All Posts By

Tarra Jackson

Sep 13
Love0

8 Ways to Start Your Business With Little to No Capital

By Business, Money Management No Comments

Do you want to start a business, but don’t think you have enough capital to get your start-up started? Jonathan Long, contributor for Enterprise.com, shares 8 tips to start your business with little to no capital.

[us_separator type=”invisible” icon=”fas|star”]

Syndicated

Entrepreneurs will often have amazing business ideas, but they put them on hold due to a lack of capital. They assume that their idea will never get far off the ground unless they have major funding behind them.

It seems that every day there is a new startup receiving millions of dollars from venture capital firms, but what you don’t hear about is the several startup failures that burn through millions of dollars only to fizzle out and shut their doors forever.

If your idea and plan of execution aren’t well thought out from the beginning, no amount of money can turn it into a winner. Have a great idea but very little money? Don’t let that stop you! Yes, there will be ridiculously long days with little to no sleep. Yes, you are going to be stressed. But those that want it bad enough will make it.

Here are eight tips that can help you get your idea off the ground with limited funds.

1. Build your business around what you know.

Instead of venturing off into uncharted territory, make sure that you build your business around your skills and knowledge. The less you have to rely on outside sources the better. When your business is built around your own personal expertise you can eliminate consultants and outside assistance.

Also, having that knowledge is sometimes all that is needed to successfully take the plunge into entrepreneurship.

2. Tell everyone you know what you are doing.

Inform your family, friends, business contacts and past colleagues about your new business. Call, send emails and make your new venture known on your social-media profiles. Your friends and family members can help you spread the word, and past business contacts can introduce your brand to their professional contacts as well. This type of grassroots marketing can help introduce your company to a much larger audience.

3. Avoid unnecessary expenses.

You are going to have plenty of expenses, and there are some that just can’t be avoided. What you can avoid though is overspending. Take something as simple as business cards. You could drop $1,000 on 500 metal business cards that give off the “cool” factor, or you could spend $10 on 500 traditional business cards. Being frugal in the beginning can be the difference between success and a failed business.

4. Don’t get buried in credit card debt.

There is a smart way and a suicidal way to use credit when starting a business. New computers, office furniture, phones and supplies can all quickly add up. Instead of purchasing everything at once and throwing it all on a credit card, use your company’s revenue to finance your expenses. Eliminating the stress and burden of debt will greatly increase the chances of creating a successful business.

5. Make sure your receivables policy won’t sink you.

If your business is a retail operation then this isn’t going to apply, but if you are providing services such as consulting or products to retailers you need to make sure that your payment policy is well thought out. Can you remain above water with net-15 or net-30 terms? Don’t base your receivables on what you think your customers will want. Base them on what is going to make your business operate successfully.

6. Build up sweat equity.

When I first started my business I worked around the clock, handling every aspect of the business as well as the marketing and growth. All of the hard work and long days that you put in isn’t for nothing. You are building a brand and your hard work is essentially increasing the value of … (continue reading 8 Musts to Start Your Business With Little or No Money via Enterprise.com)

Sep 13
Love0

5 Car Buying Tips for Women

By Credit, Loans, Money Management, Shopping 3 Comments




Are you, or someone you know, in the market to buy a new car? The Fall Season is the best time to shop for a car because the New Year models come in, and dealers give great deals for older models to make room. Buying a new car can be exciting. However, the car buying process can also be intimidating and stressful for some women. If you are in the market for a new car now or in the near future, here are some Car Buying Tips to help save money and minimize stress when shopping for your next car.

car buying tipsKNOW YOUR BUDGET

The first and most important tip is to know “How much you can afford!” Do NOT let a car dealer’s finance department or bank tell you how much you can afford. Both essentially want to ensure that you borrow as much as possible so they can make more money off of you. The more they can make you believe that you can afford, the more the car dealership will make on the car and the more loan interest income the bank will earn on your loan.

GET PRE-QUALIFIED

The best way to avoid unpleasant surprises; like, not qualifying for the amount wanted, needing a cosigner or getting a ridiculously high interest rate, is to get Pre-Qualified or Pre-Approved for an auto loan. Go to your bank or credit union to apply for an auto loan. Tell them the payment amount you can afford to pay so they can determine the total loan amount based on the interest rate and term you qualify for based on your credit. Remember, the Higher your Credit Score, the Lower your interest rate, which may increase your qualified loan amount. Adversely, the Lower your Credit Score, the Higher your interest rate may be, which may reduce the qualified loan amount and require a down payment.

