Ways to Organize Your Cash Flow

August 20, 2011 by Leave a Comment

Whether you are managing your personal finances or starting a small business, organizing your cash flow will alleviate your financial stress and allow you to set up financial systems that make sense. Establishing an accounts receivable schedule, using Visa prepaid credit cards and establishing multiple income streams are a few ways to increase the constant flow of cash into your accounts receivables.

Managing Your Incoming Cash

Your cash flow may be the result of working for a company, being self-employed or running your own business. If you work for a company, you will likely get paid biweekly or monthly. As a self-employed contractor, you may have numerous clients who pay you upon completion of projects. As a small business owner, your revenue may come from the sale of products or services. At all times, using Visa prepaid credit cards allows you to spend only the funds that you already have available.

Expediting Payment Schedules

Whenever possible, you want to shorten the amount of time that you must wait to be paid. As an independent contractor, for example, you want to set the standard that you expect payment within a specified number of days of billing for services. A note on your invoice that the amount must be received within 10 days, for example, is sufficient to inform clients of your payment expectations.

Small Business Billing Practices

If you are a small business owner, ask clients to pay in advance of receiving products or services. Alternatively, you might charge half upfront and the balance after all services have been delivered. This allows you to have the transportation and material funds you may need to deliver the services.

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Including Personal Finance in Home Economics

August 4, 2011 by Leave a Comment

Even though many junior and senior high schools in the American public education system offer some type of home economics course, many of these do not cover the topics of the most basic type of economics: that of personal finance. Once offered as the female counterpart to shop classes, home economics covered topics such as cooking, sewing and budgeting. Now even those most basic of skills are no longer offered to many US students and it can be argued that this has resulted in the recent trend of young families carrying far too much unsecured debt and upside-down mortgages.

The simple solution would be for home economics to be not just offered, but considered mandatory, for all students in the late junior high classes. Instead of making pillows, stuffed animals and gelatin molds, students could be taught how to manage their own finances at each step of the process. From shopping for the best rates at banks and insurance companies, to creating a household budget and spending plan, to planning for savings and retirement, the concept of home economics would address a multitude of the lacking areas in personal finance education.

In addition to these basic skills, students could also learn about investments such as a stocks and bonds, and could even learn to prepare their own simple tax returns. Teaching responsibility to teenagers is never easy, however, if introduced early enough the concept has a good chance of taking hold and helping them maneuver into adulthood without acquiring credit card debt. Every teenager should be shown how to fill out a job application, receive help and practice with the interview process, and at a bare minimum, be able to balance a checkbook or understand services like PaydayOne.com. Bringing an updated version of home economics back into the US public school system would ensure these results.

Filed Under: Financing

The Basics of Student Loans

August 2, 2011 by Leave a Comment

It can be stressful and overwhelming to consider the financial aspect of attending a university. What is more, with costs of higher education continuing to rise, many students decide to take out student loans and also loans with Payday One. The loan process can be confusing and discouraging. Here are answers to some basic questions.

What Loans Are Available to Students?

While students can apply for private loans, most students choose to use the federal financial aid options, designed especially to help college students afford higher education. The federal government offers several need-based scholarships for college students. Some of these loans are available to only the most needy of students, while others, such as the subsidized Stafford loan, are available to students in need of more financial aid. There is also an unsubsidized loan that is available to almost any student in varying amounts.

Should I take out another loan?

With college becoming so expensive, it is very difficult to graduate from college without any debt. However, students should think twice before planning on taking out another loan. Graduating with a lot of debt can add a lot of stress for a graduate when finding a job, especially in tough economic times, as the minimum monthly payments can be crushing for a struggling graduate. While living frugally or working more are certainly an option for avoiding more debt, students can also graduate early by taking transferable courses online with elearners.com.

What is the policy on repayment?

Many loans available to students through the government do not have to be paid back until the student is no longer attending school. These loans also then offer a six month grace period after graduation, with monthly payments beginning after that time. Often, the loan can be deferred if the student is entering a graduate school. Most loans allow for advanced payment, or of completing the repayment of the loan ahead of the payment plan.

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Loans for Small Business

July 24, 2011 by Leave a Comment
National Small Business Week Day 1

Image by ShashiBellamkonda via Flickr

If you are starting a small business, you will need funding to get your venture off the ground. While some entrepreneurs can rely on savings or their own income to get started, others will need to get a loan. It’s important to know what kinds of loans are available to you as a small business owner.

