About James Hendrickson
Seriously, nobody saves any more – and its a shame. Having a healthy savings givse you a number of benefits like defending yourself against a lawsuit or enjoying a healthy retirement.
Author Archives: James Hendrickson
About James Hendrickson
Try Motley Fool Picks When You Can’t Time The Market
You have cash to invest and want to start profiting from the stock market right away. The problem is your experience isn’t great but you want to improve your chances of making money. You’ve heard friends talking about timing the market and you’re thinking maybe this how to get your first million. Problem is, none of your trading friends are rich. So, you know market timing probably won’t work for you.
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When To Sell Your Stocks
When should you sell your stocks?
Relatively speaking, there is lots of literature available on what kinds of stocks to buy, but less on when to sell your stocks. This is a shame because properly selling your stocks is just as tricky as properly picking what securities to buy. (more…)
Bitcoin Is a Bubble
As of the start of 2017, a single bitcoin was valued at just over $13,000.00.
At this price, you may be wondering if you should buy in. Don’t. Its a bubble and you face a very high risk of losing money.
But no, you say, bitcoin isn’t a bubble, its the latest and greatest technology that is sure to change the world, therefore you should buy.
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How to Save Money When Planning a Family Vacation
There’s a lot to think about when planning a family vacation. To start, you need to decide on a destination. While there are many ideas to compare, you need to settle on one soon enough.
Once you choose a destination, it’s time to turn your attention to another detail: your budget.
In a perfect world, you’d have enough money to get whatever you want out of your trip. However, as you probably know, staying within a budget is a way of life. While this may impact the decisions you make when planning your trip, it doesn’t mean you have to come up short in key areas.
Here are some of the many tips that can help you save money when planning a family vacation.
- Search Online
You can use the internet to find everything from the perfect hotel to the cheapest airline flights – and that’s just the start.
There used to be a time when you had to rely on a travel agent to provide you with assistance. Fortunately, you can act as your own agent in today’s day and age. The internet makes it simple for you to book the perfect vacation, all without breaking the bank.
- Plan Your Activities in Advance
While this is not always possible, you should plan as many activities as possible in advance. By doing so, you may be able to save money on pre-purchased tickets.
For instance, if you want to take a Catacombs tour, don’t hesitate to choose a day and time before you leave home. Not only could this save you money, but it will help you stay better organized upon reaching your destination.
- Pack Accordingly
You don’t want to make the mistake of forgetting to pack something of importance.
For instance, if you’re traveling for both business and pleasure, you need to take clothes for both purposes. If you don’t, you could soon find yourself online shopping for shoes or something else that you forget at home.
Tip: Make a checklist of everything you need to take with you on your trip. This improves the likelihood of remembering everything.
- Don’t Eat Out Every Day
As tempted as you may be to eat out several times per day, this has a way of dragging your budget through the mud.
If at all possible, do yourself a favor and eat a few meals at the hotel. You can purchase groceries when you arrive at your destination, which makes it easier and more enjoyable to eat at your hotel.
- Turn Off Your Business
Business owners, for example, often find it difficult to take a family vacation. Here’s why: they’re always thinking about what’s going on at the office.
You don’t want this to happen to you, as it could cost you a good time and some money. For example, put down that Facebook ads guide for the meantime. You’ll have plenty of time for this when you return to the office in the near future.
There may be times when you combine a business trip with a family vacation, but don’t let your professional life overtake the fun that’s staring you in the face.
Conclusion
Planning a family vacation can be a lot of fun, but you don’t want to make the mistake of breaking the bank. If you do, you may find yourself in a difficult financial spot.
By following these five tips, you’ll find it much easier to plan a family vacation on a budget. It’s never easy to stay on budget, as there is a lot that you want to see and do, but you have to do your best.
What budgeting steps do you take when planning a family vacation? Is there something in particular that has worked for you in the past? Is there something that has gotten you into trouble before? Share your personal experiences in the comment section below. You may be able to help another traveler save money on his or her family vacation.
