June 29, 2004
Estimated Quarterly Taxes: Tips and Information
Any individual who is self-employed, retired, laid-off, or disabled, knows they are responsible for filing and paying Federal estimated quarterly taxes and in states having a state income tax, for filing and paying State estimated quarterly taxes. This can be very different from the taxation that takes place while you are employed. First of all, the term 'estimated quarterly taxes' isn't exactly accurate. The Internal Revenue Service (IRS) publishes a schedule that jumps around a little. The first payment for a tax year is due April 15, the second payment is due June 15, the third payment is due October 15 and the last payment is due January 15 of the next year. So the payment schedule is more like 31/2 months, 2 months, 4 months and 3 months in making up the Federal estimated quarterly tax payments. The intent, however, is each payment represents one quarter of what you will owe for the year.
Continue reading "Estimated Quarterly Taxes: Tips and Information"June 28, 2004
5 Tips For Selecting a GOOD Credit Counselor
Most of what credit counselors do you can do for yourself. But, if you're too emotionally involved with your money situation to create and stick with a plan and negotiate with your creditors then using a credit counselor may be a good option for you!
Credit or budget counselors, including those who are listed as being with the Consumer Credit Counseling Service (CCCS) or the Genus/National Credit Counseling Service (NCCS) are non-profit organizations that offer free budget counseling and (for a small fee which is often rolled into your monthly payments), debt repayment plans.
With a credit or budget counselor, you set up a workable budget and send one lump sum payment to the credit counseling service so they can divide the money up among your creditors. Your budget may seem tight at first, but you will find that you could be completely debt free within 3 years if you stick to the repayment plan!
Continue reading "5 Tips For Selecting a GOOD Credit Counselor"June 25, 2004
Freelancing: Setting Your Rates And Raising Your Rates
"How much do you charge?"
If ever a question was designed to bring up all your issues around confidence and self-esteem, "How much do you charge?" is the one.
In my copywriting classes, pricing bothers students, and it bothers me too, because there's no clear instruction that I can give them. How much you charge depends on many factors, including:
* your experience;
* the client and his/ her budget;
* your current financial situation;
* your desire to do the work (or your lack of desire);
* how easy the client is to work with --- does he/ she pay on time, or do you have to send several reminders, does the client micro-manage projects, does client have a "know it all" mindset?
=> VITAL: VALUE YOURSELF, AND YOUR TIME, AND OTHERS WILL VALUE IT TOO
Continue reading "Freelancing: Setting Your Rates And Raising Your Rates"June 24, 2004
Is Accounts Receivable Draining Your Cash Flow?
Making a sale is very important. But collecting the money for the sale is even more important. It does not do any good to sell a product if you don't collect your money.
In fact, you can ruin a business real fast if you neglect the all-important step of making sure you are collecting the money for what you sell.
I had the President of a national association of small business owners tell me a story about one of their members that really highlights this point.
One of their members started a service business catering to large health care institutions.
Continue reading "Is Accounts Receivable Draining Your Cash Flow?"June 23, 2004
Debt Collecting Q and A - #21
Q) What is meant by the term "fast monies."?
"Fast Monies" is a term coined in the collections industry to describe special pay requests such as overnight letters, checks over the phone, charge card payment in full, wire transfers and the like. It is an immediate form of payment, which the collector has demanded from the debtor. It indicates the debtor is willing to comply with the request for payment and to do so in an immediate way.
"If we are going to keep that off your credit report I will need you to FedEx that payment to me - in full - today, after which you must call me back with a confirmation number. Only then will I be able to stop the collections process." This is an example of a dun using a demand for fast monies.
Continue reading "Debt Collecting Q and A - #21"June 17, 2004
Resell Rights Cash Flow System
For the life of me I don't know why more people don't use this technique that could literally blow their sales through the roof.
This tip can be as complex or as simple as you want to make it. In a nutshell, one way to differentiate your product is to offer unique bonuses that no one else has. This simple technique can make the difference between you getting the sale or someone else getting the sale.
By creating your own bonuses you create more value so you could even charge more for the exact same product that others may even be giving away!
Let's say I wanted to really push sales of the Link Check Generator. Here's exactly how I would do it:
Continue reading "Resell Rights Cash Flow System"June 15, 2004
Understanding Your Cash Flow
The single biggest reason the small business failure rates are so incredibly high today is this one simple fact: Most business owners don't really know what's going on with their most precious asset - their CASH.
Despite the fact that cash is the lifeblood of the business, the fuel that keeps the engine running, most business owners truly don't have a handle on the flow of cash into their business and the flow of cash out of their business.
The reason this problem is so widespread today is that each of us has been taught that managing the financial side of our business means having financial statements.
We have all been taught that financial statements show us the complete view of the financial side of our business.
Well, the truth is they don't.
Continue reading "Understanding Your Cash Flow"Raising Your Rates Can INCREASE Your Business
How many times have I heard literal horror stories from Internet business startups? Too many times to count! I get emails from those who just simply can't seem to make a living online. They've tried everything (according to them) and are still struggling to make ends meet.
At some point, the "conversation" always turns to price. That's where I find a lot of online business people making their mistakes. The common mindset among Internet business startups is that you have to keep your prices rock-bottom low in order to attract customers.
Nothing could be further from the truth! Raising your rates (in some cases) can actually increase your business. How so? Here are several reasons....
Continue reading "Raising Your Rates Can INCREASE Your Business"June 14, 2004
Is Plastic Making You Happier?
If you're like most people, you probably own at least one.
And like most people, you've maybe never thought what it's really costing you.
At a recent conference held by the Fabian Society at London's Imperial college, one of the issues discussed was happiness, and, more specifically, why it seems to elude so many of us.
One of the conclusions reached was that one of the greatest causes of unhappiness in the last 50 years has been people's constant desire to raise their level of material wealth (especially in relation to others who have more).
As one speaker noted, 'We're like children on a rainy Sunday afternoon, impossible to please. We have everything and nothing.'
You may disagree, but I can't think of a worse modern symbol of this constant craving than the credit card.
Continue reading "Is Plastic Making You Happier?"DEBT COLLECTING Q and A - Issue 19
Q) How to I stay on course during a call? Too often the person I'm talking to leads me off the path and I find it very hard to bring things back on subject.
A) A debtor who can divert a collector is pretty skilled. You can be sure it's a deliberate technique on their part and that they've done it enough times to have gotten very good at this diversion game. For a lot of them it's practically second nature.
Continue reading "DEBT COLLECTING Q and A - Issue 19"June 11, 2004
Debt Collecting By Phone
Debt collecting by phone is tough work.Not only can you not see the person, but it's easy to get caught up in their stories of why they can't pay you.Here's a tip to help you stay focused and get the money that is owed to you.
Question: How to I stay on course during a call? Too often the person I'm talking to leads me off the path and I find it very hard to bring things back on subject.
Answer: A debtor who can divert a collector is pretty skilled. You can be sure it's a deliberate technique on their part and that they've done it enough times to have gotten very good at this diversion game. For a lot of them it's practically second nature.
Continue reading "Debt Collecting By Phone"