So, you have decided that you want to start a business. What should your first steps be and how should you get started? The initial planning steps for a business are often the most critical to determining its long term viability. It’s important that you focus on your company’s key needs to get off to a good start. The first thing you’ll need to call yourself a “business” is some interest from potential clients or customers. What need are you going to fill for someone? Answer that question, then start thinking about the next steps. To help you on your path to entrepreneurial greatness, listed below are four must-haves that will put your new business on the road to success:
I was reading an article in the Wall Street Journal about how banks are about to increase fees on accounts that used to be free. Free checking may soon go the way of the dinosaur as banks are looking for a way to raise money after the passage of the CARD Act last year. Commercial banks are trying to raise money since the CARD Act is expected to reduce bank revenues by billions of dollars in lost overdraft fee income. In response, banks are coming up with new ways to take more of your savings.
Emotion has its place in everyday life but not when it comes to investing. The worst investment decisions are often made when investors get too emotional. You should never allow yourself to become too attached to any investment that you make. It is critical to keep a rational mind and to only make investing decisions when you are cool, calm, and collected. This will keep you from paying too much or selling too cheaply. Here are three emotions that can be detrimental to your financial future:
It’s always great when you can learn a new strategy or tactic to improve your financial future. Most people learn about financial concepts solely by reading books. While reading is definitely effective, it doesn’t just have to be a book that teaches you about money. You can learn money management skills from just about anywhere including your television. That’s right! There are some great financial television programs that will help you on your financial journey.
Here are some of the best TV shows on money management:
The Dave Ramsey Show
The current economic environment has created some great opportunities for investments. You can use this economic downturn for your benefit to improve your current financial situation. By making the right investments now, you can ensure yourself of a prosperous future. We often shy away from investing when the media or the “experts” tell us to be cautious. Warren Buffet has always said that you should be greedy when everyone else is conservative and conservative when everyone else is being greedy. Here are 4 great investments that you can make right now:
1. Invest in yourself.
Are you currently in the market for a new job? Have you found yourself wondering what skills will clinch that new job for you? In the current competitive job market, you will need to arm yourself with every bit of information possible. According to the Economic Policy Institute, there are 6 job seekers applying for every available job. It is critical to know ways that you can distinguish yourself from the field. The top careers may change from year to year, but the wish list for employers remains the same. Here are 4 great skills to have that will keep you employed in any job market:
I was reading a post on CNN Money about how employers are scaling back on benefits. With unemployment near double digits and so many people looking for work, employers are forgoing hiring permanent full-time employees and hiring temporary workers and contractual employees. This enables employers to circumvent having to offer employees full scale benefits. The result is that many employees are finding themselves without health insurance, sick leave, vacation pay or a retirement plan. Contractors are also responsible for their own unemployment and Social Security payments. The drawbacks are plenty. So, what can you do if you find yourself in such a situation?
There are a bunch of financial sites that offer lists of the mistakes that individuals make in retirement planning. Common mistakes mentioned are a lack of diversification, waiting too long to start saving, and not saving enough money for retirement. While these mistakes will definitely hurt your portfolio, there are other retirement planning blunders that often go overlooked. These mistakes are just as deadly and can leave you paying unnecessary taxes to the government. Here is a list of 3 often overlooked mistakes that people make with their 401(k):
Investing in Variable Annuities
April 15th is one of the most dreaded days on the calendar. It is the day when millions of Americans scramble to file their tax returns. You would be hard pressed to find anyone that actually enjoys paying income taxes. It’s not realistic to think that we could entirely abolish taxes and fund many government programs such as defense spending, Social Security, and Medicare. But, could we switch to a system of taxes based on activity and consumption instead of income? There are many other alternatives and ideas out there to abolish the current income tax code, but actually getting Congress to switch to something else will be an ongoing struggle. I just can’t stand the fact that I get taxed more for how successful I am in my career. Doesn’t that seem backwards?
Congress is currently considering implementing a huge financial reform bill. They have spent well over a year debating all of the aspects of financial reform. We all know that one of the main issues being discussed is getting rid of the “Too Big To Fail” moniker that applies to the big banks. While this is an important issue, there are other issues being discussed that will directly impact consumers. These issues involve lowering the costs associated with borrowing and protecting consumers from predatory lending practices. Let’s take a look at a few of the ways in which financial reform will directly affect you: