Money Management

Grants can help lift your small business off the ground. Read on to find out which programs are offering seed money in Florida. 

Small business grants are highly sought after seed money that can help you fund a startup or existing business. Because only a limited number of grants are awarded each year, competition for grants is fierce and a very small percentage of those who apply get money. That said, numerous programs exist for Floridians — or those who would like to move to the Sunshine State — which could narrow the playing field considerably. Below are five small business grants for Florida entrepreneurs to consider.

1. Mom & Pop Small Business Grant

What it is: Funding for small businesses in the Miami-Dade area to help purchase equipment and supplies, cover advertising and marketing costs, renovate buildings, pay for liability insurance, and get security systems installed.

How much grant money can you get: The money you receive might depend on which district your business is in. For example, currently District 5 applicants can apply for up to $5,000.

Who’s eligible: You must verify that your business is located in the district for which you’re applying. If it’s District 5, for instance, then your business must have a District 5 address. Other requirements will apply (such as a minimum number of employees and years of business operation), so read your district’s eligibility rules carefully.

Deadline to apply: The application for District 5 is May 26. Check the Mom & Pop website frequently to see if your district’s application process has started.

2. Florida High Tech Corridor

What it is: A research grant for tech companies (“industry partners”) whose specialities align with projects the Corridor deems a priority, such as providing research experience for students or developing university technology.

How much grant money can you get: Up to $150,000.

Who’s eligible: Industry partners whose projects align with the University of Central Florida and University of South Florida.

Deadline to apply: No deadline. To learn how to apply, visit the Corridor’s application page.

3. Enterprise Florida Trade Grants

What it is: Grant money to help your business export for the first time or establish an overseas market.

How much grant money can you get: Amount varies by grant program. Check out the full list on Enterprise Florida’s webpage.

Who’s eligible: Your business must be registered in Florida, have at least three full-time employees (but no more than 500), earn at least $250,000 in annual sales, and have operated for at least two years. You must also have a licensed commercial operation and have a viable product in an eligible industry.

Deadline to apply: No deadline to apply.

4. Microgrants for Technology or Equipment

What it is: A grant for minority-owned businesses or nonprofits to help purchase technology (such as laptops, cameras, and software) or business equipment (such as tools and cleaning equipment).

How much grant money you can get: $100 to $20,000.

Who’s eligible: Minority-owned small business owners or nonprofits in Miami-Dade that earn less than $1 million in annual revenue, have been in operation for at least two years, and are in good financial standing. You don’t have to be a U.S. citizen to apply.

Deadline to apply: May 31, 2023 (there will be another round in 2024). You can start the pre-application process here.

5. Orlando Business Assistance Program

What it is: A matching program that will help cover the costs of relocating, expanding, or developing your business in Orlando.

How much grant money can you get: The City of Orlando will match 50% of your relocating costs up to $20,000.

Who’s eligible: Your business must be located within the city limits of Orlando and has to be a small business as defined by the U.S. Small Business Administration.

Deadline to apply: No deadline. Applications are open year round.

Where else can you apply for small business grants?

You can find grant money on both Grant.gov and the U.S. Small Business Administration’s website. A few other popular programs include FedEx Small Business Grants, Amber Grants (for entrepreneurial women), and growth grants from the National Association for the Self-Employed (NASE). And don’t forget to check the grant programs mentioned above frequently — even if the deadline has passed, most renew annually and you might be eligible next year.

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Your net worth is one measure of how you’re doing financially. Here are some useful guidelines on what yours should be when you’re 50. 

There are lots of ways you can gauge your financial health. One of the simplest and most effective is your net worth. To calculate this, add up all your assets and subtract your liabilities. For example, if you have $50,000 in savings, $100,000 in investments, and $20,000 in debt, your net worth is $130,000.

After you calculate your net worth, it’s also a good idea to see how it compares to the recommendations for your age. If you’re currently at or near age 50, here are the guidelines to be in a strong position with your finances.

What should your net worth be at age 50?

It’s recommended to have a net worth of six-times your annual income at age 50. This figure is based on a popular savings chart from Fidelity. It estimates how much you need to retire by age 67, assuming you’ll spend about the same amount in retirement that you do now.

However, that recommendation doesn’t fit everyone. A wider range that also works is a net worth between five-times and seven-times your annual income at 50, depending on your retirement plans. If you plan to retire earlier than age 67, or if you plan to spend more in retirement, then you’ll need more. If you plan to retire later or spend less in retirement, then you could be fine with less money.

Let’s say you earn the median U.S. household income of $69,717 (as of 2021). At that salary, the recommended net worth at age 50 would be $418,302, if you’re aiming for six-times your income. On the lower end, five-times your income would be $348,585. And on the higher end, seven-times your income would be $488,019.

Most 50-year-olds don’t have that much

We’ve seen the expectation. Now, let’s compare that to the reality.

