Grabbing the Reins

by Miata Edoga

You've decided it's time to take control of your money. Bills keep piling up, creditors incessantly call, and now you know it's time to start. Sound familiar? You aren't alone. Over fifty percent of Americans have some credit card debt. The housing crisis still isn't over. The unemployment percentage hovers around double-digits. Many of us need to grab the reins and find a plan.

Where to begin, though? How do you start turning pennies into dollars, and dollars into ten dollar bills?  Here's step number one:

Let's get the word out the the way.  The dirty "b" word.

Budget.

Yuck. A budget feels like work, doesn't it? It's nails on the chalkboard. It's the singer missing the high note. A budget seems like hours sitting over a spreadsheet, tracking every box of macaroni and cheese, every stick of gum, every coffee.

No thanks.

I don't like that type of budget either, so let's change the terminology. You need to change the language to change the behavior. I'll propose a new approach. We should start with the job you're trying to complete. You're trying to practice well with your money so you have funds when you need it. We should use a phrase that conjures up the image of taking control, practicing great habits, and achieving your dream.

Instead of a budget, let's talk about a money plan.

Much like a play well performed or a song well played, I like the practice that makes a money plan perfect. Simply put, a good money plan creates successful money performance. It creates the standing ovation from your wallet that you're looking for when you practice and perform well.  There isn't room here to detail the entire plan, but here are some important steps:

1) Write out how much money you earn in a month. Be conservative. You'll need to be able to live through those tough months when money isn't coming in.

2) List the expenses you can't live without. Financial planners call these "committed expenses."  We'll call them rent or mortgage, basic groceries, utilities, and costs associated with your work, among others.

3) Now write those expenses you can live without, but currently enjoy. Financial planners call these "discretionary expenses," but we'll just call them gifts, cable television, eating out, and other "lifestyle" expenses.

Now here's the fun part. Before we subtract your expenses from income, it makes sense to see if either of these areas can be improved, doesn't it? Here are some questions to ask yourself, to see if you may be able to save some money.

1) Are there ways to improve my income? I never know the answer when I ask a client this question, but, surprisingly, nearly everyone says "yes, I can." Everyone has a variety of thoughts on how they could earn more money. But before grabbing the first income-generating opportunity, ask yourself a more important question: "Is the way I earn more money going to detract from my artistic potential?" If so, search harder for ways to earn dollars that are congruent with your life goals. Don't create a money plan which is detrimental to your life plan.

2) Are there ways to lower my expenses? Most people begin by cutting discretionary expenses, such as coffee or ice-cream. Generally, this isn't the first place professionals look, because although there might be a few opportunities to save a dollar here, the large savings is nearly always in the committed expenses area.  Can you somehow change your rent or mortgage situation? Are there opportunities to lower utility expenses? Do you need both the land line and cell phone? How often do you watch cable television? Comb through each expense and ask yourself if there is a method to lower some costs without damaging your lifestyle.

Once you've examined both income and expenses it's time to do some basic math. Subtract your expenses from your income. Hopefully, there's money left over. If not, it's time to really sharpen the pencil and ask hard questions about income and expenses. If so, you're well on your way to working your money plan. Stay tuned to our website for that topic in a couple weeks!

©2010 Abundance Bound, Inc.

Abundance Bound was created to support actors, artists and creative professionals in the development of financial stability and independence. To learn how to begin the journey towards prosperity, register for the free resources available at www.AbundanceBound.com

Do You Work In the Cloud?

by Shannon Suetos

Working in the cloud, or cloud computing, is when you are working with software programs that operates with shared resources, and can be accessed from one computer to the next without problem. One of the most common software options for working in the cloud is Google Docs, and Salesforce.

If you don’t use these programs, chances are in a few years you will be. A study conducted by Pew Research and Elon University has gone on record saying that, “71% of technology experts and stakeholders participating in the fourth Future of the Internet survey expect that by 2020 most people will access software applications online and share and access information through the use of remote server networks, rather than depending primarily on tools and information housed on their individual, personal computers. They say that cloud computing will become more dominant than the desktop in the next decade. In other words, they anticipate that most users will perform most computing and communicating activities through connections to servers operated by outside firms.”

Advantages

Working in the cloud does have some advantages, one being its easy access across multiple computers. Because everything is stored “in the cloud” you don’t have to worry about remembering that jump drive, or CD. You can work and edit in the cloud at your office, and access the presentation at your client’s office.

Google Docs has been evolving since its inception in 2007. The best part about Google Docs is that it is a free service, and because it operates in the cloud, your documents can be accessed anywhere anytime.

