While reading the May – June issue of the “Clients Tax and Financial Update” I came across an article regarding the ten most common failures people make when planning their personal finances. Try not to make these mistakes with your personal finances and there is a slim chance that you will have problems managing your small business finances (especially during start-up). Many feel that the two are not related, but your personal finances can hinder your business in certain situations where personal guarantees must be made.
Failure to have a family budget
Failure to involve other family members in financial decisions
Failure to insure personal property at replacement value
Failure to use employee benefits properly
Failure to diversify your investments
Failure to use proper attorney
Failure to have excess liability insurance
Failure to have enough cash for emergencies
Failure to project taxes
Failure to establish financial goals
Be sure to consult with you financial consultant, attorney, and accountant, if you have failed to accomplish any of these personal financial tasks. This will ensure you and your family’s future is bright and on track.
For more information regarding “Clients Tax and Financial Update” they can be reached at:
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Warrick, RI 02888
Brian N. Stovall