Whether you’ve just started a business, are planning to start one, or already run one, Open Forum gives some foundational advice with three essential financial goals for any company. Here’s one:
Managing your money means making your money earn its keep.
Never let your money sit idle. Your money should always be working for you. Pop it in an investment account, a mutual fund or an interest-bearing savings account. Lend it out and earn interest that way.
It doesn’t matter if the amount you have to work with is $100 or $1 million. Every dollar you have can work for you, and should. Think of your funds as an employee. You wouldn’t let your employees sit around idly on your time, twiddling their thumbs and taking up space. You give them work and you expect them to do it.
You should expect the same from your money. It takes only a little time out of your workday to manage your money; it’s not an active role that you have to do every day. It’s something you set up and check, just as you set your employees up with their work and check in on their progress.
Full story at Open Forum.
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