I was a paperboy when I was a kid and I also mowed some of my neighbors’ lawns. These are two activities that have become extinct in modern times. I was fortunate to learn some good business lessons from these entrepreneurial endeavors. The value of money : If I worked not only hard, but did […]
Expenses
Should You Market to Existing Customers or Search for New Ones?
Much of the marketing advice today focuses on marketing to obtain new customers, which is full of excitement and challenges. While you should always be seeking new customers, what about your existing ones? What is most effective? New customers: It is especially important to market to new customers when you are just starting up and […]
Is There a Link Between Strong, Healthy Relationships and Financial Success?
We don’t live in a vacuum. We are surrounded by family, friends, acquaintances, employees, bosses, clients/customers, colleagues, advisors, vendors, and everyone else. Financial success is not just all about you, but your support system. Let’s take a look: Family and friends: A common theme is to go to college, move out (possibly out of state), […]
Is Your House Really Considered an Asset or Just a Place to Live?
Is your house an asset? Some would say yes, and I am sure that some would say it’s actually a liability. Here are different ways of thinking about your house. Asset: Hopefully your house will appreciate in value over time, but this is not always the case. Because of the often high amount of leverage […]
Some Horrible Ways to Lower Your Tax Bill That are Not Recommended
I don’t think that I ever met anyone that likes to pay taxes. Everyone feels better when their taxes are paid in full with no outstanding balances, but not actually paying them. Sometimes this hatred of paying taxes can go too far and here are a few examples of what not to do: Understate your […]
What is all the Hype About Generating Passive Income? Here are Four Examples
I’m sure that you have seen YouTube commercials about generating passive income while lounging in a pool with your collection of high-end sports cars collecting dust in your oversized garage. Is this really practical and can you really generate massive amounts of passive income? The answer is yes and no . . . Passive income […]
An Observation Regarding Money Worries
There are a few things that I noticed over the years that seem to contradict each other regarding money worries. There seems to be a link between being charitable, concerns over saving too much, and stress about money. Charitable giving: some people make a lot of money and give little to nothing to charity, especially […]
If You Are Looking for a Good Business Partner Then Pay Attention to What They Do, Not What They Say
Running a business is probably one of the most challenging, while equally rewarding endeavors that only the brave embark on. Some go at it alone, while others choose a business partner because sometimes 1 + 1 = 3 or 5 or 10. However, before choosing a partner you must minimize the risk of choosing the […]
When Should Your Parents Stop Being Involved in Your Financial Affairs?
Our parents raised us and shaped who we are today, and there is probably nothing that we can do in comparison to what our parents did for us, except for perhaps raise our own children well. But, when should our parents stop taking charge of our finances, career and/or business? It is a good for […]
A Silly Trap When Trying to Pay Off Debt
I have had numerous clients tell me that they are paying off their debts early, whether it is a student loan, car loan or mortgage, which is very admirable. However, they really aren’t paying off their loans early. How can this be and why? The reason is simple. They are not actually paying off their […]