Your Personal Finances

Learn to be true investor -> Allocating Assets

Sales in your website or blog venture are healthy. You are making decent money. Your list of satisfied and loyal customers is growing. And, with a little luck, this year will bring your biggest revenue-year yet.

That is the beginning of Bill Lynott's article in the January 2008 issue of Specialty Coffee Retialer magazine. He makes excellent points of managing your earnings. His 8 points are given below. The article is modified to conform to the format of this website.

1. Use every cent of your money to make money
Open up two accounts in your bank - Money Market Account (MMA) and Checking Account (CA). Have MMA linked to your CA. Make deposits in MMA and pay your bills from CA.

Deposits --> MMA -------------------------- CA --> Expenses.

Never make deposits in your CA. Do the transfer either by phone or on-line as needed.

2. Don't be in a hurry to pay bills
Set up a system for paying bills only when they are due. Don't jeopardize your credit standing by paying bills late. Pay your bills when they are due - not before, not after.

3. Debit Card (DC) vs. Credit Card (CC)
DC doesn't have grace period like CC. When you do have to pay with DC, make sure you have enough money in your CA. Try to pay with CC and always pay the total amount before the due date.

4. Avoid consolidating credit cards debt
Get to the root cause of the problem. Try to find out why you got into debt trouble in the first place. Overspending almost always involves emotional and psychological issues that are not going to go away by treating the symptoms.

5. Research thoroughly before signing service contract
Service contracts are very profitable for retailers and equipment vendors. Research vendors in your area, select more than one for back up; use their services only when you need them.

6. Consider leasing instead of buying
Most accountants suggest to almost always buy for personal needs and think about leasing for your business. Leasing for your business can be the most sensible approach to many types of capital investments including vehicles. It frees up your cash as well as line-of-credit for your business.

7. Don't pay your taxes by credit card
You will be charged a "convenience fee" of about 3 percent by IRS. This is in addition to the interest the credit card companies charge. Almost any other way to come up with money you need for your tax payment will be cheaper.

8. Don't over-pay your quarterly estimates to IRS
When you over-pay, you give the government interest-free loan. The least expensive way to pay your tax liablity is to have estimated payments come out as close as possible to the amount owed.

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