Financial Literacy

April 18, 2018

 

Are you managing your finances?

 

What is financial literacy? Why is it important? Financial literacy will determine whether your business thrives or survives; there is a big difference. Thriving means you surpass your financial goals; surviving means you are barely getting by and on the brink of disaster. Credit and debt management, along with the key knowledge necessary to make fiscally-responsible decisions are non-negotiable.

 

Navigating the entrepreneurial journey can very well be a treacherous one if you are failing in the financial literacy department. It doesn’t matter if you’re bringing in more revenue than you’re spending if you don’t know how to manage what’s left. In his book, Rich Dad, Poor Dad, Robert Kiyosaki discussed this wonderful problem when he said, “I have a problem with too much money. I can’t reinvest it fast enough, and because I reinvest it, more money comes in. Yes, the rich do get richer.”

 

As you navigate your entrepreneurial journey, you will become intimately involved with critical financial terms and must realize how to use these terms to build your business:

  • Cashflow - Money you bring in.

  • Expenses - Money you spend.

  • Assets - Revenue-generating things you own.

  • Liabilities - Things that cost you money.

 There are three different types of entrepreneurs:

  • Entrepreneur #1: The individual who views the business as a personal bank to elevate his personal life.

  • Entrepreneur #2: This is the individual who has a false sense of security on the creativity of the business.

  • Entrepreneur #3: These are the most disciplined entrepreneurs. They recognize the power and value of reinvesting and asset management.

 So which entrepreneur are you?

 

Take the financial literacy quiz to assess your knowledge.

 

Then, go to my website at www.drrickygallaway.com provide your email address and receive and complete the complimentary entrepreneurial workbook so we can work together to ensure you are on the right road to financial literacy.

 

Much of what I shared in this month’s blog will be available in my book, Navigating the Entrepreneurial Journey, coming soon.

 

Stay tuned as I share excerpts of my book in featured blogs.

 

You can view my blogs at 

www.drrickygallaway.com/blog

 

 

Please reload

Recent Posts

September 25, 2019

September 18, 2019

September 11, 2019

June 3, 2019

Please reload

Join My Mailing List
  • LinkedIn Social Icon
  • Facebook Social Icon
  • YouTube Social  Icon
  • Instagram Social Icon
  • Twitter Social Icon

© 2019 - 2021 Dr. Ricky Gallaway. All Rights Reserved.