RESEARCH BEFORE YOU CAR SHOP

Now it’s time to have some fun going online to search for a vehicle in your price range. Dealers with No Haggle Deals are good because they, usually, sell their vehicles below NADAguides or Kelly Blue Book (KBB) value. Next go to NADAguides or KBB website to find out and print the Trade In and Retail Values to take when you go shopping.





TAKE A MAN WITH YOU

Some people may disagree, however,  when in doubt … take a man with you to the dealership. Take your husband, a boyfriend, father, brother, uncle, male coworker or that dude from down the street. Even if he knows nothing about cars or negotiating, take a man with you when you go car shopping. If the sales person begins speaking directly to the man, play along and coach your escort in what to say or not say. You are in control of the transaction; he is just a figurehead. Although not at all dealerships … unfortunately, women are sometimes taken advantage of during the car sales process.

NEGOTIATE BEFORE THE TEST DRIVE

Sometimes we lose our mind after we get intoxicated by that “New Car” smell during the test drive. My advice is to negotiate before you test drive to have a clear mind during the negotiation process. Here are a few things to do when you get to the car dealer:

  • Tell the sales person that you are doing a cash purchase. (Because you have already been pre-approved!)
  • Do NOT give your personal information or allow them to run your credit. (Again, you are already pre-approved.)
  • Tell the sales person what type of car and the price you want.
  • Ask if the car has any rebates or if the dealership has any incentives.
  • Ask to see the buyers order with options to see the breakdown of all expenses and fees to help you with negotiating.

Use your NADA or KBB value to negotiate the price as close to the Trade-In value as possible. Negotiating the price as close to the Trade-In value will give you equity in your car, as well as help you when you decide to trade in the car later.

Even if you are not able to get your dream car now, by getting a reasonably priced vehicle within your budget, you will help save money and get that dream car in your near future. Happy Shopping!

Sep 08
Love0

Infographic: The Real Cost of College

By College, Money Management, Saving No Comments

So, where does a student’s money go over four-years in college?

After four years of all-night study sessions with friends, countless early morning classes, and semester after semester spent learning — with a dash of blowing off steam here and there — what does that piece of paper (degree) actually cost?

In honor of National College Saves Month in September, below is a cool infographic by AffordableSchools.net about the real cost of college and where the money goes.

[us_single_image image=”5516″ align=”center” size=”full” link=”url:http%3A%2F%2Faffordableschools.net%2Freal-cost-of-college%2F” onclick=”custom_link”][us_separator icon=”fas|dollar-sign” type=”default”]

The Tried and True Expenses: Tuition and Loans

The bulk of student expenses come from school tuition — and heavy student loans for students that aren’t eligible for scholarships, grants, or other financial assistance.

  • $23,410: The average cost of in-state tuition for a public university in 2015.
  • $46,272: The average cost of in-state tuition for a private learning institution in 2015.
  • $35,000: The average amount of loan debt a 2015 graduate will have to face in the coming years.

Graduate students tend to have higher loan debt than their undergraduate counterparts, with 65 percent of 2012 graduates racking up$50,000 in student loans.

  • 59 percent of students end up not finishing their undergraduate degree, and may have up to $10,000 in debt that they are struggling–or don’t want to–pay back.

Hitting the Books

Once students have set their schedule for the semester, it’s time to purchase the required course materials.

  • One course worth of books = hundreds of dollars. Students spent an average of $313 per course on books, according to The National Association of College Stores.
  • The College Board found students paid anywhere from $1,146 to $1,244 for books in the 2014-2015 school year.
  • The cost of books continues to rise. One study found the price of books jumped 82 percent in the last 10 years alone.
  • Where to buy? Approximately 66 percent of students still buy their textbooks and college materials from their local college bookstore.
  • Other students value short term leases on learning. According to a Student Watch survey, 40 percent of college students preferred torent their textbooks rather than purchase them outright.

Plugging In

With more classes than ever going mobile, many students may prefer a tablet or laptop to keep up with class notes, research and term papers. In 2013, technology purchases for educational purposes reached $13 billion.

  • 81 percent: The average amount of students who prefer to study digitally. This marks a 40 percent increase from 2013.
  • Of 1,700 students surveyed, 77 percent indicated they felt they scored higher by using a tablet or laptop than simple class notes. Approximately 48 percent said that digital-based studying actually saved them time in the long run.

Food and Drink, A la Carte

Everyone needs to eat–and college students are typically strapped for cash. That doesn’t mean they don’t dole out cash for not-so-smart eats.

