Wednesday, October 19, 2011

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 1st or 2nd 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




Monday, October 17, 2011

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. 
  1. 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.

  1. 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! 
  1. 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! 
  1. 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! 
  1. 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. 
  1. 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. 
  1. 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. 
  1. 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! 
  1. 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,



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!

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Thursday, October 6, 2011

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
Benita Tyler - Redford, MI Business Finance Consulting and Training/ TBS USAwww.tbsusa.com |  btyler@tbsusa.com | 888.380.1112