Archive for the ‘Financial Strategies’ Category:
Develop a Powerful Credit Profile With The “Big 8″
To develop a positive, powerful credit profile, qualify yourself in as many categories as you can based on the chart below.
THE “BIG 8″
ELEMENTS OF A POWERFUL CREDIT PROFILE
(In order of importance)
1. A positive, up-to-date credit report
2. A home with a mortgage
3. An American Express card and/or Diners Club card
4. A job you’ve held for a year or more
5. A current or paid-off bank loan
6. A MasterCard or Visa card
7. A department store credit card
8. A telephone in your name
The more categories under which you qualify, the easier it is to get credit when you need it.
Your credit profile, good or bad, will determine how easy or difficult it is to get bank loans, auto loans, personal loans, credit cards, or any other form of financing. Your profile can also determine what interest rates you pay, higher or lower, and in some cases will also be a determining factor in whether you get a certain job or even an applied-for larger life insurance policy. A positive, powerful credit profile does its own explaining so that you don’t have to. Your objective is to consciously and constantly upgrade your credit profile.
Buy Business Equipment at Bankrutptcy Sales and Auctions at Less Than Half Price
As you begin your small business and as it grows, you will need office furniture, business equipment, computers, telephone systems, and other expensive assets, even for a business run out of your home. You can buy them all at less than half price. Because so many big businesses file bankruptcy these days, there are sales and auctions of business furniture, assets, and equipment going on continually in almost every area of the country. Instead of shopping at the office supply or office furniture store and paying top retail dollar, shop the auctions and buy the same or even better furniture and equipment at a fraction of the cost.
Few business owners use this strategy, so sales and auctions often have surprisingly few bidders. Advertising for bankruptcy sales is severely limited and often written in difficult-to-decipher legal jargon, so few people are aware that the auctions are being held.
Begin your search by continually checking the legal notices in the classifieds of your daily newspaper. Most cities of any size also have a legal-notices paper, published weekly or daily. Check your phone book under Newspapers and visit the publishing office for a copy. Some magazine stands also sell the legal-notice paper. On pages 346-347 you will find a typical ad for a bankruptcy sale of office equipment. Some U.S. district bankruptcy courts will put you on a mailing list. Give your district court a call.
Auctions are either oral bid or sealed bid. With an oral bid, each item or group of items is auctioned off with all bidders bidding out loud and against each other. The high bidder wins. Don’t get carried away with your bid—there is always another sale another day.
Sealed-bid auctions require that you place your bid in a “sealed” envelope, often with a check for 10% to 50% of your bid, which is returnable if you lose. All bids are opened at one time, often publicly. High bid wins.
Success Requires Expending Ten Units of Effort to Produce One Unit of Result
SUCCESS REQUIRES FIRST EXPENDING TEN UNITS OF EFFORT TO PRODUCE ONE UNIT OF RESULTS.
YOUR MOMENTUM WILL THEN PRODUCE TEN UNITS OF RESULTS WITH EACH UNIT OF EFFORT.
Direction and control begin with a written plan spelled out in two parts. Part A lists “dreams”—what you are after both financially and personally. Part B lists your “strategies”—the specific financial and personal road map that will take you from where you are to where you want to be. By clearly defining your direction, and by adopting the correct money and attitude strategies for control, you will automatically establish the shortest possible route.
When I was 18, I sat down with a pad of paper and, without totally realizing what I was doing, wrote an action blueprint for my life. I called it my dreams list. The exercise will do the same for you, clearly defining at one time and in one place your goals, dreams, objectives, and even your fantasies. Choose a totally quiet spot where you will not ho interrupted. At the top of the pad of paper write the following:
DREAMS LIST
Powerful Investment Strategies
Investing money and saving money are not at all the same strategies. Savers are those that earn less than 10% per year and do little more than make financial institutions wealthy. Successful investing, on the other hand, requires knowledge and not risk to accomplish the following three-pronged objective: to earn 20% per year safely, with no commissions, and no taxes.
How can you safely earn 20% a year in a world that expects only 7% from banks and bonds? By using any of what I consider the ten best investment opportunities in America—those that you won’t find advertised in the financial pages or sold through brokers and financial partners. All are uncovered in Powerful Investment Strategies:
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Tags: financial investment