Personal Finance – The Benefits of a Budget
Posted on | January 26, 2012 | No Comments
Why is it so many of us hate the idea of living a budget-based life? I suppose it’s because living within a budget feels like we are depriving ourselves of some of the good things in life, when actually, a budget can bring the good life even closer. Whether you are purchasing new clothes, a new piece of furniture, or a new automobile, the power to purchase anything you want, whenever you want, with little thought to paying for it in the future, is getting to be a real problem with debt these days. Financial pundits calculate that almost every American household is bearing between $4,000 and $9,000 worth of credit card debt alone! It seems there are few people who live within their means anymore.
Today’s spendthrift has no time for a budget that might restrict a purchase. Budgets might appear outmoded, but the fact remains: budgets do have benefits: A Budget Can Reduce Marital Strife. Statistics show that money problems can cause divorce. Debt causes more arguments and stress in the household than just about anything else. Discovering how to responsibly use your money together can assist in building a better relationship. A Budget Can Help You Build For The Future. Sooner or later, everybody needs a nest egg. Whether it’s for a householders emergency; or to settle unexpected medical bills; to put your kids through school; or to use in your retirement, we all need to put a percentage of our income away for the future. A lot of investment experts advocate putting away at least 10% of your net worth into several different accounts. Budgets Can Make You Feel Good.
There Is nothing quite like the feeling when you start to strike off bills from your expense list each month. Paying off consumer debt; confronting long-running loans; and saving for something special, can all assist in building your self-confidence and your feeling of self worth. Budgeting does not just aid you take charge of your finances; it helps you take charge of your whole life! To sum up, these are just some of the numerous benefits that making and sticking to a good budget can bring you. Personal debt has become a major problem for many people. Taking control of that debt, and learning to exist inside a reasonable budget can be very rewarding.
Business Networking
Posted on | January 24, 2012 | No Comments
Many successful business people would agree that networking is a very important skill to have, and this is specially true for entrepreneurs. Effective networking can help you get more customers, partners and investors for your business. Creating strong business relationships is critical for success of any business, big or small. Many entrepreneurs do not foresee the importance of business networking for the future growth of their enterprise. Business networking is a cost-effective small business marketing tool through which entrepreneurs can generate business opportunities and build new relationships.It is a way to express and share your small business ideas and therefore learn more from other people’s experience and possibly get some very useful contacts.
You can engage in business networking in your local business community or expand your network of business contacts via the Internet and share business leads and referrals. There are many business networking websites that connect people from all over the globe. Business social networks are also gaining more popularity with entrepreneurs every day since they are realizing a potential they offer for growing their business circles and promoting themselves online. Still, many entrepreneurs decide on traditional business networking events where they have the opportunity to meet people face-to-face. However, it is not enough to visit a networking group, talk to as many people as possible and gather their business cards. There are several things you can do to take a full advantage of this type of events and eventually produce wanted results-clients, resources and referrals.
Networking brings the best results if you concentrate at the appropriate networking groups or events for your particular industry, such as trade shows and conferences. When participating these events, try to concentrate on building quality relationships; its better to make couple of quality new contacts than go around giving out and collecting as many business cards as possible. Remember that first impression matters, and you only have one chance to make it a good one.
Showing a genuine interest in what your new acquaintance do before you start talking about yourself is what will spur more interest about you and your business. If you are a careful listener, other person will take notice. It starts with you remembering the name of your new contact, so do not hesitate to ask them to repeat it if you dint exactly understand the first time. From that point on, listen to what they have to say, and be prepared for the next step which is delivering your “elevator pitch”.
You must realize that anyone you meet at these occasions could become a potentially powerful member of your network. Your introduction as well as the presentation of your business should be short and concise. Introduction should encourage the other person to ask for more information. Your pitch should include an example of your work and the results you have help your clients achieve. Introductions need to be rehearsed and perfected so you can recite them at any time. You must be able to present your company in the best light when a new contact asks you the inevitable “what do you do” question.
