For some families, going into the family business is a no-brainer. It's what grandpa did, dad followed suit, and now it's time for the next generation to follow in the footsteps paved before them.
Joining the family business has its attributes whether or not you're gung-ho on the idea. If you're an eager beaver geared up to partner with your relatives in business or you're not quite sure the family business is the right decision for your future, these perks will reaffirm or convince you that joining the family business is a smart choice. Get ready to hum, "We Are Family" on your way to work every day!
If you can't trust your family, who can you trust? In scenarios where you need someone to give you the no-nonsense low-down on a delicate situation or you need to run an idea past someone who's a straight-shooter, family members are the folks who you can count on.
As per American Express, "Trust is essential in all business, but especially so in a business where trade secrets are make-or-break. There's a very high level of trust among family members and they can talk to each other very freely and openly."
Trust is also of value when it comes to money matters. You can be sure you're being paid fairly and on par with what other family members earned in the role you've taken on. And performance will be truthfully reviewed and discussed with the goal to keep you going strong for yourself and the good of the business.
There's something to be said about carrying on a family tradition. Thanksgiving gatherings at Aunt Suzy's and yearly trips to the lake at the state park are lovely and something to remember fondly, but becoming a vital part of a generations' old family business takes tradition to a greater and more powerful level.
Value Walk notes, "By working in the family business and taking it over one day, you have a unique bond with your relatives. It can deepen both your relationships and your roots in your community. You can have a real stake in the company's future, both emotionally and financially. The pride you have in working for a firm founded by your family can be motivating, and, when you have the opportunity to improve that business and make decisions that move it safely into the future, it can be very gratifying."
This feeling of tradition will make every business decision you make all the more important because your family is counting on your strength and solid commitment. It may feel like extra pressure, but it's really a deep-rooted drive to do your very best every day.
Unlike working for a large corporation or some other company which you may not have deep ties to, working for a family business is one of the greatest acts of loyalty you can make, as is the commitment you'll have for the business itself.
"Family-owned businesses are theoretically ideal because family members form a grounded and loyal foundation for the company and because family members will often exhibit more dedication to their common goals. Having a certain level of intimacy among the owners of a business can help bring about familiarity with the company and having family members around provides a built-in support system that should ensure teamwork and solidarity," says Chron Small Business.
Knowing those you work with are willing to go above and beyond to sacrifice for the sake of the family will be motivational and contagious. The commitment is not only to the business, but to the members of the family as well. This type of devotion helps make businesses succeed both monetarily and by achieving a positive reputation among customers, clients, and the community.
Working for a family business can be advantageous when it comes to give and take in the workplace. If you need to work from home, show up a little later than usual, or swap tasks with a peer, families tend to give the OK more readily than other companies might. This can vastly improve your work/life balance as well as your overall workplace satisfaction.
According to Chron Small Business, "Families tend to be more lenient and forgiving when it comes to work schedules, work-related decisions and judgments, and even mistakes." And Vistage adds, "You won't hear, 'Sorry, but that's not in my job description' in a family business. Family members are willing to wear several different hats and to take on tasks outside of their formal jobs in order to ensure the success of the company."
Flexibility also results in a more relaxed work environment leading to less stress and more time for creative thinking and collaboration. What else could be more valuable towards taking a business to new heights?
You can be part of the family business with pride and productivity. Your fierce commitment and solidarity with your co-workers will reassure you that working for the family business is a smart and satisfying choice.
The National Financial Educators Council (NFEC) surveyed young adults in 2017 and asked them what high school level course would benefit their lives the most.
The majority responded that money management was the course that would be most beneficial.
With personal debt is at its highest record and COVID-19 threatening to have the hardest economic effects on youth, understanding money and finances is an important life lesson that should be taught to children at a young age.
The following is a list of the best financial literacy lessons and tips to teach children throughout different life stages.
I thought I had a pretty good handle on my finances out of school. I worked several jobs while attending university and had little to no problem managing my income. However, once I graduated, I realized how much more complicated personal accounting could really be.
There were so many variables I needed to keep track of. Biweekly bills, monthly charges, and general necessities amounted to a heap of confusing numbers that were often impossible to decipher. The funniest part was that I was actually trying to do this by hand (I don't know what I was trying to prove to myself, either).
After messing up for the 17th time, I decided to give Microsoft Excel a shot. I used Excel a bit in school and I knew all the big-wig finance people used it, so what could I possibly have to lose? The answer is about six hours of my precious time. Excel isn't much of an improvement over handwriting and it's still dependent on the user to manually input all of the information. It's like doing everything by hand with the slightest help, meaning that it still required a tremendous amount of time and concentration. Well that was all for nothing, I guess.
It's sort of funny. I was certain that I could manage my personal finances with ease, when it's practically a full-time job. I was already stressed out enough with my first job and I knew I didn't have enough time to give my finances the attention it deserved.
