If these providers see that you have a strong payment history, they may perceive your business as being low-risk and more likely to be able to pay what is owed on time. In turn, it becomes easier for them to extend credit terms because they know that there is less chance that you will default. In other words, strong credit history can have a significant impact on your business's ability to borrow money and negotiate favorable terms from suppliers. To establish good business credit, you or someone in your company needs to maintain an active business checking account and use credit cards.

In some cases, the creditor may require you to personally guarantee payment of a loan or line of credit extended to your company. Therefore, it is important for you as the company's owner/president/CEO (or any owner who would be asked to sign such an agreement) to understand how this could affect you personally, especially if your business fails or cannot meet its obligations. If you do not adequately disclose that you are guaranteeing the debt, it may constitute a false application, a criminal offense.

The possibility of a Business loan interest rate of 0% for so many years is definitely a very attractive feature for business people, however, some hidden facts are not known to many people. Let's start with the most obvious fact that there is no such thing as 0% interest loan and you should not expect any bank to offer it, and if they do and you're quick to accept it, then you might probably be falling into a very big trap. The reason for this is simple; all businesses or individuals who seek business loans need to pay back those loans with an interest rate depending on their credit score rates which are derived from their income details including profit and loss accounts, among other things. For example, if your credit score is poor i.e below average, you will have to pay a relatively high-Interest Rate of Loans – say 20%; otherwise, the bank might consider your business a risk and not approve your application. On the other hand, if your credit score is good i.e above average, you will most likely be charged with an interest rate of 5% or 10%.

You might wonder too if a write-off with tax is possible. Yes it is, only when the taxpayer has taxes that cannot be paid in the normal course of events. It is basically an agreement between the taxpayer and revenue authorities wherein payment in full of taxes due will not be required, provided the debtor agrees to pay in regular installments.  This is not easy to get since it needs approval from revenue authorities. If successfully done, the taxpayer will be relieved of tax payment in one go and the rest of the amount over short-term installments over a period (minimum 3 years).

Financial literacy helps you make informed decisions about your money, but what about those times when your emotions might be getting the best of you? Does that mean that they'll impact your financial decisions or simply affect which choices you end up making?

Psychologists and economists say they both play a role — sometimes you use emotions as a guide for making decisions and other times, those feelings can actually cause you to make less than ideal decisions. Of course, there's also the chance that neither is at play and an emotion is causing you to do something completely different (like buy something impulsively). Still, understanding how what we feel impacts our choices could help us figure out why we're doing certain things with our finances — and maybe even help us make better decisions.

Financial freedom is what everyone is looking for. There are many ways to earn money but only a few of them let you live your life without worrying about your next meal. But you can make it possible by starting your own business, get a job (a very good paying one, if you are lucky), or make investments. The choice will always be yours, you just need to know how to make your money work for you.