The average net worth of people in their 50s is $1,257,943, according to financial services company Empower. Averages don’t always tell the full story, though, and that’s the case here. People with ultra-high net worths bring that average up quite a bit.

The median net worth of people in their 50s is $312,890. Since there’s such a large difference between the average and the median, the median is a better representation of the typical net worth for a person in their 50s. It’s also worth reiterating that this is data from people in their 50s, from 50 to 59. The numbers for just 50-year-olds would presumably be lower.

So, based on median salaries and net worths, it’s a safe bet that the average 50-year-old isn’t worth six-times their annual income. That’s a good goal, but if you haven’t reached it, you’re not alone.

What to do if your net worth is less than the recommended amount

If you’re 50 years old and don’t have a net worth that’s six-times your income, don’t panic. Remember, this is only a general guideline based on very specific circumstances. If you’re going to be getting a pension, you probably won’t need as much. The same is true if you plan to cut your spending, which you could do by moving to one of the more affordable U.S. cities or even retiring abroad.

Net worth guidelines aren’t the be-all and end-all. What’s important is that they get you thinking about how much money you’re going to need in the future.

If you want to focus on increasing your net worth, here are a few tips on how to do it:

Work on boosting your income. Your income plays the biggest role in how much money you can save, so make it a priority. Look for ways to increase your income at your current job or to bring in more streams of income.Make the most of tax-advantaged retirement accounts. If your employer offers a 401(k) and will match contributions up to a certain amount, contribute enough to get the full match. Consider opening an individual retirement account (IRA) for more tax savings.Invest in the stock market. Since you’re getting closer to retirement, you’ll probably want to also have money in conservative investments, such as bonds. But keep the bulk of your portfolio (60% to 80% is a good range) in stocks. These have more growth potential, with the average stock market return being about 10% per year before inflation.

The key to building your net worth is consistency. Decide how much of your income you can save and invest every month, and stick to that amount. If possible, automate your savings and retirement plan contributions so you don’t need to do everything manually. If you’re putting money away every month, your net worth will increase more and more.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Citigroup is an advertising partner of The Ascent, a Motley Fool company. Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Target. The Motley Fool has a disclosure policy.

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Have a Sam’s Club membership? Read on for some great buys to put on your list. 

Shopping at Sam’s Club is a great way to save money all year round, especially if you visit your local store often to load up on groceries and household essentials. The good news is that you’ll find more than just household products and food when you visit your local Sam’s Club warehouse or shop at Sam’s Club online.

In fact, right now, Sam’s Club offers a host of great products for under $100. Now, keep in mind that prices can vary by location, and also, between what you’ll find in store versus online. But here are some Sam’s Club deals worth checking out right now.

1. Fitbit Inspire 3 Health and Fitness Tracker Bundle

Whether you’re trying to build up a fitness routine or want to keep tabs on an existing one, a Fitbit could be a worthwhile purchase. Right now, Sam’s Club is offering a Fitbit Inspire 3 bundle that includes a device in Midnight Zen/Black plus a bonus band. Your purchase also includes a six-month Fitbit Premium membership, which normally costs $9.99 a month or $79.99 if you pay for a year at a time.

2. Logitech Pro X Gaming Headset with Blue VO!CE Mic Technology

If you’re a gaming enthusiast, a solid pair of headphones could be a great investment. This Logitech headset comes with a detachable mic and delivers quality sound. These headphones are designed to not only be comfortable, but last, all the while delivering the sound you need to take your gaming experience to the next level for just $99.98.

3. PowerXL Air Fryer Grill

Grilling season will soon be upon us. But sometimes, you want the option to prepare food inside your kitchen and still have it taste great. This air fryer and grill fits the bill. Whether you’re looking to warm up pizza or fry chicken from scratch, this gadget does it all. It also comes with dishwasher-safe parts that make cleanup a snap. The PowerXL Air Fryer Grill includes a grill plate, crisper tray, drip tray, and recipe book. And you can get it all for just $89.98.

4. Cuisinart, Stainless-Steel Espresso Maker

If you’re someone who needs to get their fancy coffee on, and you’re tired of racking up a massive credit card bill at your neighborhood coffee shop, then this espresso maker could be a worthwhile investment. Choose to brew one or two cups of your drink of choice — you can stick to espresso or use the steam nozzle for cappuccino or lattes. Your espresso maker comes with a cleaning pin and stainless steel frothing pitcher. You can buy it for just $89.98.

5. Nautica Beach Chair Two-Pack

Getting increasingly excited at the idea of hitting the beach? You can make the experience even more comfortable with these Nautica chairs. Not only are they bright and colorful, but they give five positions to choose from as you look out at the ocean. Sit upright with a cool beverage in hand or lay flat to soak up some rays — it’s your call. And speaking of cold beverages, these chairs have a built-in cupholder so you can access your drink of choice with ease. You can find this two-pack for just $69.98.

Some of these Sam’s Club deals are available for a limited time only, so if any of these seem worth scooping up, don’t delay. At the same time, do a quick financial checkup before making extra purchases to ensure that you can afford to pay for them outright. Even though these picks are all fantastic deals, you don’t want to land in debt because of them.