When it comes to business networking, you should not forget the importance of follow-up. The usual practice here is to send an email or call people you met immediately after the event and express your interest to keep in contact. After a week or so, contact that person again and arrange a meeting, learn more about their business and how you can be of help to them over lunch or coffee. Networking can really help you get new business. It allows you to not only promote your products and services to others, but also to educate people about your business and enroll them into finding you new prospects and leads.
Ten Business Security Tips
Posted on | January 22, 2012 | No Comments
Security is an important issue for businesses of all sizes. Security threats to businesses include: theft; loss; arson; burglary; vandalism; terrorism and IT threats.
All businesses, even small ones, should be insured adequately against security threats – you should get professional advice on the coverage you require. As well as making sure you’re insured, your business should also do what it can to prevent security breaches.
In fact, your insurance will usually depend on how adequately you have taken precautions to mitigate risk as far as possible. In addition, if you’re not seen to be taking reasonable precautions against risks, your insurance policy may not pay out.
The exact security precautions which are effective for one business won’t necessarily represent the best strategy for another. The exact security precautions you take will depend on issues such as the location of your business and whether you hold stock.
These tips will provide food for thought on business security and you can modify and adapt them to meet your needs.
1. Do you have security lighting and is it all functioning? Are doorways etc. well lit? Has indoor lighting been considered – e.g. is it on a timer or are there lights left on overnight?
2. Are your door and window locks adequate? Deadlocks are recommended? Are your doors and windows sturdy enough to prevent intrusion? Don’t forget about other possible entry points such as skylights and rooves.
3. Are your business assets secure? Is your property labelled and recorded. The use of asset labels is recommended. Asset labels permanently mark your business valuables with your company name, postcode and an individual number. Asset labels help you keep a record of business equipment, deter thieves and help you to Read more
Personal Finance – First Paycheck
Posted on | January 20, 2012 | No Comments
Have you ever been in a situation where you’re about to run out of funds just after two weeks getting your paycheck? If the answer is “yes” then you might be trying to find answers to these questions: “Where did my money go?” “What have I done with it?” “What did I spend on it yesterday or the day before?” It’s like the questions never end when you’re trying to figure out where your money has gone. By the time you realize it’s gone, it might be too late because you’re not getting it back.
Believe me, I have been in that situation many times in my early days of working. Getting my first employment was one of the most wonderful achievement in my life. However, I wasn’t educated well when it comes to managing my finances in those days. I didn’t get paid much but my expenses were a little over than my salary. A lot of things contributed to that. Firstly, getting salary for the first time was like a cultural shock to Read more
Where to Get Small Business Books
Posted on | January 18, 2012 | No Comments
There are many small business books out there to help get you started in your small business venture. Finding the right one is difficult to do though. However, it is a good idea to pick up more than one. Right! Go to your library and pick up at least five business books that will teach and assist you on how to come with the right business plan, which will point you in the right direction. You can snuggle up in bed every night and read a few chapters to get you started.
The number one reason why people fail in starting their own business is because they do not have enough knowledge to get past business obstacles. This also counts with experience too. If you have never ran a business before, you will not get very far unless you read small business books that will show you how to put a business plan together, how to get funding and how to advertise and market your business successfully.
Many successful authors have published books like this, just for the public to study these and get their own business to kick off at a starting run. These authors have been through all of the top business mistakes themselves and have even had to start over again just to succeed. They have been through a course of months, even years sometimes. Just by reading a few books you can save yourself a lot of time and a ton of money. It never hurts to educate yourself and to be honest checking out library books or researching the internet is so easy to do plus it is absolutely free.
There is a wealth of information on the internet and if you are looking for new and established books try looking into Amazon. There are practically tons of business books to choose from. You can start learning about the top business mistakes or even 100 ways to advertise and market your business. They also have more informative books with lengthy details on each step to take rather than lists or ideas. It really depends on what you prefer reading and what your needs are. Amazon is great because they provide in depth reviews on the particular book so before you read it, you will not waste your time since other people have discussed the specific book you are looking at. There also other online book stores that provide some of the same services.
Bankruptcy – A Guide
Posted on | January 16, 2012 | No Comments
One of the most important things to say about bankruptcy is that it should always be considered as a last resort, after all alternatives have been explored.
