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Entrepreneur Series | Lesson 2: Incorrectly Pricing Your Product Or Service

In the first year of a start up operation, there is a great focus of energy from the new business owner on client acquisition. Gaining new customers opens the floodgates for the generations of revenue to pay the bills of the business. However, one of the tough lessons learned by young owners is not thinking clearly though pricing out the services of your business correctly. Most new business owners tend to undervalue what they charge for their work and services in order to compensate for not being as established as their competitors. As long as you have a top notch customer service experience and offer a product or service that’s similar or better than a competitor, you shouldn’t devalue yourself. If you set this pattern up early with clients, it can be very difficult down the road to raise your prices with your initial customers. Here a few tips to determining if the price is right on your new product or ...

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The Words We Don’t Want To Hear: “You May Need To Save More”

I really think over the next five years the whole notion of retirement planning is going to change.   The X and Y generation don’t think about retirement the way their parents or grandparents did.   Since so many more people are staying active during their golden years, the next couple of generations will be thinking more about making work option than pulling themselves over to the retirement shelf.    What still holds true for most us is that since companies don’t really often pensions anymore, it’s up to you to figure out how you can save enough money to do what you want when you want irrespective of cost.    No matter what you calculate your ‘work’ optional number to be you should remember that you only have four options should you start falling short of hitting those numbers.  Here are your four choices: Extend your time frame  – If you planned for your ‘retirement’ goal to be at the age of 60, ...

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When Your 401(k) Makes A Change On You

In the past year, many of our clients have seen changes made to their 401(k) plan.   These changes may happen from two separate businesses merging, your employer trying to save costs, or simply a change of funds within the existing 401(k).    Usually, you will get either an electronic or written notification of these changes.   The problem is that most 401(k) participants usually don’t take the time to read the changes which can affect the overall performance of your largest retirement asset.   Here are three things to watch out for when a major change gets made to your 401(k) plan. Be aware of the mapping process –  The idea of having a map or a Garmin is to get specific directions on the most efficient way to get from point A to point B.   When your existing 401(k) plan merges into a new 401(k) plan it will go through a process called mapping.  What generally happens is that the new 401(k) ...

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Retirement Is A Washed Up Word

I’m going to perform a small magic trick here at Your Smart Money Moves.   I am going to help you reduce a huge amount of stress with the wave of my magic wand.    I want to officially retire the word ‘retirement’, and poof there it is — gone!   Now, you don’t have to worry about what date you have to retire. According to Webster’s dictionary, the word retirement means “to withdrawal from one’s position or occupation or from active working life.”    The etymology dictionary (www.etymonline) traces the word retirement back to the 1640’s.    Germany was the first country to make the word somewhat popular in the 1880’s.     The United States didn’t really start thinking about the world retirement until the 1930’s, and you didn’t see the term ‘retiree’ in our vocabulary until 1945.   Now, the word retirement means many different things to all walks of people in the United States.    In the financial services world, it is the calculation of ...

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Entrepreneur Series – Lesson 2 – Incorrectly Pricing Your Product Or Service

In the first year of a start up operation, there is a great focus of energy from the new business owner on client acquisition.   Gaining new customers opens the floodgates for the generation of revenue to pay the bills of the business.   However, one of the tough lessons learned by young owners is not thinking clearly though pricing out the services of your business correctly. Most new business owners tend to undervalue what they charge for their work and services in order to compensate for not being as established as their competitors. As long as you have a top notch customer service experience and offer a product or service that’s similar or better than a competitor, you shouldn’t devalue yourself.   If you set this pattern up early with clients, it can be very difficult down the road to raise your prices with your initial customers. Here a few tips to determining if the price is right on your new product ...

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Health Insurance by Arthur Benz

There are announcements almost every day of layoffs across the country. With roughly 10 percent unemployment across the United States people are concerned about their health insurance coverage. One of the things that we've been hearing is that people simply do not know whether to utilize COBRA coverage or purchase their own separate policies. written by Arthur Benz President, oXYGen Financial Insurance, Inc. Insurance Agency ...

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