Business & Financial Success [Archive]

Protosschick99

03-07-2006, 1:42 PM

Everyone, I would like to see how much everyone here really knows about money, how to handle it, how to make it work for you, and if you've got any business(es) that you are trying to get up off the ground.

I just recently started my business yesterday! :D And I am excited about this opportunity. But before I started it, I have been reading books on success, prosperity, and listening to tapes and CD's about it.

One book that caught my eye is the book Rich Dad, Poor Dad. Man they got some good stuff in there! I didn't exactly read the book--I got the CD's and listened to them :)

Here's something I learned:

Follow the 10/10/80 plan. Ten percent goes to tithing, ten percent goes to savings, and you can live off of the last eighty percent.
Develop Assets. Make your money work for you. Don't work for money. Assets are things that make you money like stocks, bonds, etc...Invest your money and recieve a return on making your money work for you.
Anyone can get out of debt. You don't have to continually live from paycheck to paycheck. Put a little bit aside for savings, and you'll get there! Maybe it'll take you longer, but if you put money aside, discipline yourself, and invest it wisely, you are guaranteed to make it.Anyone here have tips about how to handle money or what kind of business do you own and how would you speak to those whohave just begun their's :)

Kingscrab

03-07-2006, 2:24 PM

Anyone can get out of debt. You don't have to continually live from paycheck to paycheck. Put a little bit aside for savings, and you'll get there! If you have credit card debt, forget about a savings account. Unless you have some uber kick ass credit card with a VERY friendly interest rate, it's not worth it. Pour as much money into paying off your credit card FIRST. I have learned that the hard way. :o

KexMex

03-07-2006, 3:37 PM

The best thing to do with a credit card is not to use one. Because of that, I'm very rich. Yay! ^_^

Seal

03-07-2006, 3:41 PM

credit cards can be useful for buying stuff in retail and especially internet.
it goes expensive if not being able to pay for the stuff asap, though. :<

BlackHawk

03-07-2006, 3:52 PM

Well, I haven't read many "how to" business books; however, since you asked if we have any kinds of business' we are trying to start then yes, I have one. It's just a simple clothing company (called phadeclothing) and I'm trying to get the financing to start it at the moment. If it works out I have some ideas of some other things I would try.

pixels

03-07-2006, 3:54 PM

credit cards can be useful for buying stuff in retail and especially internet.
it goes expensive if not being able to pay for the stuff asap, though. :<
yeah, thats the only real reason to get one

running up costs on a credit card otherwise is no-go

Kingscrab

03-07-2006, 4:10 PM

yeah, thats the only real reason to get one Well, not exactly. Not the ONLY reason... It's a good way to start establishing a credit history, which everyone will need at some point. The key is using the card responsibly and not thinking of it as "free money". You know what Spidey says... (Not the one from the Capital One commercial, but the "real" one.)

With great power... ;)

Nuts

03-07-2006, 4:33 PM

If you want to build credit, a credit card isn't necessarily the best way to do it. Assuming you're going to buy a vehicle, get your parents to co-sign for you, but make certain that you're numero uno on the loan agreement. Large financed investments are great for establishing credit. Of course, if your parents cannot co-sign, then obviously a small limit credit card would suffice.

Also, a debit card sponsored by Visa or Mastercard will work just fine for online payments. And you tend to be more conscious about spending money when it comes directly out of your bank account.

When I was younger, I accrued more debt than many people spend on their house. Most of it is gone now, and I did it without filing bankruptcy. It's a bitch to pay it back, but it's really the only responsible thing to do.

PC, if you want my honest advice, the tithing can wait. You need your money more than the church does. When you get older and can afford it, you can double up for a few years. ;) And Kingscrab is right, pay off the debt first.

Protosschick99

03-07-2006, 4:34 PM

I don't have a credit card. Cuz no one will give me one >.< That is because I have NO credit! lolz :P

I'm gonna build my credit through my bank first--And I want to keep my credit in excellent standing for two years straight so I can buy my first house after that.

