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Consumer v. Producer : Which are YOU? by @SBSLEducSoltns

February 5, 2019 by SJ Barakony Leave a Comment

Stretching your Entrepreneurial Thinking

While entrepreneurs will always consume certain resources, no different from our staff, or other citizens,, we shouldn’t think through a consumer lens nor should we spend precious time being one. So, let’s shake things up!

 

While reading, please invest time to ask yourself some questions. As I often advise mentees, be reflective; forego being reflexive or reactive. The difference is profound.

 

The Consumer

Per Dictionary.com , … origin: 14th C [1375–1425] = “squanderer”

 

What a strong connotation! Do we really desire to have our business(es) associated with this definition, even if its meaning has evolved somewhat over the passage of time?!

 

Why are we ‘encouraged’ , compelled, or even shamed into consuming?

The answer is too complex to address in a blog post, yet, we are able to unravel some characteristics of a consumerist.

 

He/She/They …

 

  • Oft carry a considerable amount of consumer debt
  • Will be watching, listening to, or reading lots of content from the mass media*
  • Quite likely is a side-preneur still receiving a regular paycheck as a W-2’er
  • Fairly often feel uncomfortable discussing economics or talking about money/finances

& …

  • Might use words like ‘retail therapy’, be distressed** , and/or focused on material things

( inc. transactions to make more $ versus building business relationships. )

 

Click to Tweet

 

“Every man is a consumer, and ought to be a producer. He is by constitution expensive, and needs to be rich.”

 

— Ralph Waldo Emerson

 

Sign of a Consumerist

 

Self deception ( vid clip HERE ) is strong; maybe we know in the depths of our soul, by looking at our financial statements, or just in our gut that we are living a consumerist life while building our entrepreneurial venture/s, yet … we outwardly deny it, in our self-talk, our conversations with others, etc.

 

If you do this, you’re not alone. Some signals, both implicit & explicit to home in on & eventually course correct include:

 

  • Not paying off credit cards monthly
  • Driving in a vehicle that you don’t actually own
  • Expensive office space which raises your rates needlessly
  • Not leveraging the countless discount programs/apps/memberships available
  • Buying costly drinks or meals while at events

 

What’ll it Take … a ‘voice of courage’

Laying the groundwork for a major mindset shift will clearly impact all spheres of your business ‘being’ :  heart, mind, spirit/soul, & financial. Yet, it’s still January, and here’s hoping that you invested quality time and treasure creating and then taking action to live out these 2019 mantras, goals, or habit transformations instead.

 

If you’ve not yet carved a line item in your business blueprint for a mentor, a coach, or a niche consultant

( a good friend is ideal for the latter: Cherish Your World/Feng Shui Consultant ),  … now would be a great time!

 

A Producer’s Model

Defined here , with its synonyms including ‘builder’ & ‘creator’; which leads me to ask a few questions:

 

Don’t we all want to be known, in our branding, sales, & marketing, as these things?

Why would we knowingly choose its opposite?

 

Which characteristics might ID this type of business pro?

 

He/She/They …

 

  • Understand Y.D.I.L ***  when it comes to their finances/money ‘mind’.
  • Participate in social capital creating/expanding actions: Connecting others, serving in their communities, & building ‘roots & wings’ in their households.
  • Have eschewed a paycheck from a 3rd party & are sustaining on dollars earned through serving & solving.
  • Understand the value of time > money.  ( read previous post )

& …

  • Oft use words like legacy, leadership, leverage, significance, & value in everyday conversation.

 

Suggested Profiles

 

Brent Wehmeyer

 

Eric Kim

 

Producers Manifesto Poster

 

*** More on Y.D.I.L.

Y = You, Inc. [ ‘investing’ in your mind – trillion $+ ‘real estate’ ]

 

D = {consumer} debt [ pay off, or better yet, bypass proactively ]

 

I = Investments [ mainstream financial vehicles ]

 

L = Lifestyle [ far better to live below or right at par/your means ]

 

By committing to this informal, yet powerful acronym, my entire financial picture & level of consciousness, were shifted, bit by bit.

= I became a producer!

 

You can, too.

Starting, and perhaps expanding,  your business mustn’t originate from the scraps on your monetary table: It should be the main course, growing in parallel with your self-leadership as the “CEO” of You, Inc.

 

Value squared

Many thought leaders have previously opined on similar topic/s; I’m always pleased to cross reference their content & encourage readers in this community to learn more about them.

 

Their specialized knowledge, paired with mine, should generate lots of value for you, the reader.

 

The Producers Manifesto

Consumer v. Producer

Start Every Day as a Producer …

* Infographic – What is the ‘mass media’?

** https://www.mentalhelp.net/articles/types-of-stressors-eustress-vs-distress/

 

In short …

 

  • Know the clear differences b/w a consumer(ist) & a producer
  • Click to Tweet the Emerson quote: there’s a very elevated level of consciousness within it.
  • Invest time to click on the links provided to follow the bread crumb trail of wisdom
  • Connect with the suggested social media accounts & thank them for being producers 🙂
  • Paint yourself with a producer’s Picassian flair!  #BeAnExample
  • Y.D.I.L. is very insightful, yet very contrarian.

 

Thank YOU for reading!

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SJ Barakony

SJ Barakony is a serial entrepreneur, futurist, & connector.

He lives in Ohio & is the Founder of Service Before Self Leadership: An Educational Solutions Provider.

