Network of Ideas » money management

Easy Home Business Myth or Reality?

admin — Tue, 20 Mar 2012 10:16:50 +0000

Seeing advertisements about easy home based business opportunities that just take a small initial investment and then you can make hundreds or thousands of dollars a week. Have you ever wondered if these are myth or reality? Have you wondered who these people really are that make all of this money? In this short article we will discuss a few of the myths and realities of these easy home based businesses that are advertised on the internet as well as in the local papers.

Remember the high tech boom in the late 1990s and early 2000s when the latest and greatest technologies were going to replace the existing communications capabilities. At that time, many new companies were formed and although we are over simplifying, they just needed an idea and a rough business case to find an investor willing to provide millions of dollars in investment. Many of these companies did not even make it to the product stage and never even were able to complete beta trials before they had spent all of the money and went bankrupt. The single reason for this, in the writer’s opinion, is they did not complete a proper business assessment before spending their investment funds.

The analogy to take away from this short review of history is that everyone, no matter how big or small, no matter what the idea, whether it is a corporation involving millions of dollars or a small home based business needs to have a business plan that is well thought out and will withstand a thorough review by any investor. Many so called easy home business opportunities may come along, however we are suggesting that the same rigorous review be applied to these ideas as well before you spend too much time and your own money in developing your business.

Before readers get discouraged, and decide that they should not enter into a home business, take a moment to consider what is being suggested. The first step is to estimate your revenue opportunity and the number and kind of customers you expect to have. How will you market your services and how much will market cost? You are going to have expenses that will be incurred even if you operate out of your home. What are they and how much will these operational expenses cost. Finally can you make sufficient net income to pay yourself for the effort that you put into your business and live on this income?

Even doing this basic level of assessment will assist you in deciding just how easy this home based business opportunity will be.

Advantage of a Winning Sales Proposals

admin — Sat, 17 Dec 2011 18:11:45 +0000

Whether you like it or not, sales proposals are a tool of the trade, and writing a well-crafted proposal can mean the difference between winning and losing a client’s business, especially if you are selling to major accounts. Decisions can take months. Multitudes of people at different levels in the customer’s organization have input and influence. Even in less complex selling situations, the buyer may request a proposal.

In the audio book, “Sound Advice on Sales Strategies,” Tom Snyder of Huthwaite, the creators of SPIN Selling says that when it comes to sales proposals, “It’s important to keep in mind that a proposal must sway key decision makers and influencers you haven’t met, not just the ones you have.”

“Consider how you will ensure that these people actually read your document,” says Snyder. That means making it as easy as possible for people to read, and focusing the document on the client and their needs. “Build a strong business case that justifies the cost and addresses the client’s business issues,” says Snyder. “Show how your solution meets the needs and delivers benefits.” And, he adds, don’t pile all of the technical detail into the body of the proposal.

Decision makers weigh all of the risks before bringing a new solution into their organization, and won’t purchase until those are resolved. Face it head-on. “Assess the risk inherent in the decision,” says Snyder. “Show how your solution will minimize those risks.” For example, the risk of implementation is always a primary concern. Your sales proposal should provide clear implementation plans that show how obstacles will be overcome.

You may need to work through a number of iterations when writing a sales proposal. “Make sure you’re hitting the mark,” says Snyder. “Check your draft proposal with your sponsor – your internal champion – before submitting the final version. “

Finally, when it comes to winning sales proposals, Snyder says it’s helpful to remember an old adage, “If it’s worth doing, it’s worth doing right. Your proposal is selling for you when you can’t be there, so it has to reflect your standards of professionalism.”

Balancing Making Money and Being Happy

admin — Mon, 18 Jul 2011 05:30:37 +0000

Set Physical Boundaries - train yourself to shed off problems at work the moment you leave your office. Use the time you spend traveling home to get rid of residual stress. By the time you enter your home, you should have all your work problems shelved inside a drawer that you can only pull open when you go back to the office.

