Where the Money Reside?

Our box for the month of March is all about financial wellness. No matter your credit score, or how much (or little) you have in savings, there is still room to learn more ways to make your money work for you. As a business owner, I have to make sure my money makes sense for both me personally and for the business.

Like many small business owners I created a system that works for me and helps me manage my funds every day. Not everything I use will make sense for you —- but below are a few that help me run my house and my business flawlessly.

  1. Freshbooks or Quickbooks.

    1. When I became an independent contactor years ago, my business partner at the time insisted that I get Freshbooks because it was the system he used and it would make things so much easier sending invoices and payments. Not thinking much of it, I signed up for the $10 a moth option and kept it going. It wasn’t until it was time to do my taxes that year that I realized what a saving grace Freshbooks was for me. It showed me how much had come in for profits, what I spent (expenditures), mileage and all kinds of reports I did not tap into or take advantage of. Fast forward five years later, and Freshbooks keeps everything for me. If you are writing a business plan, did you know Freshbooks can do a profit/loss statement for you to include in your business plan or if you are trying to secure funding? YUP! Click the link here to access a trial free for 7 days!

  2. Tax Accountant

    • If you don’t know what you don’t know, then you can’t know what you are supposed to know, right? Well, I used to use TurboTax for my taxes, and while I was happy with my return, when I started my business I knew 100000% I was not able to maximize the benefits for what I would need. I reached out to some friends, and Jason Smida was the one who was suggested and came so highly acclaimed. I set my appointment up with Jason, and it was such a lovely experience. He spent time getting to know me as the person, and now just an entity, and asked me all about my business and personal expenses. To do the taxes he makes it so easy; through a portal I upload my documents and then we are good to go! If you need your taxes done, I cannot speak more highly of Jason at all!

  3. Paypal/Square/Venmo

    • Let’s break it down. There are a TON OF WAYS to get money and to make money. One of the biggest mistakes startup companies, or makers make, is that they are willing to accept money in any form to make the sale. BIG NO NO. The reason why? Liability and insurance. PayPal has insurance on all your purchases (it’s why you click for personal or business use). Pay someone for a product and it doesn’t show up —- due to their built in insurance policy, you may be able to get your money back. Other apps such as Cashapp do not offer the same kindness, so if you are a small business the best bet is to stick to Square or PayPal for your money transactions. If you absolutely have to have another portal for receiving money, Venmo is the next choice.

  4. Credit Karma

    • What is your credit score? How often do you check it? I’m not asking you to check it every three hours, but knowing where it is weekly is important. Whether you have a lot of credit card debt, or student loan debt (hello, that’s me!), knowing how your score fluctuate and why is super important. My credit card reports to the bureaus, two days before my payment date, so it always shows that I have a high limit, or money on the card. I fixed it though —- I changed my payment to two days before they submit to the bureaus, which gave me an extra five points every month because it showed my balanced was paid. Credit Karma is free and you can get yours here.

  5. Stash

    • I was a newbie at the stock market game. IRA, Roth IRA, it all sounded the same and I was overwhelmed. I sat with a financial advisor, but I felt like he was talking to me above my head. I wanted education that was digestible on it, to understand the why of investing, and how to do it properly. I stumbled across STASH and I’ve been using it now for four years. Stash is a great tool to take money weekly, bi weekly, or monthly to a savings account that is tied to stock options. I have my retirement fund (because for the last 7 years I’ve been an independent contractor) and also a savings account. I am happy with BOTH accounts and the money I have accrued with it. The best part? It sends me reports and the EFTs so I can give them to my accountant in a seamless way. If you use my link to sign up, you’ll automatically get $20 to start investing in stocks (FREE MONEY!)

  6. Robinhood

    • Remember a few weeks ago when everyone is screaming about buying GameStop stock and you were just sitting there like, why? Well, insider trading and working the system resulted in a large financial gain for a lot of people, if they were shopping their stocks through Robinhood. Robinhood is an app (both Android and Apple) that allows you to buy stock. The great part of the app is that you do not need to buy the full stock, but a portion. Example — Apple is $239 a share —- what if you only have $20 — you can buy part of a share of the share, and still get the benefits of owning the stock. Robinhood is another great platform that provides education on what and how you should buy stocks. I purchased a few (because I’m not made of money) of Moderna and Pfizer before the vaccines dropped, and it has been a great investment thus far. Each person has their comfort level of investing —- high yield, high risk, or low yield, minimal risk and everything in between. Use my link to get $20 to start investing.

Financial literacy is paramount to us. In a buyer’s economy, learning how to make your money work for you smarter, and harder, so you can eventually one day enjoy the idea of retirement is a promise I want to keep to myself. Learning how to save, learning the power of credit, and apps and tools that are free to use to support you should be at the top of your to do list.

Also, our box this month is all about financial literacy —- so you can shop it here for yourself — or gift to a friend in need (Great idea for a college student!).