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IT TAKES MONEY

TO MAKE MONEY

 "The longer you’re not taking action the more money you’re losing."

~Carrie Wilkerson

There are several ways you can predict expenses and keep operational costs from spiraling out of control.  In general, the more physical resources required to produce your offering, the more startup costs you will incur. 


Service-based businesses certainly involve fewer upfront costs than those that require manufacturing or purchasing inventory. Beyond the obvious sweat equity and production costs, there are a variety of expenses associated with owning a business that rookie business owners tend to forget about. 


Every expense your business incurs--from rent, to inventory costs, to web design and marketing spend--is a cost taking away from your bottom line. The amount of money you gain for each dollar spent in a particular category represents a benefit to that cost.

 

FORMS OF CAPITAL

Ever since Adam Smith, capitalism hasn't just been about financial capital. Whether or not people are aware of it, companies deal every day with different kinds of capital. Besides money, we rely on human labor, on land, water, and energy, on machinery, on the community.

we have globally accepted standards on how to count profits, assets, debts. But mostly we talk about the other kinds of capital in the abstract, even though they may make or break us as easily as the financial.

Consultant Mark McElroy makes a business out of what he calls "multicapitalism". The term may sound outlandish, but it isn't socialism, or anarchism, or even capitalism: it may just be a clearer, newer definition of the economic system we already live and thrive in, plus a recipe for sustainable growth.

 
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“Money results from production and nothing else. Production is a result of a decision. Decisions are the results of your viewpoint. So, money is entirely the result of the viewpoint you take.”~Meir Ezra

The difference between these capital resources and the factors of production, which is an economic concept too, is that capital resources point to man-made items, while factors of production refer to both natural and man-made resources (such as land and labor). Yet, they experience common problems arising at similar stages in their development.In economics, capital refers to the assets–physical tools, plants, and equipment–that allow for increased work productivity. By increasing productivity through improved capital equipment, more goods can be produced and the standard of living can rise. The four major factors of production are capital, land, labor, and entrepreneurship.

 
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“Everyone wants to live on top of the mountain, but all the happiness and growth occurs while you're climbing it.” ~Andy Rooney, Journalist

Stage I: Existence In this stage the main problems of the business are obtaining customers and delivering the product or service contracted for.  Stage II: Survival In reaching this stage, the business has demonstrated that it is a workable business entity. Stage III:Success The decision facing owners at this stage is whether to exploit the company’s accomplishments and expand or keep the company stable and profitable, providing a base for alternative owner activities.  Stage IV: Take-off In this stage the key problems are how to grow rapidly and how to finance that growth. Small businesses vary widely in size and capacity for growth. They are characterized by independence of action, differing organizational structures, and varied management styles. Stage V: Resource MaturityThe greatest concerns of a company entering this stage are, first, to consolidate and control the financial gains brought on by rapid growth and, second, to retain the advantages of small size, including flexibility of response and the entrepreneurial spirit. 


 
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"Capitalist production, therefore, develops technology, and the combining together of various processes into a social whole, only by sapping the original sources of all wealth - the soil and the labourer." ~Karl Marx

Internal economic capital. This includes financial capital (funds available, including debt and equity finance), and non-financial capital (for example the value of your brand). 

External economic capital. This takes into account the impact an organization has on the financial and non-financial capital of other entities (for example, a new factory may reduce or increase real estate values nearby). Natural capital. This includes all natural resources we rely on, as well as ecosystem services such as climate regulation. Human capital. This includes knowledge, skills, experience, health, attitudes and motivation of individuals. Social and relationship capital. This consists of teams, networks and groups of individuals working together, and includes their shared intellectual capital.  Constructed capital. This consists of material objects, systems or ecosystems created or cultivated by humans.

 

THE ECONOMIC CYCLE
& THE BUSINESS CYCLE

"The whole reason that our capitalist system works the way it does is because there are cycles, and the cycles self-correct." ~Seth Klarman

 
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THE ECONOMIC CYCLE

The Economic Cycle is the fluctuation of the economy between periods of expansion (growth) and contraction (recession). Factors such as gross domestic product (GDP), interest rates, total employment, and consumer spending, can help to determine the current stage of the economic cycle.