  • The price of pizza stacks up. The average college student could spend $2,000 on pizza over the course of four years, according to Mark Kantrowitz at FinAid.org.
  • Oodles of noodles: still a student staple. At 13 cents a package, ramen noodles remain a favorite for many students–it’s Japanese nickname gakusei ryori translates to “student food.”
  • Party on…to an empty wallet? Over a four-year time period, the average college student could spent $500 a year on alcoholic beverages.
  • The freshman five. Freshman typically drink five alcoholic beverages per week–which could negatively affect their academic performance.

Getting Around

Having a place to crash and a way to get around town is essential for every student.

  • $9,804: average cost of room and board at public university
  • $11,188: average cost of room and board at private university

The College Board estimates that college students spent between $2,609 and $3,242 during the 2014-2015 school year on transportation, among other personal expenses, including clothing or entertainment.

Test Time

Prepping for graduate school may begin before many college students even cross the stage to collect their undergraduate degree. Graduate level tests such as the GRE and GMAT take precious hours of study–and extra money–to ace.

  • GRE: $195
  • GMAT: $250
  • LSAT: $175
  • MCAT: $300

Other fees may also apply, including paying the testing site, or having to reschedule. Both the GRE and GMAT charge $50 to reschedule a test date.

Share your comments below.

Sep 03
Love0

10 Everyday Things That Cost More Than Term Life Insurance

By Insurance, Saving No Comments
[us_separator type=”invisible” icon=”fas|star”]

Adults and parents worry. We worry about our family’s health, safety, financial security and future. But more families need to put their money where their heart is by buyingterm life insurance. (This is the most affordable type when initially purchased and provides protection for a specific period of time or the “term”.) However, the issue isn’t a matter of hypocrisy, but a lack of research and financial literacy. According to a Life Happens and LIMRA study from this year, 65% of households have not purchased life insurance because they think it’s too costly.

To show that this is a common misconception, the study asked Americans to estimate the cost of a 20-year, $250,000 level term life insurance policy for a healthy 30-year-old male. Eight in 10 people overestimated the cost, saying it would be $400 a year, which is more than double its actual cost of about $160 a year or about $13 a month. Astonishingly, one in four thought it would cost more than $1,000 a year.

And just know that unless you have serious health issues, pre-existing conditions or high-risk hobbies that would likely necessitate high-risk insurance, getting affordable coverage is really straightforward.

How Much Is Life Insurance?
To put the true cost of term life insurance in perspective, here are 10 products or services that people regularly spend money on that cost more than a term life insurance premium would for a healthy 30-year-old at $13 a month.

  1. Food – According to the National Resource Defense Council, Americans waste about $529 per year, or $44 per month, on unwanted snacks and meals.
  2. Alcohol – According to the Bureau of Labor Statistics, the average American consumer spends 1% of their discretionary income on alcohol.
  3. Tobacco – For households with smokers, 14% of Americans’ incomes are spent on cigarettes.
  4. Gym Membership – The $30 per month you spend on a 24 Hour Fitness membership that goes unused could be better spent funding your life policy.
  5. Electronics – That new 55” LED TV that costs … (continue reading 10 Everyday Things that Cost More Than Term Life Insurance)
[us_separator type=”invisible” icon=”fas|star”]
Sep 02
Love0

7 Smart Financial Moves for New (and Experienced) Parents

By Debt Management, Estate Planning, Insurance, Money Management, Saving No Comments
[us_separator type=”invisible” icon=”fas|star”]

It is important to plan for many of the important events in our lives, like marriage, children, as well as retirement and leaving a legacy for our family. As you plan for your significant life events, Matt Hoesley of LifeHappens.org shares some financial steps to help secure your financial future of your family.

Create a will and contingent trust. This is one of the most important first steps. Choosing a guardian for your children helps make sure they are raised by someone who you think will share the same values. A contingent trust helps ensure that the money your child receives from all of your hard work and planning is distributed according to your wishes instead of giving them complete control over everything the minute they turn 18.

Update beneficiary forms. Make sure you double check all of your retirement plans and insurance policies so something doesn’t fall through the cracks. Many accounts with beneficiary designations never pass through your will, so it is important that these are also updated.

Begin saving for college. There are various options available. You should consult a tax advisor and financial advisor to help determine what is best suited for your family’s financial situation. I opened a 529 plan for our daughter. The money in this plan can be used at almost any accredited higher education institute in the world.

Purchase life insurance. My wife and I both increased the amount of life insurance we have. We did a combination of term and permanent insurance to make sure we have the total amount we need at a price we can afford.

Buy disability insurance. When you are young, your future earning potential is your biggest asset. Get as much … (continue reading … 7 Smart Financial Moves for New (and Experienced) Parents)

[us_separator type=”invisible” icon=”fas|star”]