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How to Fix Your Personal Economy
Jul 27th
The secret to improving your wealth and fixing your personal economy is found in 3 steps. Once you take those steps you will find the prosperity and lifestyle so many only dream of. So let’s get started!
Step 1: Reduce Debt
One of the biggest obstacles that hinders your prosperity is debt. Debt is the #1 cause of bankruptcy, and it disrupts savings and investing. So let’s use a simple but powerful strategy that can help you reduce your debt faster than usual.
This strategy is called “debt stacking” or “snowballing”. It uses the concept of stacking payments to counteract compound interest.
Here’s how it works:
- Make a list of all your debt accounts that have a balance. Do not include accounts that can never be paid off, such as utilities.
- Next, sort them in order from the smallest balance to the largest. Typically, your mortgage would be at the bottom of the list.
- Make the minimum payment on all accounts. This step is very important at this stage.
- When the first account at the top of the list (smallest balance) is paid off, use the payments you were making on that account to add to the next account on the list.
Example: You were making a minimum payment of $30 monthly on the first account and $50 on the second account. When the first account is paid off, add the $30 payment to the second account ($30 + $50 = $80 payment to second account).
Continue down the list until all accounts are paid in full! WOW, you are now debt free!
Note: Any extra money paid should be directed to the account with the lowest balance. Spreading extra money across multiple accounts renders this technique ineffective.
Step 2: Increase Income
There are several different ways you can increase your income, but we will focus on business ownership in this section. There are 3 options to consider when it comes to starting a business. First, you could build a brick and mortar business from the ground up. However, many traditional businesses fail for a great many reasons ranging from insufficient capital to lack of knowledge. But if you have enough capital and know-how, you can be successful.
Second, you can buy a franchise. There is a wide variety of franchises in many sectors of the market and your choices range from restaurants to repair shops. One of the major setbacks to this option is the fact that it may require a huge initial investment, and more often than not there is a reoccurring franchise fee that comes with the privilege of having a recognized brand. Very few people can afford this option, but it is still a good option.
The third option is a home-based business, which is one of the biggest trends in our economy today. There are many businesses to choose from in just about every industry, and the best part is that most can be started for less than $1,000! In some cases you can even get started for less than $500! If you choose the right one, you could have a full support system at your disposal. A home-based business is by far the best option for the average person to make a huge and positive impact on their finances.
Step 3: Reduce Taxes
After you start your home-based business, the advantages really begin. Uncle Sam will help you by allowing you to have some incredible deductions! Any expense you incur because of your business that you would not have incurred if you didn’t have a business is probably deductible.
What Deductions May Be Allowed
The cost of starting up your business, promotional materials, product samples, internet access, fax lines, lead lists, website fees, printing costs, briefcases, laptops, business cards, and home office furnishings all can be 100% deductible if they are used 100% for business.
The benefits of owning a home-based business doesn’t stop there. There are also car allowances if you keep good logs of the primary purposes of your trips.
Did I mention healthcare costs can also be tax deductible? Well, they can be!
The fact is Uncle Sam wants to help you run your own home-based business and will provide you with the deductions you need to help you lower your taxes. In fact, there are so many deductions you could actually start your business for FREE, depending on your start up costs and eligible deductions! ***Please see a tax professional to get more detailed information.
What are you waiting for? Every day you delay in starting your own business you are throwing away money in overpaid taxes. The only way to stop it legally is to start your own business now!
Fighting the evil forces of poverty – both yours and mine!
Robert Reed
The Mark of An Entrepreneur
Jun 1st
Most of us understand just how bad the economy has been over the last few years. We’ve had issues with higher food costs, increased gas prices, skyrocketing energy rates, and a shrinking
economy. But the worst issue of all is the loss of jobs.
In these tough economic times we can either rise to the challenge or be crushed under the pressure. My biggest concern has been how others have and continue to react to the current conditions in general and the struggling job market in particular.
There have been two primary reactions to the poor job market: (1) acquiring a second job, and (2) going back to school for an additional or advanced degree. Now, I’m all for higher education, BUT the problem with both of these responses is that neither of them addresses the problem…lack of jobs.