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THE BUSINESS CYCLE

Business Cycles are a type of fluctuation found in the aggregate economic activity of nations…a cycle consists of expansions occurring at the same time as economic activities, followed bge general recessions. This sequence is recurrent but not periodic.

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BANKING IN AMERICA

There are several different types of banking institutions that function in very similar ways.

Retail Banks: These banks focus on the consumer and provide the public with a place to deposit money into their own checking and saving accounts.

Credit Union: A credit union is a member-owned financial cooperative, controlled by its members to provide credit at competitive rates.

Commercial Banks: Basically, a commercial bank is “an institution that provides services such as accepting deposits, providing business loans, and offering basic investment products.”

Savings and Loan: Savings banks provide a place for people to save their money and accrue interest on their money over time.


Online Banks: Online banks operate entirely online and do not offer physical brick and mortar locations for you to manage your finances.

Central Bank: The central bank is the big dog that manages the monetary system of the government. The Federal Reserve (central bank) is responsible for managing economic activity and supervising banks.


 Mutual Banks: Mutual banks are similar to credit unions in that they are owned by the members or customers instead of outside investors.

 

FINANCIAL REPORTING & ANALYTICS

Your business’ financial statements provide vital information about your business’ financial health.

 
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FINANCIAL REPORTING

BALANCE SHEET-INCOME STATEMENT-ACCOUNTS RECEIVABLE-CASH FLOW

Small businesses rely on financial reporting to set benchmarks, inform operational decisions, and measure overall organizational health. "I call it the Rule of Three. If you read a company's financial statements three times, and you still can't figure out how they make their money, that's usually for a reason." ~James Chanos

 

Gross Profit – Total Operating Expenses = Net Profit

INCOME STATEMENT 

An income statement is often referred to as a “Profit and Loss Statement” (or P&L) and is just as vital for small businesses. As the name would imply, a P&L indicates a company’s profitability over a set period (usually the quarter or year) to assess whether it made or lost money.

AR Days vs. AP Days Report

ACCOUNTS RECEIVEABLE AGING

Categorizing AR by length of time overdue (1-30 days, 31-60 days, 61-90 days, 90+ days) is typically easy for businesses to do automatically within an existing accounting system. Setting this report up to run once a week helps companies take a proactive approach to managing the collections process.

Liabilities + Owner’s Equity = Assets

BALANCE SHEET 

A balance sheet (also known as a “statement of financial situation”) is the single most important financial report for a small business because it provides a snapshot of a company’s overall finances.
On a balance sheet, liabilities and owner equity are combined to equal all assets.

Beginning Cash Balance + Cash Inflows – Cash Outflows = Ending Cash Balance

CASH FLOW STATEMENT 

Much like the P&L, a cash flow statement is concerned with a company’s profitability. However, the cash flow statement specifically looks at how much money is coming into and going out of the business at any given time to understand the effect daily operations have on the business’s overall financial position.  A cash flow statement should be prepared each month because inventory is purchased, and expenses are paid on a monthly basis.

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THE FEDERAL RESERVE

The Federal Reserve System is the central bank of the United States. It performs five general functions to promote the effective operation of the U.S. economy and, more generally, the public interest.

conducts the nation’s monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy; promotes the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the U.S. and abroad; promotes the safety and soundness of individual financial institutions and monitors their impact on the financial system as a whole; fosters payment and settlement system safety and efficiency through services to the banking industry and the U.S. government that facilitate U.S.-dollar transactions and payments; and promotes consumer protection and community development through consumer-focused supervision and examination, research and analysis of emerging consumer issues and trends, community economic development activities, and the administration of consumer laws and regulations.

 

ABOUT BANKING IN THE UNITED STATES "THE FED"

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible and stable monetary and financial system.