Multiple people working on one document is much easier when it is in the cloud. Simon Mackie states in his blog that, “rather than emailing files to my colleagues and trying (and failing) to keep track of all the different versions, using a tool like Google Docs means I can have one document that everyone can access — it’s even possible to have more than one person editing that document at any one time, if I wish.”

Disadvantages

Some people say that putting your “faith” into cloud computing is a lot like putting all of your eggs in one basket. Some of the respondents in the study felt that, “cloud dominance by a small number of large firms may constrict the internet’s openness and its capacity to inspire innovation – that people are giving up some degree of choice and control in exchange for streamlined simplicity.”

Putting your faith on something running on the Internet is also a touchy situation. If your Internet goes down during your presentation, you will not have access to it. This doesn’t happen often, but it does happen from time to time. If the presentation is very important, you should have a backup plan.

Even with these disadvantages it seems more companies are taking notice of the popularity of Google Doc’s—Microsoft in particular. Attached with Microsoft Office 2010 there is are cloud based applications for their desktop services. Microsoft named this addition Web Apps and it is a free service if you purchase Office 2010, or it can be used by itself for free.

Have you used cloud computing services? What do you think about working in the cloud? Let us know below.

Shannon Suetos is an expert writer on credit card processing based in San Diego, California. She writes extensively for an online resource that provides expert advice on purchasing and outsourcing decisions for small business owners and entrepreneurs such as credit card processing companies at Resource Nation.

"5 Steps to Thinking Big and Living Grand"

by Ali Brown

I know what it's like to think that the lifestyle I want is out of reach. Just 10 years ago, I would lie on my bed in my tiny 400-square-foot studio apartment and flip through magazines, wishing I could have the luxurious lifestyles I read about.

Despite that negative, nagging voice in my head that reminded me I could barely afford rent, I'm now living a beautiful life I created for myself from scratch. Instead of moping around an apartment I can barely afford, I now have the means to travel and to inspire others. Last year I took a solo retreat to Maui, and this year I vacationed at an exclusive beach resort in Cabo San Lucas.

How'd I do it? By deciding not to settle for being average and thinking BIG. Changing your mindset can be a challenge, but the rewards are well worth the cost. Here's how you can get started...

1. Eliminate negativity. This includes negative self-talk, too. Why would the universe bring you a better life if you don't appreciate what you already have? Show gratitude for everything in your life now. Those seemingly bad days happen for a reason, so whenever you find yourself thinking, "I can't do this" or "that's impossible," reframe it as the opposite. "I can do that, that is possible..." You owe it to yourself to give yourself the love and support you need to succeed.

2. Document your dreams. Earlier this year, I wanted to manifest a new house, so I listed all of the qualities in my dream home: a 3-car garage, workout room, walk-in closets... (Don't censor yourself! Anything is possible, even if it seems silly now.) I also bought some real estate magazines, cut out pictures of homes I love, and created a collage. I'm constantly updating my "dream board," which is now proudly displayed in my new house!

3. Surround yourself ONLY with supportive people. I only shared my house dream with friends and family I knew would support my decision. (NOT those prone to phrases like "Are you crazy? Who do you think you are? Ms. Trump?") Your true friends and family will be happy to share in your dream. If you don't have anyone else to support you, then it's time to make new friends - join a networking group or a mastermind.

4. Decide, believe, and watch for clues. It's not enough to make a decision to work towards your dreams. You must also truly believe in them! Don't worry about HOW your dreams will manifest themselves. Watch for clues, and the HOW will find you, perhaps in the form of a new business partner or a new client. But remember that the dream comes before the HOW.

5. ACT on opportunities when they appear. Action involves risk. You might have to hire more people to help with a new client. You'll need time to research that prospective business partner. Or figure out how to hire that amazing new mentor. But it's up to YOU to take action when the path is revealed. The universe is supporting you, and each step will bring you closer to your dreams.

© 2010 Ali International, LLC

Self-made multimillionaire entrepreneur and Inc. 500 CEO Ali Brown is devoted to creating financial freedom for women globally through the power of entrepreneurship. To learn how to create wealth and live an extraordinary life now, register for her free weekly articles at www.AliBrown.com

Screw Up Your Banking Relationship

Here is how to screw up your banking relationship. Send your internal financial statements to your bank without having a CPA review them first. Last week, I got a panicked call from Jim, who was in a meeting with his bank. The banker, who was in Jim’s office, had some serious questions about the financial statements they were reviewing together. I was in a meeting. So I couldn’t take his call immediately. After my meeting ended, I returned his call. Jim had given the bank financial statements that his internal bookkeeper, Jan (his wife), had printed directly out of QuickBooks.

