Being a post-college graduate can be scary. Going from a support system of professors and administration ready to help guide you to a self-made, self-sufficient business owner can be daunting. That nervousness can be increased if you’re debating whether or not to start your own business, which means managing everything by yourself. However, if you possess any of the three traits mentioned below, and think about all the logistics before you take that risk, then a life of entrepreneurship could be for you. 

A Great Idea
If there is one trait all successful businesses have in common, it’s that they started with a great idea. This may seem obvious but the importance of it cannot be overstated. Think about a business idea as the foundation. The sturdier it is, the overall health of a company will stay healthier for a longer period of time. 

However, where do great ideas come from? One of the most sure-fire great ideas comes from identifying everyday problems and solving them creatively. Yakir Gola is a perfect example of doing just that; developing a solution to a problem he discovered in his own life. Gola was one of the only people in his friend group to own a car while at college, which meant he was the only person to ferry his friends back and forth to the convenience store. Seeing that this was a problem for many college students, he got to work creating a business that would deliver convenience store goods right to peoples’ doors. 

Problem-solving is a great central idea for a business, especially if it removes one less thing for people to juggle in their everyday lives.  So, think of some problems the general population may face every day. Have a solution that’s creative and/or innovative? If so, then you may just have the next great business idea!

An Ability to Lead
There can be an immense amount of pressure on you when you are the founder of a business. You are now the one everyone will look to for answers when something goes wrong. Leadership skills are vital for a company to thrive and grow, and to keep you sane as you traverse the entrepreneurial landscape. 

Being a leader, however, doesn’t mean your demeanor should be cold and ruthless. While it is important to look out for the overall good of the company, being compassionate will always net you better results than overlooking others’ emotions to get to a bottom line. Experts in the field even state that being nice will make you a better leader overall. Why wouldn’t it? People are attracted to compassionate people. Those who listen and care will make their teams feel heard. If an idea is a foundation then the employees are the supporting structure of your business, and treating them with respect will only lead you closer to success. 

A Want to Succeed
The journey to reaching your entrepreneurial goals may not always be easy. Roadblocks are almost a guarantee when in the driver’s seat of your own company. Growing pains happen to everyone and it’s important to remember not to assume you’ve failed when you hit one. There will always be ways to overcome these problems that pop up, but one thing that may not always be there is the want to overcome them. Being self-motivated, even in the face of adversity, might be the most beneficial trait to possess. Remember, at the end of the day, this business is your business. It wouldn’t exist without your work. Whether it be life events or the growing pains of business, a desire to persevere is an essential trait of any business owner. 

Being a Young Entrepreneur
Those three traits are not the only things to think about when deciding if starting a business after college is right for you. Being a young entrepreneur can be exhilarating, but there can also be some hardships ahead. Here are some pros and cons to consider:

Pros

• You’ll have fresh ideas - Being a young entrepreneur means that you have a unique perspective on the world compared to some. You also haven’t been in the industry so long that you have been heavily influenced by the business world and can truly be a clean slate that cultivates new ideas.
• You have time to explore - Having the freedom to explore your career options is truly a bonus of being young. Pivoting an idea or even completely overhauling your business is easier to do as a young entrepreneur when you have your whole business life ahead of you. Take advantage of this time of your life to really hone in on and expand business skills. 
• You have the energy for the work - Starting your own business can be tiring. Long hours, little resources, and many meetings take most of the day. However, college has prepared you for all-nighters and you still have the ability to bounce back from them! Energy dwindles as we age, so it’s beneficial to get the initial long hours out of the way while you’re young. 

