Estate planning is an important part of financial preparedness, yet it’s often overlooked. According to a survey conducted by Caring.com, the number of Americans with a will declined from 33% in 2022 to 24% in 2025.

One key element of estate planning often overlooked is choosing an executor—the person responsible for carrying out your final wishes. This person will handle financial matters, communicate with beneficiaries, and ensure that your wishes are followed after you pass away. It’s a big responsibility, and it’s important to choose wisely.

Key Takeaways An executor is responsible for managing your estate and ensuring your will is followed.

The best choice is someone responsible, organized, and financially savvy.

Family dynamics should be considered—this can be stressful for loved ones, and choosing a neutral party may help avoid conflicts.

A professional executor, such as a trust company or attorney, can be an alternative if needed.

What I’m Telling My Clients

Choosing the Right Executor

Many may think that their spouse or eldest child is the natural choice for executor by default, but that isn’t always the best decision. The ideal person for this role should be responsible, detail-oriented, and comfortable handling finances. Being an executor involves a lot of paperwork, from filing tax returns to settling debts and distributing assets. Someone who is well-organized and able to communicate clearly with beneficiaries will make the process much smoother.

Navigating Family Dynamics

Estate matters can be sensitive, and disagreements over money or property can create tension among family members. If selecting one child over another could lead to conflict, it might be better to name a neutral party, such as a trusted family friend or an attorney.

Having open conversations about estate plans ahead of time can also help minimize surprises. If beneficiaries understand the reasoning behind your decision, they’re less likely to feel hurt or left out when the time comes.

Tip Review your estate plan every few years to ensure the executor is still the right fit for your needs.

Hiring a Professional Executor

Not everyone has a family member or friend who is the right fit for this role. In these cases, I discuss the option of hiring a professional executor. Banks, trust companies, and attorneys can act as executors, ensuring everything is handled legally and efficiently. While these services come with a fee, they can be worth the cost for those who want a neutral, experienced person to manage their estate.

Tip It’s wise to name a backup executor in case your first choice is unable or unwilling to serve when the time comes.

The Bottom Line

Choosing an executor is one of the most important decisions in estate planning. The right person will help carry out your wishes smoothly and effectively. Taking the time to choose carefully—and clearly communicating your decision—can make a big difference in staying organized and avoiding family conflicts. This will ultimately give you and your loved ones peace of mind, knowing you have a well-thought-out plan in place.

This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal, and/or tax advice. Investment advisory services offered through CWM, LLC, an SEC Registered Investment Advisor.

Starting a business is exciting, but the truth is that entrepreneurship demands more than just a passion for your product or service. As many entrepreneurs soon discover, certain skills are immediately obvious but necessary for long-term success. These skills often make the difference between a flourishing business and one that struggles to keep up, as many new business failures occur within the first two years of operation.

Key Takeaways Skills such as emotional intelligence, time management, financial literacy, adaptability, and delegation are often overlooked in importance.

Developing the right skills can help entrepreneurs thrive in their respective markets and manage the business’s ups and downs.

Seek out educational ways to build up your skillset through networking, certifications, and mentorships.

Overlooked Skills Entrepreneurs Need to Succeed

To succeed in the competitive world of entrepreneurship, there are key skills that every business owner must develop. Below are the overlooked skills that can help entrepreneurs navigate challenges and drive long-term success.

Emotional Intelligence and Resilience

Running a business presents unexpected challenges. Anxiety and high stress were top mental health concerns for 50.2% and 45.8% of entrepreneurs, respectively. Entrepreneurs must be able to manage their emotions, understand and empathize with others, and stay calm under pressure. Developing emotional intelligence helps entrepreneurs manage stress and remain resilient through difficult times, which is key to long-term success.

“Emotional intelligence is the foundation for entrepreneurial success, but it’s usually the first thing that goes out the window when things get chaotic. The self-awareness piece is particularly critical—it reveals how your personal patterns show up in your business decisions,” said Samantha Fackler, business coach and founder of Grow With Sam.

Time Management

Twenty-seven percent of entrepreneurs report having a poor work-life balance, emphasizing the pressure many face in managing their time. While it’s tempting to pour all your energy into your business, constantly working long hours can quickly lead to burnout, which is experienced by 34.4%. Entrepreneurs must recognize that time is a limited resource, and simply working more isn’t the solution.

Learning to distinguish between urgent tasks and those that can wait will keep both your business and health on track.

“Working evenings and weekends isn’t a badge of honor; it’s a system failure,” Fackler said. “Hustle culture makes us think that you have to work a ton of hours when you work for yourself, but it is a one-way ticket to burnout. I’m direct with my clients about this: Burnout isn’t just a personal issue; it’s a business liability. When you inevitably crash, your entire operation stalls while you recover. You need to create space in your schedule to prevent this.”