He offers four highly customizable solutions to encourage families, individuals, faith institutions, & business owners to create & cultivate lifelong learning cultures in our homes & workplaces.

He’s been a guest on an educational podcast; been interviewed for an online small business community; is a guest blogger for Innovate NA; and has been an invited speaker five separate times for HECOA.

He believes strongly in youth & social entrepreneurship: He continues to serve two chapters of the YEA program (student mentor, mock judge, ad hoc consultant ) & has co-facilitated a session of the SeaChange Accelerator program.

He serves as the TDD for Cleveland & Columbus (Ohio) for the H7 Network.

He also recently became an educational advisor for Tessr.io, a startup  in the exciting world of blockchain/cryptocurrencies that will be establishing a cutting edge educational foundation.

Filed Under: Accounting, Business Relationships, Content, Creative Entrepreneur, Entrepreneurship & Business, Featured Contributor, Guest Post, Inspiration, Leadership, Lifestyle, Mindset, Money & Finances, She Owns It, Startup & Grow, WAHM Tagged With: #smallbiz, Aspiring Entrepreneur, awareness, baby boomer entrepreneur, Business growth, business owner, business thinking, clicktotweet, college entrepreneur, consultant, consumer, content, courage, development, differences, economics, education, Featured Contributor, finances, getting started small business, guest blogging, guest post, how to start small business, Inspiration, Leadership, learning, lifestyle, mindset, money, positive thinking, producer, relationship building, SBSL, service before self leadership, servicebeforeselfleadership, sheownsit, signals, signs, small business advice, startups, thinking, time, transactions, twitter, value, ventures, WAHM, wisdom, YDIL

Angel Investors In America: 3 Facts Entrepreneurs Should Know About These Financers by @DeborahSweeney

December 6, 2018 by Deborah Sweeney Leave a Comment

by Deborah Sweeney | Featured Contributor

You may already know the definition of an angel investor. This is an individual who invests in a startup using a portion of their existing finances. Chances are you may also be familiar with an angel investor’s involvement with a business, too. Most investors, once they have provided a startup with funding, require a stake in the company in exchange. Typically, this stake translates to shares or an equity position.

What you may not realize — or even think about — are the angel investors themselves. Who are these people? According to the Angel Capital Association’s initiative The American Angel Campaign, angel investors invest an estimated $25 Billion in 71,000 startup deals every year. Yet we know very little about these existing angels, or emerging angels. Luckily, research has been conducted and provided through The American Angel Campaign. Their first in-depth report explores what it means to be an angel investor in the United States. Let’s take a look at some of its key findings.

30% of new angels are women.

It’s not exactly a shock to find out that the vast majority of angel investors are men. More women, however, are taking on investor roles. Today, 22.1% of angels are female. 30% of new angels are also women.

While this number may be small for now, it is mighty. Angel investors are more diverse than venture capitalists where studies have shown only 9% of decision-makers at VCs are women. Furthermore, 38% of women entrepreneurs that raised outside capital have specifically wanted to work with women investors. It’s not likely that female angel investors will explode in expansion overnight, but it is likely that as time progresses more women will assume this role and invest in businesses.

Angels are educated, and tend to come from entrepreneurial backgrounds.

Naturally, most entrepreneurs reach out to angel investors for financing purposes. It also helps that the angel has an entrepreneurial background — or at least an understanding of business. 72.8% of the angel investors surveyed in report revealed they hold more than a Bachelor’s Degree. 51% have achieved a Master’s or MBA. At a whopping 57%, business is also stated to be their primary area of study.

Beyond school, the vast majority of angels have also held prominent leadership roles. The five most common careers included CEO of a startup (55%), for-profit company executive (55%), consultant (48%), for-profit company board member (46%), and middle management roles (38%).

There is a lovely line in the report that the angels surveyed are, essentially, “founders funding founders.” They might hail from various industries, but they understand the fundamentals of business and have held leadership roles. This makes them all the more valuable to work alongside bright-eyed startup business owners. Over time, they may even be able to build up a mentor-mentee relationship with their investor. For now, startups have the peace of mind in knowing they are working with accomplished individuals.

Many angels do not live in major cities.

We often assume that in order to get an angel investor’s attention, one needs to live or have a business in New York or California. However, 63% of angels surveyed in the study don’t live in New York City, San Francisco, or Boston. The greatest percentage of angel investors, 16.2% surveyed, reside in one of the Great Lakes states. These include Illinois, Wisconsin, Indiana, Ohio, and Michigan, as noted in their infographic.

Location may play a role in the size of checks written, too. The report reveals that angels outside of New York, California, and New England actually write larger checks compared to angels residing in these states. The median size check for New York, California, and New England is $32,432. Other geographic areas enjoy a bit of a bump — $36,920 — with their checks.

What does this mean for entrepreneurs? The report suggests that it may be beneficial to startups to seek funding beyond states traditionally associated with angel investments. However, it also states that the median check size is $25,000 across the United States. Angel investors, unlike venture capitalists, cannot invest millions into a small business. It’s important that you determine your financing needs and thoroughly understand where the money will go before approaching an angel investor. If you know you need more than what they can provide, a venture capitalist, or perhaps even a small business loan, may be a better fit.

———————————————————————

Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

As CEO of MyCorporation Business Services, Inc., Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.

Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites.  She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.

In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation.

