How to Use Credit Cards Wisely

How to Use Credit Cards Wisely

Like most things in life, there are always two sides to everything. We try to maximize the benefits and minimize the negatives. The same holds true with credit cards. They can be a valuable resource, but you have to use them wisely or they could cause trouble! Understanding the pros and cons of credit cards can help you navigate your financial decisions successfully.

Here are the Pros of credit cards:

Convenience – You can use credit cards almost anywhere and for almost anything.
Great for emergencies – If your car breaks down and you need it fixed, your credit provides you with an immediate sum of money.
Rewards programs – These days you have so many choices when it comes to reward programs. If you want to save money on gas, get a card that gives you a discount. If you want to travel, get a card that give you free airfare mileage. If you want to start a college fund, get a card that will put money into your child’s college fund.
Building your credit history – Credit cards are a quick and easy way to build up your credit score.
Easy way to keep track of spending – Your monthly statement can help you maintain a budget, and manage expenses.
Establish a business account – With a business credit card account you’re keeping your business and personal funds separate and establishing a business credit history.
Security – If you lose your money it’s lost forever, but the bank can replace a credit card and stop any unauthorized purchase. And if you overpay for something or receive a defective product you can contest it or get your money back through your credit card company.
Consolidation – If you’ve used several credit sources, you can consolidate payments into one payment.

These are the Cons that you want to minimize:

High interest rates – Make sure you can pay off your balance each month.
Fees and penalties – Choose credit cards that have lower fees and always pay on time.
Identity theft – Having a credit card increases the risk of identity theft. Be sure to keep an eye on your statements, and shred them before discarding them.
Increase debt – If you’re not disciplined, you can easily find yourself with a large debt. Don’t let your debt get out of hand.
Credit score risk – If you have too many cards or don’t maintain them well, your credit score can drop quickly.

Here’s how to maximize the advantages:

Use your credit cards in emergencies primarily.
If you have a business, establish a credit card in your business name to separate your business and personal finances.
Choose and use rewards programs wisely to maximize discounts, accumulate travel miles, start a college fund and meet other financial goals.
If you have a lower interest rate or 0% promotional cards, use them to pay for large purchases, but make sure you can pay off the debt before interest rates increase.
If you need to increase your credit standing or score, use your credit cards and pay on time. Carry some debt short term and then pay off the balance. Financial institutions are evaluating your ability to maintain your debt in calculating your credit score.
Review your credit card statement every month and use it to maintain your budget. If you find that you are spending too much, switch to cash only purchases.
Use credit cards for thoughtful purchases and never for impulse buying.
Put all your automatic payments on credit cards so you have a record of them, but make sure you pay them off each month.
If you have several higher interest payments that can be lowered by consolidating them onto a lower credit card, do so, but keep in mind that it’s only for the short term and you must pay them off before the interest rate rises or is due.

Credit cards are a modern convenience and can be beneficial if used properly. Are there other advantages that you can think of? We would love to share your tips with our community.

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How Are Those Goals Working For You?

How Are Those Goals Working For You?

Many of our goals are similar to those of our neighbors, friends and family. Most of us would like a nice house, a new car and more stuff. But are these things what dreams are made of? Are these our true goals? Or are we following what everyone else wants?

Sometimes it’s important to stop and ask yourself: How do I know what I really want? How do I find my OWN purpose and passion?

Here are some practical steps to help you get started:

Don’t be afraid to dream. Give yourself a few hours today and daydream about what you want to accomplish. Visualize, imagine success, and write down those activities and/or achievements.
Make a list of what makes you smile, delights you and gets your heart pumping.
Review your list and pick one to focus on.
Briefly, write down what it is and clearly describe how it looks, smells and tastes like. Use this process to turn your vision into words and bring it into your reality. Give it life.
Now that you have a rough idea of what it is, do some more research. Answer who, what, when, where, why and how.
As you continue to define and think about your new goal, start to get yourself excited and make it your own.
Once you have a concrete goal, follow a plan to achieve it. Here’s a simple way to create a plan: http://dsef.org/2011/09/12/the-power-of-a-plan-and-30-days/

Accomplishing goals that really matter to you will not only bring you true success, but offer deeper personal satisfaction. Like with any journey, the beginning is filled with excitement, you’ll open greater opportunities along the way, and in the end you’ll create a lifetime of memories.

