Archive for December, 2008
Protect yourself from Bad Brokers. Red Flags to watch out for
Posted December 30, 2008 by Bernz
How is it possible that thousands of clients could be scammed by one money manager? It’s a terrifying thought. But Bernard Madoff, a money genius and perhaps the biggest money manager swindler in history has eluded the SEC and his client’s for decades. Click here to read the latest details in the Wall Street Journal.
Surely there were red flags. That’s always the case, but people tend to look red flags even when they have a gut feeling something is just not right because they don’t have knowledge or experienced to substantiate their uneasiness. I’m sure in hindsight; many of Madoff’s client’s can think back and pin point when they first felt something was not right.
In recent postings I’ve been discussing brokers, specifically how to find them. Now I think is a good time to explain the flip side of the coin: What dangerous signs to watch out for:
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Tags: money managers, stock brokers
Posted in Misc | No Comments »
THE DO’S AND DON’TS OF HOLIDAY GIFT GIVING
Posted December 29, 2008 by Bernz
This year I cut back on gift-giving. I’m willing to bet many of you followed suit. But giving less does more than relieve financial stress. I find it makes me more selective in not only who I purchase gifts for, but I spend more time selecting the gifts I purchase.
Here are a few thoughts on my holiday gift giving “system”.
Re-gifting has become fashionable over the years because people are more conscious about reducing clutter, waste, and are well-aware of the advantages to recycling. But I also believe re-gifting is gaining popularity because layoffs, investment losses, and high unemployment rates have made it a necessity for people to cut back on spending. If you are thinking about re-gifting, go for it. No one has to know but you. And there should not be any negative feelings about giving away a gift than someone gave to you. Here are re-gifting etiquette practices to make the experience one you and the gift recipient will enjoy.
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Tags: gift giving, holidays
Posted in Misc | No Comments »
Small business profit center – how to earn more in a weak economy
Posted December 24, 2008 by Bernz
Raise your rates. That’s right. If you haven’t increased your prices in the last year, then you’re past due for a raise. But before you start charging more; be sure to shop your competition. Knowing who they are and what they offer their expertise and what their customer support is like helps you gage where they’re failing their customers. Fill those gaps and you’ve proved your right to increase your rates to even the fussiest customers.
Create additional income streams. Is there a service that you’re giving away that you could be charging for? Are you giving away small items that cost you money to replenish? Answer yes and you’re wasting money. Instead of giving away excessive freebies consider what services or products you can bundle into packages and transform it into a compelling offer people are willing to pay for.
Get referrals. It’s not enough to ask customers for a name and address of someone else when they’re in the middle of writing you a check. Think about what incentives are meaningful to them and then build a referral program around it. Ten ensure everyone in your company has a role in promoting customer referrals and that your staff is comfortable explaining the referral program and most importantly the benefits that come from using it.
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Tags: small business
Posted in Career | No Comments »
Should you refinance your mortgage?
Posted December 23, 2008 by Bernz
The most common reason to refinance a home mortgage is to get a better interest rate and lower your monthly mortgage payments. You also might want to refinance your mortgage if you want to:
a) Convert from an ARM into a fixed rate mortgage or vice versa
b) Receive cash or equity to pay off other debts
c) Extend the life of your loan (i.e. from 15 to 30 years)
Here are some common questions and answers that will help you determine if refinancing is a smart financial decision for you.
Q: What are the costs involved in refinancing?
A: Typically you pay an application fee and closing costs. You may also choose to pay discount points if you’d like to buy down the interest rate.
Q: What does it mean to cash-out?
A: If you have enough equity in your property you can refinance your mortgage with a loan amount greater than your current mortgage. The difference in the amount is yours to keep and use as you see fit.
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Tags: mortgage, refinance
Posted in Investing in Real Estate | No Comments »
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