During college, you could have called me president of the 'get paid Friday and be broke by Monday' club. Let's be honest, a lot of us go through a period like that. I've noticed people become financially aware when they get tired of being in debt, and broke. I'd rather invest in myself and my business, and learn to make my money work for me.
Jessica Moss is a financial advisor specializing in keeping money in your pockets and debt off your back. She can steer you to a positive place financially if you feel as though you'll never see the light, or if you want to prevent ever seeing the dark. She offers great suggestions and encouragement to those building businesses and wants to offer you a few tips! In the comments, be sure to let me know what you took away and can apply to your financial situation .
HH: Tell us about yourself and your three biggest saving strategies.
JM:I attended Saint Peters College now (Saint Peters University) where I received my BA of Arts in Criminal Justice. After undergraduate school I went on to receive my MA in Forensic Psychology and Counseling which I finished in May 2011. In 2011 I decided to switch careers and begin focusing on building my own business in financial services where I became an independent representative, financial coach, planner and advisor which publicly traded company Primerica Financial Services. Ever since then I have been on a mission to help empower, educate and encourage families and individuals to become debt free, properly protected financially and build wealth for themselves. It has truly changed my life, my outlook, my attitude, behaviors and habits especially when it comes to money.
HH:What type of banking services are necessary for start up businesses? (Credit Cards, Business accounts, etc.)
JM:My biggest savings strategies are: 1. I ALWAYS pay me first. This is the 1st step to achieving financial success. I treat myself like a bill and each and every month I put money away for myself because no one cares more about my financial future than I. Creating a budget has and continues to allow me to keep track of my expenses so that I am consistently putting money away monthly to build up my financial nest egg. 2. Debt stacking: this strategy is what I used to go from 8 credit cards to 1 (it will be paid off Dec 2013) in 2 yrs. When you pay down debts do not spend that money but add it to your savings. Doing that allows you to save more money without coming out of pocket with more money; this is why a budget is essential to achieving financial success. 3. Discipline, self control. Sacrifices. Although these are not considered saving strategies, in order to begin it has to start with you. Making a decision and be willing to do what it takes to achieve your goals. It took me a while to change my relationship with money but it was a necessity that has put me in a better financial position then where I was. When running your own business you will have to make sacrifices and better financial decisions where you have to distinguish between your needs and wants.
HH:What kind of funding options are suggested for small businesses? (Loans,etc.)
JM: I personally and professionally believe you should have your business accounts and personal accounts separate. Look into getting a major business credit card at your discretion especially when it comes to your credit reports or credit scores. As business owners there are 422 tax deductions the IRS allows that you can take full advantage of. Although many of these items such as banking account, credit cards, etc are important to have, you should get them when you are ready to. Some things can wait until you feel it is necessary, as I believe timing is everything.
All businesses are different and do require the same funding options such as taking out loans. Look to sitting with a tax advisor, your own personal financial advisor/planner/coach. Everyone is not the same and every situation and person should be treated differently. For me to start my own business all I had to do was get a background check and attain my licenses to go into business, which was minimal cost. If you do not want to take out a loan personally another funding option is reaching out to other business and ask for donations, reach out to non profit organizations or charities that support young entrepreneurs, churches who give away scholarships or financial assistance or your hometown. Although these options do take time and patience it is important to keep your debt as low as possible if you can.
HH:What are the top three things you believe young professionals need to know about money?
JM:As young professionals it is important to know how to live below your means. Keep your expenses low while maintaining or working to increase income. Learn how to get money working for you instead of you constantly working for money. Develop multiple streams incomes for yourself. Make sure you are properly managing and budgeting your money which I personally do a monthly budget. Also as young professionals look into retirement plans for yourself and your business such as SEP, IRAs, etc. It is important to begin at an early thinking about the future. The earlier you begin putting away the less you have to save to have a nice chunk of change for the future. I am a true believer in this quote “Formal education teaches you how to make a living, Self education teaches you how to make fortune”.
HH:Do you suggest any books to learn more about financial literacy for entrepreneurs?
JM:Every month I read finance, business, self-improvement or success books. A few I can recommend that I have read personally are Rich Dad Poor Dad, Think and Grow Rich, Destination Success, Secrets of a Millionaire Mind, It’s Your Time, Beyond Positive Thinking, Skill with People. All these books have changed my life in some way, shape or form to help me get better spiritually, personally, financially and mentally. Daily do something that is growing you individually or growing your business. As I stated previously no one cares more about your financial future than you and it is important that we continue getting better everyday.
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