Do the same thing about problems at home. Problems are better solved when you ponder them on appropriate settings. You should let your family and friends know that you find it easier to function if they’d wait for you to come home before telling you about your worries. Of course, emergencies are an exception.

Manage Your Time Effectively - time is the most precious commodity of all because it’s something you simply can’t buy. When yesterday gives way to tomorrow, you can never get it back. You must therefore make full use of every moment of your time.

Avoid wasting time either at work or home. Similarly, avoid doing one of either excessively. You’ll be happier if you’re able to satisfy your needs in both aspects of your life. Plans must be made early. Although spontaneity is good once in a while, they can only create trouble and make you a less happy person if you allow your impulses rule your life entirely.

Enjoy Your Achievement - if you’ve achieved something at work, take the time to savor the pleasure of completing the task. After all, there’s no point in working hard for something when you don’t take the time to enjoy its rewards. Do the same thing at home. If there’s something to be happy about, don’t let it pass you by. Celebrate by going out with your loved ones or reward yourself with a little treat like letting go of your strict diet regime for one day or enjoying a shopping spree.

Balance isn’t just something you can achieve by having a detailed schedule in your organizer. Balance is also a mental and emotional state: you need to make a conscious effort of alleviating your stress, relaxing yourself, and letting yourself be happy whenever you made money or being happy simply for the sake of being with your loved ones.

Know When to Quit - giving up is not always a sin. If you’ve truly given your best, pushing yourself further could end up harming yourself. This can both happen at work or home. Don’t work too hard. Don’t play too hard. There are people who have a difficult time quitting and if you’re one of them then you definitely have a problem with finding balance as well.

Balance is also about knowing your limits. You can test them once in a while, but make sure you don’t go completely overboard.

Get a Life Coach - last but not the least, if none of these tips had helped you then maybe it’s time to take a life coach. A life coach is not necessarily a psychiatrist. He is, however, qualified to help you analyze your goals for life and attain them. If its balance you want then a life coach will certainly be more than happy to help you find it.

To learn more about finding that perfect balance in your life from some of the world’s most successful minds follow the link in my resource box now.

cash for an unforeseen situation

admin — Wed, 22 Jun 2011 03:19:56 +0000

How frequently in your life have you discovered you were in in a circumstance when you had to come up with some cash for an unforeseen situation and your checking account was empty? When you are similar to numerous normal, hardworking people it has been a lot more than just once. If you have to live week to week this is just a sad reality. No one gets themselves in this dilemma on purpose, but it might happen to even the most frugal of people at some time or another.

Events like an unforeseen sickness when you have no insurance or the co pay even if you might have insurance, is no laughing issue, especially if it happens to be one of your children that is sick. With the economic situation the way it is right now and many hardly surviving from week to week, it takes place all too frequently.

These days there is a glimmer of hope that people can have when they discover themselves in a sticky position and must have some funds as soon as possible, and there are numerous other issues other than illness. When the automobile breaks down unexpectedly and you need to get to and from to your job, you must borrow the money from somewhere.

Check advance or payday loans are a much used resource to people who utilize them carefully. When there is an emergency of any type, applying for payday loan can be the fastest and most simple way to obtain the cash you need today. There are not many requirements and your credit standing is usually not even an issue.

You need to always try to keep a checking account in great condition because this is a necessity for you to be able to get a payday loan from all of this kind of loan establishments. You must also have a decent job or some type of consistent funds to ensure the loan. You could borrow as little as one hundred dollars or up to maybe two thousand, according to your income.

If you find yourself in a bad position when you must have quick cash, find some payday loan or check advance firms. Pick the one that have the best interest and the most flexible regulations that suits your needs. They are all similar in many ways, but could differ in others. Applying for payday loans responsibly is the key to obtaining funds this way. It should be very helpful when needed, but do not do it when you do not have to either.

