Monday, August 10th, 2009
Living and working in today’s ecionomy is like sitting in a glass house in the middle of a hail storm - noisy, a bit scarey, not completely safe, and when is it going to go away.
Unfortunately, the storm seems to have settled in around us but If you listen to the prognosticators, we are in for a long run, a short run, or it’s over. Sounds a lot like our weather forecasters.
So what does one do in this glass house. Some might say, set back and enjoy the show. Others say turn the music up and you won’t hear it so much, and still others say get under the bed and hope. All kinds of good advice available isn’t there.
In my house, we have decided to do a little of watching, a little bit of music and some hiding. We are not buying big items, regardless of the “two for one”, “three for one” or “get it free” promotions everyone is doing - we’re watching our budget more closely. We are listening to the music more, we turn up the sound a bit to drown out some of the negative things we don’t believe will happen, although we are not taking the “bluebird of happiness” approach to the storm. We are not hiding; we are out there letting people know we are still around and working.
Many of us have weathered these storms before and our house (business) has been a bit battered, maybe even a few broken panes, but it’s still there and still taking care of us.
Posted in 50+, Business Info, Economy, Faces Over 50, General Business, entrepreneurship, finance | No Comments »
Tuesday, November 11th, 2008
Having a difficult time paying your bills? Worried about losing your home or business? Here’s some options to consider:
1. Develop A Realistic Budget. This starts with completing a realistic assessment of how money flows in and out of your home/business. List where your income comes from and how you spent it. Identify the necessary expenses and prioritize the rest. In tough economic times, it may be best to forgo those expenses that are not absolutely necessary.
2. Work With Your Creditors. If you are having difficulty making ends meet, contact your creditors and try to work out a payment plan that reduces your payments to a more manageable level(s). Do this before you get too deep in debt, and before they start calling you.
3. Seek Credit Counseling. This can be in the way of a good accountant or credit counseling service. They can assist you in keeping track of your bills, income, and setting up a debt reduction plan.
There are two other options; debt consolidation and bankruptcy. We don’t necessarily recommend either, unless it is a last resort. Debt consolidation loans, can be very costly as you pay “points” on the amount you borrow in addition to interest. Bankruptcy will stay with you for 10 years, and will make it very difficult to get credit.
Set up a good financial plan now! Don’t wait until you’re over your head in debt to do something.
Posted in Economy, General Business, Success Principles, finance | No Comments »
