2012 Must Have Personal Finance and Business Resources!

I've been enjoying my holiday 'vacation' ... working on THE DEBT BOOK, writing articles... and of course kicking my heels up a bit with parties and family. So there was no #moneychat this week and none next Monday either as the vacay continues. 


But we are preparing you for the new year with our 2012 Must Have Personal Finance and Biz Resources! Here's Part 1... 

1. What are you reading? Black Enterprise, Money & Inc. are my top magazine reads each month.
2. #Follow @learntech and visit http://www.probiztechnology.com/ for #tech tips!
3. Planning for self/business improvement? What Conferences Will You Attend? http://bit.ly/sfEi2l 
4. My favorite #moneychat blog – besides my own … lol.. @wisebread www.wisebread.com.
5. My friend @Tamekia4pr suggests ‘Succeeding Against the Odds’ the autobiography of John H. Johnson http://amzn.to/tJNT9l #2012
6. Need more than pen & paper to manage your finances/investments? Check out @adaptu www.adaptu.com. Disclaimer – I write for them.
7. Smallbiz owners – your LIFE is busy, get a housekeeper, a cook; for your biz – get a Virtual Assistant if a full time assistant isn't in the budget.
8. Also - smallbiz owners create a serious/achievable marketing plan for 2012 - then put some cash behind it! 
9. Do you have a kid headed for college? Check out @ZacBissonnette’s Debt Free U http://amzn.to/rFFKOj.
10. Authors, freelancers, smallbiz - Get squared away with @Square credit/debit card reader – accept payments from your cell phone!  http://bit.ly/vSqz2H

And of course - if you are ready to take your personal finances and business to the NEXT LEVEL in #2012 - let me help you with that!! Visit http://www.connercoaching.com and let's get YOUR session scheduled today!

Here's to MAKING IT HAPPEN in 2012!!!

- Dorethia

Tune in to #MONEYCHAT!!

On Monday nights I (@DorethiaConner) discuss all things money & business! That's right, you can 'tune in' to our weekly Twitter convo #MoneyChat (@MoneyChatLive) held from 8pm-9pm ET and add your two cents or common sense!

#Follow

 @DorethiaConner    @MoneyChatLive  

Financial Folly...

A young college student came running in tears to her father. "Dad, you gave me horrible financial advice!"

"I did? What did I tell you?" said the dad.

"You told me to put my money in that big bank, and now that big bank is in trouble."  

"What are you talking about? That's one of the largest banks in the state," he said. "there must be some mistake."

"I don't think so," she sniffed. "They just returned one of my checks with a note saying, 'Insufficient Funds'." 

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Pete and Gladys were looking at a new living room suite in the furniture store.

Pete says to the salesman,  "We really like it, but I don't think we can afford it."

The salesman says, "You just make a small down payment... then you don't make another payment for six months."

Gladys wheeled around with her hands on her hips and says, "Who told you about us?!"

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I was in small-claims court when I listened in on the case of a woman who held a good job but still had trouble paying her bills on time. “Can’t you live within your income?” asked the judge.

“No, Your Honor,” she said. “It’s all I can do to live within my credit.” 

- Ralph Warth, Readers Digest

Smart Spending on Your Kids For Christmas!

Alright parents, you are in for a treat! Every Monday as @MoneyChatLIVE I interview experts during a weekly Twitter Online convo, #MoneyChat,  held from 8pm-9pm est.  This post pulls the highlights from our #MoneyChat guest,teen/tween money coach, The Conscious Spender - @ShareekeNesi! She shares some holiday wisdom when it comes to spending on our kids. VISIT The Conscious Spender! -  www.theconsciousspender.com 

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1. What can I do to help me avoid overspending on my child? 

First, one of the best steps to avoid overspending on your child is to check your emotions at the door.
Most spending decisions are made on emotions. Second, create a holiday budget before you go shopping - assign a dollar amount that you want to spend on each child. This will set your spending boundaries.

2. How do I talk with my child about my budget and Christmas? 

Setup a family night. Have a conversation about the family financial spending limit for Christmas. Discuss
the family financial goals like, music lessons, school trips, vacations etc. This is a great segue to discussing the meaning of Christmas and other factors with your child, such as the fact that Christmas is not just about buying or getting items. Share the real meaning of Christmas. This will help them understand the set budget.

