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Some 93% of small business owners are worried that the United States will enter a recession in the next six months, a survey released by Goldman Sachs showed on Wednesday, with a majority of firms saying the country was headed in the wrong direction. In the same survey a year ago, with increased vaccinations promising an end to the COVID-19 pandemic, businesses were more optimistic and 67% said the United States was headed in the right direction. That has reversed in the latest version, 61% of responding firms said the United States was on the wrong track. Some 78% of small business owners said the economy has got worse in the past three months, with only 5% saying it had improved. Over the same period, 84% said hiring challenges had worsened and 80% said inflationary pressures had increased. This quarterly survey is the first time the recession question has appeared. It found that 6% of respondents were not worried at all about a recession, while 1% said they did not know. ...

Even though the economic situation has become more stable now, many Americans keep on being in precarious financial shape. The pandemic has made thousands of people lose their jobs, become temporarily unemployed, and rely on simple fast loans when they are pressed for cash. Even today, many of them struggle financially and can’t pay their bills. Seven in ten people struggle with at least one aspect of financial stability, a new survey by the Financial Health Network finds. If your family struggles financially, here is what you can do to improve this situation. Why People Struggle Financially The Financial Health Network, a nonprofit financial services consultancy, conducted a survey of 5,400 Americans. This survey asked questions about the financial health of the respondents including the way they manage bills, income, savings, and debt. “The American economy has experienced a certain growth this year. However, many consumers still are still concerned with money issues,” m...

A woman has shared her top money-saving tips after paying off her £20,000 debt – without giving up frivolous treats. Shaurna Cameron, 29, first experienced issues with her finances when she graduated from university in May 2013. The money troubles began after she secured her first full-time job with a salary of £17,000. At the time, Shaurna felt “rich", which spurred her on into spending money on clothes, bags and "useless items", as well as expensive trips. If she couldn't afford it on her monthly earnings, she would put herself into debt by using a credit card. It wasn't long before Shaurna was buried in debt. “When I couldn't afford to pay for my flights outright, I wouldn't hesitate to put this money onto a credit card,” said Shaurna, a compliance specialist. “This meant that by June 2016 [three years later], I had accrued around £20,000 of credit card and loan debt. “Initially I didn't really take it seriously – I was 24, living at h...

Equity Financing vs. Debt Financing: An Overview To raise capital for business needs, companies primarily have two types of financing as an option: equity financing and debt financing. Most companies use a combination of debt and equity financing, but there are some distinct advantages to both. Principal among them is that equity financing carries no repayment obligation and provides extra working capital that can be used to grow a business. Debt financing on the other hand does not require giving up a portion of ownership. Companies usually have a choice as to whether to seek debt or equity financing. The choice often depends upon which source of funding is most easily accessible for the company, its cash flow, and how important maintaining control of the company is to its principal owners. The debt-to-equity-ratio shows how much of a company's financing is proportionately provided by debt and equity. Key Takeaways + There are two types of financing available to a comp...

How many entrepreneurs are as confident now as they were before the Covid-19 pandemic began? Yes, we know the majority of the S&P 500 are companies that began in down markets. And yes, the best entrepreneurs intuitively use hard times to lean in and listen even harder to their market and customers, innovating where necessary and making their companies more resilient than ever before. But for many of us, the current climate feels different. The exits many or even most were aiming for are now delayed or entirely different. Consumers are different in ways we could not have predicted. Employees are different and even the fundamental forms of employment have changed. Given this, is it still possible to become financially secure enough to retire? From my perspective, it absolutely is, but quite possibly through different methods than the ones you’d expected. I believe we can build a map for what we need to do now in four words: Think like Warren Buffett. That’s it. But when I s...