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Deborah Sweeney
http://www.mycorporation.com

Filed Under: Entrepreneurship & Business, Legal, Money & Finances Tagged With: angel investment, angel investors, Deborah Sweeney, entrepreneurs, financial advice, money, small business advice

Time = Gold (and … money = silver) by @SBSLEducSoltns

November 16, 2018 by SJ Barakony Leave a Comment

by SJ Barakony | Featured Contributor

Putting Productivity ahead of Busy-ness in Business

 

“I’m so busy!”

“How are you? How’s business?  Busy!”

 

There are mild variants,  yet, the theme is constant: The individual is … say it with me now …. B-u-s-y.

Since when did our nation’s backbone, entrepreneurs, decide that this status was the end all, be all, in conversation, let alone in practice?

Let’s reframe. First, though, empathy & grace are necessary.

I know: There’s a LOT on your plate;  I’m sure many of these are on your calendar, scribbled on sticky notes, and/or are pop up reminders on your smart device:  Payroll. Review insurance coverage. Talk to the V.A; accountant; and/or financial advisor. Respond to client messages. Etc …

Still, we shouldn’t aspire to busy-ness; when we stop, if merely for a moment & reflect, we realize that as entrepreneurs, we’re solution providers & producers.

Thus, the more we produce, the more pro-ductive we are: it’s productivity which we should strive for, a 1:1 replacement for the ‘busyness’ that is our default answer to so many questions.

Painting a picture to aid in this mindset shift, we revisit the 1st few words …

 

Time = Gold.

 

… and now can move to implement this truth in our business first ( self-leadership ), then, model it for staff + customers, lastly, replicating it to other entrepreneurs in our network.

 

Those who are wise won’t be busy, and those who are too busy can’t be wise.”
― Lin Yutang

Click to Tweet

Lin Yutang #quote

 

 

Precious Metals

 

Gold :  

Time is an irreplaceable asset, just like gold. Gold is finite & very rare: Its value has held firm for thousands of years & once was used regularly in commerce worldwide. Just like there’s always been a 24 hour day, the amount of gold available for mining is constant; fluctuation in the ‘price’ of gold is due to the underlying currencies, just like your productivity ties to how well you lead yourself.

Silver :

Money is a reflection, a flag, which signals how much value you’ve added to the marketplace; your monetized service, product, &/or specialized knowledge is your entrepreneurial bridge b/w problem identified & solution provided. We look to silver now, as its value is also stable, yet it’s more abundant in nature than gold. So, with an abundance mentality x growth mindset, you know you can grow your share of this not fixed pie.

 

 

Two must read books

Without a shred of doubt, I wholeheartedly recommend both. Each has a high ceiling of potential energy which can be tapped to lead to dramatic improvements in your productivity & reduced busy-ness.

 

E-Myth: Revisited

The Fifth Discipline

 

Stephen R. Covey

He passed away over 6 years ago, gone & not forgotten as a pioneer; through his off the charts levels of contribution, we have much to tap into. The 4 quadrants is something to study often, & implement in short order.

 

Covey’s Time Management Matrix, in the written word

Or perhaps you’d learn better from a visual?

 

 

Suggested ‘Twitterverse’ Follows

 

A Helpful Guide to Becoming Unbusy by Joshua Becker

How to Stop Being Busy All the Time from Gus Razzetti

4 Ways to Break Free From Being “Too Busy” penned by Rikki Rogers , culled from The Muse

 

Leverage = Legacy

 

This concept is transformational.  Pulling from the vastness of the internet, here are two marvelous resources. Once you take this small two-step seriously, my advice is to keep going!

 

Kelly Azevedo

Amanda Abella


Systems Thinking?  

 

Its powerful.  In a previous post, you learned all about the power of principled self education.

Here’s a superb opportunity to practice what you read by visiting Donella Meadows ‘s website.

And if you haven’t yet bumped into this infographic, please, I implore you, dive in over the next 24 hours. Your income can become systems driven wealth through active application of this business truism.

 

In my ongoing discovery, I’ve repeatedly shared these maxims with those whom I mentor, in coffee 1:1’s, & elsewhere: Why? They’ve allowed me to run multiple business ventures at the same time, all while making strides towards being productive = gold = time & (more) passive = silver = money.

 

Next steps:

 

 

What can Westminster Abbey teach about implementing this content?!  

 

This inscription, when understood at a deeper level, reflects the ongoing value of lifelong learning.

 

Action Time

 

As with anything you choose to read, listen to, or watch, the truest formula = what you do next, how you proceed, & why?

Reflect, through meditation, prayer, yoga, or in a moment(s) of silence on this post, please, & thank you for reading!

 

In short …

 

  • A producer is productive; a consumer is busy. ‘Busy’ shouldn’t be a status, symbol, or state of being for the wise entrepreneur
  • Time = gold.  Money = silver.  Prioritize your irreplaceable asset;  focus on it and not on money (income, wealth) as #1.
  • Review the links to invest in 2 highly recommended books
  • Covey’s quadrants/matrix is a terrific tool in and by itself
  • Suggested Twitter follows & some of their scholarly tweets. #MustReads
  • Understand systems & leverage in your entrepreneurship education
  • Leadership starts with self

 

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SJ Barakony

SJ Barakony is a serial entrepreneur, futurist, & connector.

He lives in Ohio & is the Founder of Service Before Self Leadership: An Educational Solutions Provider.

He offers four highly customizable solutions to encourage families, individuals, faith institutions, & business owners to create & cultivate lifelong learning cultures in our homes & workplaces.

He’s been a guest on an educational podcast; been interviewed for an online small business community; is a guest blogger for Innovate NA; and has been an invited speaker five separate times for HECOA.

