Always watch your nets

May 11, 2015 by

FInancial dataSpend less than you earn, is the golden rule for phase one in our financial freedom plan.  In the financial case study webinar last week we were able to show how the Spendalot family went from a negative monthly net  to a positive net that can accelerate them right out of debt.  With determination, focus, discipline and hard work it can happen relatively quickly.

Two of the tools we used in the case study were a Net Worth Worksheet and a Monthly Spending Plan Worksheet.  We have uploaded those worksheets under our Resources; Money Management page on our website.  Click here to get a copy for your use.  If you have any questions regarding these worksheets please submit your questions to questions@financialfreedomclassroom.com.

SPECIAL OFFER!  For the next 30 days we are offering a FREE analysis of your completed worksheets.  There is no cost or obligation and of course your information is kept confidential and secure.  Simply submit your worksheets, we will carefully review them, then schedule a follow up call to discuss how to accelerate your financial freedom journey.

Filed Under: Money Management Tagged With: , , , , , , , , ,

Three qualities of great employees

May 8, 2015 by
Man guesturing to call

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Looking to up your game?  Want to make your boss love you?  If you possess or can incorporate these qualities into your job you can become the “go to” person in your office.

1.  Take copious notes and keep track of them – When you have been given a task be sure to take notes as to what is expected.  Then be sure to diligently track the progress and report on it.

2.  Over communicate – Be sure to explain fully and keep everyone in the loop.  Articulate a plan with specific steps and instructions so that anyone reading it could understand it.  Follow up regularly to anyone that has a piece of that process to keep things moving along.

3.  Double check – Before you submit an email, report or entry double check it.  Carefully check for understandability and yes, spelling.  If people see lots of spelling mistakes they will believe you are not detail oriented.  Details matter!

These three qualities can propel an average employee into a great employee.  Give it a try.  It might even lessen the stress of the job by being better organized and prepared.

What other essential qualities of a great employees can you share in the comments?

Filed Under: Career Development Tagged With: , , , , , ,

Does it really need to be replaced?

May 7, 2015 by
Yummy bread baking in an oven

Image courtesy of stockimages at freedigitalphotos.ne

If you own rental property, you’ll want to make smart financial decisions regarding your properties.  One decision that you have some control over is whether to repair or replace items that are no longer working.  Just because an item is broken doesn’t necessarily mean it should be replaced.

Do a little bit of investigation, first.  A search on the internet can usually tell you if others are having the same problem and provide potential solutions.  Sometimes a recall has been issued and you can get the item repaired for free.  Either way you will probably find useful information on an internet search.  There may even be a quick fix for it.

Is the appliance still under warranty?  I know that you are a diligent property owner and have retained your receipts to make that determination.  If so, look to have the repair covered under warranty.

If none of these yield results,  having someone on your team who can quickly determine the best course of action is essential.  Of course if that appliance is really old and decrepit lay it to rest and buy a new one.  You certainly don’t want to keep investing money in something that is near the end of its life.

We personally have learned that residents can get attached to their current appliances and many times would rather fix what they have than have it replaced.  How about just replacing the burnt out heating element for $15 in the dish washer instead of buying a new one?  Or checking why the freezer isn’t making ice, it could simply be a filter that needs replacing.

Be sure to carefully check out what is really causing the trouble and make smart decisions!

Please write in the comments section about an interesting repair or replace story.

Filed Under: Real Estate Tagged With: , , , , , ,

Where do your customers hang out?

May 6, 2015 by
Facebook button

Image courtesy of Stuart Miles at freedigitalphotos.net

Instead of walking over to go visit your neighbor to chat over a cup of coffee, lots of people, about 154 million are chatting on social media according to The Demographics Of Social Media Users 2015.  Which means chances are your customers are out there right now and if you are not paying attention to them another company in your industry is.  Get out there and find your customers.  Are you wondering where they are?  Here is some of social media sites and who is hanging out:

Facebook is still the big dog on the block, having the most users by far.  The user age distribution is pretty even so posting to this site will usually yield good results.

Twitter has a fairly young crowd and to stay on top of the feed businesses should post 15 to 20 times a day.  This could be very time consuming but posts are VERY short.

LinkedIn is business oriented and great place to research businesses or individuals to see what their background is.  This is more for the middle aged crowd, but a great place to get your business known.

We have highlighted only a few social media sites.  There are many, many more sites to investigate like Google plus, Instagram, Tumblr, Pinterst, YouTube, Snapchat, etc.  Find out where your customers hang out and make sure you are there to connect with them.

Where do your customers hang out?  Please post in the comments.

 

Filed Under: Business Boost Tagged With: , , , , , , , , , , ,

Credit card insanity

May 4, 2015 by
Image courtesy of scottchan at freedigitalphotos.net

Image courtesy of scottchan at freedigitalphotos.net

The definition of insanity is doing the same thing over and over again but expecting a different result.  If you are working on becoming debt free you cannot continue to charge anything to your credit card and carry a balance over month after month.  Do you realize that the minimum payments established by most credit card companies aren’t designed to pay off the balance?  The payments are set up so that the interest is paid first then, maybe one percent of your outstanding balance.  If you continue to charge ANYTHING to the card the balance will NEVER be paid off.  Stop this insanity!

