Kenneth Boyd's Blog, page 65
May 20, 2018
The Daily Money Pits You Need To Know About
The problem isn’t that we don’t earn enough money. It’s that we spend too much of it.
If you’re lucky enough to have, say, a $30,000 a year job, then you’re far and away one of the richest people on the planet. Alas, it’s difficult to save as much money as you’d like because you also spend money like you’re one of the world’s richest people!
And most of this money isn’t going on big, important things; it’s being spent on the “daily money pits”- expenses that quickly use up your available cash.
Consider these money pit examples, and how you can avoid them.
Lunch on the Go
We all like convenience, but sometimes we take it too far. For example, it would make much more financial sense to prepare our own lunch at home, but many of us don’t. We end up spending $5-6 a day just on food that someone else prepared, which, spread over a year, amounts to well over $1,000!
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If you’re adding a coffee a day into that, then you’ll be hitting close to double the amount. Isn’t there a better way for you spend the $2,000? Make your own lunch, take coffee, and invest the rest.
After Work Drinks
You could save a further $1,500 a year just by skipping those after work drinks. While it can be fun to have a few drinks with your colleagues, it’s worth keeping in mind that alcohol is very expensive.
It’s not just one $7 cocktail; through the course of the night, you could have several, and then you’ll buy some food when you get hungry too. All in all, it’s an expensive way to spend an evening! Cut back, or find new ways to spend time with your colleagues outside of work.
If you’re recovering from a financial setback, this article may help.
The Commute
Work is where you make your money, but, sometimes, just the sheer act of getting there can leave a big hole in your bank account. If you drive to work, then you could be stung by high gas prices, which can add up to a serious amount of cash, especially when multiplied over many years!
A good alternative is to cycle, but be aware that even this might not save your bank account. Thousands of cyclists are injured each year, resulting in expensive hospital stays, though you can get help with obtaining compensation for your injuries online at GBW.law.
If you’re one of the lucky ones who has the option to work from home, take it – it could help you save a ton of money.
Shopping Without a Plan
It’s easy to do damage in the supermarket. Even if we’re just picking up one ingredient we need for the evening meal, we invariably walk out with many more items, at great expense.
If you’re planning to run to the shop after you’ve finished work, then make sure you’re taking a list of what you need with you. It’ll help stop those additional purchases, which you don’t need, yet do greatly inflate your weekly household budget.
Keep track
Invest the time to review your spending each week. Take a look at your bank statement and your credit card activity online, and consider if you need to change your spending habits going into the next week.
Take steps to get control of your spending, and to build a savings account balance.
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
Image: Bullseye, Jeff Turner CC by 2.
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Business Costs You Didn’t Realize Are Actually Common!
When looking to start a business, some of your costs will be obvious to you.
Every company should put together a business plan, and the expenses in the plan will likely include business income taxes, payroll taxes, overhead costs, and business licenses and permits. As an owner, you can expect these costs and include them in your financial projections.
But what about the costs that are hidden in the shadows?
Oh yes, they exist and they are not an urban legend. In fact, these expenses are far more common than the uninitiated can imagine.
Get free sample chapters from my book: Not Another Personal Finance Book.
Here are four less-obvious costs to consider before opening the company doors and starting your business.
Vehicle Lawsuits
Most entrepreneurs understand how rivals use lawsuits to maintain their market position. For example, a competitor may file a lawsuit alleging the theft of intellectual property, such as violating a patent or trademark.
If you’re recovering from a financial setback, this article may help.
Your company will have legal exposure if an employee or guest sues, due to an accident in the workplace. Unfair dismissal is also getting more and more common.
Vehicle lawsuits, however, don’t get as much attention as the others- even though they are fairly common. Company car and semi-truck crash statistics prove this pretty emphatically. Businesses that use vehicles to operate have exposure to vehicle lawsuits.
Insurance Fees
In the beginning, the company doesn’t have much so there isn’t a lot to insure. A couple of desks and computers here and there will warrant a content policy but that’s about all.
As time goes on, the business will expand and so will the number and value of assets. Therefore, you need to plan to cover them in case there is an unforeseen circumstance.
Cyber insurance is without a doubt the best example. Servers are enormous and take time to install and operate, and insuring company servers against fire, theft, or hacking, is a must. Be aware of compensation and liability policies, too.
What Is Shrinkage?