Cons

• You may feel inexperienced - Unfortunately, people will judge you based on your age. No matter how knowledgeable you are, there are some who will feel that the younger you are the less authoritative you are. You may also feel some sort of impostor syndrome yourself while trying to gain respect as a business owner. 
• You might suffer from fear of missing out - “FOMO” happens to everyone, but being a young entrepreneur can exasperate the feeling. While you have to work tirelessly at growing your business, your friends may be off enjoying their free time. This can feel like you are wasting your youth.
• Your funds may be low - Leaving college means the kick-off to paying back student loans, which will lead to a dwindling bank account for you to start a company. Businesses can require an immense amount of money to get off the ground which can be a reason to decide entrepreneurship is not for you. Using a startup calculator can help you break down your costs and give you a clear idea of the amount you’d be looking at.

The world of entrepreneurship can seem intimidating, even with college classes on the subject under your belt. However, if you are prepared to put the work in and implement these three skills then the title of  “business owner” could be in your future.

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DoughMain Financial Literacy Foundation is interested in your contributing articles about personal finance. If you would like to contribute to our site, or to our FitKit Personal Finance Curricula that is being taught in schools and communities please reach out for a list of topics to rchurch@doughmainfoundation.org

 
A fulfilling, happy, and successful retirement can mean different things to different people. For many, it can mean transitioning from a full-time career to spending more quality time with friends and loved ones. For others, it can mean playing golf more regularly or starting a garden.
 
If it's any consolation, once you can figure out what you want to do, retirement planning should come easy. To ensure you get to enjoy retirement success, keep the following tips in mind:
Plan for Longevity 
Undoubtedly, living to age 100 is still quite impressive. However, it is no longer as uncommon as before. Nowadays, people live healthier lifestyles and have more access to breakthrough medical treatments, allowing them to live longer than before.
 
When planning your retirement, you must consider life expectancies. In other words, you (and your assets) should be prepared to live longer. This is especially important if you are active, in excellent health, and have longevity in the family history.
Stay Out of Debt 
While debt can be a concern at any stage in your life, it can be particularly challenging to deal with post-retirement when your assets, pensions, and Social Security are more fixed. That said, it is recommended that you pay for things as you go.
 
It is also ideal that you set aside assets and income for substantial expenses. It would also be best to pay off your credit card dues in full each month. In addition, avoid using your home equity line to finance projects.
Have Sufficient Preservation Assets 
For many, retirement involves preparing assets to replace a part of the paycheck. This means liquidity and security are needed to warrant you get paid, regardless of market performance.
 
Aim to have at least ten years of cash need in preservation assets like high-quality bonds and cash. This can help ensure you can easily ride out market downturns and still have the ability to pay your bills.
Be a Committed Long-Term Investor 
For many, asset growth is needed to sustain retirement goals over decades. Stock investments are often used to achieve investment growth. However, you must keep in mind that markets can be cyclical, so it would be best not to overreact to market events or chase returns.
 
Many studies have shown that committed and disciplined investors will win if they invest and allow their assets to recover. Having preservation assets will help you to be able to sustain your needs even during challenging market segments.
Consider "What If" Scenarios 
When preparing for retirement, you need to realize that life is a winding journey. Since you can't foresee all the twists and turns, you should evaluate your financial and personal security by considering a few "what if" scenarios.
 
What scenarios you should think about should include spending variations, care needs, differing rates of return, etc. Examining possible future outcomes can help you make better financial decisions today to be better prepared for tomorrow.
Invest in Long Term Care (LTC) Insurance 
One of the most significant retirement risks is the likelihood of needing ongoing care due to cognitive or physical limitations. While you can always hope you won't need care, your retirement requirement can get compromised if you are not prepared.
 
Unfortunately, care costs are rising rapidly, and annual care costs have become quite costly for many. Thankfully, you have the option to get Long Term Insurance to fund future care costs.
 
Final Thoughts 
Preparing for a successful retirement is no easy feat. That said, keep the tips laid out above in mind during the planning stage, so you are a step closer to enjoying that successful retirement you have always wanted.
 
About the Author:
Rachael Harper is the Content Marketing Strategist of Bennett & Porter, a wealth management and insurance firm based in Scottsdale, Arizona. When not writing, she makes use of her time reading books and playing bowling with her family and friends.