Loans, unlike grants, have to be repaid. When you apply for cash loans, you will work out a repayment schedule with the lender. Depending on the amount borrowed, this could be anywhere from several months to several years. Typically, you will pay back the loan with interest, but you may be responsible for additional fees if your payments are not made on time.

Banks are one of the main sources of loans for many entrepreneurs. You may want to apply for a small business loan from the institution where you do your personal banking, or you might opt to go to a different bank for your business needs. If you want to apply for a bank loan, you can visit your local branch or go online to learn about interest rates and repayment terms. When applying for a loan, you will need to provide your credit scores, a few recent bank statements, and possibly a business plan.

Credit unions are another place you might go to get a small business loan. Many credit unions offer Small Business Administration (SBA) loans to qualified members. You can go through your credit union to apply for an SBA loan, which is actually provided by the U.S. government.

If you need a small amount of money to get your business going, then consider a microloan. A microloan can be awarded by the SBA or an independent network of microlenders.

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Get Started in Your own Import Export Business for Disposable Income

July 11, 2011 by Leave a Comment
Caterpillar boots. Amsterdam.

Image via Wikipedia

 

Looking for another stream of income? There is a business that can be started on a shoestring and if worked correctly, can bring in tons of extra income. 

 

Being an importer/exporter can be started with nothing more than a phone call or email. The right person will have supplier contacts in whatever business they want to import or export. 

 

For instance, a construction contractor knows where to purchase quality woods, concrete and cement, tools and materials, or even good steel-toed work boots. These items are things the contractor has knowledge about and can sell to other companies around the world. 

 

Step One: Find out Who’s Buying and Selling 

Finding a supplier is key; find one that can deliver on large orders, does international shipping and is well organized. Then, find someone to sell the products to. 

 

There are websites that cater to international buyers, telling them where to find this or that item. Those websites can be used to garner accounts; send an email or call one of those buyers to see how to help with their needs, and then fill the needs. 

 

Find out about tax amounts and tariffs, shipping methods and costs; get all the information necessary before trying out the first deal. Be well prepared and do online searches for advice sites. 

 

Finally, an import/export consultant isn’t a bad tool to use. They often have their own overseas contacts and the experience to be able to give qualified advice. Check their credentials and make sure they’ve got good testimonials and references. 

 

Start doing it as a side-job and work it into a full time business.

 

 

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Invest in a College Education

June 5, 2011 by Leave a Comment
Julia Whelan at Middlebury College Commencemen... 

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With some adults facing reduced wages, fewer hours, and unemployment, many are looking at the possibility of going back to school. However, they realize that this venture will require some money up front. When times are tough, it’s hard to imagine going into debt or handing over a sum of money for a degree that won’t pay off for years. Here are some ways to make sure your investment in higher education is a wise one.

Be Careful in Choosing a Degree Program

Find out which fields have a high demand for qualified workers. You don’t want to complete a degree and find out that it qualifies you for very few jobs in the real world.

It’s Not Just About Bachelor’s Degrees

In some cases, you may be able to complete a short certificate or training program at a technical school or community college rather than enrolling in a traditional four-year institution. If you already have a bachelor’s degree and have work experience, it’s possible that acquiring a master’s degree in a related field will require only a year’s worth of classes. Check into the possibility of getting an accelerated bachelor’s degree, something that’s increasingly popular for high-demand careers such as nursing.

Transfer Credits When Possible

Do your best to make previous college courses count toward the completion of your degree. While some universities may deny you the ability to transfer credits, you can sometimes talk to an advisor who can recommend an exception.

With strategic choices, you can obtain a degree or certificate that will give you an edge in a tough job market. It’s an investment that can pay off.

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How can a Degree Help Your Professional Life?

May 16, 2011 by Leave a Comment
Cover of "Back To School (Extra-Curricula... 

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Many people have had a career for a long time before they ask themselves if they should go back to school. You have probably heard at one point or another that continuing your education can be very helpful in almost any career field. But, you might wonder just how much truth there is to that, or if it will actually be worth getting a degree, or a degree higher than the one you have. This is an important decision and whichever option you take will have a big impact on your life.

