Daily Data 📈
There are quite a few myths about why and how people file for bankruptcy. With so much of the economy still in a tilt-o-whirl, let's take a peek at the breakdown of 2021 bankruptcies. Spoiler alert: they're not so different from past years!
-1.png?width=273&name=The%20Grind%20graphics%E2%80%94rectangle%20(74)-1.png)
Bankruptcy has been on the rise in the past decade, and has only gotten more difficult to qualify for, which is why these trends are so interesting.
It's no wonder that widespread health concerns have contributed to the fact that medical debt remains the #1 reason Americans file for bankruptcy. This paints a sobering picture, compared to the reality that reckless spending accounts for a very small percentage, contrary to popular belief.
(Though a recent study suggests that reckless spending may be a rising percentage in the years to come.)
.png?width=600&name=The%20Grind%20graphics%E2%80%94rectangle%20(76).png)
Anything else surprise you from this list? Let us know how the reality compares to the myths by sounding off on our social channels.
Findings from LegalJobs and Investopedia
You Don't Have to Fail to Be Successful, But It Helps
-Jan-04-2022-08-42-23-63-PM.gif?width=260&name=giphy%20(2)-Jan-04-2022-08-42-23-63-PM.gif)
Failure feels lousy. There’s no one alive who will look back at that moment and think, “that was awesome, let’s do it again.”
At the same time, failure is an integral part of real and lasting success. It’s what pushes us to go further beyond what we know is possible.
We’re not saying you have to fail to make it big. But it might surprise you just how much it helps. Fear — not failure — is the enemy of success.
The Take
Finally launching that dream venture made it to the top of a lot of our resolution lists. But how do we pull it off? The secret is to have your wits about you before you ever hit "go." Here are some questions, the answers to which should help give you confidence in this small business thing.
Click the picture above to download the Take of the week!
The Word
Check out our recommended reading for the week:
- How 7 people spent their money when they didn't have to pay student loans (Vox)
- With student loans frozen a few months longer, you can continue using that money for other ends. Here are a few ideas from other, real people in your shoes.
- Why should you care? We can all dream about loan forgiveness, but in the meantime take some steps to invest in your future.
- Slack and Starbucks Hire Employees with a Criminal History. Here's Why You Should Too (Inc)
- We've often shared undervalued resources when starting your business. Add this one to the list.
- Why should you care? Pay attention to those positive numbers when it comes to productivity, performance, and retention.
- How to Bounce Back After a Business Fails (NerdWallet)
- There's no reason to leave a bitter trail of scorned employees and customers behind you should things end poorly. We like this list of to-do's as a reference regardless of how your business evolves.
- Why should you care? Shit happens. Don't burn bridges if it does.
