Are you ready to start your own business?

Starting your own business can be a challenge.

It will test your talents, your mental toughness, and your ability to adapt. And those tests—if you pass them—can spark extraordinary growth.

Here are four ways entrepreneurship will change you.

You’ll develop self reliance. Entrepreneurs need to learn to solve their own problems, or fail. They don’t have a team to handle the daily grind of running a business.

Instead, new entrepreneurs handle everything from product development to accounting. It’s a stressful and high stakes juggling game.

But it can teach you a critical lesson: You’re far more resourceful than you thought. You’ll learn to stop waiting for help and start looking for solutions.

You’ll discover loyal friends. One of the downsides of entrepreneurship is that it may expose toxic people in your circle. They’re the ones who might…

  • Mock your new career
  • Feel threatened by your success
  • Try to one-up you when you share struggles

As you and your business grow, you may need to limit your interactions with them. They might be too draining on your emotional resources to justify long-term relationships.

Rather, your circle should reflect values like positivity, encouragement, and inspiration. Those new friends will support you through the highs and lows of entrepreneurship.

You’ll learn how to manage stress. Late nights, hard deadlines, and high stakes are the realities for entrepreneurs.

To cope, you must build a toolkit of skills that can carry you through the hardest times. Otherwise, you may crack under the pressure and lose any progress you’ve made.

It comes down to one key question: Why do you want to be an entrepreneur?

Are you driven by insecurity? Or by vision?

If you’re trying to prove a point to yourself or others with your business, you may fall apart at the first hint of failure.

If you’re driven by vision, you’ll see failure as part of the process.

Examine your motivations. Over time, you’ll grow more aware of your insecurities. Talk about them with your friends, families, and mentors. As you bring them into the light, you may find they have less and less power.

Entrepreneurship can spark an explosion of professional personal growth. You’ll grow up. You may start with an employee mindset, but you’ll mature into a leader. That’s how entrepreneurship will change you.

P.S. If this seems daunting, start with a side hustle. It can ease you into the role of entrepreneurship without throwing you into the deep end too soon!

Developing good financial habits

As people progress through their lives they are faced with many new challenges. The first major one occurs in the majority of people in financial management. As you find yourself making more money, you must learn how to keep it properly. This process starts with the building of good financial habits that you will carry for the rest of your life. Developing good financial habits as a youngster will lay the basis for an easy transition as you grow older and start on your own.

An example of a good financial habit is that of regular savings. Saving money on a consistent basis has many benefits, one of which is peace of mind knowing that if an emergency arises, you have money stashed away to cover it. Another benefit of saving is that when you start making more money, the incremental addition from each paycheck will be much smaller for a large sum, rather than a small one. This means saving over time has the potential to add up very quickly.

How do you improve your finances?

Is it by not going out to dinner as much, or is it something more complicated?

It’s the latter. If the habits listed below were easy for people to follow, there wouldn’t be so many people living on credit cards and struggling with debt.

However, if you’re able to develop even some of these habits, you’re already on the right path to improving your financial situation.

1) Create a budget that works for you.

2) Write down all of your expenses at least once per month and track where every dollar goes. If you’re spending $100/month on take-out food, stop! There are ways to cook at home that are just as tasty and a whole lot cheaper.

3) Automate your finances: Have money automatically withdrawn from your paycheck or your savings account for bills, rent/mortgage, groceries, etc. This leaves less room for you to spend the money because you don’t see how much is available in those accounts.

4) Cut up your credit cards except one or two. Leave the debit card for emergencies only and use cash, checks and online bill pay for all expenses you can afford to pay in full each month.

5) Sign up for a 401(k) and commit to having 10% of every paycheck deducted from your paycheck automatically. If you’re starting from scratch, aim to save at least 10% of your income every month until you have at least six months worth of expenses saved.

6) Pay attention to the number of purchases before you spend. Think about how much that item means to you and ask yourself if it’s really worth spending an entire day’s wage on a single purchase!

7) Set small goals for yourself based on your financial situation. For example, if you have a lot of credit card debt, make it your goal to pay off the highest interest rate card first and continue down the list until they are all paid off.

8) Withdraw or transfer excess cash at the end of every month into a savings account so it will not be available to spend.

9) Check your credit report at least once per year for errors or fraudulent activity. This is incredibly important because it influences what you can get in terms of loans, insurance rates, etc. Get a free copy of your report every 12 months from each of the three major credit reporting agencies: TransUnion, Equifax, and Experian.

10) Start a savings account with an automatic transfer of $5, 10, or 25 every week. It won’t seem like much at first, but it’s important to get in the habit of setting aside money for yourself and your future.

If you know that you will be tempted to spend if you have access to a credit card, leave it at home and only bring out the cash you know you’re willing to spend!

Do not make any purchases before going through your budget for the month. If you know that there is simply no way that purchase will fit into your budget without sacrificing something else equally important, wait until you can afford it!

Do not take out more than 10% of your income in rent/mortgage, car payments, or any other installment plan. If you already have this amount set aside, stop spending money on unnecessary luxury items and put the extra towards your debt instead.

Only pay full price for what you need (clothes, food, home decor). If you can wait and get it for a good price, do so. There will always be sales and coupons!