When deciding whether or not to go back to school, the first thing you need to do is decide why you want to go back to school or why you are considering going back to school. If you know that going back to school can get you a promotion or more job options, you might have a good reason to go back to school. If you are not sure why you are considering going back to school, you might want to take some time to figure it out.

If you are as high up in your job as you can get in your job without a higher degree, going back to school might be worth going back to get that degree. One thing that makes a lot of people upset with their current job is knowing they cannot go any higher. If this is a problem you are facing, you have a good reason to go back to school and it will certainly be a rewarding experience.

Filed Under: Business, Small Business Tagged With: , ,

How makes the perfect sales pitch!

April 24, 2011 by Leave a Comment

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The sales department of a company carries a load of responsibility on its shoulders. AT the end of the day, it is they who have to win over clients and get new business that ultimately pays for everyone’s salary! Clinching a sale is a fine balancing act of several factors that go into convincing a client to buy a company’s product or services.

To begin with, a good sales pitch is always highly focused! Decide on what you want to focus on. Is it going to be how different your product is from competitors? Will your sales pitch focus on added features or will it demonstrate how the product is going to be beneficial to the potential customer? This last option is generally the best approach and it brings the client into focus. With this approach, your entire presentation and all its points will be made in a way that tells the client ‘This product was made for you!’

It never to a good idea to make a sales presentation that resembles a boring college lecture. Just dishing out information or reading bullet points from the board is just not appealing enough. A good sales person has a great deal of an entertainer built inside. You don’t only give information but deliver it in such a manner that inspires confidence in your clients. You don’t have to sound pompous or be overly loud when talking as this will make it look like you are trying too hard! Instead, try to build a bond with your customer by personalizing the presentation. Ice breakers like stories and humor can be highly effective sales techniques!

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Analyzing the Forex Market

April 11, 2011 by Leave a Comment

Knowledge is power — this is the cliché recognized by all and the words contain so much truth. Too often, however, that knowledge is denied. Individuals fling themselves toward concepts they don’t understand and then suffer through the aftermath of lost dollars and broken egos. A concept like the Foreign Exchange Market (typically named the forex) is one few consider beyond its promise; and the result is confusion.

It’s vital therefore to analyze this notion, understanding what it is and what it potentially means.

Explained simply, forex is a way to determine the value of all currencies. It is the market of buyers and sellers, and the goods they trade. It is designed around the notion of contracts and baselines prices — with volume used to generate profits. It utilizes the concept of leverage to keep payments stimulated and ensure that standards are met.

It is not, despite what so many believe a guarantee of money. Though the use of Trade CFD options and spot transactions do offer greater certainty than many elements of business, there can be no promise of success. That promise is too often expected, however, and novice traders may find themselves getting discouraged quickly.

It’s essential then to analyze the trading fully — and this includes its potential risks. The market may stumble, prices may fluctuate, and exchange rates may be too disparate, with the value of currencies no longer compatible. Individuals must understand this to be better prepared for their experiences.

Once that knowledge has been gained, however, the advantages of the forex can be better understood — and used.

Filed Under: Business, Investment Tagged With: , ,

Business Expenses

March 28, 2011 by Leave a Comment

Keeping track of your business expenses seems like an easy task to keep up with. Simply put it is basically just keeping a record of your spending.

But with an increase of sales, business growth or additional employees it is one area that can easily get left not done and quickly become an organizational nightmare.

At the end of the year you will want to have a well organized system in place when it comes time to do your taxes. And knowing where you spent your business money is vital to preparing accurate taxes.

Looking into software programs that will help you to log your expenses such as quicken could be a system that works for you. But even if you keep your receipts and statements you could use a bookkeeping ledger to log daily expenses.

You will need to which expenses you can deduct on your taxes, and which are not allowed as deductions. There is information through the government websites that will help you to better understand the allowable amounts that are deductable.

Keeping track of your expenses will also help you to create a business budget. You will see where money is spent and what you where you might need to reduce spending.

Organization is a key factor in operating a successful business of any type. And having keeping track of expenses is like keeping your finger on the pulse of your business.

Create a file system online or through a software program and remember to keep paper receipts and invoices filed for future access if needed in the future.

Filed Under: Business Tagged With: , ,
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