Consider this for a moment. If there are too few jobs, how does getting a second job solve the problem? Moreover, how does acquiring a degree help you get a job that may not be available? Aren’t there others out there with the same degree you are trying to get that are struggling in this very job market? Of course there are. Do you have 4 years to wait? Maybe. Does adding more debt solve your problem? Probably not.
So it becomes pretty clear that the solution to a lack of jobs is …Job Creation.
Enter the Age of the Entrepreneur
Entrepreneurs are born out of crisis and are by nature problem solvers. The “crisis” could be personal, or they could strive to solve a problem bigger than themselves. But make no mistake, effective entrepreneurs are indeed problem solvers. As for job creation being a solution to a poor job market, think about the effects one successful business owner can have on the market.
If you start a business and you plan for it to become successful, you will require the assistance of others – either as staff members or consultants.
For instance, you may need a bookkeeper or accountant, or you may need a lawyer at least to form your business entity. You may also need staff members to do paperwork, filing, customer service support, etc. But it does not end there. Consider professional services such as marketing and advertising companies, joint ventures, associations, suppliers and vendors. All of these people would generate an income because of a successful business. Now imagine thousands of successful businesses!
The truth of the matter is that entrepreneurship is the heart of an economy. Simply look at any nation with a struggling economy and you will find that free enterprise is on life support. Is it the solution to end all of our woes? No. There are many challenges that face our economy and it will take strong, smart, moral and financially literate leaders to solve them but it is up to the entrepreneur to relieve financial strife whenever and wherever possible.
“Fighting the evil forces of poverty – both yours and mine.”
Robert E Reed
The Art of Magnetic Marketing
Mar 28th
Attraction Marketing made easy
A lot has been said about magnetic marketing, often referred to as attraction marketing. Regardless of the term you use the goal is the same, it’s about the hunters making themselves the hunted. Let’s face it we (marketers) all want our prospects to come to us. Unfortunately, that can be daunting and/or expensive to say the least.
There are many industries and professions that use attraction/magnetic marketing. Affiliate marketers and Network marketers usually benefit the most from this art form. This has been a phenomenal paradigm shift for most, especially for the network marketer.
Today the top earners in network marketing are the ones who set up a system of generating leads into their primary business. Why is this so important? 97% of new network marketers fail. The reasons are many from no up-line support, poor tools, attitude, fear, laziness, outdated techniques, and on and on. But the biggest of them all is “no leads”.
In other words, newbies can’t sustain their auto-ship long enough to cover that expense with the help of sponsoring new recruits. The leads are just not coming in fast enough. Sound familiar?
What if there was a system that not only generated leads for you but allowed you to generate income simultaneously?
How powerful is that?! Not only is that powerful but it is exactly what the leaders in the industry are doing now.
If you expect to succeed in the network marketing industry you need to position yourself as a leader. Leaders get in position and leverage themselves with systems. Leverage your efforts with a lead generation system and start growing your business today!
“Fighting the evil forces of personal poverty, both yours and mine.”
Robert Reed
WWLD: Donald Trump taking a stand
Feb 8th
Regardless of how you may feel about Donald Trump, his name and brand has always been synonymous with leadership and success. Whether you are a Republican, Democrat or none of the above during times of challenge, leaders step up. In fact, that is when leadership is revealed.
I have often said we should elect a leader depending on the particular situation we find ourselves in. In other words, if we are in a time of war we should elect a leader with wartime experience. Now we find ourselves in an economic crisis on a global scale, is it not logical to have a leader with strong economic and monetary experience? This post may sound like a “Trump for President” endorsement but do not miss the point. The point of this article is about leadership. Leaders take a stand we they see a challenge they rise to the challenge.
The question is; Do you rise to the challenge in your business? Are you handling your cash flow challenges? How about your recruiting challenges? Taxes, pr, marketing, legal matters and the list goes on. There are no big problems only small people. I know that may sting a little but we must become bigger than our problems. That is leadership and personal growth.
So ask yourself “Am I bigger than my problems or are my problems too big for me to handle?”
Fighting the evil forces of personal poverty both yours and mine.”
Robert Reed