Did you know that businesses in the U.S. lose an estimated $45bn as a result of shrinkage? Shrinkage refers to losses due to employee theft, and every business has exposure to shrinkage losses to some extent. Retailers- particularly retailers that process a large number of sales transactions- are at a high risk for shrinkage.
Something as minor as employee theft is one of the many causes of the $45bn deficit. Understanding that theft is important is the only way to cut down the total dollar amount of shrinkage.
How Do You Reward Employees?
Employees in a startup firm may earn a competitive wage, but on other company benefits. Keeping labor costs low allows a new business to get off of the ground.
As it begins to flourish, however, your staff may be courted by other companies- some that offer an attractive benefits package. Because they offer more money and better benefits, your employees will pay attention to other offers.
The only way to fight back is to include benefits, such as healthcare and dental insurance, to workers on your staff. Otherwise, you will lose the best workers and won’t attract any credible replacements.
A Cost of Doing Business
How will your budget look once you add these costs to other that you plan for? You may generate a smaller profit in the short term, but your company will be more competitive and profitable in the long term.
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
Image: Bullseye, Jeff Turner CC by 2.0
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How Closely Are Your Finances And Vehicle Intertwined?
Reliable transportation is critically important.
There are some expenses that are essential in today’s world. Internet access and a mobile phone are two good examples. For most people, a reliable car or truck is a real necessity. We need it to get to work, to social events, to the shops, and so on.
While the upfront cost of a car is well known, there are other costs to consider, too. Consider how the purchase and maintenance costs of a car impact your finances.
Why Safety Is Important
In this day and age, it’s not enough just to have a car; we need to ensure that it’s able to adequately navigate the roads, in a cost-efficient manner. That means buying a vehicle with high MPG; modern cars are good on this front – old ones can be anything but.
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To ensure the safety of our loved ones, and ourselves, we need to have a car with all the latest safety features. This may mean spending a little bit more than a cheaper model, but investing in safety is a wise choice.
Long-Term Risks
It’s just a fact of life that driving is dangerous. Even if your car has all the latest safety features, you’ll run the risk of being involved in a truck crash or fender bender.
This can result in long-term injuries, which can have a significant impact on your financial standing. Suddenly, your car won’t just be taking up your money; it might mean that you’re unable to work for a significant period of time, substantially reducing your income.
Paying For Insurance
No-one likes paying for insurance, yet it’s part and parcel of being on the road. But did you know that your finances and the amount that you pay for your insurance might be more closely linked than you realized? It’s true.
If you’re recovering from a financial setback, this article may help.
While car insurers don’t look at how much money you make, they do look at a person’s education, and where they live, before giving a car insurance quote. If you’re saving up to move to a better neighborhood, you might want to do it before your car insurance renewal is up. Generally, you’ll pay more for insurance in a more expensive neighborhood.
Facing an Emergency
We’d like to think that we’re buying a vehicle that will be reliable for many years to come, but there are no guarantees. If you own a vehicle, then it’s imperative that you have some money tucked away in order to pay for those essential repairs.
Again, your neighborhood might have something to say about this; if you live in an area where the local council doesn’t spend money ensuring the roads are in good shape, then you might find that you’re dealing with more frequent car problems than you’d like.
The Cost Of Getting From A To B
And then, of course, there’s the matter of gas, which is never quite as cheap as we hope it’ll be. Learn how to drive correctly, choose public transport when possible, and you’ll keep your gas expenses to a minimum.
A Big Expense
Buying and maintaining a reliable vehicle can be a big expense. Use these tips to educate yourself and make smart decisions about your vehicle.
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
The post How Closely Are Your Finances And Vehicle Intertwined? appeared first on Accounting Accidentally.
May 18, 2018
Just Hit 30? Here’s How to Plan Your Financial Future
Everyone has milestones in life.
For many people, reaching 30 is a milestone when they start thinking about their long-term goals and settling down. If you have been reckless with money in your 20s, it might be time to grow up and focus on your long-term goals in your 30s.
Whether you are thinking about saving up for your house, your dream car, building a solid credit score, or getting out of debt, you have to conduct a thorough assessment of your finances. Consider these tools for financial planning.
Homeowner?
If you haven’t yet bought your own house, it might be the right time to think about settling down. By the age of 30, most people have a solid career and a plan ahead, as well as a social circle.
Think about the money you are spending on rent each month, and consider whether or not you’d be better off owning your home. If you can be sure that you will stay in your job for the next few years and have your career planned out, you can think about getting a mortgage and investing in your property portfolio.
Get free sample chapters from my book: Not Another Personal Finance Book.
