Managing Your Personal Finances Before Investing In A Franchise/Business
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This document discusses the importance of managing personal finances before investing in a franchise. It advises tracking expenses to assess needs versus wants, ensuring adequate emergency funds and insurance for unforeseen events, and keeping business and personal finances separate. Preparing personal finances properly reduces risks of failure, disappointment, or losing personal assets if the business faces difficulties.
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- 1. Managing Your Personal Finances Before Investing In A Franchise Guita T. Gopalan Managing Director October 4, 2014 – AFFI World Trade Center
- 5. What's the worst that could happen? REPOSSESSED
- 6. What's the worst that could happen? REMATA
- 7. What's the worst that could happen? SEPARATION
- 8. What's the worst that could happen? FAILURE
- 9. What's the worst that could happen? DISAPPOINTMENT
- 10. What did they do wrong? Poor Finance Management PERSONAL → BUSINESS
- 11. THE CULPRIT CO-MINGLING OF FUNDS ● Using personal money for business needs, using business money for personal needs
- 12. ● IMAGE of a Plane on a run way - pre-flight checks – All the safety protocols are in place
- 13. What To Do? SECURE YOUR FAMILY'S NEEDS Bare bones living expenses and financial obligations
- 14. Questions To Answer emergency? 5 What happens when there is a financial
- 15. ● Image of illness ● Disability ● calamity
- 16. Your Answer Should Be: Emergency Funds Insurance – especially if you have children and dependents 5
- 17. Questions To Answer term financial obligations? 4 Can I meet our short
- 19. Your Answer 4 YES – GO NO – you need to prepare more
- 20. Questions To Answer lifestyle cost? 3 How much does my family's current
- 21. ● Rich lifestyle ● Modest lifestyle
- 23. Do a TAD! a. Track – your daily, monthly and annual expenses b. Assess – what is necessary? what can you do without? c. Decide – If/when needed what do you stop spending on? 3
- 24. Questions To Answer How will we finance 2 that lifestyle?
- 25. ● Pie chart - allocation
- 26. Sources of Income Earnings 2 Savings
- 27. Questions To Answer How long will it last 1without my income?
- 29. Source of Cash When For What From Whom 1 Borrowings
- 30. ● IMAGE of a Plane on a run way – Ground staff that needs to have finances
- 32. Keep Business & Personal Finances Separate ● Separate books – financial records ● Don't get money from one for the other ● Pay yourself a salary
- 33. Building Wealth ● High Average Principle - image
- 34. Building Wealth
- 35. Building Wealth
- 36. Next Steps ● Put your finances in order, financial protection – Prioritize the people important to you ● Discuss your plans as a family, make the decision to get into business together. ● Enough to live to fight another day!
- 37. www.colaycofoundation.com Francisco J. Colayco info@colaycofoundation.com
- 38. Get In Touch! Guita T. Gopalan @guitagopalan Guita T. Gopalan www.GUITAGOPALAN.COM