The Need For Multiple Streams OF Income
May 28, 2009
The Need for multiple streams of income has never been greater. With our country in recession and the world global crises, it is time to look to for multiple streams of income. The question is how do you do this with only 24 hours a day? What else do you venture in? This are valid questions, however this article focuses more on the need for multiple streams of income
To be fair l will answer the above question. All the information you need is our there if you search for it, the internet, the library, free seminars on various subjects of interests, getting mentors that are doing what you desire. Once the quest begins the avenues to follow will open. Now back to my subject content
You are cheating yourself if you focus on only one or two streams of business. More importantly your business could collapse if you don’t try to open up other channels.
The key is to never be dependent on any one-income source. Markets change.
Competition is fierce and companies fail; even great ones. All your eggs in one basket is a high-risk strategy. By diversifying, your revenues increase, your business is more stable, and you are in charge of your business destiny. No longer does a single marketing strategy income offer the security it once did. The concept of multiple streams of income, build a more secure financial base for you.
Notably most tycoons have multiple streams of income. Look at Donald Trump he main gig is real estate, but did you know that he writes and generate income, he has a Hit T.V show, he now has a multi-level-marketing company and off course a real estate school. Other like Lady Oprah has the T.V series a Magazine and a host of other investments. The know that if one thing went wrong not all would. And they find the time to do it
In a global society like ours we cannot afford to rely on only one income. We need to have multiple streams of incomes. The fundamental role of multiple sources of revenues is to create value for businesses. The additional value is created through a synergetic integration of new revenues into the existing one thereby increasing its competitive advantage.
Five malpractices of credit cards
May 19, 2009
The current economic hardship has led to an increase in the use of credit card by many individuals. These has resulted to a credit crunch. On the other hand credit companies drastically tightened and introduced unfair policies. These policies which l opt to call malpractices are hurting all individual whether you are in good standing or not. This blog will focus five recently introduced malpractices
1. Higher interest rate.
Most credit cards are arbitrarily increasing their interest rates with no reason or rhyme. Failure or delay to pay one payment may spark an increase in interest rate. Also they are cases where a misstep with one card can set off a chain reaction of higher interest your other cards that are in good standing. This is an area where l feel the government should and l believe have started to look into. The goal is to implement laws to protect the consumers who are working hard to pay the credit cards.
2. Reducing Credit on cards
l have been a victim of these in three of my cards. l worked so hard to pay off my credit cards after seeing how much interest they were charging me. The payback l got was a reduction of my available limit from $3500 to $ 300. In confusion l called them to find out if this was an error only to be told that it was a result of my reduction in credit score. This did not make sense as my credit score had actually increase after paying the debt. But now it was affected adversely when they reduced my available limit. This also happened to two more of my cards
Suzie Orman in the Suzie Orman show had talked about these and warned people about it. In fact she is now advocating for people to focus more on building their emergency funds as opposed to first paying off their debt. What can l say, way to go girl or it is awesome thinking.
4.College Student on credit cards
College students are lured into getting credit cards to help with school fees and the cost of living. They are not informed that they will not only pay back these cards but the school loans are not discharged in Bankruptcy.
The government is introducing a bill where these instead of tossing a card to any college student, issuers would have to verify that a person under age 21 has adequate income to pay the bills or assign a parent to pay.
Under the House bill, those under the age of 18 could not be given credit cards.
4. Balance transfers
Card companies sometimes offer low interest rates - occasionally zero percent for a while - on money moved from one card to another. Yet consumers do not realize that if they also have an old balance at a high interest rate at the company at the time of the transfer, the high-interest debt remains. All monthly payments typically go to retiring the zero percent interest balance.
The Federal Reserve has called this deceptive because it obscures the effect of the lagging high-interest debt.Under the House measure, if a consumer makes a monthly payment in excess of the minimum requirement, everything over the minimum would go toward the high-interest balance. In addition, under a proposal by President Obama’s administration, the low rates would have to last for at least six months
5. Exceeding limit use and Education
Consumers could also require their card companies to stop allowing them to make purchases that exceed their credit limit. Currently, some let people go over their limit, and then typically charge a $30 fee.
“Many people would walk away from a purchase if they knew they were going over their limit,” Plunkett said.
l believe many people are not longer ignorant about finances. Credit card companies should explain in clear fine prints the cost of each card they give the consumer. They should ascertain that the consumer will afford to pay them back based on income. If the credit card companies did their job and the consumer were rightly informed, business would boom on both end creating a win win situation ethically.
How To Quicken The Eviction Process.
May 3, 2009
As some point as a landlord we have to deal with eviction. I have had my fair share of experience with evictions and decided to blog about it. The process begins with being familiar with the landlord-tenant laws that govern your state. In Missouri for instance if you own a LLC then you have to use a lawyer for evictions, however as a sole proprietor you can file the eviction for yourself.
A great way to quicken the eviction process is to change from yearly rental lease, to a month to month lease. This has allows me to get rid of any problematic tenant quickly as all l have to do is give them 30 days notice. In my lease agreement l have stipulated that after the 5th of every month they are late, and a late fee is assessed. However after the 10th of the month l immediately file an eviction notice. Whereas In a yearly lease if after three month of non payment a tenant pays his rent, the landlord is obligated to whatever time is left on the yearly lease agreement.
I learned about this when l jointed a landlord network meeting. The guest speaker was lawyer who had been advising his client to month to month lease. With the economy declining this month to month lease cover you as you are able to unfortunately discharge non- paying tenants within a shorter time period. The month to month lease also keeps the tenants on toes as they know that failure to adhere to the lease agreement can quickly result to eviction.
Updating you lease agreement is also very crucial. Every time l attend the landlord network meeting and learn something new l update my month to month lease. This is because the law seems s to favor the tenants and as landlord we have to cover ourselves. For instance did you know that if a tenant abandoned your property you still are required by law to mail them their deposit or explain how it was used up? Failure to do so can result in up to a fine three times the deposit amount on the landlord. This is new law in my state of Missouri.