Remember: You’ll never get out of debt if you keep spending more than you earn and continue to rack up debt on credit cards. It’s tough at first but finding creative ways to cut down your expenses is the key to finding financial freedom.



What is a Forbearance?

With this option, you and your mortgage company agree to temporarily suspend or reduce your monthly mortgage payments for a specific period of time. This option lets you deal with your short-term financial problems by giving you time to get back on your feet and bring your mortgage current.

Forbearance may be an option if you are:

  • Behind on your mortgage payments or on the verge of missing payments
  • Experiencing a temporary hardship

How does it work?

Forbearance reduces your monthly mortgage payment—or suspends it completely—during the forbearance period. If you qualify for forbearance, you and your mortgage company will discuss the forbearance terms:

  • length of forbearance period,
  • reduced payment amount (if the payment is not suspended), and
  • the terms of repayment.

After the forbearance has ended, you will need to repay the amount that was reduced or suspended. However, you are not required to repay the missed amount all at once, though you have that option. Other potential options allow you to make an additional payment each month for a period of time until the past due amounts are repaid, move the missed amount to the end of your loan term, or set up a loan modification, if you are eligible.

Payment Options After Forbearance Ends

Once your forbearance ends, you’ll have to make arrangements to repay what you owe (all of the missed payments during forbearance). The options for repayment vary by the loan type, so you need to contact your lender. Although you can pay what you owe in one lump sum, some of the loans MAY require a lump sum payment once forbearance ends. Again, communicate with your lender for more information. 

Homeowners In Forbearance Topple 1 Million

There are an estimated 1.6 million homeowners currently in various phases of forbearance, and that number continues to fall as more people exit forbearance.

After the initial set of forbearances expired on July 31, the number of loans in forbearance fell to 3.26% for the week ending on August 8 compared to 3.40% in the prior week, according to data from the Mortgage Bankers Association (MBA).

“The largest decrease in a month in the share of loans in forbearance came from a jump in forbearance exits, as many homeowners are nearing the end of their forbearance terms. The forbearance share declined for all investor and servicer categories,” said Mike Fratantoni, senior vice president and chief economist at MBA, in a press release.

New Rule Helps Struggling Borrowers Avoid Foreclosure

Preventing foreclosure is the most important goal when exiting forbearance. Whether you choose to modify your loan, go with a payment option for the months you missed or sell your home, all of these are better options than losing your home in foreclosure.

Foreclosure is emotionally and financially damaging. According to Experian, homeowners can see as much as a 100-point reduction or more to their credit score after foreclosure. This kind of blow can affect your ability to rent, buy, apply for new credit and even get a job. Communication with your lender is the key.

To help homeowners avoid foreclosure, the Consumer Financial Protection Bureau issued a rule in place that will require lenders to follow three steps before starting a foreclosure, which include:

  1. The loan servicer must review a loss mitigation application submitted by the borrower that shows the borrower’s financial and household information, which can help the lender determine next steps.
  2. Loan servicers must follow state and local laws to verify that the home has been abandoned before proceeding with a foreclosure.
  3. Loan servicers must make a diligent effort to contact the homeowner before going forward with the foreclosure. Foreclosure is allowable in the event homeowners are a minimum of four months behind on their mortgage, and have been unreachable for more than 90 days.

The CFPB’s new rule goes into effect from August 31 through January 1, 2022. As long as the loan servicer adheres to these rules, they can file a foreclosure if necessary.

Retire while you’re still YOUNG

Everyone makes mistakes — some more severe than others.  Don’t be one of those!

There’s a significant financial mistake people in their 20s and 30s make. It’s simple, but if you’re young, it could change your financial future…

Have you made this mistake? Think you know what it is?

Young people don’t save enough. Not by a long shot. On average, Millennials have only saved $23,000 for retirement.¹ And a recent survey revealed that 65% of 50 year olds felt the greatest financial mistake of their 20s and 30s was not saving.² It’s no wonder, then, that the same group feels they have under-saved and under-prepared for retirement.

So what can you do if you’re a young person seeking to build wealth? Here are three ideas…

Automate saving every month. The power of automation makes saving easy. Saving stops being a conscious decision with which you may or may not follow through. Instead, it’s a background process you can set and forget.

Meet with a financial professional. They’re the guides you need for navigating the world of budgeting, saving, and building wealth. They can help you identify the goals and strategies you need to inspire your savings.

Focus on your own financial growth. Comparing your lifestyle to your peers is tempting, especially when you’re young. But it can be dangerous, especially if it causes you to spend more than you earn. Just remember—you may not really know the financial situation of your friends as presented on social media. People tend to just show the good and not the bad. Orient yourself towards improving your own situation and building your future.

So don’t make the mistake that so many have made. Start laying the foundation of your financial future and you’ll shine brighter later in life while some of your peers are crying in their beer.


¹ “Retirement Security Amid COVID-19: The Outlook of Three Generations 20th Annual Transamerica Retirement Survey of Workers,” Transamerica Center For Retirement Studies, May 2020,
² “Money Mistakes: Exploring the financial situation of people over 50,” Caring Advisor,