Photo: Lori
Business Cash Flow: Ways to Manage Cash Resources
“If I had to run a company on three measures, those measures would be customer satisfaction, employee satisfaction and cash flow.” – Jack Welch
The ancient adage that “cash is king” is of particular relevance to the ongoing growth and success of any business. Therefore, it goes without saying that cash flow control and management are one of the critical elements of running a successful small- to medium-sized business. Without money, you cannot pay your suppliers and employees, buy stock, as well as pay for the various other monthly costs.
Unfortunately, despite understanding the importance of ensuring a strong and healthy cash flow, most business owners do not take the time to manage their finances appropriately. Thereby, increasing the likelihood that the company will die an untimely death.
Amy E. Knaup in her research article titled “Survival and longevity in the Business Employment Dynamics Data” noted that “it is not surprising that most of the new [businesses] disappeared within the first 2 years after their birth, and then only a smaller percentage disappeared in the subsequent 2 years.”
Why?
One of the fundamental grounds for these horrifying statistics is that one of the primary reasons why the small and medium business die a horrible death is an inadequate capital coupled with the misallocation of available funds to purchasing of non-priority assets. Therefore, the need to have a healthy cash flow in your business cannot be emphasized enough.
What is cash flow
Before we look at ways to ensure that your business has liquid cash resources at all time, let’s look at what a formal definition of cash flow is:
Cash flow is the movement of financial resources in and out of your business. There are typically two types of cash flow: Positive and negative cash flow.
Simply stated, positive cash flow occurs when the money coming into your business from sales and other income streams is more than the amount of the cash exiting your business via monthly expenses, etc. On the other hand, negative cash flow happens when the funds leaving your company are greater than the money coming in.
Tips to manage business cash flow
Now that the importance of the need for proper cash flow management has been established, let’s look at a few ways to help you manage your business cash flow:
Take charge of your cash flow
It is vital to track every cent that flows in and out of your business on a real-time basis. This can be done using a simple spreadsheet that records income and expenditure. Additionally, it is important to analyze your income and expenses on a daily, weekly, and monthly basis.
There should be a have a list of fixed monthly expenses such as wages, office rent, water and lights, and telecommunications, etc., which will help you plan and budget for these costs. As money comes into your business via sales and other income streams, you will be able to meet these expenses.
Cultivate a positive cash flow
It stands to reason that a negative cash flow is bad for your company. Therefore, it is important to develop a business model and practical strategies that will convert your negative cash flow into a positive cash flow.
Maximize your profit
It is vital to make your capital work for you! A senior investment manager from Weiss Finance explains that by “investing your excess cash in low-risk investment vehicles such as fixed deposit accounts, and government bills or bonds will earn you returns that will help you counter the depreciating factor on the value of your idle cash that is caused by rising inflation.” Furthermore, this cash will be readily available should you need quick access to the funds.
Final Thoughts
The ultimate word on the cash flow conundrum is that without cash in the bank, even a profitable business on paper cannot function and runs the risk of ending up being liquidated because the cash-in and cash-out figures do not balance. Cash is indeed king. Without money, your business cannot function. Therefore, as explained above, it is absolutely critical to ensure that your company has healthy liquidity levels.
Essential Restaurant Equipment You Need in Your Kitchen
The kitchen is one of the biggest investments you make when you decide to open a restaurant. The equipment for a restaurant differs from one restaurant to another but it is important to cover the basics for a smooth operation and to ensure food safety.
Purchasing new equipment may seem overwhelming and always remember that the salesperson will always try to sell you items more than you may need. It may be tempting to buy equipment that is the latest and state of the art, but all you need are the basics to get you started. You can always add later on if needed.
There are a lot of different types of supplies and restaurant equipment available so choosing the essential ones for your kitchen is crucial. Various restaurants require different types of equipment but there are certain types that should be present and used in every restaurant.
Here are several types of commercial restaurant equipment that your restaurant should have:
- Prepping tables. The standard commercial kitchen equipment in restaurants are stainless steel tables. This is essential to prep food, cut or slice meat and poultry. Any other type of surface is unsanitary and stainless steel tables can withstand those harsh cleaning agents. Prep tables can either be attached to other equipment or even free-standing – it all depends on the kitchen layout and size.
