Religion & work at home

Does your personal credit stink???

Do you want to establish a Business Line of Credit as an alternative to using your personal credit for purchases?

I recently wrote an “How to” article on how to establish over $50,000 in Business Credit.  You can find this article on work.com at the following link.  Please be sure to read my article and rate it.  Thanks

Building Business Credit

B.J. Norman

This is a woman’s true story concerning the addressing of envelopes at home in her spare time for $50 per 1000. Mrs. R, realizing that straight addressing work only produces $8 to $15 per 1000, decided to work out an original plan and this is how she worked it:
While searching for the idea, she noticed that local firms were tying in some of their special offers with birthdays and marriages (in other words, they were mailing their offers to customers or prospects in these two fields). This plan intrigued Mrs. R and she interviewed one store manager about having birthdays, or just married or having anniversaries, to say nothing of blessed events. She also learned that this particular store was quite willing to shift the filing and mailing burden onto someone else’s shoulders.

So here was a ready-made service for Mrs. R. She offered a service to this store and to others in which she would agree to furnish the names of such people, in fact keeping file cards on each name collected, to stuff the firm’s envelopes with their circulars and to mail them out. She set a modest price of 5¢ per name, the store furnished all circulars, envelopes and stamps for each mailing.

Since these mailings were costing 12¢ to 16¢ per mail package, her services and fee seemed most attractive. By specializing in this one field, she could do it at a lower price than the stores could do it themselves. Other stores were eager to take advantage of the service and she soon had a growing business., to stuff the firm’s envelopes with their circulars and to mail them out. She set a modest price of five cents…..

Bankruptcy????

Here is a true story about bankruptcy, and the advantages it offers. A husband and wife team of practicing psychiatrists, with a joint income of $78,000 per annum, accumulate personal debts totaling $22,000, and also have outstanding a $33,000 mortgage on their com-fortable suburban New York home. They are not in arears, nor even over their heads. They simply seek more discretionary spending power.

Their solution to the problem? They file for bankruptcy and are able to immediately reduce their debt load to a mere 10 cents on the dollar, repayable on an extended schedule in very small amounts. An officer in one of their finance companies notes that they could refinance the mortgage or even sell the house. But you will see in a moment why that was not
necessary.

Traditionally, personal bankruptcy has been a desperate last resort for those so deeply in debt and harried by creditors, that there really seemed to be no other solution. The typical profile included low-income, under-educated clerical workers or laborers, or perhaps transient non-homeowners. Common age groups were those who were in their twenties, or those over sixty five years of age.

This is no longer the case. Today’s profile includes people with good jobs, even families with two incomes. It is not surprising to find those with six-figure incomes declaring bankruptcy. The process comes no longer out
of a dire necessity, but it is now a means by which people can rid themselves of debts that cramp their lifestyle.

The most common applicants for bankruptcy include recent college graduates who file in order to avoid paying back government-guaran-teed student loans. Their rationale? They feel society owed them an education.

You will also find older, “keep up with the Joneses” types filing for bankruptcy. For suburban executives to Wall Street professionals, they are unwilling to live within their means.

The passage of the Federal Bankruptcy Act of 1978 made the whole process much easier. This change significantly liberalized personal filing procedures in the name of consumer rights.

Chapter 7 makes no reference at all to the debtor’s income. It permits debtors to clear the slate by turning over all their assets except those specifically exempted to creditors. Among the exemptions: Up to $7,500.00 equity in the debtor’s house (15,000 if both file); $4,000.00 in accrued dividends; $1,200.00 in automobile equity; $500.00 in jewelry; $200 per category of household items (including clothing, books, etc.) and more!

Chapter 13 requires that debtors show only a regular income to handle a reasonable three-year pay-back plan. The court’s definition of reasonable happens to be as little as 1% to 10%, even when a payment of 50% could easily be managed. This arrangement allows debtors to clear the slate.

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Time Management

When you first begin your business, everything is fine and dandy. It’s like bringing home the new baby from the hospital. Everyone visits to see the new baby. Everyone thinks the baby is cute and wants to hold it. Everyone “oohs”and “awes.” After a few months though, the newness wears off. Now it’s time to get down to raising this new baby and preparing him or her to be successful for their role in life.

A new business suffers about the same type of beginning. You talk the decision over with your family and involve them in hearing your initial business plans. Everyone gets excited and tells you to “go for it.” Everyone agrees to help out and the whole house is buzzing about with visions of big bank deposits dancing in their heads. After a few months though, the newness wears off. Since you probably haven’t made any money, family members may grow tired and discouraged. They begin degrading your motives for opening the business in the first place. They may even embarrass you and make you feel
like a total failure without even realizing it.

Eventually, if you stay with the business and exclude the family, they will begin feeling rejected. A spouse may be upset because you don’t go to bed the same time you used to. He or she may pressure you into spending more time
with them and the children. You love your family and don’t want to hurt them but you don’t want to hurt your business either. You are torn between two decisions, and sometimes this decision is extremely difficult to make.

What are you supposed to do? It’s only common sense, if your spouse gets ill and you have to take care of him or her, that this situation would demand more attention than your business. But, most situations are not this severe.
Often times, family pressures only come from the fact that the family member feels left out and rejected. Naturally, when you are building your business, your time is occupied in this field _ much more than when you didn’t have a business. Your spouse may be used to falling asleep with you while watching television. You can still do this! Just take a break and watch television with your spouse until he or she falls asleep. In turn, he or she should have the understanding that you will probably be working on your business for a few hours while they are sleeping. Give a little!

If the children are used to you spending more time with them, try and involve them in some aspect of your business. Take them to the post office with you to pick up your mail. Talk with them about school or other things that interest them while you’re both in the car. Ask them to drop the mail in the mailbox while you are cleaning out your post office box. Even a small amount of responsibility in your business builds up a respect for your work and they will give you more space when you need to take time away from them.

If your children are young _ take a nap when they are asleep and work longer hours after they go to bed at night. If you work a full-time job, take some lunches by yourself and study your business-related materials. You’d be amazed how much research and new ideas you can come up with in 1 hour at lunch undisturbed over a peanut-butter sandwich. Save money too! Carry a mini-cassette recorder or pad of paper with you every place you go. Write down ideas that come into your mind and review these ideas while eating supper or watching television. I’m sure you can find time to build your
business _ it just takes a little thought. It may not always be the amount of time you want and need _ but you can squeeze some time in somewhere. Just find out “what” method works the best for you!

There are a lot of excellent books on the market about managing your time successfully. Find one and read it. Your family, friends and other human relationships are very, very important to your mental attitude. Don’t alienate them completely. Just find ways you can enjoy the best of both worlds and everyone will be happy including you and your business.