Start Your own Busi­ness

Cosmopolitan (Philippines) - - You, You, You -

I couldn’t have started Learn­vest with­out the nest egg I built up after col­lege. I saved enough cash to keep me afloat for nine months. As you start to build your busi­ness, think through all the money that will come in (pro­jected sales, rev­enue) and go out (pay­roll, of­fice main­te­nance). Use re­sources like sme­toolkit. org to cre­ate a busi­ness plan, and don’t spring for ex­pen­sive mar­ket­ing ini­tia­tives early on. In­stead, lean on so­cial me­dia. When you’re ready to move into your own HQ, don’t get too fancy with your lo­ca­tion or fur­ni­ture. Your funds should go to build­ing your prod­uct and hir­ing the right tal­ent. friends served home­made desserts in­stead of a cus­tom cake—but not on ser­vices, such as staff or the band. ( You want the folks work­ing at your wed­ding to be happy they’re there!) Con­sider open­ing a sav­ings ac­count just for the wed­ding, and cal­cu­late how much you’ll need to put away weekly and what you can tem­po­rar­ily give up (Uber, ca­ble). Track ex­penses through an app like The Knot Wed­ding Planner, Wed­ding­wire, or Learn­vest. Learn­ing how to cre­ate a fi­nan­cial plan with your in­tended is a must for the suc­cess of your big day and the fu­ture of your re­la­tion­ship. re­tire­ment plan, and an emer­gency fund be­fore you start hit­ting open houses. A healthy credit score is the main fac­tor in get­ting a good mort­gage rate, so aim for at least three straight years of on­time pay­ments on all credit cards and loans. Bud­get for a 20 per­cent down pay­ment, with monthly pay­ments that never ex­ceed 28 per­cent of your take­home pay. Then fac­tor in an­nual prop­erty taxes and util­i­ties and re­pairs, which amount to 1 to 4 per­cent of your home’s value each year. When you’re

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