The Federal Reserve System is the central bank of the United States. It performs five general functions to promote the effective operation of the U.S. economy and, more generally, the public interest. The Federal Reserve

  • conducts the nation’s monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy;

  • promotes the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the U.S. and abroad;

  • promotes the safety and soundness of individual financial institutions and monitors their impact on the financial system as a whole;

  • fosters payment and settlement system safety and efficiency through services to the banking industry and the U.S. government that facilitate U.S.-dollar transactions and payments; and

  • promotes consumer protection and community development through consumer-focused supervision and examination, research and analysis of emerging consumer issues and trends, community economic development activities, and the administration of consumer laws and regulations.

 
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THE BUSINESS CYCLE

Expansion - Peak - Recession - Depression - Trough - Recovery

Business cycles are a type of fluctuation found in the aggregate economic activity of nations…a cycle consists of expansions occurring at about the same time in many economic activities, followed by similarly general recessions…this sequence of changes is recurrent but not periodic.

A business cycle is completed when it goes through a single boom and a single contraction in sequence. The time period to complete this sequence is called the length of the business cycle. In the diagram below, the straight line in the middle is the steady growth line.

 
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#1 EXPANSION
The first stage in the business cycle is expansion.

In this stage, there is an increase in positive economic indicators such as employment, income, output, wages, profits, demand, and supply of goods and services. Debtors are generally paying their debts on time, the velocity of the money supply is high, and investment is high. This process continues as long as economic conditions are favorable for expansion.

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#2 PEAK

The economy then reaches a saturation point, or peak, which is the second stage of the business cycle.

The maximum limit of growth is attained. The economic indicators do not grow further and are at their highest. Prices are at their peak. This stage marks the reversal point in the trend of economic growth. Consumers tend to restructure their budgets at this point.

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#3 RECESSION

The recession is the stage that follows the peak phase.

The demand for goods and services starts declining rapidly and steadily in this phase. Producers do not notice the decrease in demand instantly and go on producing, which creates a situation of excess supply in the market. Prices tend to fall. All positive economic indicators such as income, output, wages, etc., consequently start to fall.

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#4 DEPRESION
There is a commensurate rise in unemployment. The growth in the economy continues to decline, and as this falls below the steady growth line, the stage is called depression.

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#5 TROUGH
In the depression stage, the economy’s growth rate becomes negative.

There is further decline until the prices of factors, as well as the demand and supply of goods and services, reach their lowest point. The economy eventually reaches the trough. It is the negative saturation point for an economy. There is extensive depletion of national income and expenditure.

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#6 RECOVERY

After this stage, the economy comes to the stage of recovery. In this phase, there is a turnaround from the trough and the economy starts recovering from the negative growth rate.

Recovery continues until the economy returns to steady growth levels. It completes one full business cycle of boom and contraction. The extreme points are the peak and the trough.

 

BUSINESS CYCLE FLUCTUATIONS

“The whole reason that our capitalist system works the way it does is because there are cycles, and the cycles self-correct." ~Seth Klarman 
Business cycle fluctuations occur around a long-term growth trend just like economic cycles, but unlike economic cycles they are measured in terms of the growth rate of real gross domestic product (Real GDP).

An expansion is the period from a trough to a peak, and a recession is the period from a peak to a trough. The NBER identifies a recession as “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production.” This is significantly different from the commonly cited definition of a recession being signaled by two consecutive quarters of decline in real GDP.  If the economy does not begin to expand again, then the economy may be considered to be in a state of depression.

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IMPACT OF THE ECONOMIC CYCLE ON BUSINESS OPERATIONS

"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all."~Dale Carnegie

How the economic cycle affects business operations may be best explained by looking at how one business responds to these cycles. Normal Maintenance is a small business that provides a variety of construction services to homeowners. They specialize in roofing, deck installations, siding, and general home maintenance. They employ three full-time workers, who typically work forty hours per week for an average of twelve dollars per hour. The company has been in business in the same town for than twenty years and has a solid reputation for quality work and reliability.

This is significantly different from the commonly cited definition of a recession being signaled by two consecutive quarters of decline in real GDP.  If the economy does not begin to expand again, then the economy may be considered to be in a state of depression.