Why a Retirement Plan Is Critical
Once you have a job that is stable and fulfills your career aspirations, you can start thinking about investing in a retirement plan. Your company might already have a plan that you can use to start saving for your retirement. The sooner you start, the better chance you will have to save enough money to earn a decent income in retirement.
A Tool For Emergencies
After age 30, your responsibilities may grow substantially. You will have to keep your own car running, do your own home improvements, and plan your vacations. Without a saving account, you are likely to face unexpected expenses that can make you end up in debt. Put some money aside regularly in a saving account, and make sure you are getting a reasonable interest rate, so you are motivated to save.
If you’re recovering from a financial setback, this article may help.
Strategies For Managing Debt
By the time you hit 30, you might already have some outstanding credit. You need to act quickly to manage your debt, and to keep your total debt load from spiraling out of control. Your credit card payments are not likely to go down if you only make the minimum payments each month. Check out debtconsolidation.loans to find a more affordable way of paying off your credit card balance.
Make Smart Investments
It is also important that you make smart investments for the future. Whether you are planning on gaining a new qualification that will help you get a better paying job, or trying your hands at the stock market, you have to learn as much as you can from experts. Don’t gamble your hard earned money away, and always analyze the potential returns and investments.
It is never too early to start thinking about your financial future. In your 30s you should focus on the investments that will bring you the highest return over time. Try to invest in property, start a saving account for emergencies, and adopt a more responsible attitude towards money.
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
Image: Bullseye, Jeff Turner CC by 2.0
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Ensuring That Your Employees are Content in the Workplace
Hiring employees may be the biggest challenge for a business owner.
As your business expands, you’re likely to start taking on employees who will be able to help lift a whole lot of hard work and responsibility from your shoulders. However, when you do take on staff, you gain a whole lot of responsibility.
It is up to you to ensure that all of your workers are content in their roles and their working environment. So, how can you go about ensuring that this is achieved? Well, let’s take a look at a couple of options:
Why an HR Department Is Critical
No matter how professional or independent your staff is, they’re going to need some sort of management. Now, you may think that you can do this yourself at first, but if you want to do an effective job of staff management, you’ll end up dedicating all of your time to the cause.
This means that you will fall behind in other areas that help to push your business forward (such as product development and networking) and your profits will start to dwindle as a result.
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Instead, you should seriously consider establishing an HR department. This could be in-house, or you could make use of hr outsourcing. HR stands for “human relations” (or human resources), and individuals working in the department will be dedicated to ensuring that your employees are well taken care of at all times.
Part of their role is to track holiday leave (ensuring that all of your employees receive their rightful paid holidays), as well as requesting and receiving doctor’s notes if an employee is deemed unfit to work, allowing them to be paid their statutory sick pay.
Another vital aspect of any HR department’s responsibilities is to resolve any conflict that arises in the workplace. When people are drawn together, arguments are bound to develop down the line and a good HR department will be able to bring the arguments to conclusions and take further action if necessary (for example, if any incidents of abuse, harassment, or discrimination take place).
The Importance of Anonymous Surveys
There’s always room for some sort of improvement in the workplace. Your employees are the best people to ask when it comes to finding out what could make the workplace a more productive environment.
However, if you ask employees directly for constructive criticism of your company, or to highlight things that can be improved, they’re likely to be too polite to offer any true information. Either that, or they may worry that they could lose their job if they complain about something.
So, how can you go about getting the truth about working conditions without putting your employees under pressure? The answer is anonymous surveys. Anonymous surveys will allow your staff members to voice their opinions without fear of repercussion. So, ask whatever it is you may like and leave room for extra comments.
The things that employees want might prove to be something that has never even crossed your mind. Perhaps you’ll find out that a coffee machine in the staff room could dramatically increase staff satisfaction, or ergonomic chairs could help employees to feel more comfortable and thus more productive. You never know until you ask.
As you can see, communication plays a large role in ensuring that you employees are satisfied with their job. So, make sure to reach out and listen!
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
Image: Bullseye, Jeff Turner CC by 2.0
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The Mindset Of Being Debt Laden
Debt can be a heavy burden.
No one enjoys being debt-laden because carrying a debt leads to feelings of stress anxiety.
Sometimes, however, taking on debt is a reasonable decision to make, if the debt can be managed over time. For example, taking out a loan for college and paying off the debt for years after you graduate makes sense, if you can use your degree to get a higher-paying job.