So, what’s your purpose and passion? How’s your journey going? We would love to hear about it. Please share your thoughts and insights in the comments below.

Free e-book “Business Owner’s Road Map to Success.” It has over 50 pages of techniques for everything a small business owner needs to master, from business planning and ethical selling to a success mindset. It’s all there and it’s free for you. To get it, just “Like” our Facebook Page here: http://on.fb.me/KsIN6P Pass it on!

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How to Be More Productive

How to Be More Productive

We all procrastinate once in a while, and usually we just wait for it to go away. But we’ve also experienced moments when we felt unstoppable. Like a super hero! So, how can we experience more super hero moments?

The trick to being more productive is to spot when you’re not being productive and be prepared to overcome it. You are practicing self-discipline and you can master it.

Step 1 – Use your calendar to mark short, medium and long term goals.

Step 2 – Create a daily schedule.

Step 3 – Make and prioritize your daily to do list to help you focus on what needs to be done and to reduce unproductive temptations.

Step 4 – Acknowledge and recognize time wasters/unproductive activities.

Step 5 – Decide to stop the time wasting or allow the unproductive activity for 5 minutes and use it as a break, or make it a reward with no time limit when you have completed your productive tasks.

Step 6 – Understand and identify your work strengths and weaknesses.

Step 7 – Use your strengths and/or set aside the time when you’re typically the most productive to tackle more challenging tasks.

Step 8 – Get more organized.

Step 9– Improve time management and efficiency skills. Read up on how others manage their time, and use their methods. Here’s a web page from Dartmouth College to get you started: http://www.dartmouth.edu/~acskills/success/time.html

Step 10 – Keep a journal or chart and write down your accomplishments.

Step 11 – Reward yourself when you accomplish the tasks on your to-do list.

How do you handle moments of procrastination? Do you have a tip to share? We would love to hear from you in the comments below!

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Want to Work From Home? Tips for Getting Started as an Entrepreneur

Want to Work From Home? Tips for Getting Started as an Entrepreneur

Do you wish you could find a job that will let you work from home and make your own schedule? Have you ever considered becoming an entrepreneur and owning your own business?

Many people start a business because they think they have a great idea, or a product or service that will make money. Some people start because think that they can do something better than the businesses already out there. Other people are introduced to a business by a friend, and join because the timing is right or they love the product line.

When you decide to jump into entrepreneurship, here are some thoughts to consider:

Who would be your customers?
Where could you find these customers?
How much money do you need to start this business?
What makes your business special?
Are you passionate about what you will be doing?
What other resources do you need?
What’s your financial goal?
Are you willing to invest a lot of time and energy into this business?

If you’re still interested in pursuing a business, here is a handy site from the Small Business Administration. It contains step-by-step instructions and advice to starting your own business. http://www.sba.gov/content/follow-these-steps-starting-business

You might also consider a direct selling business. Legitimate direct selling businesses offer low start-up costs, a proven product line, training, and support. Many of these companies are members of the Direct Selling Association, and agree to comply with the DSA Code of Ethics. You can learn more about direct selling, and how to find an opportunity that’s right for you, here: http://www.directselling411.com/

And if you do decide to take the leap and start your own business, we congratulate you! Great countries are built upon entrepreneurs like you.

The DSEF is here to help. If you have any questions we’re here to provide the answers and support for you to succeed! So, what’s your first question? We’d love to hear how your business is going!

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Ethical Selling

Ethical Selling

When we think of selling, we often think of the shady used car salesman. The whole idea of selling anything is often uncomfortable for people. It requires a mind shift to move into your comfort zone when selling. Imagine that selling is more like helping a friend. And it can be. In fact, that’s the foundation of ethical selling.

Here are some ways to make the selling process more comfortable, natural and lower stress.

