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Personal Finance for Entrepreneurs
Rating: 4.3 out of 5(23 ratings)
90 students

Personal Finance for Entrepreneurs

Helping entrepreneurs navigate business and personal finances
Created byJeff Cornwall
Last updated 2/2018
English

What you'll learn

  • Effectively manage personal and professional finances to one day build personal wealth.

Course content

1 section • 14 lectures • 1h 30m total length

  • Introduction2:14
  • The Bootstrap Life6:41
  • Keeping Business Funds and Personal Funds Separate4:06

    Separate business and personal funds from the start by opening a dedicated business account, paying a modest salary, and avoiding mixing personal expenses or risky home office deductions.

  • How Much and When Should You Pay Yourself?9:36
  • Runway and Emergency Funds7:38
  • The Three Buckets of Profit5:26
  • Good Debt, Bad Debt15:15

    Balance the benefits and risks of good debt and bad debt for entrepreneurs, explaining personal and business debt, credit, mortgages, lines of credit, guarantees, covenants, and prudent borrowing.

  • Keep Track of Your Credit7:41
  • Lines of Credit5:45

    Establish a personal line of credit before starting your business to cover emergencies. Secure a business line of credit for short-term needs, mindful of variable rates and debt.

  • Building Wealth from Your Business8:29
  • Investing Beyond Your Business6:02
  • Benefit Programs: For You and Your Employees3:49
  • Finding and Working with a Tax Accountant5:10
  • Conclusion2:14

Requirements

  • Be a small business owner or aspiring small business owner.

Description

A common cause of failure among startups is the business owner running out of cash before
the business has time to become successful. The interplay between the financial conditions of a
business and the financial situation of the owner is something that many entrepreneurs fail to
plan for when they launch a new business. This course explains how the finances of the
business and its owner are intertwined, including cash flow and debt. We also explore ways in
which an entrepreneur can more effectively manage the personal side of this financial equation
to ensure that their business has the best chance for survival from startup through its maturity.
Finally, we look at the paths entrepreneurs have available to build personal wealth.

Who this course is for:

  • Anyone with a small business of the dreams of owning a business one day.
  • Anyone wanting to understand how their personal finances play into their business' finances.

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