- Commercial refrigerators. This is one piece of a restaurant equipment that you will practically see in all restaurants. Freezers and refrigerators are very much vital to ensure freshness of perishable food and other items. There are walk-in and undercounter refrigerators widely available so you should choose a unit that can accommodate the amount of food you need to store and make sure that you still have enough space for other basic equipment you need in your kitchen.
- Washing equipment. Both dish and hand washing equipment are a fundamental component in any restaurant kitchen and are required by sanitation and local health departments. Restaurant dishwashers make the task quicker.A hand washing station is required to prevent the spreading of bacteria and food-borne illnesses.
- Gas grills, stovetops, and convection ovens. Gas grills are a standard equipment in a restaurant kitchen since gas heat is more reliable for cooking food evenly. Gas grills do come in different sizes so you should choose what best fits your kitchen. Convection ovens are also extremely useful in any restaurant and this is the preferred choice of most establishments. Some convection ovens come with stovetops that can help your business save time, money and effort.
- Safety equipment. Having safety equipment is required by law. Restaurant first-aid kits should have items that are suited for injuries that commonly happen in kitchens. Fire extinguishers are also required but it’s best if you check with your local fire department before purchasing one to ensure that you are following proper safety protocol for the size of your restaurant.
Whatever the size of your restaurant kitchen and your concept, you may need other types of equipment to cater to that particular concept you have but these can definitely help you out to get started on your restaurant business.
For expert advice on kitchen appliances contact a local expert like mesa appliance repair
Tips on Being a Savvy 21st Century Consumer
Times have changed and so has the way that people shop. While we all like to take a leisurely stroll through the mall or down a local “shopping street” now and then, more and more of us are using high-tech methods in order to access the goods and services that we want and need!
When we shop online, which is definitely the most high-tech, yet simple method of shopping the modern way, we need to consider cost, as well as the security of our data. Actually, in the modern world, where identity thieves lurk in malls and at ATMs, we need to consider data security at all times!
To help you prepare for the busy pre-holiday 2017 shopping season, we’d like to share some tips on being a savvy 21st century consumer!
Vet Online Storefronts Before Your Order
Most of the larger online retailers are very safe to shop with. They offer “secure shopping”, which means that data used during transactions is encrypted. However, during the buildup to the holidays, many of us branch out and order from websites which aren’t as famous and established.
When you are considering ordering from a lesser-known website, always look for the “secure shopping” badge on its home page. If you don’t see it, stay away. Also, consider looking up reviews for a prospective online supplier before doing business with that company online. Take precautions in order to be savvy about protecting your digital data.
Use Online Coupons To Save Money
Another hot tip is to find and utilize digital coupons. Go and check out the latest coupons at Web-based platforms, which post all of the hottest digital coupons at their websites. You’ll find some amazing deals which may make it lot easier to afford great gifts for the holidays, or easier to find cool stuff for yourself which is very affordable!
A lot of consumers don’t bother with digital coupons. However, it’s safe to say that the savviest 21st century consumers do find digital coupons. They use them in order to save a lot of cash. You should do it, too.
Follow Online Retailers on Social Media
You may do this already. However, you may not follow many of the online retailers that you love. When you follow a lot, you’ll find out about deals and special promotions while you’re using your preferred online social media platforms. It’s really convenient to find out about Flash Sales and other forms of promotions via social media.
Stop Stress From Influencing Your Decisions
Most of us wish we could be as clutch as LeBron. Down here in reality, we’re miles away from keeping that level of cool under pressure. Most of us can handle a little bit of stress, but major anxiety can affect our thoughts and emotions, leading us to make more than questionable choices. Its power over us only gets worse when more is at stake — say when we’re looking for a payday loan. When facing down a mountain of bills we can let stress get the better of us and pick an option that promises a fast solution — not necessarily the best solution.
