The Psychology of Debt: What Small Business Owners Should Know

Small Biz Marketing
As a business owner, you have stepped into a new playing field. In addition to your personal finances, you now have responsibility for your business' financial health. Entrepreneurs are creative individuals who experience strong emotions. When it comes to money matters, those emotions can either help you or harm you. How do you think about your business' financial health? How do your business finances effect your mood? What can you do to improve your psychological response to business debt? As a business owner you are imaginative, action oriented, and driven to create change. Micheal Freeman, who studies the psychology of entrepreneurs, found that "People who are on the energetic, motivated, and creative side are both more likely to be entrepreneurial and more likely to have strong emotional states." This means…
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Lessons On How You Can Part With What You Do Not Need and Focus On What You Already Have

Finance
A big part of recognizing our patterns with debt is in the title. One of the reasons we get into debt is due to our love of excess. We focus too much on acquiring more. We fail to recognize and appreciate what we already have. When this happens we tend to fall into the trap of debt. How much debt we have is determined by how much we get mixed up in this trap. Some have only a small amount to pay off. Others have hundreds or thousands of dollars to pay down. Either way, the debt needs to get paid down. 1) Make a list of what you owe and to whom. Part of the reason why some have issues is because they do not make a list. They…
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