Most people need a car to commute to work, and you may take on debt to buy a home. A manageable level of debt can make financial sense over the long term. It’s when these debts spiral out of control that you should begin to worry and try to switch up your overall approach to how you handle debt.
Get free sample chapters from my book: Not Another Personal Finance Book.
There is a mindset that often goes with debt spiraling out of control. You can take steps to avoid a debt spiral, however, and improve your situation.
Are You Hiding?
In the interest of simply living a normal life, some people are tempted to hide from their debt problems until a final demand letter for payment shows up.
Don’t let it get to this point. If you’re debt-laden, try to address the problem head on and minimize the impact on your life. With hard work, you can reduce your debt, increase your credit rating, and have more peace of mind.
If you’re recovering from a financial setback, this article may help.
Luckily, each step you make towards resolving the situation will help. Creditors like it when you contact them immediately, even if you can’t pay, as it shows a willingness to co-operate and that you have the debt prioritized.
If you have too many debts to prioritize, you might consider secured debt consolidation loans from Evolution Money, as this can often help you combine all of your payments into a manageable monthly payment.
Bit By Bit
When stretched across multiple debtors, it can be tempting to pay a little to each, based on what you can afford. Say, for example, that you have five debtors. You can benefit from making a larger monthly payment on at least one debt until it is paid off- then move on to another debt that’s owed.
A larger monthly payment always beats small incremental progress in financial terms, especially when it comes to paying debts. A creditor will earn less in total interest if you can pay down a particular debt faster. Once one debt is paid off, move on to the next loan balance with the highest interest rate.
Why Budgeting is Critical
In order to free up dollars to make a larger payment on one particular debt, you need to create a personal budget and look at your monthly spending. Separate your spending into fixed categories (such as your home mortgage or lease payment) and variable spending, including entertainment and dining.
Take a close look at your variable spending and make some cuts. Instead of going to a movie three times a month, cut back to once a month. Consider taking lunch to work, rather than going out a buying food.
When you free up dollars, you can make larger payments on a debt, pay it off- and move on to another loan balance. Use this strategy to get out of the debt mindset, and improve your finances.
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
The post The Mindset Of Being Debt Laden appeared first on Accounting Accidentally.
Drawing The Positives From A Trauma
Having a traumatic experience in your life can have a detrimental effect on your daily living.
People who have been through trauma must find tools so that they can keep working, and retain relationships. It’s not an easy thing to do, given the mental scars caused by a trauma.
We all have events in life, and we can choose how to respond to them. Here’s an example:
One of the biggest events in the life of a young adult is getting their first driving license. It’s a rite of passage that gives you a ticket to freedom, and many people take advantage of this freedom by jumping into the car and driving quickly – the wrong thing to do.
Finding Positives
When it comes to being in a car accident – or dealing with family members who have been in car accidents – is that there are positives to be drawn from the event.
One positive is finding a community of people who can help you. As an example, finding the right injury lawyer can help you recover financial damages, if you’re injured in an accident and incur medicals bills and lost wages.
Get free sample chapters from my book: Not Another Personal Finance Book.
Another positive is finding medical professionals who can help you push past your demons and feel better about your life experiences. There are ways to overcome every life’s challenges, and you don’t have to wait for a particular time to do it.
If you are ready to try and see the positives after a road accident, you can turn the negative in your life into something positive. Here are some strategies to change your outlook:
Why a Support System Works
After every traumatic event in life, you seek out those who are there for you to lean on. Your support group may be family or friends, or a group of co-workers. The problem with an accident is it may mean a long recovery time, and you may not always be able to keep your job.
It’s not because your employer wants to let you go, but simply that you may not be able to continue to work physically. This can affect your mental health as well as your financial status, so you need to know who you can lean on.
When Group Therapy Is an Option
You can get involved in group activities that equip you to deal with the effects of trauma and get your life back on track. This therapy can be effective, because of the shared experiences that are discussed in the group. Therapy, along with diet, exercise, and positive activities, can speed up the healing process after a traumatic event.
The Dangers of Regression
In sprite of your best efforts, you may occasionally regress and feel the effects of trauma. Stress about finances, your health, or your relationships can trigger feelings of anxiety and depressions. Talk with your primary care physician about referrals to mental health professionals who can help you overcome an emotional setback.
Stay With Your Program
Trauma can change your life, your work, and your finances- but it doesn’t mean it has to change you entirely. Get the help you need and look for positives that can result from your traumatic experience and recovery. Find a system to improve your physical and mental health, and stick with your plan.