He believes strongly in youth & social entrepreneurship: He continues to serve two chapters of the YEA program (student mentor, mock judge, ad hoc consultant ) & has co-facilitated a session of the SeaChange Accelerator program.

He serves as the TDD for Cleveland & Columbus (Ohio) for the H7 Network.

He also recently became an educational advisor for Tessr.io, a startup  in the exciting world of blockchain/cryptocurrencies that will be establishing a cutting edge educational foundation.

Filed Under: Blogging, Business Relationships, Conferences & Events, Creative Entrepreneur, Entrepreneurship & Business, Featured Contributor, Guest Post, infographic, Inspiration, Leadership, Lifestyle, Mindset, Money & Finances, Resources, She Owns It, Startup & Grow, WAHM Tagged With: books for entrepreneurs, books to read, business, business mindset, busy, busyness, cash flow, click to tweet, creative entrepreneur, education, empathy, entrepreneur, Entrepreneurship, freelance, Freelancer, gold, grace, Inspiration, Leadership, learning, legacy, Leverage, Michael Gerber, mindset, mompreneur, money, money mindset, networking, not enough time, productivity, quadrants, quotes, Robert Kiyosaki, SBSL, servicebeforeselfleadership, side hustle, silver, small business, Stephen R Covey, Success, systems, systems for entrepreneurs, taking action, thought leadership, time, Time Management, time management for entrepreneurs, truth, WAHM, wealth consciousenss, wealth mindset, woman entrepreneur, women entrepreneurs

Multiple Streams Of Income Is Easier Than You Think by @DeniseDamijo

February 24, 2017 by Denise Damijo Leave a Comment

Multiple Streams Of Income Is Easier Than You Think

by Denise Damijo | Featured Contributor 

We have walked into a new era! We no longer have to be ball and chained to our corporate desks if we choose not to be, we now have the opportunity and ability to spread our wings and fly in a lifestyle business of our very own generating multiple streams of income. The title of this article may have you asking yourself  how easy is it really. The truth is that I’m not going to lie to you and tell you that it will happen over night. But you can make it happen for you sooner than later if you just start.

Generating multiple streams of income is the same process you had with going to school and jumping into the corporate arena.

First comes your foundation. You need to invest in your education from a business lifestyle entrepreneur’s perspective. It is important because the things that you have learned in school will not teach you the things that you will need to know in order to make multiple streams of income your reality. You have to learn from a business lifestyle specialist that is actually making it happen. They are the ones that are going to know the mistakes and also the wins that are possible for you in the world of generating multiple streams of income as a lifestyle entrepreneur. Getting clarity is key in your entrepreneurial foundation and they will be able to give you the best direction for you to meet your success.

The next thing that you need to do is create a strategic content, digital marketing, and sales plan. When you are creating these plans, they can’t just be any kind of plan, but a plan that is going to help you to position yourself as the expert in your industry and get yourself visible. Social proof can do amazing things only if you are willing to put in the work just like you would in getting  your degree or certifications and then getting your resume out to the companies that are going to give you the best opportunity possible that you can be proud of.

Finally the most important one of all. It really doesn’t matter how much you invest in your learning and how much you strategically plan if you do not do the main thing that transforms businesses and change lives. You have got to implement. Implementation is key to you being able to see real results in your business and life. I want to be the first to admit that at first, implementation is hard. It is scary and it is going to feel like you will never be as good or better than everyone else that you see soaring across the bright blue skies of the business lifestyle world.

That is a lie that your comfortability is trying to tell you. Don’t fall for it. If you have dreamt it, if you have thought about it, you are enough. If you don’t know how, seek the how. And if you are afraid, do it anyway, afraid. The main thing is to constantly keep putting one foot in front of the other until you reach your desired destinations.

——————————————————————

denise damijoHello, I’m the Founder & CEO of Denise Damijo International, LLC. where I Run a success business while having a husband and 5 children (3 being under the age of 2) I definitely have earned the title of the Momapreneur’s Business and Lifestyle Strategist.

I have been featured in places like the Huffington Post, Addicted2Success, Women On Business, Elite Daily, Become The Lion, Leaders In Heels, and more. I’m a published author, and the creator of the Rise UP And Win Challenge.

I love helping momapreneurs get clear, get intentional, and get paid by helping them strategize great content, marketing, and sales plans.

Connect with me on Instagram | Facebook | Twitter and denisedamijo.com/.

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Denise Damijo

Denise Damijo featured contributor Bio
Hello, I’m the Founder & CEO of Denise Damijo International, LLC where I run a successful business helping other entrepreneurs find the holes in their business and helping them to create an achievable plan for them to be successful in their life and business.

I’m a #1 Bestselling author of “When you’re Done Expecting” and have also been featured in places like the Huffington Post, Addicted2Success, Ready Magazine, Elite Daily, Leaders In Heels, and more.

Connect with me.
https://itunes.apple.com/us/podcast/the-momapreneurs-grit/id1257569086?mt=2
https://itunes.apple.com/us/podcast/mind-money-mogul/id1330509859?mt=2
https://www.facebook.com/denisedamijointernational/
https://twitter.com/DeniseDamijo

https://denisedamijo.com/

Filed Under: Entrepreneurship & Business, Featured Contributor, Money & Finances Tagged With: attract new clients and make more money, Denise Damijo, Entrepreneurship & business, money, Multiple Streams Of Income

How to Raise Your Money Set Point and Eliminate Scarcity Once and For All by @mindycrary

December 22, 2016 by Guest Post Leave a Comment

ow to Raise Your Money Set Point and Eliminate Scarcity Once and For All

by Mindy Crary

Why is it that some people are constantly going broke, but have to have the latest and greatest thing, while other people are like the millionaire next door, living well below their means?

