One of the key components of running a successful web design business (any business really,) is to manage your money effectively.<\/p>\n
Most businesses go out of business, simply because they don’t follow some basic money management rules. The following are my ‘Killer Money Management Rules’.<\/p>\n
Top 6 Killer Money Management Rules<\/strong><\/p>\n 1. Credit cards are for transactions only – not for carrying debt. Pay off your entire balance every month!<\/p>\n 2. If you can’t buy something cash, don’t buy it.<\/p>\n 3. If your bank account is not increasing every month, it’s time to go into crisis mode.<\/p>\n 4. You should have a stash of ‘fcuk-you’ cash … one years worth. So, if you spend $2000\/month to live, you should have $24 000 in the stash. The stash should be held in a no risk, immediate access account like an ING account.<\/p>\n 5. Never touch your emergency stash unless it’s an emergency. Having this stash makes you sleep well at night. I call it ‘fcuk-you cash’ because when you know you will be fine for a year, you can tell idiot clients to … you get the idea. <\/p>\n 6. Create a separate retirement account\/investments that you pay into regularly and first – this is a ‘never touch’ account.<\/p>\n Lots of business owners pile all their funds in one place (as I did) and then end up broke at 55. Fortunately for me, I learned these lessons young. <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" One of the key components of running a successful web design business (any business really,) is to manage your money effectively.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.killersites.com\/blog\/wp-json\/wp\/v2\/posts\/69"}],"collection":[{"href":"https:\/\/www.killersites.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.killersites.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.killersites.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.killersites.com\/blog\/wp-json\/wp\/v2\/comments?post=69"}],"version-history":[{"count":2,"href":"https:\/\/www.killersites.com\/blog\/wp-json\/wp\/v2\/posts\/69\/revisions"}],"predecessor-version":[{"id":4828,"href":"https:\/\/www.killersites.com\/blog\/wp-json\/wp\/v2\/posts\/69\/revisions\/4828"}],"wp:attachment":[{"href":"https:\/\/www.killersites.com\/blog\/wp-json\/wp\/v2\/media?parent=69"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.killersites.com\/blog\/wp-json\/wp\/v2\/categories?post=69"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.killersites.com\/blog\/wp-json\/wp\/v2\/tags?post=69"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}