Wouldn’t it be simple if we had a manual or guide to avoid certain situations when it pertains to our businesses? What if there was a way to avoid major money mistakes many entrepreneurs make that prevent them from generating massive wealth. Well, I’m here to tell you that there is and today we’re spilling all the tea. Keep in mind that there is always someone who has previously been in your shoes. As I’ve mentioned in a previous blog post you don’t have to reinvent the wheel when it pertains to your business and generating wealth. Learn from those who proceed you.
Today we’re sharing nuggets from our money expert and certified tax account Amelia Thomas. Amelia’s passions lie in assisting families with creating legacy building frameworks that will carry the family wealth forward for the next 200 years. She has a dedicated “money team” that includes attorneys, CPA’s and other qualified professionals to ensure that one, cohesive strategy is implemented to grow and protect her client’s assets.
Major Money Mistakes Entrepreneurs Make
In this article:
No Risk Management Plan
Oftentimes we put so much focus on building wealth that we fail to implement a continuation plan. You can’t build wealth without having a risk management plan in place. Your business will experience some form of setback. What will you have in place to combat mishaps? Select the appropriate legal entities to protect your assets.
Mismanagement of Cash Flow
The most critical mistake entrepreneurs make is not managing cash flow appropriately. It’s important to manage your funds in a way that allows you to have the appropriate amount of liquidity to handle potential business setbacks. This is why it’s vital to have a strong accounting team in place. This team should be prepared to combat any challenges and keep your business running successfully during adversity.
Are You Aiming Too Low
Most people don’t aim too high and miss. They aim too low and hit the mark. You have to believe that you can actually do this. Like the famous quote says, “Shoot for the moon if not land on the stars.” You should aim higher because if you continue to aim too low and you continue to just hit, you’re not going to make a substantial amount of progress. So aim a little higher.
In conclusion, if your goal is to generate massive amounts of wealth it’s going to take work. It takes work not only on your behalf, but it also takes work on behalf of your money team. Everyone needs to be working together to help you reach your goals.
This will require you to become more involved in your community and build important relationships, attend city council and county commission meetings become more active and engaged in business associations. Expand your network.
For more information about wealth building, and to connect with Amelia Thomas visit ameliathomas.co
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