However, it’s important to say something about this idea of “last resort”. True, bankruptcy is the most damaging thing you can do it your credit rating, and all other alternatives should be explored, but there is a difference between “last resort” and “delay”. Many people confuse the two.
To give an example, it may be that your family or a close friend are willing to gifts you some money to get you out of a difficult financial position. This is perfectly fine if the gift is acting as a sort of “bridge” to finance a gap in funding, but if it is simply money which, after it has been spent, will leave you in the same position then this is simply throwing good money after bad and bankruptcy should be considered. Another problem can be people taking out loans secured on their property, which will simply make the consequences of any bankruptcy worse than if they had claim bankruptcy before taking out the secured loans.
Fact of the matter is when your finances become as serious as this is very important that you talk to some sort of approved debt counsellor or bankruptcy lawyer who can take an objective view of your finances and advise on the best course of action.
In any event, should you choose to file for bankruptcy, the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act makes a compulsory for a debtor to undergo credit counselling from an approved counsellor within 180 days of filing bankruptcy. Cynics say that this is simply another hoop to go through to make it harder for debtors claim bankruptcy, on the other hand it could be that effective credit counselling could show the debtor a way of avoiding bankruptcy and its consequences altogether.
Whatever chapter you decide to file under, doing so without the backup and help of a lawyer is not to be advised. The two most common forms of bankruptcy chapter 7 and chapter 13, with chapter 7 accounting for some 93% of filings and therefore being the most popular.
It is a requirement of filing under chapter 7 that the debtor undergoes what is called the Means Test. This is essentially a two-part test, with the first part of the test being the “Median Test”, which compares your monthly income to the median income for households of the same size in your state. If your monthly income is shown to be less than the median you pass the Median Test and may file under chapter 7.
If you fail the Median Test you then have to take the means test. The Means Test is by no means a simple document, Blackfriars a great deal of calculation and a knowledge of the various financial exemptions that you are allowed. The fact is, a good lawyer bought in early to your case can very often ensure that your finances are arranged in the best way give you the best possible chance of passing the means test.
Failure of the means test means that you will then have to file under chapter 13 bankruptcy.
The difference between chapter 7 and chapter 13 bankruptcy is that in a chapter 7 filing the court trustee liquidate all the debtors assets and distributes the proceeds amongst the creditors. Any debt left over is no longer the responsibility of the debtor, the remaining debt considered to be “discharged”. There is often a lot of talk about losing all of one’s assets under a chapter 7 bankruptcy. Given various state exemptions and the fact that the court trustee is generally not interested in assets that cannot raise significant sums of money, it is uncommon for debtors to lose much of their possessions. Indeed, over 90% of cases are considered to be “no asset” cases.
A chapter 13 bankruptcy however, they still require the sale of some assets, but will pay off as much of their debt as possible for over a 3 to 5 year repayment plan. The amount is determined by certain rules and depends on the amount of disposable income that the debtor has. Again, the calculations can be complex and a bankruptcy lawyer should be employed for the same reasons as stated above. Have
In a chapter 7 bankruptcy, bankruptcy is usually discharged after around 70 days after the meeting of creditors. A chapter 13, notice of discharge is generally issued between 30 and 60 days after completion of the repayment plan.
The bottom line when it comes claim bankruptcy, three completely honest with your lawyer and the court as regards your financial position, as any subsequent irregularities can result in your case being dismissed as a return to severe financial hardship.
Business Networking – The ABC’s
Posted on | January 14, 2012 | No Comments
People have often asked me what I consider the ABC of networking are.
Interestingly, the ABCs I tend to pick have little to do with the process of networking, but more to do with the WHY, WHO, WHERE and WHEN.
To that end, I’m going to give you my ABCs with a brief explanation of some of the words and why I choose these above all others.
A – Aptitude, Attitude, Attention, Action and Ask. These are all powerful, ‘A’ words which are important in business networking. You need to have a strong attitude to take action and and create an aptitude for asking the right questions.
B – Business, Branding and Brevity. These ‘B’ words are all about being focused on the Brand you’re trying to put forward, keeping it brief and ensuring that you’re always about business.
