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Entrepreneurs are often regarded as risk-takers, visionaries and masters of opportunity. Despite the bold moves and business victories, many struggle with something more mundane but equally crucial: their finances.
Many people are surprised by this irony. If you can build a business, shouldn’t managing your own money be easy? In truth, entrepreneurship requires a mindset different from good financial habits. The reason? The traits that help you succeed in business, like risk tolerance, optimism and reinvesting aggressively, can undermine your finances.
Here’s why many entrepreneurs fail at personal finance, and how to avoid their mistakes.