In my experience, it’s because these two different types of people have different money set points.

We arrange our life to match our unconscious expectations of the amount of money you “should” have—this is your money set point. It’s based solely in your head, in your wealth mindset.

You have an upper limit that prevents you from busting through your comfort zone, and a lower limit that prevents you from financially crashing. That sweet spot in the middle is your money set point.

When people have a lower limit problem, every time they start bringing in a little more money, the basics they “can’t live without” get a little more expensive. So no matter how much they make, they always seem to end up with the same result.

This is called your net cash flow. When you’re in that situation, you want to find away to make more money and keep more money, right? And with most things, clarity is the first step. Clarity around exactly what money is coming into your household every month, and clarity on the best use of every dollar leaving it.

If you think you might have a lower limit problem, ask yourself: If you couldn’t do the work you’re currently doing, what amount of money do you know you could go out and generate in another way?

I knew a client once who made really good money, but said, “If everything went to hell, I know I could go out and get a job waitressing and make enough to cover the basics.” Her basics were about $40,000 annually, so that was her lower limit.

On the other side of things, upper-limit problems are almost always wrapped up in our self-worth. And it crosses all kinds of boundaries — from happiness and love to money and self-worth.

We get a raise, we get a promotion, we land that big client… And we start to feel bad, feel guilty. We get sick, pick a fight with our partner, run out and spend it all on who knows what.

THAT is an upper limit problem.

To help identify your upper limit, think about an amount of money that you feel absolutely comfortable generating as income on a monthly basis. You should have zero physical reaction to this number.

Now, double that number . . . how did that feel? Did you start to react? If that number was still in your comfort zone, try increasing it by $5,000 . . . how about now? Play around until you find a number that makes you nervous; that’s your upper limit.

The easiest way to raise your money set point is to consciously plan how you’re going to allocate it. Every year, I make a list of everything I want to spend money on, in addition to my normal monthly expenses and savings (of course, this list gets changed, updated and reviewed several times per year as I think of new things and cross off old ones). For me, this list creates the why behind increasing the upper limit. If I can reasonably predict how I would allocate the money, then I have no internal conflict about generating it.

If you think you might have upper limit issues, you might want to make a list like that and post it someplace conspicuous, to remind yourself why it’s so important for you to raise your limit. The more you tend to “settle” for what you get money-wise, the more frequently you should look at the list.

And if you really think you have upper limit issues, you might want to get some support in generating the list, to help you see the possibility and reinforce the idea of expecting more.

Your money mindset sweet spot is when you have an upper limit and a lower limit that are working for you, not against you.

Remember: Just because you have a money set point doesn’t mean it’s set in stone. You can work to adjust it, and find your very own sweet spot.

———————————————————-

mindy craryMindy Crary, personal finance expert and author of Personal Finance That Doesn’t Suck, helps both you AND your money succeed. From growing your wealth to the actual person behind it, Mindy bridges the gap between the energetic, spiritual and practical financial services industry with a creative twist. Check out Mindy’s excellent (and FREE) ebook on Money Chakra.

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Filed Under: Guest Post, Money & Finances Tagged With: Mindy Crary, money, Money & Finance, money iq, money mindset, personal finance, wealth mindset

Avoid This Tax Mistake – Incorrect Classification of Household Employees by @4NannyTaxes

May 12, 2016 by Guest Post Leave a Comment

Avoid This Tax Mistake - Incorrect Classification of Household Employees

by Kathleen Webb

When it comes to the convoluted subject of taxes, it can be easy to make mistakes. This is especially true when it comes to correctly classifying your household employees and reporting uncommon circumstances. According to a United States Department of Labor study completed in 2000, employers are incorrectly classifying up to 30% of employees, and it looks like the issue continues to worsen.. Employers that misclassify their workers often do so to evade tax liabilities, which also prevents employees from accessing required benefits. In an effort to discourage such behavior, the IRS and state governances hand out substantial penalties for such mistakes.

If you think your household workers can’t possibly qualify as employees, take another look. You may need to incorporate that weekend babysitter into your tax reporting. Similarly, your senior caregiver may also sound like a clear case of independent contracting, but in fact senior caregivers paid directly by the family should be employees and receive a W-2. This is a perfect example of a common classification mix-up. And an incorrect classification can lead to IRS and state enforcement that requires you to deliver a hefty payment to remediate the issue.

Should You Classify Your Household Workers as Employees?

The truth of the matter is that most household workers are employees. But if you’re not confident of which side of the fence your household worker falls on, ask yourself these three questions:

  • Do you provide your nanny, senior caregiver, or housekeeper with their place of employment?
  • Do you set your worker’s schedule and rate of pay?
  • Do you have the right to direct them in how they perform their duties?

If the answer to these questions is yes, then by law that individual is almost certainly your employee. It does not matter if they are working for you full time or part time, nor does it matter where that worker came to you from (a friend’s referral, an agency, independently, or through an association). It also does not matter if you pay that worker hourly, daily, weekly, or even on a job-by-job basis. See the IRS Publication 926 for more details on what makes a worker an employee.

