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"Be Smart with Money" Good Advice for Small Business Startups and Kids |
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Money is important in business and life.
It's one way to get what you need and want.
Where you got your money, how you spent it and getting your money's worth is also important.
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1. Where Did It Come From?
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Money to start your small business probably comes from savings, credit cards or family.
This money is used for everyday expenses and future needs.
List exactly how you currently spend this money.
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Kids:
I have $5 from chores and spent $1 each month on stickers.
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2. How Will You Spend It?
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How will you use the money you have available for your startup?
Your intial startup budget is based on "best guess".
Don't panic, start by writing down obvious expense items and doing some basic research.
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Kids:
I want a skateboard. My friend's skateboard costs $25.
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3. Was It Worth It?
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In business you want to get a good return on your money.
Sometimes we spend money on "feel good" items.
In advance of the expense, outline how it will help you accomplish your business goals.
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Kids:
A skateboard gets me home faster to earn more chore $.
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Be smart with your money in life and business.
It just makes sense, but it can be hard to do.
You and your kids can become good with money by answering the three question listed above.
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