 
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THE ECONOMIC CYCLE

BOOM-BUST CYCLE

The term economic cycle (or boom-bust cycle) refers to economy-wide fluctuations in production, trade, and general economic activity. From a conceptual perspective, the economic cycle is the upward and downward movements of levels of GDP (gross domestic product) and refers to periods of expansion and contraction in the level of economic activities (business fluctuations) around a long-term growth trend.

 

PHASES OF THE ECONOMIC CYCLE

EXPANSION - PEAK - CONTRACTION - TROUGH

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EXPANSION

"Be relentless in your pursuit for expansion."~Robert Greene

An expansion is characterized by increasing employment, economic growth, and upward pressure on prices. A peak is the highest point of the business cycle, when the economy is producing at maximum allowable output, employment is at or above full employment, and inflationary pressures on prices are evident.

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PEAK

“Everyone wants to live on top of the mountain, but all the happiness and growth occurs while you’re climbing it.”~Andy Rooney, journalist

A peak is the highest point of the business cycle, when the economy is producing at maximum allowable output, employment is at or above full employment, and inflationary pressures on prices are evident.

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CONTRACTION

“When the student is ready the teacher will appear. When the student is truly ready... The teacher will Disappear.”
― Tao Te Ching

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TROUGH

“Only those who will risk going too far can possibly find out how far one can go.”~T.S. Eliot, author

 

ESSENTIAL CAPITAL RESOURCES

 

EXTERNAL ECONOMIC CAPITAL

External sources of finance are equity capital, preferred stock, debentures, term loans, venture capital, leasing, hire purchase, trade credit, bank overdraft, factoring etc. By external sources, we mean the capital arranged from outside the business, unlike retained earnings which are internally generated out of the activity of a business.

 

External Economic Capital

BANK LOANS

A primary sources of external financing for small businesses is bank loans.
The characteristics of a term loan are very similar to debentures except that it does not include too much cost of issuing because it is given by some bank or financial institutions. The characteristics of a term loan are very similar to debentures except that it does not include too much cost of issuing because it is given by some bank or financial institutions.

Internal Economic Capital

Internal Economic Capital is Capital to the Business Itself. These funds are—for the most part—generated from internal operations. Retained earnings are a better source of capital for a company than debt or equity. It is a positive operating income accumulated from quarter to quarter. Operating income is also known as earnings before interest and taxes or EBIT. Operating income or EBIT is commonly used to determine the overall success of the business.

 

Internal Economic Capital

RETAINED EARNINGS

Profits generated by doing business.
When a business owner keeps the profit in the business instead of taking out the extra money.

NATURAL CAPITAL

It is from this natural capital that humans derive a wide range of services, often called ecosystem services, which make human life possible. The most obvious ecosystem services include the food we eat, the water we drink and the plant materials we use for fuel, building materials and medicines.


Ultimately, nature is priceless. However, it is not valueless, and there have been many studies that have calculated natural capital’s value in financial terms. For example, street trees in California provide $1 billion per year in ecosystem services, through atmospheric regulation and flood prevention, and Mexico’s mangrove forests provide an annual $70 billion to the economy through storm protection, fisheries support, and ecotourism.

 

Natural Capital

CLIMATE

From supercomputers and state-of-the-art models to observations and outlooks, we provide data, tools, and information to help people understand and prepare for climate variability and change.
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SOCIAL CAPITAL

Social capital generates a positive product as a result of human interaction.

Researchers see two primary forms of social capital: Bonding refers to social capital created within a group with shared interests and goals. A neighborhood association is an example.Bridging is the creation of social capital across groups. If the bridging is successful, individuals in the two groups discover shared interests and goals and work together to achieve them. A neighborhood association that links up with a local police department is an example.

 

Social Capital

IN BUSINESS TERMS
IT'S THE CONTRIBUTION TO AN ORGANIZATION'S SUCCESS THAT CAN BE ATTRIBUTED TO PERSONAL RELATIONSHIPS, BOTH WITHIN THE ORGANIZATION AND OUTSIDE OF IT.