I wanna live in Newport Beach baby! :D

EDIT: Thanks for your opinion Nuts but with all due respect--I just CANNOT NOT tithe. Tithing has been engrained into my head and to me, God is my source, He gives me my funds--So I give Him 10% and He lets me keep 90%--I think that's more than fair, lolz.

But okay, enough of that--It is very strong in me to tithe--Cuz trust me--I have NOT tithed before--And where did that get me? No where. :( I'm more blessed tithing than I am without tithing. I appreciate your concern though :)

I only have one bill left to pay--And it's only a measely $200.00! Last month I was in debt at almost $1,000.00 but thank the Lord I have favor with my bankers and with my phone company, they all cut my bills (My bank more than half :D) and I was able to take care of it all.

I am on the road to financial success and I'm looking forward to it! :D

Neo

03-07-2006, 4:51 PM

I've never understood, and I mean no offense to you PC, why people feel the need to offer Tithes to churches...

When there are many other better charities and non-profit organizations that need that money more then a church does.

I would rather donate to something like the red cross every month, then to give to a church who may or may not use it to help others. If I was going to give my money to "Him" I would rather give it to a group who I knew would help people who desperately need it... Not help a church expand, pay for new interior decorating, or w/e.

At any rate. I would personally say this about credit cards:

While they may seem like a great idea to use... I don't think I would ever use one except for perhaps building credit (to Nuts: Not all of us can pay off a new car... =P I'd be good to just pay off a few furniture or w/e payments). I saw this one special on TV with this couple who weren't to well off, but where very very frugal (I mean super-analy so) and would make all major purches via credit card and then pay it off at the end of the month. And these people had a big screen TV and other really nice things. But the thing that got me was that, even though they didn't make much money, they had excellant credit scroes (or whatever that is) and were still able to help get thier children through college without spiraling into debt (or spiraling thier kids into debt).

I dunno. I suppose if your really frugal and smart about things you can do well.

Meh, personally I've found that the hardest part with getting "work" (ie: for me it would be web design) is getting your name out there, advertising and the like. I hope this summer to do better and go all out with flyers and stuff :D

-Neo

Nuts

03-07-2006, 5:03 PM

Neo, my first car was a $2000 1985 Ford Tempo. ;)
I financed it through the bank with my father's co-signature. I did this at age 16 and my credit has been immaculate ever since.

The new car came a year later. I was working at Wal-Mart and raking in the benjamins yo. :P

GrassDragon

03-07-2006, 9:01 PM

I've never understood, and I mean no offense to you PC, why people feel the need to offer Tithes to churches...
The way I see it, if WB needed money to run, I would donate because I have money to give and I enjoy being here. Add in a little God-factor and you've got tithing. Plus, if you're into all that Bible stuff (:P), it says to do so there too.

My parents hooked me up with a debit card, checking/savings, and a monthly "paycheck" and make me now pay for all my expenses to learn the value of money and how to budget and pay taxes and all that (maybe it's a homeschool family thing). I don't have a job right now by the way, the parents said I could either get a job or do more schoolwork. I chose school.

Protosschick99

03-08-2006, 9:55 PM

Nice :P

Btw everyone--I just started my own business a few days ago! w00t! My goal is to be a Corporate Director--I can sooo do it :D

hammocksleeper

03-08-2006, 10:48 PM

Nice :P

Btw everyone--I just started my own business a few days ago! w00t! My goal is to be a Corporate Director--I can sooo do it :D

Oh no, are you doing one of those pyramid scheme things? Heh good luck with that!

I would save much more than 10% of my money. When you get a 401k, put as much into it as legally possible. Right now I'm just a college kid living off my parents, and only working during the summer to keep them happy and to pay for beer, honestly. But it's good to work, I try to do a lot of community service. And it's good experience. Doing anything, as long as you're not sitting around not being productive.