C – Commitment, Communication, Connection, and Clarity. Commitment is a very strong part of good business networking. It allows you to create powerful connections, while communicating with absolute clarity… this shows you the power of the ‘C’s’.
D – Dedication, Determination and Diplomacy. In business networking, you have to have a very determined mindset. Always be diplomatic, but always be determined in achieving your target or goal.
E – Enthusiastic, Empathic, Emotive and Engaging. When networking, you need to be focused on creating a strong connection. You need to show your enthusiasm by being engaging and empathic while using emotive language to get your point across.
F – Friendly, Focused and Fun. Even though you are focused on achieving connections. The more fun, you create in the process, the more friendly you will appear to the people you’re meeting.
G – Goals, Gratitude and Give. One of the key elements of business networking is giving, but in giving you need to make sure you do so with gratitude. And that you are focused on achieving your specific goals in helping others.
H – Happy, Host and Helpful. The ‘H’s’ in networking, a very important. When you are a networking function always act like a host be as helpful as you can be to assist others to Read more
Business Finance – Strategic Planning
Posted on | January 12, 2012 | No Comments
Whether you are starting up your business or expanding it you will need finance in order to do so. This is especially relevant to new businesses that are just starting up. There are numerous avenues that you can approach in order to gain this start up finance and there are many different forms of it open to you; choosing the right finance that will benefit your business most is the important thing.
There is a saying that states ‘it takes money to make money,’ this applies so much to new business ventures. For your business to become a success you will need a large amount of money to start off with that can be used to get your business set up. This money will be used to buy equipment, pay the rent on your business property, employ your staff and ensure that you have enough stock to get your business going as well as being used to pay the first few months of all your bills.
Two of the main reasons why many new businesses fail to get anywhere beyond the starting point are due to inadequate business capital and poor management skills, which is why raising money is so important in the early start-up stages of business.
Some ways in which people choose to fund their business idea is by using savings, but realistically not many of us have that sort of cash tucked away, which is why we require outside help. You could opt to borrow money from friends or family if they have the financial resources to Read more
Accounting Principles
Posted on | January 10, 2012 | No Comments
In all, there are nine accounting principles that are used to prepare all business accounts. Any business accounts that are created using any of these principles, are deemed by the professionals in the accounting world, as accounts that were prepared with principles that are generally accepted by all accountants throughout the world.
If these principles were not used, and financial data was just thrown together haphazardly, then the accounting for your companies accounts, would be complicated to say the least. All of these nine accounting principles will help to keep your corporate accounting needs straight, and in a methodical method that every accountant will be able to understand.
The mother of all accounting principles is Read more
Personal Finance – Three Mistakes That People Make With Their Money
Posted on | January 8, 2012 | No Comments
I think I’ve heard it all when it comes to money. When people state that they are unhappy with their financial situation, I know that their problems likely fall into one or all three of the following categories.
SPENDING TOO MUCH – When I grew up we touched money – real money. If we didn’t have coins in our pocket we just didn’t spend. We didn’t have Lines of Credit, credit cards or Overdraft Protection. Cash was all we knew.
Often people buy things they don’t need with money they don’t have to impress people they don’t even like. They renovate – not based on need but on want. After purchasing a house that is at the top of their credit limit, they add the toys (boats, quads, campers, vehicles) and then they book trips to “get away from it all”. All of this compounds the problem.
The “secret” to financial health is to spend less than you earn. This might mean not adding to your wardrobe until you absolutely need to do so. You may need to eat at home more and pack a lunch. Shopping is a trap you will need to avoid as it just tempts you to buy more. And remember, you don’t have to try to keep up with the Jones’. Living on less will give you a freedom that the Jones family likely doesn’t possess.
NOT KEEPING TRACK OF FINANCIAL MATTERS – When you do not know how much debt you have or when your bills are due, you are at risk of overspending, losing a good credit score, and paying excessive penalties and interest. Even being one day late on a credit card payment can result in a large late payment charge and increase your interest rate by several points. Delinquency is reported to Read more
keep looking »