Have you already created your business budget for next year? A budget is part of your plan for revenue and profits. You’re more likely to achieve your revenue goals if you have a budget.  You may be wondering “how to create a realistic business budget.” You don’t want to use numbers that you think sound good. You want to use numbers that actually make sense for your business. Here are some simple steps to help you create a realistic budget.   Step 1: Review Past Revenue Review the revenue from the past 12 months. Break it down by month. Take note of high grossing and low grossin ..read more

A crucial component of healthcare systems across the world is the cost of medical care and health insurance. Let’s analyze the typical expenses in the US and contrast them with costs in other countries. We can see how it impacts individuals and determine what we can do to make more informed healthcare and financial decisions. Average Cost of Medical Care and Health Insurance in the US: Get ready for a shock, because the United States is notorious for its sky-high medical care and health insurance costs. According to the Centers for Medicare and Medicaid Services (CMS), the country’s healthcare ..read more

When summer arrives, it’s the perfect time to make lasting memories with friends and family. While the idea of summer fun may conjure up images of expensive vacations and outings, there are plenty of low-cost activities available that can keep everyone entertained without straining your budget.  We’ll explore some wallet-friendly tips for having a blast during the summer season. So, let’s dive in and make the most of the sunny days ahead! 1. Host Backyard Barbecues and Potlucks.  Host a Fabulous Potluck or Outdoor BBQ. There’s something magical about sharing a meal under the open sky ..read more

Gender inequality is a persistent problem that plagues societies around the world. Women are frequently denied access to education, employment opportunities, political participation, and social services due to prevailing patriarchal attitudes and practices. In 2020, the gender pay gap, in which women are paid less than men for performing the same work, has been in the news at the forefront of gender inequality concerns. The gender wealth gap, on the other hand, is something that is not often mentioned.  The truth is that, despite significant progress made in gender equality including incr ..read more

The racial wealth gap is a pervasive and worrying issue in modern society. This refers to the significant disparities between different racial groups, with white households consistently having far more advantages in income, health, education, and opportunities than Black, Indigenous, and People of Color (BIPOC) households.  Furthermore, this gap has been widening over time, with the wealth of white households increasing at a much faster rate than that of BIPOC households. The racial wealth gap is a pervasive and worrying issue in modern society. This refers to the significant disparities ..read more

From being the preserve of software developers and early adopters, the cryptocurrency phenomenon has burrowed its way into mainstream investment during the last decade or so. We’ve noted on the POM Podcast that given the volatility that’s baked into most cryptocurrencies, it should only be done with money you can spare. For those who can carefully dip into the crypto market, let’s get down to the brass tacks. What is cryptocurrency? The technology behind cryptocurrencies is well-explained by Time writer Kendall Little’s article on the blockchain, but it’s important to know t ..read more

Paying off your debts would be the best option if you are ready to devote yourself to it and make the required sacrifices. Eliminating debt entails much more than getting rid of credit cards. It involves learning the art of budgeting, knowing the importance and benefits of leading a frugal lifestyle, and prioritizing and saving for debt. Additionally, your debt payback history positively impacts your credit score. A good credit score benefits you by facilitating access to emergency loans and enabling you to qualify for low-interest mortgage loans. But there are some noticeable mistakes that yo ..read more

Guest Contributor: Lynda Joyner Molly’s Game is a dramatic retelling of the real-life exploits of Molly Bloom, a former Olympic skier who ran the world’s most exclusive, underground, high-stakes poker games. As the 2017 film chronicles the rise and fall of Bloom’s not-so-small late 2000’s empire, evaluating Molly’s Game from a business perspective can reveal some crucial entrepreneurial insights.   Ensuring Long-Term Business Sustainability When Molly Bloom has to give up her dreams of Olympic skiing, she becomes the assistant to a real estate mogul who then tasks her with running hi ..read more

  After over a year of quarantine and as countries and places start to welcome more visitors, you may be starting to plan trips. You may already have a list of where you’re going to travel. You’ll definitely want to listen to this episode of the podcast where I speak with Lee Huffman of Bald Thoughts about tips to use credit card rewards to travel for less. Listen and subscribe: iTunes, Stitcher, Spotify Lee Huffman, Bald Thoughts I used to work in corporate finance for a regional bank in Los Angeles. When it was made clear that it was time to leave, I quit my $200,00 ..read more

The number of sales, amount of income and size of your audience are not the most important KPIs (key performance indicators) for the financial status of your business.   I know those are exciting numbers. However, they lack context and don’t give you a great idea of the true status of your business. They don’t tell you what is needed to increase your income and grow your business. However the KPIs below will give you better insight. You or your accountant can find the numbers needed for the calculations on your financial reports. Keep in mind that there are A LOT of KPIs. The ones ..read more