MONICA MEHTA: Secret spending among spouses is practically an underground economy. A study by CreditCards.com suggests that one in five adults has concealed a purchase of $500 or more from a significant other. A 2012 study of 23,000 adults, conducted by Today.com and Self.com, pegged the percentage of married people who keep money secrets from their spouse at 46%. Read more
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Finance expert Monica Mehta offers advice to entrepreneurs tackling real-world personal finance issues. Ask her a question and your query might be the inspiration for a future column.
Q: I want to quit my job to pursue a startup, but have $35,000 of student loan debt. Is there a way to shrink my loan payments while we are trying to get off the ground? — Eric Lee, Austin, Texas
Today student loans represent the single largest debt burden for people under 40. In fact, from 2004 to 2009, only 37 percent of federal borrowers managed to make timely payments without postponing or becoming delinquent. Those most likely to default are unemployed or underemployed. Startup life, where income is anything but certain, qualifies you for the high risk camp, so it’s important to know your options. Read more at Entrepreneur.com
When faced with fear and failure, the brain is wired to quit. But it’s possible to outwit brain chemistry by activating the reward pathways and tricking yourself into persevering. Read my latest column for INC Magazine
Put an end to failed New Years resolutions by setting goals your brain likes. Check out my recent story for Entrepreneur Magazine based on the science covered in The Entrepreneurial Instinct. Read more here
By Monica Mehta. What we can learn from Susie Crippen, who used visualization to quit her waitressing job, get out of debt, and build JBrand in an $80MM jeans empire.
For the entrepreneurial underdog, day dreaming with your eyes open can hold the key to realizing the seemingly unacheiveable. Your mind actually has a hard time distinguishing things you are doing now from actions you anticipate and memories of the past. That’s why visualization is so powerful. As you visualize yourself accomplishing a goal, your brain can’t really tell if you’re remembering something you’ve already done or planning for something you will do.
Read more at Inc.com
In business, sports, or anything else, getting on a hot streak isn’t luck. It’s physiological. If you can understand how the brain processes success and failure, you can create your own winning streak, jump-starting your productivity.
Read more at INC.com
In the early days of starting a business, you might be tempted to gloss over ownership structure, equity stakes, and other seemingly boring details. After all, you might think, as long as you keep taxes low, paperwork uncomplicated, and partners motivated, better to deal with the big stuff first. But these decisions can have a significant cost down the road, particularly for entrepreneurs who seek outside investors. Read more of my latest column at businessweek.com