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
The post Drawing The Positives From A Trauma appeared first on Accounting Accidentally.
May 16, 2018
Buckle Up Because It Could Be A Bumpy Investment Ride
Making the right decisions about investments can be life changing.
But investing requires a great deal of thought and planning. The biggest issue you’ll face as an investor is the amount of investing risk you’re willing to take.
Why Risk Assessment Is So Important
Every investment- from owning stock in a startup tech company to buying US Treasury bonds- has some degree of investment risk. Investment risk is the risk that the investment will decline in value over time. An investor may see the value of a stock or bond fluctuate by 10% or more from year-to-year, while the value of the investment may grow slowly over a 10 year or 20 year period.
You need to decide for yourself how much investment fluctuation you’re comfortable with. If your investment increased or decreased by 10% in one year, is that something you could live with? How about 20%?
Get free sample chapters from my book: Not Another Personal Finance Book.
The answers to these questions will determine which types of investments are suitable for you. If, for example, you’re comfortable with an average fluctuation of 10% a year, you may purchase common stock shares in a well-known company. On the other hand, if a 30% annual change in price is OK, you may buy stock in that startup company.
Factors When Choosing Your Investments
Once you’re decided on your risk tolerance, you can look at specific investments.
Whether you’re investing in the stock market or a rental property, research is essential for success.
If you’re interested in common stock, you can read stock analyst opinions on the performance of the company and its stock price. Instead of purchasing shares of an individual stock, you may buy shares in a mutual fund. Mutual funds invest in hundreds of stocks and bonds on behalf of investors, and you can read research on each mutual fund’s performance.
Investing in rental property, on the other hand, requires a different form of analysis. You need to know how much it will cost to maintain the property, and research how much renters are paying to rent similar spaces. Check on the vacancy rates for similar rental properties in your area. These steps will help you determine a rental price to charge for your property.
Insure your investment
Your property investment must include the purchase of insurance on the property. By insuring your property or commercial space, you’ll receive compensation for any damages and theft. It may be a monthly expense you could do without, but it’s a vital step to take.
If you have a claim and your insurance company disputes your claim, get an expert to help you. Take the time to read about Miller Public Adjusters and others like them. These firms can help to resolve an insurance claim dispute in your favor.
Why Monitoring the Market Is Critical
Once you purchase an investment, you need to monitor its performance. A change in market conditions, or a downturn in company performance, will impact the price of your stock investment, and economic changes affect your property investments.
The result is that you should always keep one eye on stock prices and predictions, and you can find mobile apps to monitor your investments. Stay informed about economic news by reading online publications and news sites, and pay attention to rental prices and vacancy rates.
Invest the time to manage the risk and volatility in your investments.
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
Image: Bullseye, Jeff Turner CC by 2.0
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The Facts And Fiction Of Your Credit Score
Your credit score has a huge impact on your personal and professional life.
This rating of our financial trustworthiness is used to determine the interest rate you pay on debt, the dollar amount you can borrow- and, in some cases, whether or not you’re able to get a specific type of job.
There are a number of misconceptions about credit scores and how they are determined. If you’re not clear on how the process works, you can’t take steps to improve your credit score. This article explains the myths and realities of your credit score.
The myth: Checking your credit report will hurt your credit score.
The reality: No, it won’t.
This is a common misconception, because people confuse applying for credit with checking their credit score. Your credit report is affected each time you apply for credit. However, the idea that checking your credit score will somehow harm your credit is simply not true, so feel free to check your score as often as you need to.
Get free sample chapters from my book: Not Another Personal Finance Book.
The myth: Your credit score will be harmed if you have a criminal record
The reality: It’s… complicated.
Having a criminal record does not necessarily mean that your credit score, per se, will be impacted. However, a criminal record may make it difficult for you to obtain loans and credit cards due to other elements of a background check— so essentially, it has the same effect as it would if it directly impacted your credit score. If you have a criminal record, then you may want to consider expungement; you can learn more here to see if this might work for you. If you expunge your criminal record, your success rate with finance applications should improve.
The myth: You have a (singular) credit score.
The reality: You have a number of different credit scores.
It’s true; you do not have a single credit score that is used by all lending institutions . Different bureaus measure different factors, and weigh factors differently. If one credit bureau gives you a poor score, that’s not necessarily a need for panic; only when you see a consistently poor trend across numerous platforms should you seek to find ways to improve your credit score.
If you’re recovering from a financial setback, this article may help.
