Geared for Success

Creating a Savings Plan

When it comes to buying big items, such as a house, cars, and furniture, too many people are purchasing on credit. The next time you’re about to put something on a credit card or with the assistance of financing or loans, first work out how much it will cost once you’ve paid the item off. If you understand how much you’re really paying for an item, you may realize that it’s not worth buying on credit.

Instead, consider creating a savings plan for things like a new car. To do so, the first thing you’ll want to do is create a budget. Enter in items that are the same every month, such as rent or mortgage, car insurance, and cell phone bill, and then set a realistic amount for other items such as groceries and entertainment. You may find that you need to decrease how much you spend on these items in order to spend less than you make.

If it’s not easy for you to track how much you’re spending, consider getting the budgeted amounts in cash. Separate it out into envelopes with each one labeled; once the money is gone, you can’t spend any more on that item that month. With the money that’s left over in your budget, that will go into savings. You should decide on what you’re saving for. The first thing you should save for is a nest egg: a lump sum that you can use for emergencies. Once that amount is saved, the next thing could be a newer car, a vacation or a down payment on a house. It’ll feel so good paying in cash!

Filed Under: business, finance, strategy Tagged With: Credit card, Saving, Vehicle insurance

Working for a Company of One

Image by Casey Serin via Flickr

With the economy the way it is, many people are losing their jobs and the jobs that are available often aren’t paying what they used to — if you’re one chosen out of possibly hundreds of applicants. So what can you do while you’re searching?

The best thing you can do while you’re on the hunt for your next job is to find contract work with companies. First, identify what skills you have that would lend well to contract work. This could be writing, editing, transcribing, data entry, construction work, handy man, etc.

If it’s something that you could do online, such as writing or data entry, then the best place to look for jobs is online as well. Places like Craig’s List are great ways of finding these jobs. Many of the jobs are done online, but because of restrictions, it’s best if you look at listings in big cities. They’ll say whether they’re available for those who are telecommuting.

For jobs that are location-based, such as handyman repairs or at-home daycare, you’ll want to advertise your services. This could be something as simple as posting fliers on telephone poles and listing ads on Craig’s List. Also make sure to use your network to get the word out. Tell all of your friends that you’re looking for work and what kind of jobs you’re qualified to perform. If they have work or hear of anyone needing that type of work, they’ll let you know.

Although it may start out as temporary, you may find that you like working for yourself better than working for someone else!

Filed Under: business, strategy Tagged With: Craigslist, Telecommuting

Invest in Yourself

When it comes to making money, many people put their money in retirement funds and stocks and bonds. These are important, but don’t forget to spend some time investing in yourself as well.

Schooling

There are many ways that you can invest in yourself. One of the best ways to increase your earning potential is by increasing your knowledge. This could be just updating your skills with new information, especially if you work with computers. It could be adding a related skill; for example, if you’re a writer, maybe taking some classes on search engine optimization or basic web design will make you more valuable. You don’t have to necessarily work towards another degree; just taking a few classes on skills that will help you in your job is enough. Taking the class at a local community college is cost effective as well as convenient. You could also look into courses online.

Saving

Another way to invest in yourself, so to speak, is through savings. Instead of just putting some into stocks and bonds, put some money, around 10 percent, into a savings account. This way you’ll have money that is readily available in case of an emergency, but you’ll also have money that you don’t have to worry about losing. Investments can be unpredictable and having money in a savings account (or a box in your house) is a great way to feel secure financially. One day, you may need this money when you’re retired.

When it comes to investing, it’s best to diversify and not have all of your savings in one area. Here are just two more ways you can invest.

Filed Under: business, finance, investment Tagged With: Investment, Retirement, Saving

4 Keys to Success in Business

Every business owner wants his or her endeavor to succeed – there’s not much point in opening the doors in the first place if success isn’t on the agenda. While there are many paths to success, here are four keys that can help you accomplish your business goals:

Hire locally. By drawing from the nearby talent pool, you may avoid extraneous expenses, such as relocation costs. You’ll also create a sense of goodwill in the community, which can encourage local business.
The customer is always right — even when he or she is wrong. Never forget this most basic business maxim. Keep in mind that this applies to all “regular” customers, not to those who only want to twist this principle to their advantage at your expense. Make detailed notes of confrontations and always be professional, even if you have to put a customer on the blacklist. You can gain nothing by allowing a customer to take advantage of your business.
Eliminate paper whenever possible. For example, replace your fax machine with Metrofax Faxing. This step will reduce your operating costs, and you’ll have less equipment to maintain.
Work hard! Even business owners who seem to enjoy a leisure-filled life have to do this. Hard work is the cornerstone of every single business success, but you shouldn’t do everything on your own. Hire employees who are willing to roll up their sleeves and pitch in.

When you apply these simple tenets, your odds of business success will increase.

Filed Under: business Tagged With: Business, Customer, Operating cost

Housing in an Unstable Economy

Image via Wikipedia

Let’s face it; no matter where you live and no matter what job you have, you can’t predict what’s going to happen tomorrow. It looks like the economy is getting better each and every day, but it’s going to be a slow and steady climb for the economy to get where it used to be before subprime mortgage loans were given out. During this time of recovery, you won’t be able to predict whether the job you have today is the one you’ll have a year from now.

Because the economy is what it is, you’ll have to think long and hard about where you want to live during this time. What housing is the best for your situation? Here are some things you should think about when you consider the best place to live.

How Long Will You Live There

One major question is how long you will live in one place. This isn’t how long you’d like to live there or how long you hope to live there; it’s how long you will live there. If your job is one you can do from anywhere, then it’s up to you, but if you can’t say whether or not you’ll have the job in a year, you may want to live somewhere that is flexible. Renting may be a great option in this situation because if you lose your job, you can easily go somewhere else — whether another city or another state.

House Prices

The second thing to consider is whether renting or owning is cheaper. Many think owning is always cheaper, but that’s not always the case. Research it first.

Filed Under: business, finance Tagged With: Financial services, Mortgage loan, Subprime lending

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