Photo: L-R Elaine Murray DMFLF Educator, Derby Chukwudi DMFLF Advisor, Jacqueline Nyers DMFLF Educator

On July 26, 2021, DoughMain Financial Literacy Foundation, Princeton NJ, Visions and Pathways, Bridgewater, NJ and Kevin Whelan from NJ CASA joined forces in support of our collective missions to help at-risk youth develop personal finance skills by offering a FitKit Personal Finance workshop. The workshop, underwritten by cashflownavigator.com introduced important life and personal finance skills to a group of at-risk youth age 16-21 involved in the Visions and Pathways Transitions to Adulthood Program. By offering this workshop we hope to have provided some basic skills as food for thought as young men and women transition from dependence and foster care, to independence.

About Us
DoughMain Financial Literacy Foundation's (DMFLF) mission is to prepare today’s students for a lifetime of financial responsibility through engaging programs delivered to schools and communities. Through our FitKit student-centered multi-sensory financial literacy curriculum designed by a team of highly skilled educators, DMFLF is working to close the financial literacy gap while helping to educate, empower and help at-risk youth overcome life’s challenges

About Visions and Pathways
Visions and Pathway's mission is to provide abused, neglected, and homeless youth with housing, a stable environment, and supportive services that guide them in becoming self-sufficient. Visions and Pathways has helped abused, neglected, homeless, missing, and at-risk youth since 1970 by providing; food, housing, counseling, education assistance, arts and recreation activities, career and employment counseling, scholarships, and financial literacy instruction.

About Cashflownavigator.com
Cashflownavigator.com’s mission is to help its members understand, measure and manage their total financial situation and to set goals that move them closer to financial independence.

We will be inviting a select group of potential funders who express interest in learning more about the work of DoughMain Financial Literacy Foundation to observe the demo workshop.

With your support, we can make our mutual objectives become a reality for all at-risk young adults, improving financial literacy, ending financial victimization, and giving our youth a fair chance.

You made a mistake with your business’s money. Maybe it was even a big one and cost you your business. Yikes! That’s a tough pill for any entrepreneur to swallow, but it doesn’t have to sidetrack all of your entrepreneurial hopes and dreams. If you still want to achieve your goals of owning a thriving business, you can start with these recovery tips.
 
Create More Time to Focus on Finances
 
Recovering from a big setback can take patience, self-compassion (we’ll talk about this in more detail later), and of course, time. If you’re a motivated entrepreneur though, extra time may not be something you have right now. This is why you need to make more time in your schedule.
Virtual assistants are a perfect addition for entrepreneurs who may not have time for tedious tasks, like filing and data entry.
 
If you’re not quite sure what the average virtual assistant salary is, online job boards are a goldmine. To help you with budgeting, most freelancing virtual assistants will charge clients anywhere from $10 to $20 per hour, although some simply charge a flat rate for each completed project. You can also use online job boards to find virtual assistants with niche skills, like social media marketing, networking, and even bookkeeping, to suit your business needs.
 
Ask for Help or Advice Before You Proceed
 
Getting administrative help from a virtual assistant can give you the time to bounce back from a mistake, that’s for sure. But you may also need some sage advice to figure out what your next move should be. If you’re looking for some basic lessons in financial literacy, the courses and articles from DoughMain Financial Literacy Foundation can be incredibly helpful.
 
Because even if you have a great business idea, you may not have the financial savvy to bring it to life, and that’s okay. DoughMain was founded with folks like you in mind and a recognition that many adults find their finances confusing or overwhelming. In terms of your big mistake, it may also be beneficial to sit down with a financial expert and figure out what went wrong.
 
A financial advisor can help you straighten out common mistakes, like not planning for taxes, and set you up for success in the future. Since this is an added expense for your budget, be thorough when asking about fees and rates. If you have specific questions about setting up your new business, you can also seek out a mentor who can offer you support and guidance.
 