3. What criteria do I use to determine if my teen gets an expensive gift? 

Does the item fit within the budget? First, determine if the item is a Need or a Want. Second, decide whether you believe the item has value to your child. Buying an expensive gift is not a bad thing, if you can afford to buy the item and it has true value. A laptop or iPad can be considered expensive gift items, but they are equally important things that can assist your child with his/her schoolwork. Remember it is okay to purchase a Want if it fits within your financial guidelines.

4. If my child gets money for Christmas, should I let them spend it all? 

Absolutely Not! As with all other monies received, Christmas money should be divided into different jars. Some of the money should be saved, some of the money should be set aside for investment purposes and some of the money should be donated. The balance is what they spend.

5. My teenager doesn't want to do any charitable family activities this holiday - should I make   him/her? 

I believe it is important for you to set the example for your child. As a family, give back to others. Show your gratefulness and desire to help others in need. Make the decision that the entire family will participate in the activities. Trust me, your teenager will see the true value in the end.

6. I want to give D.I.Y gifts for the family to share? Is that too cheap? 

Of course not! D.I.Y gifts are the most meaningful gifts you can give. Homemade gifts are a great way to allow children to show their creativity. Don’t forget this is also great family time. One strategy may be to have each child list 3 things they really want, you buy one off the list and the entire family also exchanges D.I.Y. gifts. This saves the budget and allows you to add a fun family tradition. 

Shareeke Edmead-Nesi is a family financial literacy expert, who teaches families the fundamental skills, such as saving, investing and donating. She specializes in teaching tween/teenage children the art of understanding and mastering their money at a young age. She creates and operates "money camps" for children and provides professional portfolio management and holistic financial planning services to families, companies and organizations through her blog, articles and presentations at conferences.

Follow the Conscious Spender! http://twitter.com/shareekenesi -  www.theconsciousspender.com

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Beyond Scholarships - Start Early To Reduce Tuition Costs!

Every Monday as @MoneyChatLIVE I interview experts during a weekly Twitter Online convo, #MoneyChat,  held from 8pm-9pm est.  This post pulls the highlights from our #MoneyChat topic on Tuition Reduction! Strategies Beyond Scholarship Hunting. Our guest poster is college funding expert, Jeff Taylor (@YourCollegeDoc). Jeff coaches and speaks nationally on alternative, strategic college funding techniques that can begin as early as junior high school! Please visit www.tuitionreductionplan.com for more information. Here's to debt-free college for your kids!

Common challenges parents/students face in looking for college funding...

Looking for money is a flawed idea because it feeds into the myth that searching for money will solve your funding problem. The majority of those that follow that idea find themselves disappointed.

Do high school athletes search for money? Do high school high achievers search for money? No!!! So then why should you? The reason why these two groups receive funding year after year is because they are following a system that leads to funding. While the average student is hanging out with friends, the student athletes and the honor students are working on their talents, projects, and building their resumes. Then when competition times comes around they shine and then those schools or funding sources find them! The money follows achievement and marketing.  Money is not given but awarded.

Learn the funding process and maximize your opportunities.

There are a variety of factors that need to be considered, here are two that should be at the top of the list.

The largest and easiest dollars to access come directly from the universities and not from private sources.

a.     Before you or your child allow yourselves to become inflexibly persuaded that you absolutely must attend a particular college, make sure that your child exceeds the scholarship requirements of that school.

b.    If your child does not qualify then that is a clear indication that that university may not be in your best interest.

Strategically diversify your college selections based on the same criteria above. Since high GPA and test scores may not be enough to obtain a scholarship or admission from your 1^st or 2^nd choice schools, select at least six colleges where your child can confidently compete for funding.

Keep in mind that colleges typically are looking for the parent and student to share in the cost of college. 100% funding is very rare. Be prepared to pay for a portion of your child’s college costs. Whatever you do, pay the least!

Quick Tip:

Keep in mind that the student is required to report any and all private scholarships awarded on the FAFSA. Unfortunately, the college may cancel a scholarship that they have awarded in lieu of the money that was received from a private source on a dollar for dollar basis.

  

Parents and students are also making college decisions based on flawed information - here are some of the statements that I hear:


Flaw:    My child qualifies for independent student status because he/she has a different address than me.


Fact:     Independent status is based on federally mandated rules. A separate address and the opinion the opinion of the parent is not one of them.

Flaw:    My child qualifies for independent student status because he/she has a different address than me.


Fact:    Independent status is based on federally mandated rules. A separate address matters not.

Flaw:       Low income qualifies for a 100% funded college education.

