The rainy day fund, a separate savings account that is supposed to be left ignored and untouched, is intended to give you a buffer until something terrible happens, after all, it is important to plan for the future. This can be anything from surprise medical bills, an unfortunate traffic accident, or a breakdown of utilities like ovens, washing machines, water heaters, and the like.
Business is thriving and the money has started coming in. Your hard work is paying off and you’ve found yourself with a bit of extra cash in the bank. Now, what do you do with it? As entrepreneurs, we’re all different. Some of us are indecisive over-thinkers who will spend months weighing up the pros and cons of money investments. Others will dive head-first into a pool of exciting money making projects. There are several ways in which you can use our money to gain further financial success for ourselves and our businesses, so let’s find a happy medium.