Innovative Tactics to Payment

admin — Tue, 07 Jun 2011 06:23:00 +0000

We are fortunate to be able to avail of all kinds of options in today’s world. There is so much that we can benefit from if we wish to. There is a large variety of consumer electronics and a whole range of products from the various companies. If you want to have dinner out, you can choose from among the top-end restaurants that give you a great ambience and eventually, also a large bill. If you want to eat out and not spend too much, there are loads of fast food and multi-cuisine restaurants that might suit your budget and your tastes. Then, if you would like to have clothes, you can decide whether you want to buy clothes from non-descript stores or go in for a branded outfit. There is no end to these options. It all depends on what you are going to buy.

Of course, if you are buying something, you take into consideration how you will pay the bill. There are many ways in which we can settle bills nowadays. Perhaps, we as consumers love the fact that we have so many choices. Go to a salesperson at any supermarket and be prepared for the question: “How do you wish to pay sir? By cash or by card?” There was a time when the only acceptable mode of payment was that of cash. Every store owner preferred this mode of payment primarily because of its tangibility. When you were paying in cash, the seller would be glad as the payment would be completed. He did not have to worry about when he might acquire the amount that he was owed.

Before credit cards began to become fashionable, check payment was the preferred mode of payment when it came to larger sums of money. However, check payment did have some flaws of its own. The seller would have to wait till the check cleared. And back in the days before banks were fully computerized, this check payment was quite slow. Moreover, you could never be certain that the check would get encashed. After all, not all buyers were honest blokes.

The emergence of credit card companies has made life much more convenient for both buyer and seller. Here were pieces of plastic that made it easier for us to buy things. All that the buyer had to do was get it swiped by the seller to pay for his purchases. As for the seller, he was assured that the credit card company would pay him the money that was owed to him. Paper currency is still ruling supreme over credit cards. However, as things are going, credit cards will soon take over from paper money.

Essential Guide in Getting out of Debt

admin — Sun, 15 May 2011 11:34:35 +0000

Somebody who is not in debt appreciates a telephone ringing, because a person without excess debt does not fear creditors. A person without excess debt goes to the mailbox with general malaise, and doesn’t feel the stomach clenching fear when a handful of bills appear. Someone without a lot of debt can enjoy shopping, can handle the unexpected, and sleeps better knowing they have their ducks in a row. Life without debt is difficult to conceive or manage for many people, but a few simple steps can get anyone on their way to being debt free.

The first step towards decreasing debt is to stop creating debt. People who amass a lot of debt often get into a mindset of spending tomorrow’s money, but that only leaves today feeling pinched. Examine spending habits and be aware of what items are necessary for today, and which items are not. Getting out of old debt is easier to manage if a person is not actively creating new debt.

The next step to getting out of debt is to organize all bills and outstanding balances owed. When a person organizes their bills and has a firm grasp on what they owe, they can make better decisions about where their money goes. Also, money spent on late fees, overdraft fees, or over the balance fees is money given away in vain. A person actively trying to get out of debt will do so much more effectively if they are paying their bills on time. To aide in the organization process, a person can buy special folders or create a filing system to keep track and organize bills. A desk calendar marked with bill due dates will help ensure a person committed to getting out of debt doesn’t miss a payment and earn additional fees or accumulated interest.

The third step towards getting out of debt is to increase monthly payments. Paying more than the minimum payment applies more money towards the balance and costs an individual less in interest over the long run. Adding even five additional dollars per payment can reduce the number of payments made of a loan or credit card. Reducing the number of payments made decreases the amount a person pays in interest and fees.

Additional debt management strategies include seeking help from a debt consolidation agency, refinancing, or applying for a loan. When a person has several high interest loans, high interest bills, or higher interest credit cards, they pay more money for the things they bought than those things were actually worth. High interest rates slow down the dent made in the principle owed, and can add years to repayment. Sometimes, one loan can be achieved at a reasonable interest rate, and can be applied to the other debts. This reduces the amount of monthly payments made, and decreases the dollars each month spent vainly on interest.

Getting out of debt can be a life goal, or it can be a goal achieved daily through little steps. Debt can be manageable, but a person must be hands-on about their financial health. A hands-on, educated approach decreases confusion and increases the speed at which debt dwindles and savings increase.