With years of experience, our staff has the capabilities and expertise to take your business to the next level. At Marx Consulting, we combine our insights and skills to transform your processes and strategies, and in turn, your company. We’re proud to help shape and improve how our clients structure and manage their business.

HUMAN CAPITAL

These qualities include higher education, technical or on-the-job training, health, and values such as punctuality. Investment in these qualities improves the abilities of the labor force. The result is greater output for the economy and higher income for the individual.

 

Human Capital

HUMAN CAPITAL AND THE WEALTH GAP

Investment in human capital varies by race. The Federal Reserve's Survey of Consumer Finances found that white families had almost 10 times the median wealth in 2016 than did Black families.

CONSTRUCTED CAPITAL

Consists of material objects, systems or ecosystems created or cultivated by humans. Examples of man-made ecosystems are orchards, home aquariums, zoos, botanical gardens and parks. These ecosystems are sustained by human interventions. Aquarium and zoo ecosystems, for example, cannot survive without the care of humans. Man-made ecosystems are created for specific purposes.

 

THE KEY TO POSITIONING 

A GROWTH FOCUSED SMALL BUSINESS IS TO APPLY THE THEORY OF MULTI-CAPITALISM AND ITS FIVE STAGES OF SMALL BUSINESS DEVELOPMENT

 

MULTI-CAPITALISM

Multi-capitalism is a relatively new economic theory. Modern day capitalism can be seen as the practice of monocapitalism: the pursuit of development or growth in only one type of capital (economic vs natural, human vs social, constructed vs intellectual).

Under the multicapitalistic view of things, an organization's performance is entirely positive if and only if its impacts on all vital capitals are sustainable. To be sustainable an organization's impacts on vital capitals must be in full compliance with whatever organization-specific standards of performance have been defined for itself. Making materiality determinations is therefore key in CBS, although not only for the sake of shareholders, but for other stakeholders as well.

 

EXISTENCE

First priority, is garnering customers and delivering the product or service contracted for.

SURVIVAL

firms have demonstrated that they are workable business entities, but the key question becomes whether there is enough money for the firm to break even and stay in business

SUCCESS

Here the decision facing owners is whether to exploit the company's accomplishments and expand or keep the company stable and profitable, providing a base for alternative owner activities

TAKE-OFF

Focused on how to make the firm grow rapidly and how to finance this growth

RESOURCE MATERIALS

By this point, companies have the advantages of size, financial resources, and managerial talent and will be a formidable force in the market if they retain their entrepreneurial spirit.

 

Assets and Liabilities

Grow Your Business

We examine what organizations are doing to stay relevant and competitive in this fast-paced world, and which ones are doing it best. We then strategize using smart tools and global resources in order to understand the implications of every choice our clients can make. Get in touch to learn more about how this service can help you.

 

BUSINESS LIABILITIES

Liabilities are settled over time through the transfer of economic benefits
including money, goods, or services.

Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued expenses.  In general, a liability is an obligation between one party and another not yet completed or paid for. Liabilities are also known as current or non-current depending on the context.

They can include a future service owed to others; short- or long-term borrowing from banks, individuals, or other entities; or a previous transaction that has created an unsettled obligation​​​​​​.

The most common liabilities are usually the largest like accounts payable and bonds payable. Most companies will have these two line items on their balance sheet, as they are part of ongoing current and long-term operations.

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RELATIONSHIP
BETWEEN LIABILITIES AND ASSETS

Assets are the things a company owns—or things owed to the company—and they include tangible items such as buildings, machinery, and equipment as well as intangible items such as accounts receivable, interest owed, patents or intellectual property.

If a business subtracts its liabilities from its assets, the difference is its owner's or stockholders' equity:  
Assets−Liabilities=Owner’s Equity

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THE DIFFERENCE BETWEEN AN
EXPENSE AND A LIABILITY

An expense is the cost of operations that a company incurs to generate revenue. Unlike assets and liabilities, expenses are related to revenue, and both are listed on a company's income statement. In short, expenses are used to calculate net income. The equation to calculate net income is revenues minus expenses.