Practice Some Self-Care and Self-Compassion
 
People make mistakes, so don’t waste time beating yourself up over yours. If you start to feel down or like giving up, just remember that failure isn’t a lack of success. In fact, some of the most accomplished people in business got where they are because they realized that failure is just part of success. To achieve big dreams, you have to be willing to fail big time!
 
Financial mistakes are also pretty common and this may have something to do with the lack of financial literacy classes available in schools. Learning about money is so important and if you didn’t have these lessons early on, it makes sense that you would make mistakes. Since you can’t go back in time, the next best thing you can do is educate yourself and get back up.
 
Both of these pointers can help you exercise more self-compassion towards yourself, but what you really may need to recover is some extra self-care. Instead of jumping right back into trying to establish a new business, maybe take a few breaths and take some time to rest and recharge. Even if you don’t take time off, be sure to take time for basic self-care!
 
Failure is a part of success, but you still shouldn’t make the same mistake twice. So make time to work on your recovery plan, learn about your mistake, business and money in general, and most importantly, be gentle with yourself and you get back up and get back out there.
 
Photo Credit: Pexels
 

Image courtesy of Unsplash
 
If you have dreams of purchasing a home, you probably already know there's a lot of work involved before you can get started. Unfortunately, the home buying process is not an easy one to understand, especially if you are the first in your family to purchase a home or you are purchasing a home for the first time. There’s a lot to learn, but DoughMain Financial Literacy Foundation’s FitKit personal finance curriculum helps students (and their teachers) understand the pillars of the process, everything from taxes and budgeting to credit and banking.
 
If you already have debt, such as from student loans or credit cards, you might feel even more intimidated and unsure of how to proceed. Even with previous debt, it’s still possible to pay it off and realize your dream of buying a house. Your best bet may be to take a financial literacy course to ensure you know your personal finances first. Here’s a quick primer on how to begin the process.
 
Know Your Current Debt Level
 
Before you start dreaming of purchasing a home, take the time to go through your current debt. This can include credit card debt, other types of obligations you might have such as student loans or a car loan and any outstanding monies owed. Rather than fear what the end total might be, face it head-on, knowing you are working toward paying off your debt. It's likely that once you find the total cost of what you owe, you can focus on getting everything paid off and figure out when it might be possible to buy a home.
 
Prioritize Paying Debts
 
Once you have a list of all your debts, decide how you'll begin paying them off. Many individuals utilize the snowball method, where, as CNBC explains, the focus is on eliminating the smallest debt first. Once that liability is gone, they are free to move on to the next smallest debt until all commitments are paid off one by one. This method is helpful when dealing with credit cards or a car loan prior to buying a house. It isn't suggested for larger debts, such as a student loan, because it is unlikely you'll have that all paid off by the time you buy your house. This offers a helpful method for reducing overall debt.
 
Create a Budget To See You Through
 
Putting together a financial plan gives you the chance to list all your expenses and see where your money is going. You can then review your budget and decide where to make cuts to help keep your spending down. By paying upfront for items rather than using credit, you can reduce debt, save money in certain areas and pave the way to buying a home. Your budget can help you decide how large a mortgage you can take on and if you need to increase your overall income, perhaps by picking up an additional part-time job.
 
Understand Home Loan Options
 
When seeking a mortgage, find out what different alternatives are available to you to lower the overall monthly costs. You can do this in a number of ways, such as paying points on your mortgage. This means you'll pay a fee to the lender when you close, according to Bankrate, giving you the opportunity to get a better interest rate in return. Overall, your monthly mortgage payment may be lowered. The best way to determine if this will work for you is to evaluate the home you want to buy, review your current finances and project the number of years you think you'll live at the property. Using a mortgage points calculator can help with this decision.
 
If you are ready to get a home loan, make sure you know your current debt level and figure out a definite plan to reduce it. Create a budget and find out what home loan possibilities are open to you so you can select the one that best meets your needs.