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Where do your customers hang out?

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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.

 

Credit card insanity

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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.

Tips to get your teens out working this summer

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Happy teen writing a resume
Image courtesy of photostock at freedigitalphotos.net

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.

 

Thousands of Opportunities!

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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.

 

 

Try commercial?

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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.

Four advantages of options trading

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Four light bulbs and one lit up with a finger pointing
Image courtesy of iosphere at freedigitalphotos.net

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.

Trust Trusts

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Image courtesy of Stuart Miles at freedigitalphotos.net
Image courtesy of Stuart Miles at freedigitalphotos.net

Trusts are not only for the wealthy, they are really for anyone who has assets to transfer.  The assets will be transferred privately through the trust without having to go through the very public probate process.  A trust is a separate entity that has a grantor, the person who established the trust, a trustee, the person who will manage the trust and the beneficiary, the person who will benefit from the trust.  In some situations, one person can take on all three roles.

The grantor has the right to tailor the trust to meet the needs of the beneficiaries.  In addition, the grantor has the right to specify how the assets in the trust will be invested.  In order to ensure all assets are included in the trust upon death, the grantor should establish a “pour over” will to ensure all assets that were obtained after the trust was established will “pour over” into the trust.

One really important feature of an irrevocable trust is that it can protect assets from the costs of nursing home care.  This type of trust can ensure your assets are protected and are distributed as you had determined even if you require nursing home care.  Without an irrevocable trust, your assets would be liquidated and used to pay for your care.

As always we urge you to seek a professional, we are simply providing some general information about trusts but this is a very complicated topic so please contact your trusted estate planning attorney as well as a certified public accountant for further discussion.

Please share this post with others who might benefit from it and please comment about your experience with trusts.

 

 

Words make a difference

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Image courtesy of Stuart Miles at freedigitalphotos.net
Image courtesy of Stuart Miles at freedigitalphotos.net

How you phrase things with your employer is very important.  If you chose the right words it can motivate instead of deflate.  Always think about how the information will be received before you send it.

When problems arise, focus on solutions instead of complaining.  It is easy to complain or blame, but that usually doesn’t end with a workable solution.  Instead focus on the expected outcome, then make a plan to reach it.

Listen closely.  In fact, rephrase what you have heard.  It will show that you are listening and understanding.  Many people instead of listening are planning their response while the other person is talking.  Just listen.

Be helpful.  As Zig Ziglar always said, “You can have everything you want if you just help enough people get what they want.”  Some good words to use in this situation is “How can I help?”

Could you share some other words in the comments section that would make a difference?