Here’s how to figure it out. Manhattan Institute fellow argues that college diversity studies have created a profitable 'growth industry' in the corporate consulting world. Borrowing for college is considered a given by many families.  Fifty-five percent of families said they plan to take out student loans this year, according to a recent survey by College Ave Student Loans, a provider of private student loans. Of those families, slightly more than half say they expect to borrow $10,000 to $40,000 in loans, while 23% say they plan to borrow $75,000 or more, according to the study.  But how much is too much? There is no one answer, of course. It depends on several things, including: how long the student takes to graduate; how much he or she stands to make after graduation; and what resources a family has. Each family needs to determine the number they can afford to avoid becoming unduly burdened by education loans. "I often hear from families, ‘We got in, we’re...

When you are looking to manage your credit rating it is important to make sure you are aware of what makes a credit score a positive one. But what can impact your credit score and how can it continue to impact your finances moving forwards. In this article, we will be providing you with insight into some of the ways that you can begin to better manage your credit rating.  What Is A Good Credit Score  Before you begin improving your credit score, it is important to make sure that you are aware of what a good credit score is. With three major reporting systems in the form of TransUnion, Equifax and Experian all allowing you to check your own credit score it is important to make sure you know which score is an acceptable one.  A good credit score with each of these reporting agencies is as follows:  TransUnion – 781 points out of 850  Equifax Over 420 points out of a total of 700 Experian – A Grand Total of over 880 out of 999 Make Sure You Pay Eve...

What is financial freedom? Ask a room of people to define financial freedom, and you're likely to get a dozen different answers. For some, financial freedom means being able to pay the bills with money left over each month or having a fully funded emergency account. Others may want to retire early and travel extensively. Regardless of how you define financial freedom, everyone can benefit from taking a comprehensive approach to money management. "It's important to think about your finances holistically," says Elisabeth Kozack, co-head of consumer lending at Marcus by Goldman Sachs. The following 12 steps will help you achieve your vision for the future. Commit to living within your means. The path to financial freedom begins with a step many people overlook. It starts by developing a mindset in which you prioritize building a strong financial foundation of savings before you move on to spending and investing. "You'll never get ahead if you're...

By Kaylie Reese Debt isn’t something we often talk about in casual conversation, but it’s something millions of Americans struggle with at different points of their life, whether it’s student loans or a home mortgage or from credit cards.  According to data recently compiled by Experian, American consumers carry more than $90,000 in debt on average.  If you’re someone like me, who likes to set goals, why not consider finding a way to manage your debt?  My partner and I are planning to enter the market to buy a house in the near future, but with our high student loan debt and car payments, in addition to other monthly expenses, we decided to get in better financial shape before doing so.  So in an effort to learn sustainable ways to tame our debt, I reached out to financial experts who live and work in Greater Bangor. Here’s what they shared.  Don’t hide from debt  Even if we don’t talk about it very often, debt is extremely common.  Approximately 80...

January 18, 2021 5 min read  Opinions expressed by Entrepreneur contributors are their own.  This is the fourth in a series of original columns for Entrepreneur.com by Laura D. Adams that will publish two Mondays a month. And don't forget to purchase a copy of Adams' latest book for Entrepreneur Press, Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers, via Amazon | Barnes & Noble | Bookshop | IndieBound. If you're like most, you're ready for a new year with fewer challenges to your health and wealth than 2020 presented. While this post won't help you avoid Covid or shed any of that unwanted quarantine weight, it will give you essential tips to refocus your financial goals.  Even if you don't care for annual "resolutions," the new year is a perfect time to reflect on the past, analyze the present and dream about ...

With the economy being as uncertain as it is today, it’s no wonder that a lot of business owners are looking for ways to improve cash flow for their companies.  Here are a few tips that you can use to manage and track the money that flows in and out of your business:  1. Factoring Invoices  Invoice factoring is an innovative, business-friendly alternative to traditional bank-backed financing methods. It gives your small business immediate access to the working capital you require, without debt to pay or any other strings attached.   Take a look at the following factoring benefits:  Save Time And Money: When you’re factoring invoices, a private factoring company purchases your pending invoices, or invoices that haven’t been paid yet by your customers. The factoring company pays a percentage of the total receivable amount, and takes on the burden of collecting payment from your customers. This saves your business significant time and money that you would’ve...