Expenses and liabilities should not be confused with each other. One is listed on a company's balance sheet, and the other is listed on the company's income statement. Expenses are the costs of a company's operation, while liabilities are the obligations and debts a company owes. Expenses can be paid immediately with cash, or the payment could be delayed which would create a liability.

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EXAMPLES OF LIABILITY EXPOSURE

Wages Payable: The total amount of accrued income employees have earned but not yet received. Since most companies pay their employees every two weeks, this liability changes often.

Interest Payable: Companies, just like individuals, often use credit to purchase goods and services to finance over short time periods. This represents the interest on those short-term credit purchases to be paid.

Dividends Payable: For companies that have issued stock to investors and pay a dividend, this represents the amount owed to shareholders after the dividend was declared. This period is around two weeks, so this liability usually pops up four times per year, until the dividend is paid.

We sell insurance so that we can help protect our client's personal property and business from events that result in additional liabilities.

 

FINANCE VS. ECONOMICS

Finance is to Paint as Economics is to a Masterpiece

 

FINANCE

“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” – Ayn Rand

Finance covers decisions and transactions internal to an economic unit - whether household, project enterprise or agency - regarding the allocation of resources over time and handling risk, which decisions are focused on the survival, maintenance, or growth of that particular unit.

ECONOMICS

"It turns out that advancing equal opportunity and economic empowerment is both morally right and good economics, because discrimination, poverty and ignorance restrict growth, while investments in education, infrastructure and scientific and technological research increase it, creating more good jobs and new wealth for all of us." ~William J. Clinton

Economics  covers processes and decisions both internal as well as external tot the economic unit, including those that impact on the whole community, territory or society.

Small Business Trends: 2020

To learn about small business trends and life as a small business owner, Guidant Financial became a founding member of the Small Business Trends Alliance (SBTA), a group of companies dedicated to supporting small businesses with data trends and insights. The SBTA reports on data to help small business owners grow their businesses as well as bring transparency to small business ownership by giving prospective business owners the information they need to be successful.

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TRENDS FOR WOMEN

2020 Trends for Women in Business

To learn about small business and its future, Guidant Financial became a founding member of the Small Business Trends Alliance (SBTA), a group of companies dedicated to supporting small businesses with data trends and insights. To achieve this goal, Guidant Financial and SBTA companies surveyed over 3,100 small business and franchise owners nationwide.

Basic Financial Concepts

Knowing and understanding basic financial concepts can help you have and enjoy financial security. Following are just a few concepts WFG agents share with their clients.

The Rule of 72 offers an estimate of the time it takes for money to double.
Divide 72 by an annual interest rate to calculate approximately how many years it takes for money to double assuming the interest is compounded annually. Keep in mind that this is just a mathematical concept. Interest rates will fluctuate over time, so the period in which money can double cannot be determined with certainty. 
Additionally, this hypothetical example does not reflect any taxes, expenses or fees associated with any specific product. If these costs were reflected the amounts shown would be lower and the time to double would be longer.

 

HOW MANY TIMES WILL YOUR MONEY DOUBLE?

Notice how a $5000 investment at age 29 doubles more often as the rate of return increases. 

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THE X-CURVE

The X-Curve This graphic shows that, in general, when you are young, you have many responsibilities and are only in the beginning stages of building wealth. And conversely, as you grow older, you have fewer  responsibilities and have probably accumulated more wealth.


The Six Steps should be factored into each stage of life, but this brochure focuses on the steps most relevant and typical to a particular stage.

 
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Build Wealth
Strive to outpace inflation and reduce taxes

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Cash Flow
Earn additional income

Manage expenses

Proper Protection
Protect against loss of income

Protect family assets

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Preserve Wealth
Reduce taxation

Build a family legacy

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Debt Management Debt Consolidation Strive to Eliminate Debt 

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Emergency Fund Save at least 3-6 months' income build a family legecy

 
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THE 3-LEGGED STOOL

A traditional retirement model

Past retirees often enjoyed a combination of a company pension, a Social Security check and their personal savings. With this traditional model being questioned, a new retirement focused on personal responsibility is needed.

 

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