Many people who become small business owners do so because they are passionate about their craft or industry. While some set out with a considerable amount of business acumen, many must follow a sharp learning curve to become financially proficient. Learning how to manage the financial side of a business effectively is not a small task, which is why many owners and managers turn to financial education programs for assistance. These programs focus on the specific issues that matter most to small business owners, giving them the tools they need to make good decisions and manage their finances well. Financial education for small businesses is crucial for business owners, particularly those who are new to the business world.

The world of credit scores, loans, and credit cards can seem incredibly complex for those who are new to it. A variety of factors influences credit scores, but building credit does not have to be exceedingly complicated. Whether you are working towards buying a house or you simply want to start building credit, there are a few ways that financial novices can solidify their financial footing. Whether you have existing credit or not, consider these methods of building credit for beginners.

Avoiding debt can be tough. These days, debt in America affects almost everyone. According to Northwestern Mutual’s 2018 study, only 23% of people are debt free.

As the COVID-19 pandemic stretches on, many companies are doing what they can to keep afloat and mitigate the economic impact of this disease. With no end in sight, making a long-term financial plan can seem impossible. Many individuals and business owners are turning to cost-cutting measures to make each penny count in these uncertain times. Here are a few ways that businesses can cut expenses and improve their outlook during the COVID-19 pandemic.

In 2019, more than 44 million people in the United States carry student loan debt, for a total of $1.51 trillion.

The rise in college tuition has outstripped both wages and inflation, while a degree has become a more and more important component of any resume.

A college education is supposed to make you a more valuable member of the workforce, which is supposed to be reflected in your income. But having gone to college is no longer a guarantee of a job that pays well — starkly demonstrated by the sheer number of Uber drivers and baristas with advanced degrees.

Retirement looks different for everyone. While some people are content to continue their careers well into their sixties, some motivated professionals aim to retire early. Early retirement isn’t for the faint of heart; building up a substantial retirement savings, boosting your financial proficiency, and figuring out how to maintain your standard of living without a stream of traditional income can be a harrowing prospect. However, if everything works out well, early retirement can be an incredibly enjoyable way of life. Consider these financial planning tips to help you work towards an early retirement.

Your family is your heart and soul, so you want to make sure they’re taken care of after you’re gone. There are many ways to do this, and estate tax planning early on is critical in making sure your beloved family members enjoy continued financial security.

Whether you’re single, married, or living in a domestic partnership, estate tax planning should be at the top of your to-do list when organizing your financial matters as you age.

By following these steps, you can rest assured that your money stays where it belongs — with your family.

Balancing your budget can be a struggle. Are you paying too much for your mortgage and too little on healthy food? How are you supposed to save for the future and enjoy life now?

The 50/20/30 rule — spend 50 percent of your income on needs, 20 percent on savings and debt, and 30 percent on wants — is a simple way to think about using a basic budget to get a handle on your finances.

Most Americans will need long-term care. Unfortunately, it’s extremely expensive and can deplete your finances quickly if you aren’t prepared to pay for it.

Many people get long-term care insurance (LTCI) to cover the costs. You may have also heard about term life insurance (TLI). What’s the difference?

If you have found yourself with seemingly-insurmountable debt, the road ahead can be unclear and perilous. Whether your balances are due to medical expenses, student loans, or credit cards, it can be incredibly challenging to get out of debt. Interest rates, loan terms, and hidden fees can make your repayment efforts seem futile. If you are looking to make wise financial decisions and get out of debt, avoid making these common mistakes.