10 Commandments of Personal Finance

For some people, getting personal finances in order is more grueling than wandering the desert for 40 years. But it doesn’t take a miracle. If you are looking for some basic guidelines, just follow these 10 commandments:

1. Thou Shalt Take Action
Reading about how to improve your personal finances is a start, but it has absolutely no meaning if you don’t take the action of putting what you learn into motion. Before you can get anywhere with your personal finances, you need to begin — right now. If you are reading this article, you know that you should be taking steps to get your personal finances in order.

Print out this list and place it where you will see it every day, so that you are reminded that personal finance is a priority in your life and that you will take some action each and every day to try to improve your lot. If you aren’t sure where to begin, start with getting your banking accounts in order.

2. Thou Shalt Pay Off All Credit Card Debt
Credit card debt is, in most cases, continue reading »

4 Tips to Teaching Kids How to Manage Money

I grew up in a pretty conservative household when it came to saving and spending money. Guess that’s why I started teaching my daughter, Mikaila, when she was young (& the other kids in my life) to be responsible with their money early on. By the way, she’s the baby and just turned 21 today! Happy Birthday kiddo!

I believe in giving children an allowance for two reasons. One, it instills in them a sense of pride completing a responsibility and receiving something tangible for their efforts. But secondarily (& most important I think), is to teach them how to manage money early on.

I gave the kids 4 "piggy banks" when they were about 4 years old and explained continue reading »

Now You Have A Home Based Business – Part 2

We addressed the "Pros" of having a home based business in Part 1, and will now review the "Cons". You decide based on your own specific situation if they really are such, or are they only "perceived" as such. They may present a new opportunity for you to get creative and move them over to the "Pros" side…..

The Cons (or are they?)

• Some towns do not permit in-home offices or limit them to certain zones. (Usually this is not a problem unless you will be having many customers coming to your place of business and/or parking company vehicles on your premises)

• Will customers be visiting your business (home) and if so will it portray professionalism? (Many people run businesses from home these days, and the stigma of years ago appearing to be a small "Mom & Pop" shop are not the same. Most people will take the opportunity to meet with a client somewhere such as a coffee shop though – keeping personal and business separate)

• If a customer does come to your home business – what would happen if they became injured? How would your insurance be handled? (Another key component as to why people will meet their clients offsite,and not on their premises.)

• Have you addressed how you would handle disaster recovery issues and strategies in the event of an earthquake, flood, or fires, etc.? (When you worked for "someone else" these may be items the company addressed behind the scenes and you may have been aware of them or not. Now, it’s up to you to have backups of all of your business documents offsite. In many situations you may be able to run your business on web based platforms that you can access from anywhere. Take some time and think your plan through and determine how you would operate in the event of an emergency.)

• Start up costs and operating costs. (Yes, starting a business will cost you money. There are many low cost alternatives to purchasing a franchise or brick and mortar businesses though. There are numerous reputable online businesses one can become involved in for a fraction of the cost, that have proven track records of generating 6 digit incomes. Learn to master marketing and even a small budget can have a great ROI.)

• Security of your database and information (Make sure you have all of the systems in place to prevent viruses and hackers to enter your system. There are many products on the market these days)

• The feeling of isolation and the lack of interacting with others. (For some this isn’t an issue at all. Others may choose to network with like minded people who work from home and brainstorm together periodically. You can also join organizations such as your Chamber of Commerce or local associations you can participate in.)

• Household distractions such as children, chores, neighbors, etc. (Working form home certainly takes self-discipline. Set up a schedule that will work for you and when it’s time to be "in the office", don’t let excuses interfere and take you away. Hire a babysitter for a certain number of hours during the day, if necessary. Tell your neighbors, that although you’re home – you really are working, and your hours are "Such and Such")

• Lack of support services such as secretarial. (You will either become proficient at things you didn’t know before and/or, you can hire out part time assistance. There are many high school/college students that could take care of your filing. There are many virtual assistants that could take care of accounting and simple processing of orders, etc. You can outsource most tasks – depending on your budget – if your time might be better spent on something else.)

• Reduced living space. (If this is an issue for you , remember the tax benefits you can take advantage of by claiming your home based business)

Come back again – next time we’ll review how to setup your work station with ergonomics in mind.

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ABOUT THE AUTHOR

Janet Giacoma has the experience to help you with your home based business . Her home business blog has the resources and information you need.

I.O.U.S.A.

Are you confused about why commodity prices are going up and the dollar is tanking? Are you confused about whether we are in a recession or not? Thank goodness we are now a global economy or we would be in dire straights for sure!

A documentary is now playing across the nation that’s about Americas 4 key deficits – savings, budget, balance of payments and leadership, plus the implications for all of us as U.S. citizens.

This movie explains why as a nation we can’t continue "business as usual", and why we need a major shakeup to avoid becoming what we are referred to in China…… "The Modern Roman Empire"

Find a movie location in your area by clicking I.O.U.S.A. If it’s not playing near you, the DVD should be out soon.

If you’ve seen this movie, leave a comment about your reaction and thoughts

Until next time, J.

"Take control of your destiny or someone else will"