Most credit card charge very, very high interest rates.  Your money doesn’t go very far with these high interest rates and there is very little left over to pay the principal. In order to get rid of those balances it requires not charging any more and paying as much as possible to the card with the highest interest to pay it off.  Determination and focus is what is required.  Do you have what it takes?
This Thursday at 7pm we will dig into this topic as well as many others with a financial freedom case study of the Spendalot family.  Click here to register to join us and bring your questions.
Click like if you will be joining the webinar.
Filed Under: Money Management Tagged With: , , , ,

Tips to get your teens out working this summer

May 1, 2015 by
Happy teen writing a resume

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Want to help give your teens an edge on landing a job?  The competition during the summer months can be tough.  Have them well prepared with these tips:

1.  A well written, error free resume will make your teen stand out.  In addition have a separate sheet with references, include personal references of teachers or coaches if your student has limited work related references.  Include work ethic experience in volunteering, doing community service, participation on a sports team, and leadership in a school club or organization.

2.  Help prepare your teen for the all important interview.  Run through potential interview questions to get your child comfortable with some prepared responses.  Explain the importance of making a good impression, being clean, well spoken and have some knowledge about the company you are looking to work for.

3.  Always be arrive early to the interview.  Have your teen be aware of their body language by giving a firm hand shake, sitting up straight and avoid crossing their arms across their chest.  They should convey confidence by speaking in a strong voice, enthusiasm for the work they will be doing and a definite can do attitude that they can perform the job well.

Get those teens out working in a field that they may be interested in pursuing as a career.  Even if it is an unpaid internship.  It will help steer them in the right direction for hopefully a long, happy career.

Please share in the comments what job your teen plans to work over the summer.

 

Filed Under: Career Development Tagged With: , , , , , , ,

Thousands of Opportunities!

April 30, 2015 by
Image courtesy of Stuart Miles at freedigitalphotos.net

Image courtesy of Stuart Miles at freedigitalphotos.net

Looking for a place to sell your products and services?  The government has set up a website called FBO.gov which is the Federal Business Opportunities website.  Federal Agencies post their solicitations (stuff they need to buy) on this website so that vendors can respond with information or proposals.

Before responding to a post, a vendor must have a DUNS number (Data Universal Numbering System).  If you have already registered in SAM.gov then the information will be pulled into FBO.gov with just the DUNS number.  There is also free help to assist vendors in this process through Procurement Technical Assistance Program or PTAP which is available in every state.

This database is very comprehensive and worth a look by any business to see if they can provide the product or service the government is looking to procure.  There are thousands and thousands of listings for just about anything.  We have seen solicitations for toilet paper, construction, software, cleaning services, ice machines, interpreter services and  coveralls.  We are sure what you have to offer is being sought.  Check it out!

Please comment any tips on using FBO.gov for your business.

 

Please comment any tips on using FBO.gov for your business.

 

 

Filed Under: Business Boost Tagged With: , , , , , ,

Try commercial?

April 29, 2015 by
Beautiful office building windows reflecting the sky

Image courtesy of mapichai at freedigitalphotos.net

In real estate investing, the focus should be finding “GREAT” deals.   Never fall in love with a property.  The numbers must work.  Close your eyes and run the numbers.  In most cases it takes time  to realize a good return on a real estate investment but it’s worth the wait.

Take a look at the cap rate or capitalization rate.  The cap rate is the return on the property based on the income it will generate.  It is used to estimate the potential return on investment.

To calculate the cap rate, divide the net income by the total value of the property.  Keep in mind that as the property value increases your cap rate will decrease, which at first glance would seem like a bad thing, but it isn’t because your property has increased in value resulting in an increase of your net worth.  When this happens sometimes it’s good to sell the property and invest again!

Please share the cap rate of your investments in the comments section if you have commercial property.

Filed Under: Real Estate Tagged With: , , , , , , ,

Four advantages of options trading

April 28, 2015 by
Four light bulbs and one lit up with a finger pointing

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In the past, trading options has gotten a bad rap but with education and a sound trading plan, they can be a VERY profitable way to invest.  Words like “risky” or “dangerous” have been incorrectly attached to options trading and we would like to state the advantages to dispel these statements.

1.  Leverage – An investor can buy a option position to mimic a stock position at a huge cost savings.  For example, in a stock position a purchase of 200 shares at $100 per share would cost $20,000.  A similar option position would be to purchase 2, $20 calls (each call equals 100 shares) which would control the same 200 shares for $4,000.  Then the investor can use the other $16,000 to invest elsewhere.

2.  Lower risk – An investor can protect their position by use of  “puts” and “stop-loss orders”.  Stop losses will automatically put an order in to exit a position at a predetermined price and puts can make money if the stock goes down.

3.  Greater returns – By spending less for a call than for the actual stock, you could make almost the same profit, which translates into a higher percentage return.

4. Profit in any type of market – With the use of puts, options traders can play the downside of the market.  This is definitely a benefit!

Check out John Locke’s new Super Simple Spreads program to take advantage of options trading which is currently at a discount until April 30th.  Don’t miss out!

Do you trade options?  Please comment on the advantages.

Filed Under: Stock Market Tagged With: , , , , , , , ,