What to Do When Your Household Workers Classify As Employees

If your household workers do classify as employees, that means you’ll have to do a bit of up-front work to ensure you’re covered come tax time.

This includes:

Get an Employer Identification Number
If you have paid taxes for employees previously, you likely already have an EIN. If you do not, you can go to IRS.gov and apply for one online. In order to obtain an EIN you must have a principal business located in the United States or U.S. Territories, and also have a valid Taxpayer Identification Number.

Checking Your Employee’s Eligibility to Work in the United States
Your employees must be legally eligible to work in the United States, with no exceptions. You should cover your bases by having your household workers fill out Form I-9 to verify their employment eligibility status. Your employee must complete the employee section of this form no later than their first day of work, and you both must attest that there is acceptable documentation to establish their identity and employment eligibility. Keep this form on file should you be asked to present evidence of employee eligibility.

Gather Your Employee’s Social Security Number
You must keep your employee’s social security number on file if you pay your employee over $2,000 per year in Social Security and Medicare wages, or you pay them any wages from which you withhold federal income tax. Take a photocopy of each employee’s social security cards for good measure, and keep the information on file.

Keep a Form W-4 on File
Keep a Form W-4 on file for each employee so that you know how much income tax to withhold from each employees’ wages. Make sure you have this form completed and effective along with your first wages paid to that employee. If you cannot get this information up-front, withhold tax as if the employee is single (do not include any allowances).

Pay for All Hours Worked
You must pay your employees for every hour they work, without exception. This means that fixed salaries for household employees are illegal, and these employees are considered non-exempt.

Pay for Overtime
Just like any standard employee, if your household workers work over 40 hours per week they are entitled to overtime pay at a rate of at least 1.5 times their regular hourly rate.

Outsourcing Your Tax Preparations
If this is your first time preparing taxes for your household workers, you may benefit from seeking professional assistance. Outsourcing to an expert can give you a hassle-free and surefire way to complete your taxes on time. It also helps confirm that your tax preparation is confusion-free and completed correctly. Putting your tax filing into the hands of a professional can save you money by preventing costly mistakes that might otherwise lead to the penalties, interest, and back taxes that come with the incorrect classification of household employees.

Establishing the correct classification of your household employees and filing your taxes appropriately can be confusing. Your first step is to establish whether or not your current workers should be classified as employees. If so, you must collect the proper employee information, keep appropriate documentation on file, and be careful to pay your employees properly along with withholding the proper taxes from their wages. You may choose to ease this complicated process with the help of professional assistance, or with the right approach you can choose to brave tax time on your own. Either way, beginning with the proper tax classification, you can avoid such a potentially problematic tax mistake. Take a self-review of your current household workers and classify your employees properly from the start to make next tax season a walk in the park.

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Kathleen Co-founded HomeWork Solutions in 1993 to provide payroll and tax services to families employing household workers. Kathleen has extensive experience preparing ‘nanny tax’ payroll taxes. She is the author of numerous articles on this topic and has been featured in the Wall Street Journal, Kiplinger’s Personal Finance, and the Congressional Quarterly. She also consulted with Senate staffers in the drafting of the 1994 Nanny Tax Law.

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Guest Post

Filed Under: Entrepreneurship & Business, Guest Post, Money & Finances Tagged With: money, taxes

Five Elements to A Killer Invoice by @WhaleyBookkeep

October 19, 2015 by Melissa Whaley 2 Comments

Getting paid is a pretty important part of owning your a business, so you want to make sure that it is as easy as possible for your clients to pay your invoice.
 Five Elements To

If you are service based, or invoice for products, then these tips will get your invoices into tip top shape!

1.  Branding – Make sure your client knows exactly who this bill is from, and how to contact you if they have questions. This includes the basics of name, location, and contact info. But this also includes Logo and color coding to match your overall brand. The look and feel of your invoices does not have to be boring!

2.  Clear Definition of Charges – Make sure that your list of charges are clear so your client knows what they are paying for. This means itemizing stuff, if there are multiple elements to your charges. If you use more flat rate billing make sure you have good descriptions for what the product or service is so clients are not having to ask questions about their invoice and delaying payment while you go back and forth.

3. Terms/ Due Date – You want an invoice that clearly states when you expect payment. You’ll often hear terms like Net 10 or 30 thrown around describing terms, and those can be listed or you can simply put the date payment is due. Part of a good working relationship with anyone includes clear expectations and timeliness of payment should be a big part of that. There are accounting systems now that can send automatic reminders if payment is late. Use these tools to your advantage so payments aren’t delayed.

4. Payment Button – Make it easy to get paid! If you use a system like Wave, Freshbooks, or PayPal they are able to integrate credit card payments right onto the invoice. Features like this allow you to get paid much faster than waiting for a check in the mail.  If you aren’t using this type of system yet, then at minimum list out how clients can pay (Credit card, check, bank transfer, etc.) and if they need to go to some other place to do it, then make that as easy as possible.

5. Send It – This may sound silly, but you won’t get paid if your invoice isn’t sent. Most invoicing softwares let you send invoices via email so they get to your customer fast. However not all situations are right for emailing invoices.  Make sure you know how your client processes and pays their bills. Some services like FreshBooks will even send invoices via snail mail for you for a small fee.

Still not sure if your invoice is up to par?

Here is a sample from my own invoicing software, Wave Accounting:

WaveInvoice
When I send an invoice through my software this is what my clients see when they click the link.
I have my logo at the top left, a clear due date, A description to my item, and integrated payment. And of course if a client is looking at this, that means I hit sent.

