Do you treat your household like a business? Maybe you feel that treating your business like a business is quite enough. Read on to discover how you can apply the same rules to your household as well, which will go a long way towards helping you with your personal finance planning.
And not only do the same fundamental rules apply to your household activities, but the more you apply sound business practices to your household, the more financially secure you and your family will be.
Let’s think of your household as the “parent company”. In business, a parent company owns junior or “subsidiary” companies and other assets. Well, your household owns assets too: a small business or practice or stocks (subsidiary companies), bonds, cars, collectibles, etc. It has money that it owes, called liabilities, such as mortgages, car loans, and personal loans.
Like any other business, your household reports its financial condition every year. The 1040 income tax return is essentially an income statement and balance sheet for the business activity for the year. The household tax identification number is your social security number. The government views you personally and your household as business activities. The sooner you adopt that same viewpoint, the sooner you will act like a business owner and run your “household company” more profitably.
Every business must have certain areas functioning to be viable: These include executive planning, personnel, sales, finance, technical delivery, quality control and public relations. The household is no different.
One of the greatest omissions in the management of household business activity is the lack of a plan. Why not revamp your personal finance planning, apply the basic natural laws of business to your household, and grow your financial resources to achieve your life goals?
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