One thing that's key is to recognize that your wealth lies in your assets, not how much you make. Earning a hefty paycheck but spending it all, then getting a raise and spending that too will get you nowhere. You have no security and no prospects for the future. It's a good idea to live below your means. Do this, and you'll never have any problems with credit. Also of course consult a financial planner or whatever

GrassDragon

03-08-2006, 10:58 PM

So what does this business do?

Nuts

03-09-2006, 6:20 AM

So what does this business do?
She has a Bible dealership.

I keed, I keed. :)

GenocideAlive

03-09-2006, 12:33 PM

One thing that's key is to recognize that your wealth lies in your assets, not how much you make.
That's just something poor people say.

hammocksleeper

03-09-2006, 12:55 PM

When I said assets, I was talking about financial assets, not loyal friends and family, or a loving spouse or other blessings (although these are of course more important).

Protosschick99

03-09-2006, 2:32 PM

I know what ya mean. Assets are VERY important. And I actually save more than 10%

And I now work for Melalueca, the Wellness Company :)

Sargallikus

03-09-2006, 3:28 PM

I know what ya mean. Assets are VERY important. And I actually save more than 10%

And I now work for Melalueca, the Wellness Company :)

Never heard of it...

Protosschick99

03-09-2006, 3:29 PM

I'd give ya'llz a presentation, but I believe that is called advertising, lolz :P

Nuts

03-09-2006, 3:44 PM

Kingscrab

03-09-2006, 3:50 PM

This has been a better business moment from Nuts.

Edit: Read this : http://www.mlm-thetruth.com/melaleuca.htm Nice work. Your kung-fu is strong.

GenocideAlive

03-09-2006, 4:35 PM

Seems consistent with her personality. Get a degree in PR, PC99. It'll be far more rewarding for you as a person and will serve you in life.

Sargallikus

03-09-2006, 4:36 PM

PC99, please be careful. Melaleuca is a MLM, Multi-Level-Marketing company, aka Pyramid "scam." The people making money are the ones signing up other sales people. You don't stand a chance unless you're at the top of the pyramid.

This has been a better business moment from Nuts.

Edit: Read this : http://www.mlm-thetruth.com/melaleuca.htm

Oh yeah, I know a business around here just like that... I'd steer clear of it.

GrassDragon

03-09-2006, 4:52 PM

Oh no, are you doing one of those pyramid scheme things? Heh good luck with that!
Hammock should go into the psychic business.

Valjean

03-09-2006, 9:22 PM

Hammock should go into the psychic business.

But then he would probably get excommunicated. :<

Pisces

03-11-2006, 4:26 AM

Umm...How good am I with money? Lets see, my savings accounts is a mere $500 and I give away a lot of my money to charities and buy relatively useless things. My income from actual work is $120 this month, from 4 hours work which I would probably do for free if asked. I volunteer for World vision which is kind of a job except I don't get paid. And I am a full time student.

While this may sound financially horrible, I don't have to pay for the papers I pass so will hopefully have 0 debt (or close to it) when I'm finished; I don't need to pay for food or housing and I don't really spend any money on anything else so I am actaully quite well off.

Btw. If you want a credit card for internet purchases then you can get one without an overdraft. I very much doubt it would get you credit history though.

Protosschick99

03-11-2006, 1:24 PM

You volunteer for World Vision?? Dude that's awesome! :D

I am gonna start sponsering a little kid from Thailand through them :)

Protosschick99

03-15-2006, 12:47 AM

PC99, please be careful. Melaleuca is a MLM, Multi-Level-Marketing company, aka Pyramid "scam." The people making money are the ones signing up other sales people. You don't stand a chance unless you're at the top of the pyramid.

This has been a better business moment from Nuts.

Edit: Read this : http://www.mlm-thetruth.com/melaleuca.htm

Just to let ya know Nuts--My dad and step-mom just made it to Director yesterday :D

They are on their way! :D

Thank you for your concern--You bless me by that :)

GrassDragon

03-15-2006, 12:58 AM

Your whole family is involved in this company?