Financial Literacy

It’s easy to get caught up in the excitement of creating a product or service, especially when it seems to be fulfilling a need and drawing in customers. However, managing finances is an ongoing challenge, as entrepreneurs often struggle with cash flow management and budgeting.

A 2024 QuickBooks study revealed that 45% of business owners lost at least $10,000 due to low financial literacy, while 13% claimed to have missed out on at least $500,000.

A solid understanding of business finance is necessary, even if you plan to hire a financial expert. Being financially literate allows you to make informed decisions, track your company’s financial health, and ensure you’re positioning yourself for growth and expansion.

“Financial literacy starts with getting honest about your relationship with money. Start with your personal finances,” Fackler said. “If you’re avoiding looking at your bank statements or feeling perpetually anxious about money, address that first. If money becomes water in your hands and you can’t save, then you’re going to see that show up in your future P&L. Your personal money patterns will absolutely show up in your business decisions.”

Adaptability

In the fast-paced world of entrepreneurship, change is the only constant. Being adaptable is key, whether it’s shifting market demands, evolving technology, or unexpected competition. Entrepreneurs often have to pivot or rethink their business plans to stay relevant and draw in customers. The ability to quickly assess the market, take in new information, and change direction when necessary can be a game changer for a growing business.

“The entrepreneurs who navigate change most effectively have two things going: crystal clear vision and complete flexibility on execution. Know exactly where you’re going, but be open to changing how you get there. In practice, this means getting comfortable with being wrong sometimes. Your ego can become your biggest obstacle to adaptation. When market feedback contradicts your assumptions, don’t take it personally—treat it as valuable data,” Fackler said.

“Adaptability also requires margin. When you’re operating at full capacity with zero breathing room, even small disruptions become catastrophic. Build buffer into your timelines, finances, and energy management. The most adaptable founders I know aren’t constantly reactive because they’ve built systems that give them space to think before they respond,” she added.

Delegation

During the early stages of entrepreneurship, you wear multiple hats such as founder, customer service representative, marketer, and accountant. As the business grows, you must learn to trust others and delegate tasks. This effectively allows you to focus on core aspects of the business and improve the efficiency of daily operations.

“It’s a myth that successful solopreneurs exist. No one makes the entrepreneurial journey alone, and yet, finding the right people can be one of the greatest challenges,” Fackler said. “My first hire was really difficult to make, but it created space that directly translated to revenue growth. Start practicing delegation in your personal life: housecleaning, meal prep, anything that builds your comfort with asking for and receiving help. The entrepreneurs who scale successfully aren’t doing everything—they’re doing the right things while building systems for everything else.”

How Entrepreneurs Can Acquire the Skills They Need to Succeed

You may not have all the skills you need today, but that doesn’t mean you can’t acquire them. You’ll gain hands-on experience as you navigate the daily challenges thrown your way, but there are other ways to build up your entrepreneurial skill set.

Certifications and Training Courses : Enroll in courses or certifications such as financial management, digital marketing, and leadership. These options are offered by universities, nonprofit organizations, and online platforms like Coursera and Udemy, helping you gain formal knowledge in specific areas.

: Enroll in courses or certifications such as financial management, digital marketing, and leadership. These options are offered by universities, nonprofit organizations, and online platforms like Coursera and Udemy, helping you gain formal knowledge in specific areas. Business Coaching and Mentoring : Seek guidance from experienced business coaches and mentors who can provide personalized advice and help you confidently take on business challenges.

: Seek guidance from experienced business coaches and mentors who can provide personalized advice and help you confidently take on business challenges. Networking and Peer Groups : Join local or online entrepreneurial communities to connect with other business owners, share insights, and learn from each other’s experiences.

: Join local or online entrepreneurial communities to connect with other business owners, share insights, and learn from each other’s experiences. Workshops and Seminars : Attend industry-specific workshops and seminars to stay up to date on trends and develop new skills related to entrepreneurship.

: Attend industry-specific workshops and seminars to stay up to date on trends and develop new skills related to entrepreneurship. Books and Podcasts : Read books on entrepreneurship and listen to podcasts featuring successful business owners to gain insight and practical advice.

: Read books on entrepreneurship and listen to podcasts featuring successful business owners to gain insight and practical advice. Software Tools: Take advantage of software tools that can help you develop key entrepreneurial skills, or at the very least make the business a bit easier to run. For example, Trello and Google Calendar can aid you with organizing tasks and managing time, while Asana can help you delegate tasks and manage project progress.

