Financial problem is a situation where money worries are causing you to stress in your business. Many people are facing hard financial times and the impact on mental health can be significant. A financial problem can seem impossible to overcome, but you can get help and take steps to improve your situation
Being in a business partnership with that special one with everything you have wished for is the pure success everyone would like to experience. While it’s easy to overlook superficial issues, but when it comes to a financial crisis, there are definitely some deal-breakers.
The truth remains that no one is perfect with money, neither is anyone born to be good or bad with money and it’s totally okay to have disagreements when it comes to our finances. But if we’re serious about taking your business to the next level, then you really need to make the money talk a priority.
Some of the Financial Problem you Should Look out for
Anything can happen that would require you or your partner to get a loan, and that is not a bad thing. What you would be concerned about should be finding out if your partner is repaying his loans or not and as at when due. What you would also want to look out for is how your partner manages his loans. You would like to ask if they are using the loan to solve the financial emergency they have or to do something else that is not as relevant
If you want to make your business work you need to talk about the loan and figure out a way to tackle it together. Although one partner may have more loans than the other, it shouldn’t be treated separately, in the end, you’re in it together.
Excessive Spending lead to Financial Problem
The spending comes in many forms; some people prefer to buy new clothes and gadgets all the time while others may always offer to pay since it makes them feel important. Even if they’re not putting things on loans, spending all their money is still a financial problem.
In some business partnership, one partner will spend more and justify it because they earn more money. This is a terrible excuse since it creates a situation where one partner may feel that they aren’t equal in the partnership. If the amount of money your partner spends is a concern then you should probably have a civilized discussion about it so you can hopefully come to some kind of common ground.
You Can’t Keep a Job
Losing a job is devastating, and it could happen to anyone. However when one
For a peaceful business partnership to happen, you need to be certain you can trust your partner with money issues.
How to Fix Your Financial Problem
In a bad financial situation, there are certain things you could do to help you toward financial recovery. The steps listed below will put you back on track, but your journey will belong. According to Confucius saying “A journey of a thousand miles begins with a single step.”
You Need to Empower Yourself
The first and the hardest thing to do during a financial problem is recog
Consolidate You’re and Strive To Pay Down Your Debt
If you owe money on several credit cards, it is time to make phone calls to help you with your financial problem. Call your credit card company and ask them to lower the interest rate. If the customer service representative refuses, hang up and call back again since another representative may be more helpful.
While on the phone, ask if they would offer you a better interest rate and waive fees if you transfer all your credit card balances to them. Do not forget to review the fine print carefully e.g., how long does this better rate last? What is the catch? etc. You do not want to be surprised by a higher rate of 3 months down the road.
While you are going through this phone exercise, make a list of all your credit cards. For each writes down the current balance, interest rate, negotiated interest rate, balance transfer fee, and any other note. You will want to come back to this later.
You need to ask your Credit Union or local bank to see if they would offer you a personal loan. If the rate is good, you can use this money to pay off balances on credit cards with higher interest rates.
Once you have your list, you can do the following to prevent a Financial Problem
- Transfer balances from high interest to low-interest cards
- Pay off the balance with the highest interest rate using your money, or money you borrowed; while paying the minimum on all other cards
Try To Stay from the Mall During Your Free Time
It is nice and cool at the mall. You get to look at other people and play with all the cool toys, but spending your free time at the mall is a terrible way to get out of the financial problem. Instead, spend your time on other activities. Some of my favourites are walking in the park, riding my bicycle, reading books, working on my blog, reading stuff on the Net, watching television and old DVDs, just to name a few.
Update Your Resume and Post It on the Web
When was the last time you ask for a raise or go for a promotion? When was the last time you update your resume? The time is now. Update your resume and post it on job search sites. While you are there, look around and see what employers are looking for. Maybe it is time to update your knowledge and skills. As you put yourself out there, do not forget to approach your boss and ask for a raise.
Stop Carrying Credit Cards to stay away from Financial Problem
Sometimes the temptation to use these plastic cards is just too great it is so convenient, isn’t it? A good way to stop yourself from using them is not to carry them around. Carry just enough cash for whatever you have planned for the day. This will force you to think about your spending habits and prevent you from buying on impulse. If you manage to clear your credit card debt, you can reward yourself by keeping one in your wallet for emergencies.
Culled from Moolanomy | 10 Steps to Fix Your Money Problems
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