Not a good idea :concern:

Protosschick99

03-15-2006, 2:44 AM

Actually it very much is :)

Our whole family has benfited from Melaleuca because it is after all a Wellness company :D

I've been trying the products out from my brother (He became a member before me) and I love what they are doing! Not only do the products work, but they are a great value and we are getting paid to refer customers.

If something was wrong with what my business is doing, I would've gotten something in my spirit--But I haven't :D

This company is a great opportunity for me and my family :)

Kazansky

03-15-2006, 6:42 AM

There was a Chinese student in our academy, I'll call him Mr. I. Lok for privacy reasons. It was three weeks before our graduation and he decided to quit and continue with his job. He's 17, and a salesman. He goes places telling them about his financing company. He is paid the rough equivalent of $300.00 per month, or about P15,000.00 per month. Someone should have told him that he would've been GRADUATING. Then again, he was absent every day, and he failed... .... EVERY subject. He is married to his work, ladies and gentlemen.

Protosschick99

03-15-2006, 2:47 PM

How sad.....Shoot I wouldn't have given up school for my job. That's retarded :\

GenocideAlive

03-15-2006, 4:07 PM

If something was wrong with what my business is doing, I would've gotten something in my spirit--But I haven't :D
I know what you mean. For instance, I can tell when people are homosexual. I call it my "gaydar".

03-15-2006, 4:37 PM

I know what you mean. For instance, I can tell when people are homosexual. I call it my "gaydar".
*stiffles laughter*

PC, you're obviously the ideal person any true business would wish to take advantage of, I'm glad that you found them and they found you.

Protosschick99

03-15-2006, 5:19 PM

Well thank you AJ for your vote of confidence, you truly are a very good friend :\

Ya'llz may not realize it, but I am a business woman in the making :P

Anywayz, back on topic--Anyone here own their own business?

kongurous

03-15-2006, 5:26 PM

I co-founded a golf ball trading company once. I don't remember the name cus it kinda went down the crapper, I want to say Island Green Golf or something like that.... But yeah.

03-15-2006, 5:28 PM

PC, you're part of a pyramid scheme and you want me to respect your business abilities -- I'm sorry.

I don't dislike you as a person, but this isn't a shining example of American Opportunity.

And I own my own business.

Nuts

03-15-2006, 5:34 PM

Anywayz, back on topic--Anyone here own their own business?
Yes.

I sell Amway. No, not really. I keed, I keed.

But I do run the family business, which is essentially the same thing as owning my own business.

Kingscrab

03-15-2006, 5:40 PM

Ya'llz may not realize it, but I am a business woman in the making. Err... Well then... perhaps i could interest you in some of these ointments i have for sale? Or some delightful oceanfront real estate in Iowa that i currently have on the market... Muahahaha... :o

Nuts

03-15-2006, 5:47 PM

Yes.

I sell Amway. No, not really. I keed, I keed.

But I do run the family business, which is essentially the same thing.

For clarification, I do not run a business that is even remotely similar to Amway. Depending on how you read that, it might be misconstrued.

Protosschick99

03-15-2006, 5:49 PM

Well what do you do then? :)

Nuts

03-15-2006, 5:52 PM

Without divulging too much information, we manufacture and distribute electrical hardware. If you live near the East coast, some of you may have my products in your homes.

Protosschick99

03-15-2006, 5:55 PM

Nuts

03-15-2006, 6:00 PM

http://www.uspto.gov/web/patents/howtopat.htm

Don't use a "for profit" patent company, they'll just rip you off. If you feel your idea might merit some real income, hire a patent attorney.

I researched patents several years ago for my father-in-law. That was back when everything was on microfiche. Fun times.

Protosschick99

03-15-2006, 6:16 PM

Patent attorney sounds like a great idea :)

BlackHawk

03-15-2006, 6:35 PM

Ahhh okay.

I have a question for anyone here--Has anyone here ever patented an idea?

I have an idea for a new percussion instrument that I want to patent and then get manufactured :D Any tips on how I can go about doing so?

United States Patent and Trademark Office (http://www.uspto.gov/) is probably where you would go about doing so.

EDIT: Bah, Nuts beat me to it :(.