This episode of the Mo’ Money Podcast is sponsored by the Scotiabank Momentum Visa Infinite card. Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).1 Plus, no annual fee in the first year.2 A welcome offer of up to $299.3 To learn more & sign up for the card, click here.
1You will earn 10% cash back (the “Offer”) on the first $2,000 in eligible purchases posted to your new Scotia Momentum® Visa Infinite* credit card account (the “Account”) beginning on the Account open date and ending 3 months after that date or when you reach the maximum cash back value of $200, whichever comes first (the “Offer End Date”). Eligible purchases include purchases (less any refunds, returns or other similar credits) but do not include payments, cash advances (including balance transfers, Scotia® Credit Card Cheques or cash-like transactions), interest, fees or other charges. After the Offer End Date, you will earn regular cash back on purchases at the regular cash back rate described in the Scotia Momentum Visa Infinite Cash Back Program (the “Program”) that applies to the Account (the “Cash Back Program Rate”). The 10% cash back rate for any category is made up of the sum of: (i) the regular Cash Back Program Rate (variable by categories as set out under the Program); and (ii) a “Bonus Cash Back Rate”. Cash back earned under this Offer will be credited to your Account in 2 instalments so long as your Account is open and in good standing at time of payout of each:
1.Bonus Cash Back Rate: The amount earned under the Cash Back Bonus Rate will be credited to your Account within 2- 3 months after the Offer End Date; and
2.Regular Cash Back Rate: The amount earned under your regular Cash Back Program Rate will be credited to your Account according to the regular cash back payment schedule as set out under your Program (November).
EXAMPLE: If the regular Cash Back Program Rate for the Gas Stations and Grocery Stores category is 4% then the Cash Back Bonus Rate will be 6% for that category so that you will earn a total of 10% on the amount of all eligible everyday purchases in that category until the Offer End Date. If you make $2,000 in eligible everyday purchases in the Gas Stations and Grocery Stores category, your cash back earnings will be credited to your Account as follows:
First, the Cash Back Bonus Rate of 6% x $2,000 = $120 will be credited to your Account within 2-3 months of the Offer End Date.
Secondly, the Cash Back Program Rate of 4% x $2,000 = $80 will be credited to your Account as per the regular cash back payment schedule (November).
The Account is considered in good standing if it is not delinquent (past due) or over limit and the Cardholder(s) is not in breach of the Revolving Credit Agreement that applies to the Account.
All other terms of the Scotia Momentum® Visa Infinite* Cash Back Program Terms and Conditions apply. Offer applies to a new Account only opened by April 30, 2019.
Former or current Scotiabank credit cardholders of any kind in the past 2 years, including those that transfer from an existing Scotiabank credit card account or re-open a closed Scotiabank credit card account, are not eligible for this Offer. All rates, fees, features and benefits are subject to change.
Offers may be changed, cancelled or extended and cannot be combined with any other offers.
2 We will waive the initial annual fee for the primary card and each additional supplementary card for the first year. Offer applies to new Scotiabank credit card account (“Accounts”) only that are opened by April 30, 2019. Any additional supplementary cards must be issued by April 30, 2019 to qualify. Former or current Scotiabank credit cardholders of any kind in the past 2 years, including those that transfer from an existing Scotiabank credit card account or re-open a closed Scotiabank credit card account, are excluded from this offer.
The current annual fee is $99 for the primary card and $30 for each additional supplementary card.
The current preferred annual interest rates for the Account are: 19.99% on purchases and 22.99% on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions). All rates, fees, features and benefits are subject to change. Offers may change, be extended and cannot be combined with any other offers.
3Based on a $99 annual fee waiver in the first year and a potential cash back earning of up to $200 during the offer period.
For anyone interested in startups or starting their own business (no matter how big or small), I’ve got an episode for you! For this episode of the Mo’ Money Podcast, I’m joined by Maria Aspan, the editor-at-large of Inc. Magazine and the author of the new book Startup Money Made Easy.
Maria has a unique perspective on entrepreneurship because she isn’t sharing her own entrepreneurial journey. She’s sharing what she’s learned by interviewing hundreds of entrepreneurs about their journeys. And what’s really interesting is they all have very different journeys. Sure, there are some similarities and patterns, but in general no story is alike. That’s why there can never be a one-size-fits-all guide to entrepreneurial success. What may skyrocket one person’s business may be the downfall for someone else.
In her book, she dives deep about the financial aspects of starting a business, and here are some key things she shared in this episode.
Never Invest More Than You’re Willing to Lose
You hear stories all the time about how someone racked up a bunch of debt to get their business started…and it paid off big time and they’re now a millionaire! You don’t often hear the stories of all the people who racked up a bunch of debt and had a business that flopped. We hear a lot of success stories, and maybe not enough failure stories. When it comes to starting a business and finding that initial financing, use the same logic as investing your money for a big goal like retirement – never invest more than you’re willing to lose.
Make Mistakes Is Inevitable, Make Sure to Learn from Them
Maria mentioned that Serena Williams, famous tennis player and entrepreneur, once said that in business everyone makes mistakes. What you need to be prepared for is being open to learning from those mistakes. Usually when we make mistakes, we want to brush them under the rug, not talk about them, just move forward and forget about it. But mistakes are amazing learning tools! I’ve learned amazing things from my mistakes and failures! It’s not easy. It will definitely bruise your ego a bit. But you need to remember that success is a long-game. If you want to eventually reach your goals, you need to learn from each one of your mistakes and change your behaviours and actions accordingly.
Don’t Jump In, Make a Business Plan
I see so many people out there get caught up in the idea that they can start a blog, start posting on Instagram, sell an online course, make a fashion line, etc… and start making money right away. That’s no reality. The people who are telling you that you can make money blogging, Instagramming, selling courses, or selling your own clothing designs, they may have neglected to tell you that there’s no such thing as an overnight success. It takes time, hard work, and most importantly a solid plan!
Don’t ever think you can just quit your day job and figure it out. Figure it out while still working your day job. Start learning what you don’t know about running a business, and make a business plan you feel good about.
Here are some business plan resources from Inc. you may want to check out:
- How to Write the Perfect Business Plan: A Comprehensive Guide
- How to Write a Great Business Plan: Key Concepts
- More Business Plan Articles on Inc.
Grab a Copy of StartUp Money Made Easy
Want to learn more about how to be smart with your money while starting up a business? Grab a copy of Maria Aspan’s new book!