Jan is a wonderful person, but she isn’t much of a bookkeeper. She doesn’t have a degree or certificate in accounting. She isn’t certified as a bookkeeper. Jan’s sole qualification as a bookkeeper consists of sleeping with the owner each night. Surprise, surprise, the financial statements that she produced were a mess. They have been a mess for years.

If you read my prior post about bookkeepers, you will remember the keys to the accounting kingdom. Every number on your balance sheet should match an amount in the real world. In other words, if your balance sheet shows $100K of accounts receivable, in the real world, your customers show owe you exactly $100K.

Jim’s bank had loaned about two million dollars to his business. Since the business had poor financial results for two years in a row, they were keeping a close eye on Jim, meeting with him quarterly. The financial statements that Jan had produced for the meeting were incorrect in every way imaginable. There was a non-existent bank account on the balance sheet with a large negative balance. Accounts receivable and payable were incorrect. There were a number of totally unsupported, large liability amounts on the balance sheet. One liability account showed that Jim’s business owed two million dollars to someone, but Jan had no idea to whom the money was owed. The only thing Jan had done correctly on the balance sheet was the reconciliation of the main checking account. The financial statements were unreliable in every way. The banker in Jim’s office was understandably alarmed. They had loaned two million dollars to a business, whose owner had no idea how his business was performing. Jim sent me the financial statements he had given to the banker. I couldn’t tell either how his business was performing. Over the next couple weeks, I will be working with Jim to fix his financial statements. However, his credibility with the bank has been irreparably damaged. Jim should fire his bookkeeper even if it ruins his sex life.

I am currently working on a set of June 2010 financial statements for Samantha’s business. I have made ten adjusting entries so far. I expect to have about twenty when I am finished. Some of the adjustments are for only a few thousand dollars. One of the adjustments is for almost a million dollars. Samantha’s bookkeeper is no prize either. At least Samantha isn’t sleeping with him. This is a large company. After making twenty adjustments, Samantha’s financial statements will be ready for the bank. Imagine what the financial statements looked like before I started working on them. At least Samantha had the good sense to have me look at and fix the financial statements before presenting them to her bank. Her credibility with her banker will continue to be good.

Unless you have a really good understanding of your financial statements, and are absolutely certain your internal bookkeeper is outstanding, you should have a CPA review your financial statements before sending them to any third party. By the way, your bookkeeper’s main qualification shouldn’t be sexual attractiveness. A little accounting knowledge would be nice. There is a reason banks require business customers to submit financial statements prepared by CPA’s. They know most internally prepared company financial statements are unreliable if not outright misleading. Keep your credibility with your banker. Make certain your financial statements are reliable by having your CPA review them regularly.

"Women Entrepreneurs - The Secrets of Success" for Wednesday, August 4th

Natalie Jobity

President of Élan Image Management, an image consulting company, Natalie Jobity is a premiere image consultant in the DC metro area. She works individually with woman, men and groups as an image consultant, fashion consultant, personal shopper, branding/style coach and more. She conducts Seminars & Workshops for a variety of organizations, companies, women’s groups, teens, and college students. Natalie has recently been interviewed on NewsChannel 8 on a Dress for Success segment, has been interviewed for IONMedia Network TV and has been a featured fashion and wardrobe expert in a variety of publications. She also has a column on Examiner.com titled, ‘Women’s Image & Wardrobe and her own blog on her website: ElanImageManagement.com.

Natalie’s business tagline, ‘Presence with a Purpose’ TM encompasses her belief that our visual presentation should be a reflection of our internal beliefs and values, our tastes and preferences, and our innate personality and essence and help us move forward to achieve our life’s goals. With this foundation, image becomes a facilitator for inward change and growth and vice versa. Her approach incorporates all these components in her work with women and men so the end result is a unique visual presentation that is effective, authentic, sustainable and original.

With over 15 years of experience in marketing, most recently working as a VP of research in the financial services sector for a marketing research company, Natalie has often counseled corporate clients on understanding the drivers of their company brand reputation and corporate image and she leverages this experience at Élan Image Management.

Natalie is certified by the prestigious Association of Image Consultants International (AICI). She has also received styling and image training from the Image Resource Center of NY, an internationally recognizable training group in the image consulting field. Natalie’s formal education includes a B.S. (magna cum laude) in Accounting and Economics from Rutgers University, a Masters in Finance from Cambridge University and an MBA in Marketing from Baruch College, CUNY.

3:30 pm EDT
Listen to the live or archived show at:
http://www.blogtalkradio.com/CoachDeb

Public Speaking Fear - Will They Reject My Expertise?

