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New entrepreneurs are often confused by the jargon that comes along with opening and operating a small business. Two of these terms are cash flow and profitability. On the outside, it seems like these two terms are interchangeable, but they refer to two very different aspects of running a company. So what is the difference between cash flow and profitability? Let’s Break it Down: What is Cash Flow? Put simply, cash flow is the money that a company regularly pays and receives. It is made...

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Since the Coronavirus has hit, most of us have had major changes to our careers – if not through layoffs and furloughs, by work from home adaptations and remote work. These changes have resulted in many people rethinking their career paths, which can be a scary thought. Before you decide, let’s explore a few important parts of this process: Considering a Career Change People seek career changes for different reasons. The most common are better pay, less stress, a better work-life...

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Saving for a rainy day is a common theme this year, as many people have experienced Coronavirus-related financial strains. An emergency fund is a financial buffer that will keep you afloat in a time of unexpected expenses or a halt in your income. The main purpose of an emergency income is to help people avoid overusing credit cards or taking out additional loans–usually at high interest rates. Some of these unexpected expenses might include: Medical expenses Appliance repair...

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Before leaving the house, many people do a quick check: Do I have my phone, keys, wallet, etc. Something people don’t often think about when they grab their purse or wallet before heading out the door is the items they already have inside. Do you really need to take those items with you every time? More importantly, is it potentially dangerous to take these items with you every day? Here are seven things you should not keep in your purse or wallet. Your Social Security Card At the...

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What is a Credit Score? Credit scores are measured on a scale of 300 to 850. Your credit score is a representation of how much debt you have, your credit risk, and your likelihood of paying a bill on time. A few factors contribute to determining this, such as how many lines of credit you have and your financial records. The breakdown of what affects your credit score looks something like this: 10% – Types of Credit Used 10% – Recent Credit Changes 15% – Length of...

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There is a lot of misinformation spreading around about coronavirus–from how it is spread to how our economy will be affected. Sadly, the age we live in supports getting this information out quickly and without resistance. Worse than misinformation about the virus, new financial frauds and scams have surfaced as well. Read on to discover some of the more popular fraud schemes to prepare yourself and your loved ones. PPP Email Scams If you’re not familiar, the PPP (Paycheck Protection...

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It’s been a banner year for businesses and the economy. Basically, every business has been affected by this virus. Even if you have a business that remained open, the restrictions, uncertainty, and fear have been enough to make the last few months unlike any we’ve ever seen.   As we begin to ease into our new normal–because going back to the way things were just isn’t realistic–there are plenty of things on our minds. How do we support business and keep our customers...

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How old were you when you learned that money did not grow on trees? You might be able to vividly remember the disappointment you felt when you learned you had to work hard to earn money. To prevent your youngsters from suffering the same disappointing fate, teach them about finances earlier in their lives. Some experts say that it’s never too early to start talking about money. Even at 3 years old, kids can understand the concept of money and its importance. Here are some tips that we’ve...

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The Coronavirus outbreak is all anyone has talked about for the past few weeks. Though it may have hit different people in different ways, it’s perfectly understandable to be a little worried about the future, especially in terms of your financial future.   The government has passed a few relief packages and standards to help people pay their bills and stay on their feet, but it’s still a good idea to have a plan. Some of your bills might be postponed for a while, but is it a...

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The Coronavirus outbreak has thrown a wrench in just about everyone’s plans this year. From smaller goals to major life plans, people around the country are finding it necessary to adjust. Since you can’t pay your bills in stockpiled toilet paper (yet), read a few of our finance tips on managing money below: The Basics of Adjusting Your Budget First off, we’d usually say cut out unnecessary spending, such as a night out at the movies or splurge trips to the mall, but the quarantine...

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