Timeless Investing Tips

admin — Tue, 26 Apr 2011 13:55:26 +0000

Why learn the hard way by losing your hard-earned dollars making the same old common investing mistakes. It’s much better to learn from the experience of thousands of investing professionals over the last 100+ years. Here are the timeless investing tips.

Invest for the long term. If you are looking for quick winnings all you’re going to do is lose money, sooner or later (don’t be fooled if you’re making money while the market is rising, that’s easy, the key is are you making money over the long term even across inevitable market downturns). By investing for the long term you are picking investments that have a proven ability to appreciate over the next 5-10 years, and if there is a 6 month or even 18 month down turn, you still have a good investment and time is on your side.
Diversify. Don’t put all your eggs in one basket. You don’t need to invest in 100 different stocks or vehicles, but neither should you be overly concentrated in just 5. Financial statistics show that by having at least 20-25 separate investments, none being more than 5-7% of your total position, you have significant diversification without the hassles or costs of managing 100′s of investments. Today another key aspect of diversification is to be sure to invest in global stocks as well as U.S. stocks.
Be patient & be consistent. Don’t chase today’s fad (or worse yet, yesterday’s fad). Research your options, choose carefully, put your money at work, and then be patient. If you chose investments that should perform over the long term, then be confident in your strategy and be patient, and don’t panic sell when the market turns south for a few months.
Save regularly from your earnings. Set aside 10% or more of every pay check automatically every month (a good idea is to set up an automatic deduction to your savings account). Then regularly take these savings and move them to your investment account and buy regular amounts of stock.
Don’t spend your investment earnings; instead, reinvest them in your investment portfolio. As your investment portfolio throws off earnings and profits, do not make withdrawals for a new boat or remodel. Instead, reinvest the money in the investment account. This way you have the magic of ‘compound interest’ working in your favor – your annual investment earnings will grow ever higher because the underlying investment capital at work is growing.

Time has shown that these principles will work with little risk and great returns, so long as you don’t freak out on every day’s stock market ups and downs. And, best of all, you’ll have a unique and invaluable dividend every day of your life – the ‘sleep at night’ factor: because your investments are carefully and systematically deployed for the long term in a well-diversified manner, you can live your life focusing on other issues, knowing that your investment account is doing its job: growing safely and providing for your dreams.

Things that Affects Insurance Coverage

admin — Tue, 05 Apr 2011 13:55:59 +0000

Mainly, insurance rates are used to determine the premium that you will pay for any insurance cover. Bear in mind that the premium is not the only factor you need to evaluate when considering an insurance policy. The quality of the cover and the claims record are equally important, and very often, even more important than the insurance rates.

Insurance rates are based on the level of risk that an insurer assesses and the value it places on covering the cost of paying out claims for that risk. It is vital for both the insurer and insured that this is done properly. The insurance company pays claims from the premiums that are collected and these must be sufficient to cover the total cost of any claims. If the claims exceed the premiums charged then claims will not be able to be paid which is bad news if you are the one making a claim.

Car insurance for instance, uses a variety of factors to determine the risk and therefore the insurance rate and premium. Fast cars present a much higher risk than slower ones, the age of the driver is relevant as is their claims history – bad drivers tend to have more accidents than the good ones which is why your premiums increase if you do have a prang.

Life insurance rates are based upon a combination of age, sex, and lifestyle. The older you are the more likely you are to die in any given period when compared to someone younger. Men die before women as a general rule, while if you engage in high risk activities such as smoking, this too will increase your probability of dying sooner and therefore while the insurance policy is in force. The insurance company will therefore charge a higher premium as appropriate under the circumstances.

When you are applying for insurance, the provider will seek to assess the risk that it is being exposed to. It is vital that you are completely honest with any questions that an insurance company asks or you run the risk of the insurance company refusing to pay the insurance out in the event of a claim.