“Rather than trying to be good at everything, identify the two to three skills that leverage your natural strengths and fill capability gaps through strategic hiring and partnerships,” Fackler said. “Remember: The goal isn’t to eliminate weaknesses—it’s to make them irrelevant through smart delegation while doubling down on what you uniquely bring to the table.”

The Bottom Line

Entrepreneurship is a challenging yet rewarding journey. There’s a diverse set of skills you need to succeed, but your skill set should include emotional intelligence and resilience, time management, financial literacy, adaptability, and delegation.

By acknowledging and developing these skills, entrepreneurs can better handle the demands of running a business and position themselves for lasting success. If you haven’t yet started honing these skills, now is the time to do so.

According to the Bureau of Labor Statistics, over 20% of small businesses fail within the first year. Only 35% of private-sector companies established in 2013 continued to thrive in 2023. That means approximately two-thirds failed during the ten years.

Common reasons small businesses fail to take hold include a lack of capital or funding, retaining an inadequate management team, a faulty infrastructure or business model, and unsuccessful marketing initiatives.

Key Takeaways Low capital and funding are a small business’s greatest risk.

Outsourcing tasks can allow business owners to focus on operations.

Creating and maintaining an accurate business plan is beneficial for small businesses.

Poorly executed marketing campaigns can negatively affect revenue.

1. Financing Hurdles

Small businesses can fail due to a lack of funding or working capital. Business owners fund payroll, pay fixed and overhead expenses such as rent and utilities, and ensure outside vendors are paid on time.

Owners of failing companies may overestimate revenue generated by sales of products or services. Companies may underprice a product or service to entice new customers and beat competition in highly saturated industries. Small businesses have little choice but to close down when costs outweigh revenue.

Small companies in the startup phase face challenges in obtaining financing to bring a new product to market, fund an expansion, or pay for ongoing marketing costs. Angel investors, venture capitalists, and conventional bank loans are among the funding sources available to small businesses. The Small Business Administration also offers a variety of loan programs.

Tip See Investopedia’s choices for Best Startup Business Loans.

2. Lack of Management Skills

A lack of business acumen on the part of the management team or owner can cripple a small business. The owner may have the skills to create and sell a viable product or service, but lacks the attributes of a strong manager and doesn’t have the time to successfully oversee other employees.

Mismanagement can lead to problems with finances, hiring, or marketing. If owners outsource activities like IT support, human resources, or payroll, they can focus more on operations.

3. Ineffective Business Plan

Entrepreneurs should have a solid understanding of their industry and competition before starting a company. Small businesses often overlook the importance of effective business planning before opening their doors. Creating and maintaining a business plan is key to running a successful company for the long term. A sound business plan should include:

A clear description of the business

Current and future employee and management needs

Opportunities and threats within the broader market

Capital needs, including projected cash flow and various budgets

Marketing initiatives

Competitor analysis

4. Marketing Mishaps

Business owners often fail to prepare for marketing needs in conversion-ratio projections. Having realistic projections of target audience reach and sales is critical because it may prove difficult for companies to secure financing or redirect capital from other business departments to supplement the costs associated with marketing campaigns.

What Emergencies Should Small Businesses Prepare for? Every business has different weaknesses. Hazards like fire, natural disasters, or cyberattacks can negatively affect or close a company. The Small Business Administration and the U.S. Department of Homeland Security offer tips to help mitigate cyberattacks and prepare for emergencies.

What Are Signs That a Business Is Failing? Signs that a business is failing include small levels or lack of cash, inability to pay back loans or vendors on time, loss of clientele, and an unclear business strategy.

How Do Small Business Owners Fund New Companies? Business owners commonly establish a realistic budget for new company operations and are ready to provide initial capital from personal savings or loans from family or friends.

The Bottom Line

New businesses face several challenges when they first open their doors. Statistics gathered by the U.S. Small Business Association reveal a daunting failure rate. Running out of money and lack of experience are the greatest risks but new business owners have options to increase their odds of success. The Small Business Association offers and supports several loan programs. Seeking advice and education from experienced professionals can help, too.

Millions of people in the US are dealing with financial issues from not paying back their student loans, and now that the time given by the government has ended they must start paying again. If you are behind, your credit score might have gone down, but the good news is you can fix it with the right steps and some patience.

Diver captures stunning underwater wave in rare footage

Student loans are a type of fixed payment plan, and like any credit, how often you pay it back is a big part in how your credit score is figured out. The Consumer Financial Protection Bureau says that your payment record makes up 35% of your FICO score.

