Media Feature: 5 Cash Flow Tips and Business Insights for Self-Employed Millennials
I recently had the opportunity to sit down with Kelsey Banerjee and discuss cash flow tips for self-employed fitness entrepreneurs and millennials.
The full article originally appeared on the Pulse App blog.
Disclaimer: This blog shouldn’t be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor.
Justin Green, CFP®, MSPFP
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A common misconception is that financial planners are boring, frugal, and are just going to tell you to spend less money and save all of it.
This makes you feel like you have to give up your entire lifestyle to start building wealth.
When you are in a room full of winners, you have no choice but to become a winner.
Success is contagious. The energy in that room was contagious. I still have it flowing through my veins as I type on this keyboard 3 days later.
I met so many amazing people this weekend.
I recently had the opportunity to sit down with Kelsey Banerjee and discuss cash flow tips for self-employed fitness entrepreneurs and millennials.
The full article originally appeared on the Pulse App blog.
Have you ever heard the phrase “automate your finances” but never truly understood what that meant? Are you supposed to use a robot? Is there a self-spending credit card created by Elon Musk that you’re unaware of?
Believe it or not, it’s neither (yet) ! Automating your finances is actually pretty simple, but will require some up front work on your part. The most important step to get started is to know what your financial goals are. Without establishing your goals, it’s very difficult to automate the process to reach them!
Have you ever found yourself sitting on way too much cash? Maybe you received an inheritance, a large bonus at work, cashed out employee stock, or maybe you’ve simply been saving for awhile and you aren’t really sure what to do with it.
You know that it isn’t earning anything sitting in the bank, but what’s the alternative? Here are five areas to focus on improving your financial situation with the excess cash.
Many people, especially millennials, misunderstand the benefits of working with a financial planner. The first mistake is thinking that you need to be wealthy to work with a financial planner. That may have been true in the past, but not anymore. There’s a revolution in the financial planning profession being led by millennial advisors who are focused on helping their peers achieve wealth rather than wait until you’re wealthy.
There isn’t much of a benefit to paying off federal student loans right now other than the peace of mind knowing you’ve paid off your loans. Would you be upset if you paid off your loans today and Congress forgave $10,000 - $50,000 (both amounts have been floated around by Democrats) and you missed out? Even if you don’t support student loan forgiveness you’d still probably feel ripped off.
What happens if you hit big though? Other than becoming overconfident as a day trader, you will also have tax consequences. A lot of money is being made from the run up on meme stocks lately, are you prepared for the taxes you’ll owe on the gains?
I recently read a fantastic book edited by financial industry veterans Brian Portnoy and Joshua Brown. The book was How I Invest My Money: Financial experts reveal how they save, spend, and invest and compiled stories from some of the brightest minds in the financial services industry.
Justin Green is a CFP® Professional serving millennial clients.