In some instances, the risk to the insurance company is viewed as being so great that they will not quote an insurance rate at all. Sometimes the risk is limited to a specific set of circumstances or activity that is incidental to the need for insurance protection. A good example is where a life insurance policy will cover you but the insurance company excludes your habit of jumping out of planes because you like skydiving. You must make sure that you understand such exclusions before you agree to the policy conditions to avoid invalidating the insurance when you need it.

Remember that insurance rates determine premiums and so how much you will be charged. This does not mean that a cheap premium is the best deal. Cheap premiums may mean inferior insurance cover or conceal a poor claims payout record. Ask yourself how you would feel if you paid a cheap premium only to find that your car was not in fact insured for a particular type of accident? Expect to pay for good quality cover, but the insurance market is extremely competitive so it pays to shop around too.

Keep in mind that insurance rates are only the subjective assessment of the financial value an insurance company places on the risk it faces with taking you on as an insured customer. Different companies may assess this risk differently and apply a different price to that risk depending on their own financial circumstances. This in turn means that the most expensive insurance premiums do not guarantee the best quality cover and service, so again, it pays to shop around and make sure you compare like with like.

Facts About Transferring Credit Card Balances

admin — Fri, 01 Apr 2011 08:31:35 +0000

Balance transfer credit cards usually offer a low interest rate or no interest rate. This allows the individual to have a nice grace period to pay down his or her balance without any added fee. An individual can be free from a large amount of debt by budgeting out a plan that will lessen the debt balance before a new higher interest becomes active. Balance transfer credit cards can be a blessing, if an individual is smart enough to maximize their advantages.

The main reason why many people use this type of card is that they want to consolidate all their credit card debt into one. This will make it easier to pay the balance and can also reduce the amount of monthly payments. However, people who do this can actually end up paying more. The reason for this is that even though balance transfer credit cards offer no or low initial interest rate, the interest will eventually increase. People have to realize that when they choose to combine all their debt into a single large sum, they can pay a lot more once the interest rates increases.

People can avoid this problem by making sure that they pay a significant amount of the balance before the interest rates go back up. They should also pay their monthly payments on time, so that they will not add to their balance. Staying on top of payments and setting a plan to pay off the debt is the best way to ensure that balance transfer credit cards help rather than harm. These cards are ideal for individuals who have an effective plan to pay off their debt. Balance transfer credit cards will allow them to deal with a single company, instead of dealing with multiple credit cards that have multiple interest rates, payment dates, and other fees.

How to Choose the Best Forex Trading System

admin — Tue, 22 Feb 2011 14:57:46 +0000

Forex market or Foreign Currency Exchange market is one of the biggest trading market in the world with over USD 1.3 Trillion traded in a day. It is drawing attention ever since it is open to online trading. Forex trading can be very profitable if you take your time to do a proper research, understanding various options and choose a system that works for you. The most used Forex trading system may not be the most suitable for your needs. There are many different kinds of Forex Trading Systems and you need to know a few facts as mentioned below, before choosing and funding a system.

Testimonials: Is there anyone out there who is trying to sell a system and show you testimonials from the people who actually didn’t like the system? Highly unlikely. You should do proper research before indulging into a system that is completely new to you.
Impression: Do not be over impressed from high percentage of winning forex trades because a 90-95% winning trades with average value $10 gets you $900. If you have 10% losing trade and unfortunately average losing trade is $200, then your account is reduced by $2000. This is an explanation that people often tend to ignore while doing Forex Trading or any trading in general.
Profit: Do you want to work with a Forex Trading system that breaks even? Why? If you keep the money in your home, you will still break even, then why take all the hassles of setting up an Forex Trading account and do all the work. Really speaking, you should always do some research on how profitable a particular trading system is?
Drawdown: The maximum drawdown of trading system is defined as the greatest peak-to-valley drawdown in a trading system’s equity. Maximum drawdown gives us a measure of the survivability of the trading system.
Time to profit: The actual time it takes to achieve the results with a particular trading system. You should plan to have a long and profitable relationship with your trading system.

Try to use a trading system that let you open a Demo account so that you can practice and learn about Forex Trading without risking any money.