This is just a sobering bloggery for everyone out there thinking this recession is over because the market is rallying on phantom bank profits that are yet to be proven or the fact that Obama is spending tax payer money like a drunken sailor.
Image found here. Thanks to whoever took it!
Unemployment is still rising and it’s time to do your part in cutting back on your consumption. Sure some many say if we cut back on consumption it will further deepen the recession. As a collective yes that is true but I’m talking bout YOU the individual here. Let your neighbor go and buy a bunch of new stuff at crappy retail stores or even worse big ticket items thinking nothing will happen to them.
Reality is this storm is far from over so do your part for YOURSELF and start trimming the fat from your life. Don’t stop living but stop spending money on things you don’t really need or care for. Most people think bad things can’t happen to them and don’t plan for even a few “rainy days” that is why they are so screwed when sh!t hits the fan. Starting to save once you lose your income is TOO LATE. Think about it…
I’m still reading thousands of layoffs everyday in the newspaper and on the web. These are real people like us; getting laid off. If you live pay check to pay check you better check yourself before you wreck yourself. Chances are you won’t get laid off but what if you are?
You should have some savings and if you have savings you should have some more. It’s funny how consuming mindless junk is “trendy” yet people who save money are considered boring… What a world we live in!? How did buying trash become an International pass time?
Image found here. Thanks to whoever took it!
If you have no clue how to save money… Go to google and type in “how to save money”. It’s actually pretty simple; you don’t spend everything you make… What a concept!?
Keep Working For Yourself!
-Rob
Posted in Money Matters | 2 Comments »
Starting a new business can be fun, exciting and stressful. One thing you shouldn’t have to stress over is getting credit. By credit I don’t mean borrowing money to make your business run. I mean a credit card to pay for things online and automate some of your routine payments.
When you first register a business unless it is at a bank you already do banking with chances are they will ask for a down payment of ~$1000 to secure a credit card. This essentially makes your card prepaid. I was told at the bank I am at now that it’s “security deposit” is required for all companies without a history of earning ~$35,000 a year. If you’re just starting out there is no way you’ll make this requirement at the time of creating your business account.
At this point you have 3 options; make the $1000 deposit, use your personal card and just keep track of the expenses or get a totally new card. The new card is to you as an individual that you use exclusively for the business.
If you have good credit getting another card is easy and often free. You can also opt to get a slightly better card that has a low annual fee if the “welcome bonus” offsets the price. Things become much easier to track when a statement exclusively for your businesses is sent to that address.
I’m writing this as I was in a similar situation. No way I was paying $1000 to have access to credit when personally I already have great credit and don’t plan on making any ridiculous expenses for my web business. I was using a current card for a while but if you misplace a statement or whatnot it becomes an accounting nightmare. Also why mix your personal expenses with routine business ones?
Just recently I got a card exclusively for business use; I should of done this months ago. When the invoices come I can quickly sort them into that month’s file folder and that’s it. Are you running a new business? What are you doing to satisfy your credit needs? If I can give you any advice it’s keep good track from the beginning. It’s easier to keep up then catch up!
Keep working for yourself,
Rob
Posted in Money Matters | 1 Comment »
Curious if you are tracking your daily expenditures?
In university for a time I used to track everything until it went down to change. That I could spend and not track; the rest was all tracked and accounted for.
Money is ultimately one of the most important things in today’s world. People say money doesn’t bring happiness, it cant’ buy love and they are right. It does however buy most everything else and you do probably trade 40+ hours a week of your life in pursuit of it. Don’t you think it should be used wisely? Don’t you think you should at least keep tabs on where it goes?
I found when I was keeping track of my expenditures that I would spend less. It’s easy to justify the 5-10 or $20 here and there but when you look at the total aggregates of how much those expenditures really are it changes your WHOLE PERSPECTIVE ON THINGS. You’ll look at the end of the month and see where your money went. What was positive, good deals, what was negative and just generally bad deals. I remember in University I started going out a LOT. At the end of that month when I saw how huge of an expenditure it was I made an effort to curtail it and I did. How can you find solutions to problems you don’t know exist?
If you don’t track it you’ll never know this and ultimately most likely continue making the same financial errors over and over again. Time is money. Money over time = more money. The sooner you figure out where you are wasting your money the sooner you’ll have better control over your financial life. It’s that simple.
Who cares about last year, last month or even yesterday it’s gone. Also the future is always out of our reach so basically just imagination. The only time you can do something is now. Tomorrow at this time will just be another instance of “now”.
There are many ways to keep track of your finances from programs like microsoft money or just excel spread sheets. How you track it isn’t the issue it’s the importance of actually tracking it.
Do you track your expenses? Do you once a month check the aggregate of “areas” of expenditure to see how it fits into your overall spending and what utility you really get? You may end up noticing that some of your biggest expenses are totally unnecessary and you’d actually be better off without them. When you don’t track your spending there is no “accountability”. Be accountable for your finances and govern them well. Just think what you’ve done in order to accumulate them in the first place…
Until next time good luck on your home businesses,
-Rob
Posted in Money Matters | 8 Comments »