Fact:      Low income alone does not guarantee anything, each award based on individual situation.

Flaw:       The financial aid office will give your child money.

Fact:     Colleges do not give away money, but they will give you and your child student loans. (OUCH)

That's enough to get you started.. stayed tuned for Part II... 

Your College Doc,

Jeff Taylor

@YourCollegeDoc

www.tuitionreductionplan.com

Top 10 Money Tip$ For Authors...

" I never had any doubts about my abilities. I knew I could write. I just had to figure out how to eat while doing this."   ~Cormac McCarthy

1. When you decide to write a book, begin putting money away each pay for marketing, publishing, touring expenses - don't wait until the book is finished. Partly because you will have to market the book long before it is completed. Immediately create a list of all expenses you may incur and begin to fund them. 

2. Don't let the cost of your book project delay you. Keep going, pay for each expense in bits.

Ex: The editor you chose charges $5 per page, your book is 150 pages which means you need $750 for your editor.  What can you do to earn that amount outside of your day job? How much can you set aside from your paycheck until you reach $750? Maybe you can pay your editor in 3 installments, sending him/her the book in 3 pieces, etc.

Once that's done, tackle the next- cover design, book tours, etc.

3. When you get a book advance - hold on tight – don’t spend it, it has to last a long time! You will probably end up spending it on marketing, so please keep your day job to pay for living expenses!  Have a separate account for your book business, do not mix personal and business money! 

4. Pay your taxes, set aside at least 25 – 30% of every sale for Uncle Sam! Set it aside in a separate account just for TAXES! 

5. Log all you’re your expenses – keep track of mileage, airfare, hotel – any expenses incurred as a result of creating or promoting your project. It’s important to keep your records organized, develop a filing system. This saves time and money – I know it may be a challenge, but like Nike – JUST DO IT! 

6. Don't go broke trying to get to every book conference out there. Choose the most beneficial for your project, based on who you want to meet and what you want to accomplish by attending. Plan a budget for each one; include airfare, car rental, additional book orders, hotel, etc. so you are not strapped when it’s time to go. Ask experienced authors their opinions on various conferences to find out which ones are worth attending. 

7. Write 3 speeches, talks, and/or presentations relating to your topic, genre, etc. Perfect them so you can get paid for speaking about your subject, the writing process, etc.  It’s important to look at other revenue streams as a result of you becoming a published author. 

8. With everything you will need funds for listed in these tips – please keep your day job! You will need the cash it provides to pay for your book project, keep your lights on, health insurance – you get the point. 

9. Save the money for a good editor and cover design. I’m an avid reader and sometimes other ask me to review their financial or business related books. I’ve come across great book covers, horrible editing and vice versa. I’ve also seen where both cover and editing needed a complete revamp.  If I buy your book and can’t get past the first chapter because of poor spelling, format, grammar, etc. – I won’t finish reading it AND I will tell the world how badly done it was. Now multiply me x the number of people in your audience. Word of mouth can hurt your book sales and speaking engagements – thus hurting your bottom line! 

10. Don’t spend your profits. Profits = the money you keep after paying taxes and other expenses related to the book. Re-invest that money back into your book business to cover future conferences, book orders, travel, etc. You will probably need to do this for at least the first year. Eventually, this practice will also allow you to avoid having to dip into your personal finances as the book will be paying its own expenses. (Another reason it’s wise to keep your day job)

Alright - there you have it! Post your book project below so we can all check it out!

Your Financial/Business Coach,

Dorethia

www.connercoaching.com

Tune in to #MONEYCHAT!!

On Monday nights I (@DorethiaConner) discuss all things money & biz! That's right, you can 'tune in' to our weekly Twitter convo #MoneyChat (@MoneyChatLive) held from 8pm-9pm ET and add your two cents or common sense!

#Follow

 @DorethiaConner    @MoneyChatLive   

Benita Tyler Biz Tips: One Rockin’ Tip I Learned on Getting Prospects to Buy

Today I watched a video post by Mike Michalowicz. In it he offers a really great tip for turning prospects into paying customers. I liked the idea so much that I decided to continue the conversation here on my blog.