That's why I decided to try out a budgeting app. My best friend told me that he uses an app called Truebill to manage his finances. "What does it even mean to manage your finances?" I asked him. He told me that Truebill was the personal financial assistant I wished I could have. It could aggregate all of my account information into one place and give me specific insights and actions.
I loved the idea of having full control over my finances, especially during a time of financial uncertainty, and I realized that Truebill would be the easiest way to accomplish this. The user interface is incredibly simple and intuitive, so it doesn't even feel like a finance app! Truebill offers a multitude of features, with their most popular being the ability to cancel subscriptions with the press of a button.
Okay, I had no idea how many subscriptions I was still subscribed to. In fact, I wasn't even using a quarter of the subscription services I was signed up for. Subscription boxes, streaming services, my old gym, and even an old subscription to my favorite magazine--it was all there and I was livid. How could I let myself waste all of this money and how did I never catch this? Thank goodness for Truebill.
Truebill also offers bill negotiations. There is a 40% fee based on how much you save and Truebill even claims that there is an 85% chance that they'll be able to lower your bill once a negotiation is requested. Why wouldn't I take them up on this? There was zero risk and I would only have to pay once my bill was lowered (which means that I would be saving money regardless).
More standard features of Truebill include the ability to generate a credit report on-demand and even request a pay advance. I only used the pay advance feature once when I wanted to buy a gift for my mom, but didn't have enough cash in hand and Truebill automatically reimbursed itself when I got my next paycheck.
The credit report is another fantastic feature and practically taught me what good credit meant. Truebill's credit report basically shows you which financial decisions have the most significant impact on your credit score and ways that you can improve your credit month-over-month. I've never had such control over my credit and it feels good.
I'll be the first to admit that I was extremely naive coming out of school. I figured that as long as I was attentive, I could manage my finances with ease. We manage money to some extent throughout our entire lives, but once you're thrown out on your own, it's a completely different story. With Truebill, I've finally been able to take control over my finances and stay on top of all of my responsibilities.
My buddies and I always try to make it out to a game, but we never really care which one we end up at. Obviously we have our favorite sports and teams, but it was rarely about what game we went to or who we saw playing. It was about watching the game live.
In the early months of lockdown, all we had was Korean baseball, and trust me, we loved it. The only issue was, none of us had any idea what the commentators were saying. Even then, a few of my friends weren't huge fans of baseball. They were into sports like football and basketball, ones that moved at a quicker pace with less down-time in between plays.
We decided to see if there were any other events going down and came across horse racing. Yes, horse racing. It was perfect--short, fast-paced, and most importantly, an opportunity for betting.
I had never really considered watching a horse race any time other than the Belmont Stakes, but the prospects of the sport seemed exhilarating. Even better, with horse racing we knew we could still recreate the atmosphere of a race track. Salty snacks? Check. Stale beer? Check. A simple and easy way to bet? Check.
One quick Google search later, we came across TVG, powered by FanDuel. It's an online betting platform that takes you right to the heart of the action. We were a little apprehensive about using a mobile app to place our bets, but TVG's ability to bet on live horse races from all over the world was too good to pass up.
Here are 5 reasons why we are obsessed with horse racing thanks to TVG:
1. Betting has never been easier
Use your phone or computer to watch and bet on live horse races in real-time. TVG offers a bunch of features to make betting even simpler--live odds and handicapping tips leverage recent learnings to help you make your best bet. Not to mention, TVG's exclusive race content and wagering guide offers an under-the-hood look into the strategy behind horse race betting.
2. The biggest selection of horse races out there
If you're looking to drop a little dough on a horse race, chances are your best option is your local race track. But watching the same few horses races over and over again isn't the most exciting thing. With TVG you have access to over 150 tracks worldwide with races happening consistently throughout the day.
3. Get a generous sign-up offer when you place your first bet
Once you register your account, you will be eligible for a $200 risk-free bet. All you have to do is place your first bet and you're covered. If you happen to lose, TVG will insure you for up to $200 as a sort of wagering credit. I may have been a little trigger happy when placing my first bet, so having this insurance was a great perk. There are also a bunch of promotional offers available year-round.
4. Making deposits and cashing out at the touch of button
With a ton of payment options such as PayPal, BetCash, debit/credit, wire transfers, and other third-party services, making a deposit is a breeze. But what about the payout? Depending on your deposit method, your withdrawal will be available in a few days. No more waiting in-line to collect your winnings!
5. Watching live races with your friends while betting is exhilarating
Even when we were watching Korean baseball, Zoom calls with my friends were a little dull.
With TVG, we haven't had this sort of fun in months! Every weekend we'll turn on a race and throw our bets in. After a few races, and quite a few drinks, we'll tally up our winnings to see who won the most! Sometimes it's not even about making money, but just having a good time.
TVG is the perfect way to add a little excitement to an otherwise mundane afternoon. It introduced me to the world of horse racing, a sport I never would have considered otherwise.
The races just keep ramping up and thanks to TVG, I can always get in on the fun.