Sometimes, relying on financial assistance is the only answer. It helps us cover the biggest investments in our lives — like a mortgage or auto loan — and it helps us cover the not-so-big investments — like a momentary cash shortage. These products, like everything in life, have a time and place. Securing one with rates and terms outside of your means to repay never works to your advantage.
This may seem obvious, but this rule of thumb is hard to remember when you’re emotionally affected by the outcome. Scientists attribute this to the effects of stress. In an article published in the Association for Psychological Science, a group of scientists revealed how stress affects our ability to make decisions. When faced with an option, people under stress typically focus on the positives outcomes rather than the negatives of any given solution.
If you think any loan can fit without questioning how its rates, terms, and conditions affect your ability to repay your debt, you could be under the effects of stress’ powers. Luckily, you’re already one step closer to breaking free from its clutches. You’ve already identified stress has sway over your thoughts. Now you just have to think through your financial crisis with logic.
Critical thinking is the buzzword of the generation in this age of unusual untruths and alternative facts. Just like you apply it to the click bait you read online, you should apply it to the payday lenders in Canada.
SWOT Analysis is a great way to ensure you’re looking at lenders logically. Standing for Strengths, Weaknesses, Opportunities, and Threats, this acronym is a method that forces you to break down your problem and its solutions rationally so you don’t jump at the first loan rather the best loan. If this is the first you’ve heard of SWOT Analysis, use this guide to help you get started.
It’s a strategy that will take some time, but don’t be discouraged. It will help you land a loan with rates and terms you can handle. Your work will help you locate a loan that works within your timeline, too. Unlike traditional lenders that take can take too long to process your application, an online payday loans direct lender like GoDay promises fast action. In some cases, they can even provide same day loans of up to $500 for first time borrowers.
Facing down too many bills is stressful, but don’t let your state of mind cause you to make poor decisions. Take a deep breath and keep calm. With your critical thinking skills and a method like SWOT analysis at your disposal, you can kick stress to the curb and find a lender that works with your capabilities in mind.
Income, Spending and Debt for Couples
There are plenty of guides out there that cater to individuals managing wealth and paying off debt. How do we tailor that information for couples, married or not, to best benefit them in their journey to financial security? Below, you’ll find a number of tips couples can utilize to gain better control of their income, spending and debt as team.
Budgeting Classes
For newer couples who may not be well acclimated to earning, budgeting and spending as a team, Budgeting classes are a great building block for the foundation of your financial security. Check local community colleges or municipal offerings from libraries and community centers for financial workshops and budgeting classes. Nonprofit organizations like the National Association for Debt Education and Assistance (N.A.D.E.A.) offer budgeting classes and educational resources for no charge. Budgeting classes will help you identify what bills and expenses you face every month. You may be able to identify areas to reduce expenses and focus that extra amount into paying down debts. The information learned from budgeting classes and financial workshops can greatly help reduce financial stress in relationships.
Leveraging Third Party Income
In 2013 the Consumer Financial Protection Bureau (CFPB) updated regulations to allow a spouse or partner the ability to use their partner’s income in opening lines of credit or requesting credit limit increases “if the applicant has a reasonable expectation of access to it”. Under the former regulations, card issuers typically would only be able to consider the individuals income or assets. This greatly increases accessibility to credit for lesser earning and non-working spouses and partners.
Building Credit Together
Depending on your unique individual income and credit scores, there are a number of ways couples can help each other build credit. Authorized Users: Occasionally, lower earning partners with lower credit scores can be added as authorized users to their partner’s accounts for a quick credit score boost. This will rely on the health of the partner’s account and history moving forward. To gain the most benefit out of being added as an authorized user to an account you’ll want to ensure a decent credit limit, low balance and steady on time payments. Cosigning: If a partner has less than good credit or poor repayment history, the partner with better credit and payment history may be a good fit to cosign on loans. Partners with poor or non-existing credit stand to pay much more in interest on loans, so make sure the better situated partner is listed first on the loan. Be forewarned, the cosigning partner will be held responsible for their partners debt should it be defaulted on.