Happy Birthday USA! Have a great 4th of July holiday and may God bless America!
Friday, June 10, 2022
U.S. Bank conducted a study in 2019 that concluded that 82% of all small businesses fail because of poor cash flow management or a lack of cash flow understanding. Do you know how much cash you need to operate should all your sales evaporate? Do you know how to determine that amount of needed cash?
Important questions that need to be addressed. You need to know your liquidity position, or your current cash balance AND you need to know how much you need if you didn’t sell one product or service for at least 3 months.
Cash is more important today than ever. Build your cash reserves – the message for today!
Jeff Newkirk – Blanton Advisors Associate CFO, Executive Coach
Friday, May 13, 2022
Zig Ziglar said, “You cannot consistently perform in a manner which is inconsistent with the way you see yourself.” Makes perfect sense, doesn’t it? If we want to change the outcome, then we need to change the process of achieving that outcome. Simple? Maybe. The important point to remember is that the process begins with us. We all need to accept the fact that any movement forward will require a mindset shift. Whatever that mindset may be. We initiate the change because we want to move the situation (any situation) forward. Think about it for a second. Are you aware of any progress made, personal growth achieved, or business success realized without someone initiating a mindset shift? So, if you want something to change, then change the way you are thinking. Have your thoughts align with the outcome you seek to achieve. Go forth and seek change!
Written By: Jeff Newkirk, Blanton Advisors Associate CFO & Business Coach
Friday, April 29, 2022
April is National Financial Literacy Month. This is a great time to evaluate your financial situation and what you can improve on. If you are not good at maintaining a budget, you’re not alone. It’s time to reflect on your earnings and plan your long and short-term financial goals.
To establish a budget and financial plan or even take a more active role in managing your investment, seek expert advice. When it does come time to review, it may be overwhelming.
Here are 8 tips to help you with financial planning this month.
- Commit to Changing Your Ways Financially
It’s crucial to develop the right financial plan for you and examine what needs to change with your finances. Are you ready to start changing your financial situation? Do you think you can change the way you make financial decisions? Identify how you can benefit from changing the way you manage your money and begin the process of better handling your money.
2. Review Your Finances
Review what you have on your plate financially right now. Look at where your strengths are and where you can make improvements. This is an opportunity to be honest about your finances and your relationship with money. Write down and collect your feelings and findings. Organize your financial records while collecting data. You can organize your financial information accordingly on an updated spreadsheet or document.
3. Make your money Count
To develop the amount of money you wish to gain and maintain in the future, you need to look back. Evaluate your income and sources, and then set how much you want to earn in the future. That’s why identifying ways to reduce spending now is so essential. Create a balanced budget that corresponds with your income and expenses. That way, you find ways to spend less. If spending less is a challenge in your current situation, try starting in small ways.
Try saving money by cooking meals at home, limiting your shopping habits, or even making your own coffee at home instead of going to your local cafe. These are all small things toward limiting your expenses each month. Only splurge when you really need to. This way, you can build the habit of spending within your means and start putting more money away in your savings.
4. Identify a Starting Point
A starting point means calculating your net worth and comparing what you owe (liabilities) and what you own in assets. Knowing where your money goes each day, week, and month is the foundation of financial planning.
5. Review your debt
When it comes to finances, debt weighs heavy on most Americans. Whether it’s school debt, medical, or personal debt, it’s important to take control of these debts. Take an honest look at all your debts and calculate how much you owe. This will help you evaluate your overall financial state.
6. Establish Your Priorities
Create a list of your wants and needs. When you have a complex financial situation, building a plan that accounts for everything can be challenging. Dig into the details first, documenting income, expenses, and assets before making the plan.
7. Set Financial Goals
Set a specific goal, and determine what you want to change. Make sure whatever this goal is that it’s attainable and trackable. That way, you can check on milestones as you go. Commit to a goal that will remind you of your financial goals. This way, you are securing your financial future and becoming more prepared.
8. Seek Financial Consulting
Sometimes you can’t do it all on your own. There are professionals who can help you develop a foundation for your financial plan based on whatever specific goal you may have. Advisors can map out the overall financial status, including assets, income, and expenses, develop methods and work on those expectations and goals.
Friday, March 25, 2022
The word “perseverance” has never had so much meaning. Merriam defines perseverance as a steady persistence in a course of action, a purpose, a state, etc. especially in spite of difficulties, obstacles, or discouragement. Yes, I think this is the perfect term for our current state. But in the face of all that is going on, how do we persevere? I suggest three basic steps, and they are…
Be safe and stay healthy!
- By Jeff Newkirk, Associate CFO - Blanton Advisors, LLC
Thursday, March 17, 2022
Friday, March 11, 2022
March is Women’s History Month. Celebrating women in history started in 1981 with a week of celebration. By 1994, Congress passed resolutions that designated the entire month of March as “Women’s History Month.” The purpose, initially, was to honor those women who made significant contributions to the United States. It is now celebrated in the United States, United Kingdom, and Australia and aligns with International Women’s Day, which is March 8th.
To properly recognize Women’s History Month, I would like to introduce three women in U.S. history who, to me, epitomize strength, honor, determination, value, and contribution. There are many, many women in our country’s history who represent these attributes, I’m just highlighting three here. You should think about your three.
First on my list is Abigail Adams. Ms. Adams was the wife of our second president, John Adams. She was also mother to our sixth president, John Quincy Adams. What was her significance? She served as a close advisor and confidant to her husband. Ms. Adams is often referred to as one of the Founders of the United States. While she played a key role in the development of our country, she was rarely given the credit she deserved.
It has been noted that Abigail Adams was active politically and wrote often about the challenges of women in the 18th century. She was particularly concerned with business and educational opportunities for women. Her efforts more greatly influenced the development of our country that we may realize. It has been documented that Ms. Adams was more resilient and level-headed than her husband. Perhaps she made more decisions about our country’s future than we realize.
Second on my list is Susan B. Anthony. Born in 1820, Ms. Anthony was an early activist for women’s rights. While only 17 years old she became active in the movement against slavery. She remained steadfast on equal rights for everyone. In 1866 she helped develop the American Equal Rights Association, promoting equal rights for women and African Americans. That’s right, 1866! It took far too long for this movement to become law.
Ms. Anthony faced incredible opposition. Nonetheless, she persevered and was adamant about moving her cause forward. Much has been made about Ms. Anthony’s political beliefs, which I believe can be argued because I am not sure that we know the exact truth. What I do believe is that Susan B. Anthony started a movement that most certainly helped women and African Americans in the United States. It took strength and determination to make that happen. For that we should be grateful.
Third, on my list is Harriet Tubman. Born into slavery in 1822, she became a political activist and one of our countries most well-known abolitionists. She escaped from slavery in 1849 using the Underground Railroad. Ms. Tubman facilitated over a dozen missions to free slaves using the Underground Railroad.
As one who was raised in a strong Christian home, she professed an extraordinarily strong faith. Her faith must have given her the courage needed to perform her work. One can only imagine the incredible odds against her and frightening experiences she encountered every day. To this day Harriet Tubman is known for being one of the bravest women in the history of the United States.
Two additional points of interest about Harriet Tubman. First, it is said that she always carried a revolver and was not afraid to put it into action. I would assume so! She probably should have carried two. Secondly, she was nicknamed “Moses” because of her continued efforts to free other slaves.
While I mention only three in this post, there are many more who have helped develop our country and world. We should be grateful for the work of these incredible women. I encourage you to come up with your own three women who you think deserve praise.
Go and celebrate Women’s History Month!
- By Jeff Newkirk, Associate CFO - Blanton Advisors, LLC