What are you using to send invoices? Comment Below or Tweet Me!

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Melissa WhaelyHello there, I’m Melissa Whaley, owner of Whaley Bookkeeping.  I specialize in virtual bookkeeping and tax preparation for entrepreneurs. It excites me to help people understand and take control of their finances, especially in their businesses. I believe that anyone is capable of success if their passions are accompanied with the right tools. I love working with new business owners to help them set-up systems that will take the stress out their finances.

I am a licensed tax preparer in the state of California and have been helping small business owners since 2009. I am a Wave Accounting Pro, Quickbooks Online ProAdvisor, and Freshbooks Bookkeeper.

You will often find me drinking a cup of coffee while hanging out in  Facebook Groups, or on my YouTube channel making videos to help Etsy sellers with their bookkeeping. In my personal life I am married to a wonderful husband, have a 6 year old daughter and a 1 year old son.

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Melissa Whaley

Filed Under: Accounting, Money & Finances, She Owns It, Startup & Grow Tagged With: accounting, bookkeeping, business, entrepreneur, infographic, invoice, money, small business

Is Your Money Getting Lost? 4 Tips for Better Record Keeping by @WhaleyBookkeep

August 19, 2015 by Melissa Whaley 1 Comment

Is your money getting lost
by Melissa Whaley | Featured Contributor

I don’t think anyone sets out in business to have bad habits, but it happens to the best of us. We get busy, or we just don’t know any better what we are supposed to do.

Receipts get thrown away, we get behind and haven’t done our bookkeeping for months, or we wait until the last minute to throw things together for our tax return.

However, when it comes to record keeping, your bad habits could be costing your business money. If you aren’t clear on how much money you’re bringing in, then you are setting yourself up to overspending. The biggest hits usually come at tax time, because you are missing big deductions or weren’t prepared for your tax liability.

Fear not my fellow business owners,

Here are Four Tips to get your business record keeping on track and cut those losses:

 

1) Set up a Separate Business Bank Account

The law varies depending on your type of business entity, but the reality is you should keep your business and personal finances separate. Most banks offer low cost checking accounts you can open and use solely for business. Just having all your business transactions run through their own account will help you keep your business and personal finances separate, which is important. It will also give you the most basic look at what money is coming in and out of your business.

2) Use Accounting Software

There are some great options out there that range in cost from Free up to $100’s per month depending on the size and complexity of your business transactions. Most have a free trial. Try testing a few to see what works for you, or talk to a bookkeeper to see what software they would recommend for business size and type. A few options you might consider are Wave Accounting, Freshbooks, or Xero. Even if you are using a simple spreadsheet, that is a step in the right direction.

3) Scan Your Receipts

Receipts are the proof that your expense was indeed business related. In our world of technology and smartphones, there is really no excuse to not having record of your receipts. Many accounting softwares now have receipt scanning built-in, so you can snap the receipt on your smartphone and it auto loads into the software. You can also use Evernote to snap pictures of receipts to save in your digital filing cabinet.  I strongly recommend storing your receipts in digital form. This way they won’t fade, degrade, or get lost as easily (We all know how tricky they can be!)  Plus with all of the things we buy online, most of our receipts are already digital.

4) Hire a Professional Tax Preparer

DIY Software is great for many people, but if you aren’t sure how to answer the automated questionnaire then you’re out of luck and it won’t think the ask the questions a tax professional will. As much as we all want to be able to save money and do it ourselves, you’re not a tax expert.  How do you know what is and isn’t deductible; how to properly depreciate vs deduct; whether or not you need to file 1099’s for those you have paid but weren’t employees; or how much to pay in estimated taxes? If any of those terms confused you, that is good sign you want to work with a professional, and save the frustrations of trying to do it yourself.

4 Tips (1)

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Melissa WhaelyHello there, I’m Melissa Whaley, owner of Whaley Bookkeeping.  I specialize in virtual bookkeeping and tax preparation for entrepreneurs. It excites me to help people understand and take control of their finances, especially in their businesses. I believe that anyone is capable of success if their passions are accompanied with the right tools. I love working with new business owners to help them set-up systems that will take the stress out their finances.

I am a licensed tax preparer in the state of California and have been helping small business owners since 2009. I am a Wave Accounting Pro, Quickbooks Online ProAdvisor, and Freshbooks Bookkeeper.

You will often find me drinking a cup of coffee while hanging out in  Facebook Groups, or on my YouTube channel making videos to help Etsy sellers with their bookkeeping. In my personal life I am married to a wonderful husband, have a 6 year old daughter and a 1 year old son.

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Melissa Whaley

Filed Under: Accounting, Featured Contributor, Money & Finances Tagged With: business, finance, money, small business

How to Save Money by @JulieMoneyCoach

April 14, 2015 by Julie Feuerborn Leave a Comment

by Julie Feuerborn, CFP©  | Featured Contributor

When you save regularly, you’ll find that your savings add up quickly and they keep growing. Get in the habit and watch your savings grow and grow and grow!

The Savings Habit

piggy bankThe easiest way to grow your savings and to get that money working for you is to set it up so that you automatically add to your savings each month.  When set up automatically you won’t have to remember to pay yourself and you won’t be tempted to skip a month.  The simplest way is to have a portion of your pay directly deposited into a savings account.  You won’t be tempted to spend it if it never reaches your checking account.

Set it up for pay day

If your employer can’t deposit a portion of your pay into a separate savings account, then on payday or the day after, set up an automatic transfer for a portion of your pay to go from your direct deposit account into your savings account.