Fear of rejection sometimes shows up as public speaking anxiety is when you're afraid they'll reject your expertise. You know - those doubts that sound like this:

• Who would want to listen to me?
• What if I don't sound as good as ___________ (insert other expert's name here)?
• I must be kidding myself. Who do I think I am?

Do you realize these are common doubts and fears? Listen closely to successful people, and you'll hear them mention these concerns popping into their minds, too. So you're in good company!

What To Do
Those fears about your expertise don't have to derail you. And they definitely don't have to stop you from speaking up. There are steps you can take to help yourself to move past the fear.

1. Use the question "Who would want to listen to me?" It's actually a great incentive to craft your talk more carefully. The answer to that question is this: People who think you can solve their problem are the ones who would want to listen. So speak directly to them, and only them. When you're writing your talk or elevator speech or video script, imagine your ideal client sitting across from you. Then write to that person. When you get to speaking this out loud, your passion will shine through because you're addressing your people, your targeted community.
2. "What if I don't sound as good as WhatsHerName?" It's natural to compare ourselves to others. We all do it. But this particular question is NOT useful. Here's why: You're comparing apples and oranges. You are uniquely you. Your message and the precise way you deliver it is different from everyone else, because you're a different person. So you're going to sound different from her. And that's a good thing.
3. There are more than enough clients and customers to go around. Always. And you want to connect with the ones who are the right fit for you. That's why it's so important to relax as much as you can so you can just be yourself. And let that unique you shine through to click with your special people.

So keep checking out others in your industry. Learn from what they're doing and how they're doing it. See what you want to try yourself, and what you want to avoid. Maybe you can form partnerships when you see how your offers actually complement each other. But stop comparing yourself, because there's nobody out there just exactly like you. And there are people just waiting to hear what you have to say!

From the desk of Janet Hilts MPH, EFT-ADV
http://SpeakUpAndShine.com

Copyright © 2010 Janet Hilts, Speak Up & Shine | Clearing Pathways, Inc.

Treat Your Customers Like Fools - Laura finally gets a car

The experience with the Nissan dealer still left Laura one new car short of our goal. At this point, we had definitely decided on the Honda Accord. We had a decision on the car. Now we had to decide on the dealer. If you remember, I had received a price that Laura’s dealer had told me wasn’t possible for the trim she wanted. I e-mailed the sales weenie at the dealer with the lower price that we were accepting his offer. He called me, and we made an appointment to pick up the car a few days later. Life was good. I had the deal in writing, which was the point of negotiating by e-mail.


When we went to pick up Laura’s new car, our sales idiot showed us the car to make certain it was the exact color and trim. It was. I was happy and proud of my negotiating talent. I had slain the car dealer monster for Laura and gotten a great deal. My grand negotiating strategy, modified for the internet age, was a great success. I was a genius among men.

We sat down with the sales scumbag to complete the purchasing paperwork. He filled out the sale order, congratulated us on our intelligence in selecting his deal, and presented the buyer’s order to me to be signed. I looked at the price. It was about a thousand dollars higher than the price I had printed from my e-mail from the dealer. I showed him the e-mail, and his face became flushed. He excused himself and went to see the sales manager. I smelled a rat. In fact, I smelled a whole dealership full of rats. We put on our coats and stood up to leave.

Our sales jerk called to us to stay. We did, but we kept our coats on. After a brief discussion with the boss, he returned to our table with a sheet of paper in his hand. He put the sheet on the table. It was a price list. Each model and trim combination had a price. He pointed to the car on the list that was the one we wanted. We saw the higher price he had written on the buyer’s order. He then pointed to the next line down, which showed a different trim. That car had the price I had been offered in the e-mail. He explained to me that Their internet sales manager had given him the price for the wrong car when he sent the price offer to me. He further explained that this list was a regional price list that all the local dealers used. Now I knew what the sales guy from the other dealership was talking about when he told me they “couldn’t” sell me that car for the price I was quoted. I think that policy would be called price fixing in most rational universes. I’ll let the lawyers among you decide if this was illegal. At the time, I didn’t give a crap. I now knew that you can’t even trust a car dealer when he puts a price in writing.

We stood and walked toward the exit. He ran after us and offered to split the difference. As a CPA, I have lots of experience with pathological liars. I know, and you should know, that once a liar is revealed, you really have to cut all ties immediately. Once a liar, always a liar. Can you imagine trusting this dealer’s service department? As we walked out the door, I turned and very loudly addressed the entire dealership, including prospective customers. I offered my opinion on the sales turd’s integrity, honor, and worth as an alleged human being. We went back to Laura’s dealer and bought the car for the lowest “allowable” cost.