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Table of Contents

Lead Story

Congress takes on security, privacy, pot, CFPB

Patti Murphy

News

Industry Update

U.S. inches closer to faster payment systems

Merchants go to court over hidden fees

RDC summit explores next-gen banking, technologies

Amazon bows out of card processing

Las Vegas hosts global, regional payments events

Features

EMV observations at the liability shift

Stephen Kiene
First Annapolis Consulting

DOE moves forward on campus card regulation

Loyalty redefined

Mobile search engine market heats up

Views

Automated risk is its own reward

Dale S. Laszig
DSL Direct LLC

Words that kill (deals)

Adam Hark
MerchantPortfolios.com

Education

Street SmartsSM:
Advice from pros on tradeshows

Jeffrey I. Shavitz
TrafficJamming LLC

What you should know about payment security

Michael Gavin
Cayan

Electronic payments and small business loans

Ty Kiisel
OnDeck Capital Inc.

Company Profile

Comodo Group Inc.

New Products

White-label platform for mPOS providers

payworks
payworks GmbH

Driverless, multitasking, secure scanner

EC9600i series
RDM Corp.

Inspiration

Keys to motivation

Departments

Letter From the Editors

Readers Speak

Boost Your Biz: Avoid financial mistakes and gain

Resource Guide

Datebook

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The Green Sheet Online Edition

November 23, 2015  •  Issue 15:11:02

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Boost Your Biz: Avoid financial mistakes and gain

Americans have been following sage financial advice since the 18th century, when Benjamin Franklin dispensed pithy words of wisdom. "A penny saved is a penny earned" and "Rather go to bed without dinner than to rise in debt" are just two quotes from him that ring true today. And they illustrate that it isn't only the wise actions people take that lead to prosperity; it's also misguided actions they avoid that can make the difference between financial freedom and a life of just getting by.

Misguided actions

So, aside from falling deeply into debt, what other financial missteps should an enterprising business owner avoid? Here are several mistakes identified by Stephen F. Lovell, President of Lovell Wealth Legacy, www.lovellweathlegacy.com.

  1. Becoming infatuated with the hot investment of the hour: "Hot investments are like ice cubes," Lovell said. "They're solid when you get them, but they soon liquefy and when you liquidate, your gains trickle away."
  2. Neglecting to consider all options: Savvy investors use a variety of investments to satisfy various financial needs, Lovell noted. "Relying only on stocks, bonds and cash puts you at a disadvantage," he said.
  3. Failing to account for investment costs and tax ramifications: "Don't diminish the importance of investment costs because they diminish your wealth," Lovell said "You need to take time to learn about the costs that are applied to each type of investment."
  4. Spending all that comes in: Too many people let their income level set the ceiling on how much they spend each month, Lovell said. Thus, they live paycheck to paycheck, and when the unexpected, but inevitable, medical or car repair bill comes due, they have to take on debt to make it to the next day.

    Your budget, not your income, should dictate spending limits, Lovell said. If you don't have a monthly budget, now is the time to create one, he advised, adding that it's imperative to spend less than your net income, and then stick to your budget.

  5. Trying to go it alone: Without reliable guidance, most people can end up lost when it comes to financial planning. "You need someone who understands all the upsides and all the pitfalls," Lovell said. "The person you choose should be both skilled and trustworthy, and should always put your interests first."

Resources at hand

Lovell isn't the only financial professional offering sound advice. Following are five books containing recommendations for those who want to improve the way they manage their personal and business finances:

  1. Everything You Need to Know About Financial Fitness in 1000 Words, by C. J. Carlsen
  2. Personal Finance for Dummies, by Eric Tyson
  3. Preparing for Retirement: A Comprehensive Guide to Financial Planning, by Ryan Glover CFP and Dr. Alan Brown
  4. The Total Money Makeover, Classic Edition: A Proven Plan for Financial Fitness, by Dave Ramsey
  5. 925 Ideas to Help You Save Money, Get Out of Debt and Retire a Millionaire So You Can Leave Your Mark on the World, by Devin D. Thorpe.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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