By creating this automatically you will get into a savings habit.    A regular saving habit is more important than the amount you put away.

Before you know it you will have a good start to your financial nest egg.

Magic of interest

As your savings build up, they will grow faster and faster, even when you are only depositing the same amount each pay period.  This is the magic of interest.  Einstein is quoted as saying that compound interest is the most powerful force in eth universe and it is incredible.  You get to earn money without having to work for it.  Interest paid on interest is magic!

How much to save

If you have money left over at the end of each month, you will have a good idea of how much you can save.  That’s a good starting point, but challenge yourself to save even more.

If you usually run out of money before the end of the month, it doesn’t mean that you can’t save, but it does mean that you will have to change just how much is going out each month.  Have a look for places to save to unlock your savings potential.  You can find a little bit even if it means cutting back on that coffee you buy on your way to work.  Change one habit for another.

A regular saving habit is more important than the amount you put away.

 I recently read an article about a janitor that who managed to save $8 million.  How did he do it?  By saving regularly and the magic of investing and compounding interest.

Are you ready to create a regular savings habit that will set you up for life?

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Julie The Money Coach Julie Feuerborn, CFP© is Julie The Money Coach which is the business she founded to empower others to take control of their financial destiny.

Clarifying the financial world for her clients is her passion.  She eliminates the fear around making financial decisions by educating and mentoring (and sometimes hand holding) which creates financial confidence.  She loves when a client understands the role money plays in her life because it creates peace of mind and because it adds a whole new level of possibilities for her clients to live the life they deserve.

Julie has followed her dream and since 1994 Julie has divided her time between Colorado and the UK with her husband and the youngest of their four children.  She currently lives in rural England where she enjoys going for long walks and watching the sheep in the fields.  Her other passions include international travel, reading, yoga, meditation, hiking and camping.

To read more about what Julie has to say go to:  Julie The Money Coach blog

To connect with Julie, give her a shout on:

LinkedIn |  Twitter | Facebook

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Julie Feuerborn

Filed Under: Money & Finances, She Owns It Tagged With: finance, money, retirement, saving money, savings

The Fear of Asking for Women by @CarolSankar

February 21, 2015 by Carol Sankar 4 Comments

The Fear of Asking for Women

Photo Credit: Jannie T. via Compfight cc

by Carol Sankar| Featured Contributor

As I continue my journey with documenting the journey of women in business and their willingness to desire more, yet fear of asking for more, the question remains: What is Fear?

Recently, I asked the question of a select few women who are in business over 2 years, yet not attracting the capital they need to in order to grow. I was shocked that the overwhelming response was fear. The fear of thinking their business is “too small.” The fear of “rejection.” The fear of not knowing what to ask for… just fear.

For a moment, I realized that all women have fears; it is our coping mechanism which protects us from disappointment. Think of it this way, you cannot be rejected if you do not take the risk, therefore, not asking is the same as having fear. The safety element of being cushioned by support rather than challenged to take a risk and ask can be a big hindrance for women seeking to develop high growth businesses.

The fear of asking for $1M rather than $1,000 is where we need to shift the perspective of women who often associate their personal worth with their business valuation. Let me remind you that they are not the same. The value of your business is not related to your personal value. However, if you never ask for the correct value that will allow you to build a highly competitive business model, our value as women will be limited.

It is time to get past the fear. Imagine if you were given one opportunity to be placed in a room with a $10M investment fund seeking new and innovative ideas to invest in today and you had 5 minutes to make it happen, what is your pitch? The thing I learned along my journey is to practice the points of high impact. Next, there is no such thing as choreographed success; some things just happen. And last, be confident when you ask for what you are worth.

It is not the lack of resources, it is the fear of asking. As women, we have to allow confidence to be our greatest attribute rather than our greatest setback. Stop over-thinking it, just show up and ask! There is an urgent calling for women to build high growth businesses, and many who cannot wait for our arrival.

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carol sankarCarol Sankar is an internationally renowned business consultant  & real estate investment expert who focuses on strategic implementation strategies to assist today’s high-achieving and high level business owners become successful. Mrs. Sankars’ business and wealth tips have been featured in publications in Finland, Australia, Germany, the United Kingdom and the USVI. Her international client-base range from aspiring entrepreneurs to seasoned veterans who are seeking new and innovative methods to up-level their businesses.

Carol Sankar | www.carolsankar.com

 

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Carol Sankar

Carol Sankar is an internationally renowned business consultant & real estate investment expert who focuses on strategic implementation strategies to assist today’s high-achieving and high level business owners become successful. Mrs. Sankars’ business and wealth tips have been featured in publications in Finland, Australia, Germany, the United Kingdom and the USVI. Her international client-base range from aspiring entrepreneurs to seasoned veterans who are seeking new and innovative methods to up-level their businesses.

Carol hosts a variety of training workshops, live and virtual events world-wide on a variety of topics relating to success, marketing and entrepreneurship. She has been featured in numerous magazines, radio shows, articles and webinars; including a recent features in Madame Noire, LearnVest, EBONY Magazine, The Steve Harvey Show, CNNMoney.com, Daily Worth and Essence Magazine.

http://www.carolsankar.com

Filed Under: Business Relationships, Featured Contributor, Mindset, She Owns It Tagged With: 6 figure business, business, confidence, creative entrepreneur, entrepreneur, Inspiration, mindset, money, Success, wealth, women

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