Five Items To Always Buy Used

Since we pretty much live in a throwaway society, the savvy shoppers that know how to snap up good deals on those items others are readily willing to depart with can snag themselves a smart money moves deal.   Some garments of clothing such as socks, underwear, and shoes are never to be bought used unless you want to think twice every day you slip them on your body.   However, there are purchases that can really last for a long time and improve your bottom line if you shop the right way.    Here are my five items to always buy used. Office Furniture- Whether you are searching for new office furniture for that space you have leased or the home office you recently built out, there is a glut of office furniture on the market place.     Remember, that many companies have gone out of business over the past five years and this can allow you to grab a great deal by ...

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Entrepreneur Series – Lesson 4 – Avoid Rookie Mistakes

I am not a professional athlete.  However, I would imagine that the rookie year on any of the professional sports circuits has to be daunting in nature.   Not only are you in front of some type of large crowd, it takes some time getting used  to all of the decisions you have to make to be the best of the best in what you do for a living.   Far too often, new entrepreneurs can make first year decisions which can put a major dent in the first year of your new entrepreneurial venture.  Even someone who has a lot of corporate experience cannot understand the firefight of being a business owner until you have to meet your first payroll.One great idea my business partner and I have put into place in our business is the 48 hour rule.   We’ve set criteria around what a ‘key’ decision is for our business and once we have made a decision on the direction ...

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3% Interest Rates Are Going, Going, Gone!

“The financial crisis that began in 2007 was the most intense period of global financial strains since the Great Depression, and it led to a deep and prolonged global economic downturn. The Federal Reserve took extraordinary actions in response to the financial crisis to help stabilize the U.S. economy and financial system. These actions included reducing the level of short-term interest rates to near zero. In addition, to reduce longer-term interest rates and thus provide further support for the U.S. economy, the Federal Reserve has purchased large quantities of longer-term Treasury securities and longer-term securities issued or guaranteed by government-sponsored agencies such as Fannie Mae or Freddie Mac. Low interest rates help households and businesses finance new spending and help support the prices of many other assets, such as stocks and houses. By law, the Federal Reserve conducts monetary policy to achieve maximum employment, stable prices, and moderate long-term interest rates” (source: federalreserve.gov) Does this all mean as the economy ...

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Entrepreneur Series – Lesson 3 – Know Your Role As The Owner

As an entrepreneur starting a new business, you often have to wear the hat of cook, dishwasher, accountant, and general manager.   However, one of the biggest mistakes a young owner will make is not quickly clarify their role within the organization.   Far too often, new entrepreneurs will try to control every aspect of a new business which inevitably slows the growth of the organization.  In some cases, it can make hiring and training new people so difficult it can be destructive to the success of a company. One of things I recommend to new business owners is to draw a T chart with one axis being things you like to do and one access being tasks that you are good at.    What you should quickly try to figure out in the early stage of a new company is to list all of the items that you are good at and those tasks that you like to do.    After figuring out ...

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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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What do Bernie Madoff, Allen Stanford, and the word SALE have in common?

None of us like the idea of going bankrupt. The whole notion of losing all of our money or being in a financial position where we tell ourselves we have to give up and wave the white flag can be a simply awful feeling. We’ve seen over the past decade some colossal meltdowns of investments that, at first glance, appear to be bullet proof until they turned out to be massive Ponzi schemes and frauds such as in the cases of Bernie Madoff and Allen Stanford. In the flick of a switch, those millions and millions of dollars in investments became a black hole of nothingness seemingly overnight. So what in the world do these guys and the world SALE have in common? In helping many people manage their budgets and family finances, words like SALE, FREE, and ZERO are some of the most dangerous words in the English language. If you’re not careful with how you make up your ...

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Preventive Medicine For Your Home

We all know that one the largest assets we will own in our lifetime is our home.   I’ve never really seen a ton of good articles on the cost of home ownership, but having personally owned over a half dozen homes, I can tell you that all homes required their fair share of upkeep.    Even though we may not be in the market to sell our homes, we are constantly watching the sale of our neighbors homes or checking out the prices on websites like Zillow to see where the value of our home stands.     We can convince ourselves that our home is in tip top shape until the time we get an offer on the home contingent on the dreaded home inspection.    A good home inspector gets paid in part to look within every nook and cranny in the house to find out what may be wrong with the property.    After the inspection, we can almost become incensed that ...

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