Mike is on point (as usual). Very good idea for entrepreneurs because there is no more waiting months or years to see if your idea is going to be a hit in the market. By asking the simple question that he suggests in his video blog, you will be able to instantly gauge responses from the people that are your ideal clients. His suggestion? Ask for a deposit up front if they like what you’re selling. This approach is about the buyer’s committment and decisiveness to take action. Since I am always looking for ways to help others increase sales and maximize profits here’s something that I also suggest. To make the Toilet Paper Entrepreneur’s idea even better create a prototype of your offering for demonstration purposes. This way you can have a physical product for prospects to see and if your idea fizzles instead of sizzles, well, you save yourself some time and money by not putting too many resources into product development.

I highly recommend that you check out Mike’s blog. He is the author of the Toilet Paper Entrepreneur and can be found at www.toiletpaperentrepreneur.com.

Until Next Time...

- Benita

Want more from Benita? Check out her website! 

Benita Tyler: Tax, Accounting and Women Owned Business Consultant

www.tbsusa.com |  btyler@tbsusa.com | 888.380.1112

It's MY Money!!! #Teens.. eh!

You are trying to teach your teen financial responsibility, so you set standards for what they do with money. Yes, their money. Money they get from you, grandma, their job etc. I have yet to meet a parent who hasn't had to have the 'MY money conversation' with their teen...something like...

teen:     i need to pull money out of my account for (some must have thingee)

parent: you spent all your spending money - all that's left is your savings.... which you aren't to touch

teen:     i can put it back later, I really want (this must have thingee)

parent: no. 

teen:     i DON'T understand, it's MY  money!

parent: blank stare (trying not to think of violent things)...eh

Here are a few suggestions to keep the peace and prepare your young person for financial responsibility.

• Set a standard of give some (10% to any charity), save some (20%), spend some (budget) - in this order. This habit instills smart financial responsibility, don't just tell them - show them WHY you are teaching them this system. Have them read (short) financial articles, add money **apps to their phones, etc.

• Make sure they set goals - what are they saving for? That makes the saving more realistic for them.

• Let them manage their own debit card, balance their checkbook and keeping track of spending with a *check register or online banking. Show them how to do it 1st, 2nd time - 3rd time let them do it themselves and review. Teach them to set aside a regular time of month to do this, put it on the calendar. 

*I know they won't be using checks - still recommend a register to log debit and EFT transactions. **Also - I    don't suggest mobile banking for teens. Simple money budgeting apps are okay, but don't link to their actual accounts.

• If you allow them to dip into their savings - hold them accountable for replacing the money. Remind them that saving is how wealth is created.

• Allow them to SPEND their money - as long as they don't buy anything you don't allow in your home or aren't going crazy. Example - if my daughter only has $100 - I'm not going to let her buy $75 jeans. I'd explain that it's 75% of her income and she won't be able to buy anything else. (although, every now and then you might want to let them make this mistake for the lesson...)

Here's to creating a family legacy of wealth! 

Your Financial Coach, 

Dorethia

#Follow: @DorethiaConner @MoneyChatLive  

#MoneyChat: How To Lose Your Job 101

Tip 1.           Show up late a couple of days or what the heck - every day each week.

Tip 2.          Check your Facebook, Twitter and generally play on YOUR phone or work computer every   2 minutes

Tip 3.           Make the standard answer to your bosses' questions: 

 'er.. I don't know'…

Tip 4.           Bombard your boss with problems without offering solutions

 

Tip 5.           Gripe and complain all the time, about everything, everywhere, whenever you get a chance

Tip 6.           Spread and create as much gossip and rumors as you can.

Tip 7.           Take long lunches, no one is watching the clock anyway right?

Tip 8.           Lie on your resume about your skill set – definitely #loseyourjob!

via @rj1975

Tip 9.          Get drunk at the holiday office party, complaining about nepotism when the owner’s kid is the summer help… via @DWesterberg

Tip 10.        Don’t follow up on an assignment that your employer gives you

                        via @rj1975

@BenitaTyler and I agree that the point is – even if you hate your job – you need it.  It provides the cash to pay bills, fund retirement,  get out of debt,  have a little fun sometimes, etc. Keep your job by bringing to work the attitude you want to have around you, excel in it = promotion and increase. Skip the drama and go the extra mile  - it pays off. Even if it doesn’t - do it anyway until you can find a job you will love! #keepyourjob ;-)

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Tune in to #MONEYCHAT!!

On Monday nights my co-host, @BenitaTyler, and I (@DorethiaConner) discuss all things money! That's right, you can 'tune in' to our weekly Twitter conversation #MoneyChat (@MoneyChatLive) held from 8pm-9pm ET and add your two cents.

#Follow: @DorethiaConner @MoneyChatLive @BenitaTyler