The Business Owner's Guide to Personal Finance: When Your Business Is Your Paycheck

by Jill Andresky Fraser

If you run your own business, your personal finance needs are unique, and the time spent trying to find solutions is precious. One-size-fits-all advice won't help, but this planning blueprint from Jill Andresky Fraser will. Here at last is a step-by-step guide for building security for you and your loved ones while creating the enterprise you've dreamed of: How and when to pay yourself Ways to build your savings while funding your company Low-cost...

• Format: Hardcover
• Language: English
• ISBN: 1576600254
• ISBN13: 9781576600252
• Release Date: January 2002
• Publisher: Bloomberg Press
• Length: 320 Pages
• Weight: 1.10 lbs.
• Dimensions: 1.1" x 5.8" x 8.5"

Customer Reviews

Well Designed, Valuable Resource for Entrepreneurs

The success of any business rests in the checkbook. If the cash flow isn't there, if the revenue isn't there, the business probably won't be there. Entrepreneurs, especially in start-up mode, are concerned about sales, cash flow, and profit---on the business side of the ledger. All that is important, but if the owner doesn't take care of the personal side as well, success will be shallow, fragile, and fleeting. Here's a book that gives you more answers than you want to hear. If you're an entrepreneur (own your own business), you may be in stage 1 (start-up and early days), stage 2 (stable and on a clear path to profitability) or stage 3 (profitable, stable cash flow, mature). In each phase, you have personal financial issues as well as corporate finance issues to address. You'll have a lot of questions looking for answers.What better expert to counsel you than the researcher and journalist who gained so much popularity as finance editor of Inc. Magazine and editor at Bloomberg Personal Finance. She's been a writer at Forbes, the New York Times, and the Wall Street columnist for the New York Observer. As you can imagine, Jill Fraser knows her topic well. She presents a tremendous amount of highly valuable information and advice in succinct doses that always seem to be just the right length. Reading this book is like sitting in that comfortable chair in your living room chatting with a knowledgeable friend.Want more? Fraser has brought a dozen well-known successful entrepreneurs to the party. They share their perspectives throughout the book, in focused commentary at the end of each section. I was impressed with the thoroughness of this book.Want more? How about an eight page index in the back of the book and a full-page index of hot topics in the front of the book? As you turn the pages, you'll find more little surprises as the author keeps delivering even more than you expect. I'd recommend this book for every business owner, regardless of your stage of development . . . as well as for people who are contemplating going into business for themselves. Wish I'd had this book twenty years ago!

When a business is your paycheck, you need Personal Finance

Jill Fraser saw a hole in the market and she filled it. There are endless numbers of personal finance guides for people who work for someone. Likewise, there are numerous books on corporate finance issues. However, the high volume of calls Jill fielded at Inc. Magazine, reinforced her awareness that there were no guides to specifically help business owners with their personal finances. Jill Andresky Fraser, Inc. Magazine's well-known and respected finace editor, wrote this book as a personal finance blueprint for entrepreneurs.As they pursue their american dream, many entrepreneurs may compromise the financial well-being of their families. We've all heard not to put all your eggs in one basket, but its hard for business owners not to do that. Half-a-million men and women start businesses each year, adding to the ranks of 15-20 million who already operate their own companies across the U.S. Yet only about half of these small businesses will survive for four years or longer.Business owners receive pressure to put their company first, but Jill says "NO," you have to find a middle ground to value your family's goals and family's security and safety as you get your company running. She says that without ever bothering to articulate it; most business owners have a personal finance strategy that boils down to two words: my company. They often neglect to create a back-up strategy or safety net to safe guard their family's well-being. Entrepreneurs may not want to deal with the "mundane" but vital issue of "building a firewall" between one's personal and business finances until the business is solvent, goes public... or until it's too late financially! Fraser provides conservative strategies for coping with problems such as cash flow crises, extensive credit card debt, and the lack of family retirement and savings plans. She says to be sure you're always taking baby steps to protect yourself.The self-compensation strategy is a tough one. Jill Fraser suggests the following strategy: * As early as possible - ideally before the company ever begins operations, but if not then, soon figure out a minimum salary that makes sense for you. * Do some family bonding about the self-compensation dilemma. You'll win emtotional support thatwill strengthen you during tough early days. * Remember, this is temporary. Take a long-term view. * Examine your self-compensation progress every six months during this early stage. * When you're absolutely certain that there is no way your start-up can support even a tiny, token salary for you, reexamine this issue at the end of your operating quarter. Set a goal to pay yourself something as soon as it becomes feasible.Franchise owners can also benefit from this book. They are given a blueprint for running the business side of the company, but there is no guarantee that personal goals will be addressed.Mary Ann Campbell, CFP - MoneyMagic.com

Terrific guidance

Jill Andresky Fraser has done small business owners a tremendous service with this book. It's full of terrific advice on how to build a firewall between your personal and business finances, survive a cash flow crisis, and execute a smooth exit from your business (by choice or by necessity). The insights from successful entrepreneurs are also quite interesting. Highly recommended for all business owners; small, medium, or large!