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Are Americans doing well with savings? Read on to find out. 

Inflation has been making it difficult for a lot of people to save money. So if you can’t remember the last time you moved money out of your checking account and into your savings, you’re no doubt in good company.

But you may find it surprising to learn that the typical American actually has quite a bit of money saved up. In fact, new data from Northwestern Mutual reveals that the average American has $65,100 in savings.

Now, there are a few things to note about that figure. First, it doesn’t include retirement savings, like money in an IRA or 401(k). It’s also only an average. And the problem with averages in this sort of context is that they aren’t always so representative of the general population.

It may be that among those surveyed by Northwestern Mutual, there were a number of very wealthy respondents. Those few respondents could’ve pulled the average savings balance up significantly. And since we don’t have a median savings amount to compare to the average, it’s hard to get a really solid handle on what the typical American has socked away in the bank.

That said, rather than focus on what the average American has saved, a better bet is to focus on what you have saved. And if that number isn’t enough to cover at least three full months of essential living expenses, then you’ll probably want to do your best to ramp up.

You need a cushion for emergencies

Some people might have more money in savings because they’re trying to meet a specific goal, like buying a house or paying off a car. But no matter what objectives you have, you should make a point to always try to have enough cash in your savings to pay for three months of essential bills. That way, if you were to lose your job, you’d have money to fall back on.

So take a look at your monthly bills, multiply their sum by three, and compare that total to your savings balance. If you can’t cover three months of expenses, it’s time to boost your emergency fund before you run into a situation where you actually have to use it.

How to grow your savings

You may not need anywhere close to $65,100 to be covered for emergencies. But if your savings could use a lift, go through your recent bills and identify some expenses you no longer need to be paying for. Chances are, at least one or two things will fall into that category, and cutting them might help you sock more money away in the bank fairly quickly.

Another option? Get yourself a side gig. The money you earn from it will be new money — not money you’re used to collecting. So you should be able to stick all of it, except for the portion you might owe the IRS, into the bank.

And keep in mind that even if you get a side gig paying $100 a month, that’s still better than nothing. So if you can’t manage a very time-intensive gig on top of your main job, don’t sweat it.

It’s pretty surprising to see that the average savings amount is $65,100 given the number of people who barely have any money in savings at all. But remember, that number is based on one set of data, so if your savings balance is much lower but gives you coverage for three months of bills or more, you don’t have to worry or get upset about it.

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Thinking of financing a purchase? Read on to see how to make sure you don’t get in over your head. 

“Buy now, pay later” plans, or BNPL plans, have become more popular in recent years. Recent Research from The Ascent shows that a good 50% of consumers use them. And you may be thinking of doing the same.

Unlike a credit card, where you’re charged interest for financing purchases over time, BNPL plans don’t impose fees for letting you pay off purchases in installments — that is, if you stick to your agreement. And you can generally qualify for one of these plans on the spot, at the point of your purchase. That’s different from a credit card, which you have to apply for and wait to get approved.

While BNPL plans might seem like a convenient way to pay for larger purchases (or even not so large ones), there is a danger in using them. So it’s important to ask yourself one key question before moving forward, says financial expert Suze Orman.

Make sure you’re doing the right thing for your finances

BNPL plans can be very tempting. If you want to buy a $400 gaming system but don’t have the money in your checking account to cover its cost in full, you can generally pay a portion of it — say, $100 — on the spot and then finance the rest over what’s usually a two- or three-month period. Stick to your payment agreement, and there’s no interest or fees to worry about.

But the problem with BNPL plans is that they can trick you into buying items you can’t really afford, says Orman. They can also fool you into believing that a given item isn’t really as expensive as it actually is.

Therefore, Orman says you should ask yourself this question before moving forward with a BNPL plan: “If I had to pay 100% of the cost right now, rather than just 25%, would I still buy it?”

If the answer to that question is no, it’s a sign you should probably be walking away from that purchase rather than going through with it. And the reason is simple. If you can’t afford to pay 100% for a given item right now, your financial circumstances aren’t likely to change so much that you can afford that item easily over just two or three months.

An option best reserved for emergency purchases

You might run into a situation where you have to buy something unexpectedly that you don’t have the money to pay for in full, like a new laptop so you can continue to work. In that situation, it may be reasonable to fall back on a BNPL plan in the absence of having the money, just as you’d maybe have no choice but to put the expense on a credit card and pay it off as quickly as possible.

But you don’t want to use BNPL plans as a means of justifying non-essential purchases you can’t afford outright. If you do, you might end up paying more than expected.

See, BNPL plans won’t charge you added costs if you stick to your payments. But if you fall behind, interest and penalties can easily come into play.

Not only that, but falling behind on a BNPL plan could easily cause damage to your credit score. So much of the time, you’re better off passing on this increasingly popular payment option rather than saying yes.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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