• About
  • Mortgage Basics
  • $40K Challenge
  • Aunt Doris
  • Grandfather Says
  • Privacy
  • Archives

Len Penzo dot Com

The offbeat personal finance blog for responsible people.

How the Best Entrepreneurs Manage Their Finances

By Sabado Domingo

Money problems; virtually everyone has them. After all, the average American has about $38,000 in personal debt. That’s a massive amount that many won’t even manage to pay off in their lifetime. When dealing with a tough financial situation, though, it’s crucial not to get too discouraged. Rather, you can and should look to see how successful entrepreneurs handle their finances. By studying how these capable pros manage money, you too can learn valuable financial lessons. On that note, here are four tips that are worth keeping in mind:

Detailed Planning

There’s a big difference between dreams and goals. Dreams are things that people would like to achieve, but have no way of making them come true. Goals, on the other hand, are tangible targets that individuals can reach through hard work and diligent planning. Thus, the first step to achieving financial security is to take control of your situation and start planning for the future. The more detailed your budgets, aspirations, and plans are, the better chance you have of following through on them.

Research, Research, Research!

How long does it take you to make a purchase decision? For small items, it might only take a few minutes. However, for major purchases, it’s crucial to take your time and perform thorough research before you shell out serious money on a personal investment. Whether you’re looking to buy an insurance policy, a car, or even a house, doing your homework will ensure that you get a good deal every time.

Walk Away

No matter how badly you may want to purchase or invest in something, all savvy professionals should realize when an item has moved out of their price range. There’s no shame in passing on something because it’s too expensive. On the contrary, making a resolution to live within your means is one of the best ways to manage your finances. Saying no might not be fun, but it could save you huge amounts of capital over the course of a few years.

Ask for Help

Not everyone has years of experience budgeting and forming long-term financial goals. And that’s okay! Remember, when successful business professionals run into a problem they don’t quite understand, they call in experts. In the same way, everyday people shouldn’t hesitate to speak to dedicated money managers or accountants, should they need help getting out of a financial jam. In the end, it never hurts to ask for a little support, and just by speaking to financial pros, you could pick up a few tips that could prove invaluable down the line.

Photo Credit: stock photo

February 20, 2020

The Question of the Week:

Will you be taking a summer vacation in 2022 that's more than 500 miles from home?

View Results

Loading ... Loading ...

Recent Posts

  • Money-Saving Strategies for Leasing a Property
  • 6 Ways to Create a Stylish Home Office on a Budget
  • 9 Indispensable Financial Tips for Teens & Twentysomethings
  • Black Coffee: Back to the Borscht Belt
  • Buying Your First Home? Here Are Some Financial Assistance Options
  • Yes, You Can Afford It!
  • 100 Words On: Why It’s Not Poor Etiquette to Put Ketchup on a Hot Dog
  • 6 Responsible Ways to Use Your Emergency Funds
  • 5 Affordable Ways to Upgrade an Outdated Bathroom
  • The 6 Most Valuable Grocery Store Products

Disclaimer

This site is for informational and entertainment purposes only, and the content herein should not be mistaken for professional financial advice. In fact, making investment decisions based on information published here, or any other website for that matter, is more than unwise; it is folly. This website accepts advertising in the form of monetary and other compensation; as such, topics of discussion are occasionally influenced by these advertisers. Sometimes, an article may also include affiliate links, meaning, at no additional cost to you, this blog earns a commission if you click through and make a purchase (for example, as an Amazon Associate I earn from qualifying purchases). Remember, you and you alone are responsible for the decisions you make in life, so please contact an independent financial professional for advice regarding your unique personal situation.

Sign up for the weekly Len Penzo dot Com newsletter
Len Penzo dot Com Delivered Weekly
Join more than 40,000 readers and fans who enjoy personal finance and macroeconomics with an offbeat twist!
Invalid email address
Thanks for subscribing!

Popular Now:

  1. 1. The Great Paper Towel Test: Which Brand Is Your Best Value?
  2. 2. How a Broken Washing Machine Fixed My Finances
  3. 3. Tip Inflation: We’ve Got Nobody to Blame But Ourselves
  4. 4. Lottery Fraud: Don’t Get Caught Paying “The Stupid Tax”
  5. 5. What’s the Fastest Way to Pay Down Your Mortgage Early?
  6. 6. The Marriage Conundrum: Joint or Separate Accounts?
  7. 7. Why Time Is More Valuable Than Money
  8. 8. 25 Examples of Shrinkflation That No Longer Fool Consumers
  9. 9. Historical Gold & Silver Benchmarks for Wages and Commodity Prices
  10. 10. 4 Good Reasons Why Some Quarters Are Painted Red

All-Time Most Popular:

  1. 1. 19 Things Your Suburban Millionaire Neighbor Won’t Tell You
  2. 2. Dear Friend: Here Are 41 Reasons Why I’m NOT Lending You the Money
  3. 3. Why Your Expensive Luxury Car Doesn’t Impress Smart People
  4. 4. If You Can’t Live on $40,000 Annually It’s Your Own Fault
  5. 5. 21 Reasons Why Corner Lots Are for Suckers
  6. 6. 4 Smart Reasons Why College Isn’t for Everyone
  7. 7. 18 Fast Facts About Social Security Numbers
  8. 8. My Ketchup Taste Test: Upset! Guess Which Brand Topped Heinz
  9. 9. Why I Prefer a Spreadsheet to Track Expenses and Manage My Finances
  10. 10. Here’s a Simple Trick for Getting Credit Card Interest Charges Waived

Copyright © 2022 Len Penzo dot Com · All Rights Reserved · Designed by Nuts and Bolts Media

© Len Penzo dot Com 2008–2022