If you don’t pay for more than 90 days, the loan company reports the issue to the three big credit groups: Experian, Equifax, and TransUnion. This will likely lower your score by 100 points or even more, mainly if it’s your first big slip.

In just the start of 2025, 2.2 million people saw their scores go down by at least 100 points, and another 1 million saw drops of 150 points or more.

Student loans: Interest accrual–when it starts and what you need to know

Steps to increase your credit score

1. Start Paying Again Right Away

Even if you missed payments, start again as soon as you can to stop more harm. Use direct payments so you never miss a date.

2. Talk to Your Loan Company

If you missed just one or two payments, you might get a favor. Some places will clear the missed payment from your record if you tell them what happened and have paid well before.

3. Check Out Different Payback Plans

If money is tight, think about a payment plan based on what you make (IDR). These set your monthly cost based on your pay and family size, so it’s easier to handle.

4. Think About Combining Your Loans

If your loans are way overdue, fixing them lets you make several on-time payments (usually nine over ten months) to get the overdue mark removed from your report. Combining loans can help too, but it won’t erase the overdue history, as it just updates your loans.

5. Watch Your Credit Reports

Keep an eye on your credit reports for mistakes or old info. You can get one free report each year from each credit place at AnnualCreditReport.com. Sites like Credit Karma and NerdWallet also let you watch for free.

6. Keep Your Credit Use Low

Try to use less than 30% of the credit you have. This is a quick way to lift your score.

7. Mix Up Your Credit

If you don’t have much credit, think about carefully getting a secured credit card or a loan to build credit to add mix and show you can borrow wisely.

8. Don’t Get New Credit Too Much

Limit asking for new credit while you fix your score. Each check can slightly lower your score and show risk to lenders.

The bigger picture

A missed payment can stay on your report for up to seven years, but your score can start to get better within a few months if you pay on time and use credit wisely. The key is to keep at it and not fall behind again.

With the government starting to collect again and even thinking about taking money from wages and tax returns for loans that were not paid, it is very important to get back on track.

Even though it feels tough, there are tools and plans meant to help you get back up.

Tax tips that could help you earn commonly missed credits during filing season | 7 On Your Side

NEW YORK CITY (WABC) — The deadline to file your taxes is just under a month from now on April 15.

If you’re a procrastinator like some of us, before you file that return, don’t forget about certain tax write-offs to claim commonly missed credits.

We all want more back in that refund check and want to owe less, right? The average refund is just over $3.000, and for many people that is the largest check we will get every year.

Tax credits are a dollar-for-dollar amount that taxpayers claim on your returns. So, to reduce the income tax you owe — write-offs will take the amount of your taxable income down and beef up that refund check.

The IRS will roll off more than 120 million refund checks… don’t shortchange yourself.

“People leave money on the table every year by missing out on valuable deductions and credits,” said Lisa Greene-Lewis, CPA and tax expert with Turbo Tax.

Greene-Lewis is also a homeowner and mom with two kids in college. She reminds everyone that one of the most commonly missed write-offs include interest on mortgages and student loans.

“Especially with student loans because it was paused for a while with COVID relief and now its back,” she said. “Those that are paying student loans need to realize they can deduct up to $2,500 in student loan interest for what they paid in federal or private student loans.”

Greene-Lewis adds that anyone who is self-employed or works from home might also forget to deduct part of their household expenses used as a home office.

“It’s a valuable deduction,” Greene-Lewis said. “You get a portion of your rental home, mortgage, interest, property taxes, and utilities, based on the amount of space that you use.”

Now on to credits. Don’t overlook those kids and dependents. Green-Lewis acknowledged the Earned Income Tax Credit for a family of three kids is now up to $7,830.

If you or your child is a student, there’s the American Opportunity Tax Credit, which is for undergrad college students that qualify for up to $2,500 in educational costs, like textbooks and tuition.

Also, savers can get rewarded. If you put money into a retirement account, like an IRA or 401(k), you may be eligible for up to $1,000 through the Savers Tax Credit. And if you’re green, you can earn some green! Electric vehicles will drive you into a clean vehicle tax credit worth up to a whopping $7,500 for new cars and so will earth-friendly upgrades to your home.

Last but not least, remember credits are a dollar-for-dollar reduction on the taxes you owe.

Under the Inflation Reduction Act, energy-efficient credits were expanded. So, if you put in eco-friendly windows and doors, you can get a credit of up to $1,200. A solar water heater could net you up to $2,000, and you could get 30% back of your solar panels cost.

ALSO READ: How to protect your password from hackers

7 On Your Side’s Nina Pineda has tips on how to protect your password in this edition of “Social Studies.”

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