The myth: Your credit score can be impacted by someone you live with
The reality: Yes, this can happen, particularly if you have a joint bank account.
Let’s say you live with your partner. Your credit score is good, and you’re careful with your finances. Your partner, however… not quite so much; their credit score is rather poor, and especially when compared to yours.
Unfortunately, due to a “financial link” existing between you, their poor credit score could impact yours. The best way to prevent this is to keep your finances totally separate; no joint bank account, no jointly owned credit card, nothing. This strategy will keep minimize the impact on your personal credit score.
What If Incorrect Data Is Reported?
If incorrect data is reported to a credit bureau, consumer protection laws require that a credit bureau must either correct the information or remove it, once supporting data is supplied. Removing incorrect data is important, so that your credit score in not damaged.
Assume, for example, that you have your car loan with Acme Bank, and Acme reports that your November car payment was 20 days late. You have bank statements that prove that the payment was debited out of your bank account on the due date. You can supply the payment information to the credit bureau, and they must remove the late payment report.
Also, keep in mind that lenders are not required to report everything that happens with your account- only that the information they report is accurate. If you pay off your car loan with Acme, for example, the bank may not report it right away. If they don’t, ask your bank to report that positive information to each credit bureau.
Stay Informed
By understanding the myths and realities of your credit score, you can approach borrowing decisions with the confidence and improve your personal finances.
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
Image: Credit Score, Investment Zen (CC by 2.0)
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May 15, 2018
Taking Your Income Into Your Own Hands
There are hundreds of ways to make money today by leveraging technology
Tech advances, such as the Internet, cloud computing and mobile phone apps, now make it easier than ever to work remotely, as a freelancer, or to start you own business.
These new choices make it possible for motivated people to take control of the income they produce. Many high-income earners work on their own, either full-time or part-time. High earners often have multiple sources of income, which allows them to increase their total earnings without investing more hours to do so.
So, you’ve got a lot of resources at your disposal to start bulking out your bank account. With so many different (and unusual…) ways to make money, you can find a method that fits your skill set, and your available time. Consider these ideas for taking more control of your income.
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Why Your Time Is So Critical
Everyone’s time is valuable- because we all get the same amount of time each day. One way to position yourself to earn income as a freelancer (or part-time) is that you save customers time and hassle.
One great timesaver is providing services that people prefer to outsource. Hiring someone to mow your grass is a simple example. Fortunately, the web provides a great platform to offer time saving services to customers.
Something like Task Rabbit is a great example. If you’ve got good DIY skills, or you can deliver something with minimal damage and the trunk space to prove it, this is the site for you. From moving houses to packing a TV into a flat box, you’ve got it in the bag, and it’s time for people to pay you for it.
People are willing to pay- in order to save time.
What Is Multi Level Marketing?
Have you ever heard of multi level marketing (MLM)? A lot of people have, but they don’t know what it actually is. MLM has seen its share of controversy over the years, but there are some legitimate models you can join, if you carefully do your homework.
There are all kinds of MLM models out there, and one of the most popular is selling products in the beauty category. For example: Younique, which has some big faces behind it and offers you plenty of options for raking in royalties if you’re selling their product. Don’t worry, if it sounds a little bit shady to you, the fear is unfounded: check out Younique Review: Is Younique a Pyramid Scheme? If you’ve got the smile and the sales pitch, this could be the start of a great career!
Start Putting Pen (or colored pencils) to Paper
If you’re a creative person, it’s time to get some money back on the fruits of your labor. Whether you’re an artist or a writer, there’s plenty of ways out there for you to earn commissions or sell content to interested customers. Who knows? You might develop a little fan base.
You can use Fiverr to sell off your wares, and find anyone who needs your services with a quick search term. Or try a site like that of Copify to bring people to your door whenever they need writing from a freelancer. Don’t worry, you can find commissions all over the place, and there’s so many different topics to write about that you’re almost guaranteed to find a niche.
Why Your Space Is Valuable
Last, but most definitely not least, use the space you have around you to make money. After all, it’s not doing anything else for you, and there’s a huge chance someone else can put a free area to better use. Whether it’s a storage space or an entire room, there’s a good chance someone wants to pay you for the privilege of using it.
Charge people a standard amount of a few dollars per week, and by the end of the month you’re going to have about $100 extra to your name!
Taking your income into your own hands is a great way to boost your earnings. Do your homework and find new sources of income.
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
(you tube channel) kenboydstl