Start in your own backyard, your community. Talk to people you know, your friends, neighbors, and the people in your town. Gradually build and network outward with people with whom you have something in common.
Build friendships (clients) based on common interests. Share things that are happening in your town, church, local organization, in charities, in local sports, cultural events, schools and local businesses.
Listen, have conversations, and develop friendships within your community. Find out who has problems that your products/services can help. When you genuinely care about people (clients), you’ll find that providing your products/services doesn’t feel so much like selling, but more like helping.
Develop the skills to figure out who needs your help. For this, you will need to learn networking skills, develop a positive attitude that attracts people, develop good listening and communication skills, and act comfortable in your own skin even when you don’t feel entirely comfortable inside.
Remember, make friends with everyone. Even the people who don’t require your help can be your ears and eyes for others who may need your help.
Share testimonials. During the transaction process, focus on how the product/service has helped you and/or share testimonials on how it has helped other people. Make it less about the selling process and more about how it will help them.
Continue to nurture your friendships. It will bring personal fulfillment, grow your network and create more loyal customers.

This way may take a little more work and time. But, it will make selling feel less like selling, while you focus on matching people with products and services they actually need, while also building fulfilling relationships. Ultimately, your financial success will also include the satisfaction of really caring about other people.

To learn more about ethics in sales, and the DSA Code of Ethics in direct selling, check out this series of videos.

What are some effective, ethical sales techniques that you use? We would love to hear your tips and comments.

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More Marketing Ideas for Small Businesses

More Marketing Ideas for Small Businesses

When you’re in business for yourself, marketing is incredibly important. You need to get the word out about your business, and there are specific strategies you can use to market yourself effectively.

Before you begin, have a plan, target audience and goal in mind. For instance, a discount or promotion to reward your loyal clients, or provide free delivery for clients who are new moms is a plan, aimed at a targeted audience and has specific goals. Include in your plan a way to measure your return on investment. This way you’ll know if it worked and how well it worked.

Here are some tips to help you market your business:

Become a contributing expert for a blog or local news media.
Start a Facebook page for your town and be a positive voice for what’s happening in your area.
Start a YouTube channel and provide tours of your town.
Partner with other businesses in your area to increase word of mouth.
Offer workshops, teleseminars or webinars
Display signage on your cars, t-shirts and temporary signs on lawns (with permission).
Organize a charity collection or fund raiser.
Hand out tip cards to solve problems that relate to your business.
Sponsor free car washes.
Sponsor free sidewalk address number painting.
Sponsor a street performer/artist to promote your business.
Promote causes and charities in your area.
Sponsor free workshops to help people in your community, like a math or personal defense workshop.
Make yourself and your business memorable. Be known as the lollipop giver.
Showcase testimonials in your marketing.
Hold special promotions like client of the month.

The best marketing is providing your customers with consistent excellence and memorable service that they’ll tell their friends about.

How do you market your business? Please share in the comments!

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8 Steps to Create a More Efficient Business

8 Steps to Create a More Efficient Business

For many of us, maintaining our business is what we focus on every day. We rely on what’s been working and old routines. However, by implementing small changes, you can make your business more efficient and more profitable.

Here are some tips to help make your business more efficient:

Create or review and if necessary revise your business plan to help you focus on your business goals.
Make a chart highlighting your goals and include a calendar that shows daily steps toward obtaining your goals.
Implement schedules and budgets. Create schedules to clarify time management, and carefully track budgets to reduce expenses.
Formalize your processes. To start, walk through processes that your business uses frequently. Then, formalize best practices and methods in that process. This will make things run more smoothly and reduce confusion.
Use practical technology to make communication better, to help yourself stay better organized, and to save money on paper and wasted time.
Provide a forum for feedback from team members and customers. People who do the work every day or use your products/services can help stream line your business processes and generate positive buzz.
Do a formal business assessment. Evaluate your duties, schedules, budgets, processes, technologies and feedback from employees and customers. Ask yourself if these processes can be done more quickly, reduce waste, do double duty, generate more customer satisfaction, and save money. Your assessment could be done quarterly, bi-annually or annually.
Think through new processes. Prepare a plan to roll out new systems/ideas, assess their implementation, and deal with adjustments and complaints.

Businesses that improve will succeed, and efficiency is key! In assessment, we try to reduce errors and build upon successes.

