3 tips for entrepreneurs who’ve been neglecting their personal finances:
Plenty of entrepreneurs start businesses in their 30s, 20s, or even teens, with little or no practical experience in managing a business—or its finances.
As a business owner, of course, you can always hire an expert to manage your company’s finances. But what about your own? This is where a lot of Millennials and Gen Z find themselves: lacking the financial advice and support they need to build sustainable, financially healthy lives. Even if they’re making major financial decisions for their businesses on a regular basis, too often, they’re not giving their own finances nearly the same amount of attention. Here are three tips for entrepreneurs to consider when thinking about their personal finances.
Unfortunately, it is perfectly legitimate for transaction-based salespeople to call themselves advisors while putting their own interests ahead of their clients’ interests. This is akin to someone masquerading as a dedicated doctor while disregarding your health in favor of kickbacks from pharmaceutical companies. You would never accept services from a physician who doesn’t have your best interests in mind, and you shouldn’t with financial advisors either.
The alternative to this model is fee-only, fiduciary advisors who are paid on project-based per-hour fees or fixed retainers. Compensation comes from the client, so the advisor is loyal to the client and not a third party.
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