belief, even if Trump plans to relocate some of them to your own city. Complaining that such a move would put too big a strain on local resources -- even if true -- would be making an argument for the other side. Don't do it.
  • Don't be too quick to share posts or Tweets from supporters. If it's a text post, read all of it to make sure there's not something in there that would reflect negatively on you. And examine images closely to make sure there's not a small detail that someone may notice.
  • Decide what your campaign's voice and tone will be. When you send out emails asking for donations, will you address the recipient as "friend" and stress the urgency of donating so you can continue to fight for them? Or will you personalize each email and use a more low-key, collaborative approach?

Those are just a few examples. The takeaway is that your online behavior should always support your campaign strategy. While you could probably get away with posting or sharing something that seems mean or "unpresidential," posting something that contradicts who you say you are could be deadly to your campaign. Trust me on this -- if there are inconsistencies, Twitter will find them and broadcast them to the world. And you'll have to waste valuable time, resources, and public trust to explain those inconsistencies away.

Remember that the most common-sense digital policies still apply

The 2016 election didn't abolish all of the rules. Some still apply and should definitely be included in your digital policies:

  1. Claim every domain you can think of that a supporter might type into a search engine. Jeb Bush not claiming www.jebbush.com (the official campaign domain was www.jeb2016.com) was a rookie mistake, and he deserved to have his supporters redirected to Trump's site.
  2. Choose your campaign's Twitter handle wisely. It should be obvious, not clever or cutesy. In addition, consider creating accounts with possible variations of the Twitter handle you chose so that no one else can use them.
  3. Give the same care to selecting hashtags. When considering a hashtag, conduct a search to understand its current use -- it might not be what you think! When making up new hashtags, try to avoid anything that could be hijacked for a different purpose -- one that might end up embarrassing you.
  4. Make sure that anyone authorized to Tweet, post, etc., on your behalf has a copy of your digital policies and understands the reasons behind them. (People are more likely to follow a rule if they understand why it's important.)
  5. Decide what you'll do if you make an online faux pas that starts a firestorm. What's your emergency plan?
  6. Consider sending an email to supporters who sign up on your website, thanking them for their support and suggesting ways (based on digital policies) they can help your messaging efforts. If you let them know how they can best help you, most should be happy to comply. It's a small ask that could prevent you from having to publicly disavow an ardent supporter.
  7. Make sure you're compliant with all applicable regulations: campaign finance, accessibility, privacy, etc. Adopt a double opt-in policy, so that users who sign up for your newsletter or email list through your website have to confirm by clicking on a link in an email. (And make sure your email template provides an easy way for people to unsubscribe.)
  8. Few people thought 2016 would end the way it did. And there's no way to predict quite yet what forces will shape the 2020 election. Careful tracking of your messaging (likes, shares, comments, etc.) will tell you if you're on track or if public opinion has shifted yet again. If so, your messaging needs to shift with it. Ideally, one person should be responsible for monitoring reaction to the campaign's messaging and for raising a red flag if reactions aren't what was expected.

Thankfully, the world hasn't completely lost its marbles

Whatever the outcome of the election may be, candidates now face a situation where long-standing rules of behavior no longer apply. You now have to make your own rules -- your own digital policies. You can't make assumptions about what the voting public will or won't accept. You can't assume that "They'll never vote for someone who acts like that"; neither can you assume, "Oh, I can get away with that, too." So do it right from the beginning. Because in this election, I predict that sound digital policies combined with authenticity will be your best friend.