How do you make sure your business is running efficiently? How do you review/adjust? Would love to read your thoughts in the comments below.

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22 Ways to Earn Extra Money

22 Ways to Earn Extra Money

There are many reasons to take on extra side jobs. Sometimes we need to make extra money because we want to save up for something, or simply have extra spending money. Sometimes it’s just for the pure enjoyment of working on a job we love. And for some, it’s to test the waters and see if we have the entrepreneur “chops.” For many it’s most likely a combination of reasons.

Whatever your reasons, here are some ideas to make extra income:

Pet sitting/walker
Pet grooming
Lawn mowing/ Lawn maintenance
House or Business cleaning
Selling homemade goods on a site like Etsy
Kids party organizer
Childcare
Senior care
Personal baker
Personal cook
Personal spa treatments
Substitute teacher
Tutor
Specialized skill services – like teaching a foreign language, sewing, teaching music, etc.
Local delivery service
Personal car washer/detailer
Sell baked goods
Personal chauffeur
Garage sales
Handy fix-it person
Painter
Direct sales opportunities (this can be part time or full time, depending on how much money you want to make)

You might even want to partner with your older kids. It’s a great life lesson, and a great way to teach finances, goal setting and math in a practical application.

Do you have other ideas to generate extra income? Do you use life experiences to teach your children about finances and math concepts? Would love to read your thoughts in the comments

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Feeling Stuck? Tips to Get Yourself Moving

Feeling Stuck? Tips to Get Yourself Moving

Call to action!

There are times when you just don’t want to do something, or you feel it’s too overwhelming to even begin. Here’s a process that can call you to action!

Write down your goal and post it somewhere you will see it. Include how it will make you feel when you achieve your goal.
Create a simple and easy work mantra – for example “One more step to get ahead!” Saying your mantra as you work will help cancel any negative thoughts as you work through your task.
Ask yourself, what would get you moving? It might be turning on some loud music, posting motivating quotes around your work area, turning on all the lights to make your work area brightly lit, using motivation tapes, setting a loud timer, and/or asking a friend to be your accountability partner.
Break it down to smaller tasks, and if it’s an extremely large goal, break it down by time. For example:
• 5 minutes to finish the first step
• 10 minutes to finish the second step
• 15 minutes to finish the third step
Consider how you break down the time. Make sure it’s appropriate to complete the task.
Give yourself small rewards in between completing several steps toward your ultimate goal.
Change location. If you can’t work at home, then go to the library or to the park.
Be positive, use positive words and never beat yourself up.
Keep going. If you get off schedule, just dust yourself off and start where you left off.

Life is like a river. Your action is like a boat and paddle. Use it to get to where you want to go, or you may end up going nowhere.

How do you get yourself motivated? How do you get through difficult tasks? Would love to read your tips and advice in the comments.

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How Can Partnerships Grow Your Business?

How Can Partnerships Grow Your Business?

Have you ever considered forming partnerships to grow your business? They can be powerful!

How does entering a partnership help grow your business? Imagine, your local health food store partnering with your local gym, a make-up artist with a wedding dress store, a caterer with a cookware store and an interior decorator with a real estate agency. Imagine the possibilities for your business! And if you’re a new business, what an effective way to promote and build your new business.

Entering partnerships to grow your business

The benefits of partnering with another business:

Increase your customer base quickly.
Increase word of mouth and exposure in less time.
Share business expenses.
Provide greater value to your customers.
Increase expertise and knowledge.

Here’s your checklist before entering into partnership:

Find someone local to partner with.
Be completely objective in picking the right partner. (Don’t just pick your friends…be sure it’s a good match for your business.)
Find a partner with complementary products or services and not a competitor – for example a shoe store with a clothing store, a vitamin distributor with a health club, or a chocolatier with a wine shop.
Know what you want from the partnership, and set goals that you want as outcomes.
Write everything down. Clearly state expectations and responsibilities, and consider drawing up a contract.
Anticipate and discuss all the challenges and problems before partnering.
Start with a single project before doing more together or becoming long term partners.

So if your business is slowing down or needs an injection of new mojo, a partnership might be in your horizon. Follow these tips and make your new partnership a success!