Entrepreneur Life

Happy Veterans Day

noreply@blogger.com (Entrepreneur Life) — Wed, 11 Nov 2009 17:01:00 +0000

I Love This Guy! Semper Fi Marine!
marine corps

Tex | MySpace Video

Sieze the Day!

noreply@blogger.com (Entrepreneur Life) — Sun, 27 Sep 2009 08:05:00 +0000

I could sit here all night and list the pros and cons of being your own boss and owning your own business. There are many for both sides of that coin but at the end of the day, you either have the desire and the belief in yourself and your ideas or you don't.

I think too often we allow others to dictate what it is we believe we can accomplish. By that I mean there are thousands of people each day with great ideas and dreams that will never take the first step towards their goals because someone else has told them it can't be done.

Today I am reaching out to all that will listen, if you have a dream and the fortitude to see it through to reality, nothing is impossible. Seize the day! Let the people that are too weak minded in their own abilities say whatever they want today, they don't matter and their words can not define you. You alone are responsible for what you become or what you do with your life. You can choose to believe the haters and get no further than them in life or you can blaze your own path to success.

Life's too short to sit on the sidelines...Take what you can, Give nothing back!

Be Prepared for Any Situation

noreply@blogger.com (Entrepreneur Life) — Fri, 25 Sep 2009 07:16:00 +0000

They say that necessity is the mother of invention and I am finding that to be more true daily. My health recently turned bad making it all but impossible for me to continue to effectively run my company. I had already begun to implement an exit strategy that would allow me to step down on April 15th and move onto other projects as my business continued to net me profit under someone else's guidance.Now I see a need to step down sooner and limitations being placed on what, if any, future projects I will be able to head.

This has become both disheartening and a blessing in disguise at the same time.It forces me to do what I would have never considered before by structuring future projects to run without me from the very start. I must admit I do love to be in charge but I must also admit there will be times when I simply can not be. The lesson I am learning the hard way could be utilized by any entrepreneur that simply pays attention to my own flawed business plan.

My advice to all entrepreneurs at this point would have to be not only to build your business with an exit strategy in mind but to also account for an emergency exit strategy should the need arise. I will continue to build more companies and to watch each of them grow with the same enthusiasm as I would my children, I will just do so with a plan in place should I be forced to step down earlier than my original business plan calls for.

Where Does It End?

noreply@blogger.com (Entrepreneur Life) — Sat, 15 Aug 2009 14:24:00 +0000

Sitting here remembering the hard early days of my company I am faced with the realization that I made it. I built something out of nothing and of that I am extremely proud. However those same thoughts also produce the question Is this as far as I want to go?

From the early days of banging on doors, looking for clients, and very often getting those same doors slammed in my face to having a city on lock down to the point that very little gets done there that involves my line of work that my company name isn't attached to. Many would say that I am successful and in some aspects they would be correct. Me , I look at all I have built, I see it for what it is. It is an every expanding empire with very humble beginnings. I can now rest on my laurels and be satisfied with it or I can choose to view it as just the beginning. I choose the latter.

Yesterday is gone never to return so I while I have celebrated yesterdays success I will not quit pushing forward. Where this ends I don't know but I do know that where there is determination and a dream, anything is possible and we are only limited in what we can do by our own minds.

Eminem-Welcome To Detroit City

Small Business Cents

noreply@blogger.com (Entrepreneur Life) — Thu, 13 Aug 2009 00:05:00 +0000

There are so many things to consider when starting a business that it can often get scary. Many people will never get past the idea stage because they allow this fear to freeze them in place. Many others will leap before looking and fall flat on their faces. How do you know when to be cautious and when to push forward?

There is no one answer that fits every business idea. What works in Podunk,Arkansas may not work in Los Angelas so my suggestion would be to really pay attention to your research about what sells well where you intend to place your business. What does that area need? While proper research will not remove all risk associated with opening a small business of any type, it can reduce risk drastically.

You must also be realistic with your expectations at the start. Owning your own business can be the hardest yet most rewarding thing you ever undertake as long as you are not expecting overnight wealth. Work first on developing a good reputation in your community by delivering a quality product at a fair price. Slow and steady wins the race.

Cashflow is key! You must be prepared at the start of your business to have to struggle. This preperation can come simply by paying very close attention to what you are spending each month on business expenses as well as what profit you are seeing return to the business. Reinvestment of funds to help the business grow can often be the difference in whether or not a business becomes more than just a job you have created for yourself. If you pay attention to the math you may be able to sidestep small obstacles before they become huge problems.

Each businessmans goal should be to expand and grow their business to the point of it becoming an asset capable of supplying the owner with passive income. It's not always easy nor is it as hard as some would have you believe. A little self discipline can go a long way.

At the end of the day, your businesses success or failure, like any relationship, depend on nothing more that what you did that day to protect and nurture it's growth.

I Have a Business License...Now What?

noreply@blogger.com (Entrepreneur Life) — Thu, 23 Jul 2009 03:05:00 +0000

This post is meant for people that have taken the first step already and started their own business but are not sure what to do next. In many cases the answer is as simple as look at what your competition is doing. If you have a successful competitor then don't waste time trying to reinvent the wheel, instead copy the way they do business because you can bet they didn't get to be successful by not knowing something. Microsoft has been using this method for their products for years and look where they are at now.

Remember as someone once said "Lesser Artists Borrow, Great Ones Steal." The same can be said for business marketing ideas.

Building Your Exit Strategy

noreply@blogger.com (Entrepreneur Life) — Sun, 12 Jul 2009 03:09:00 +0000

When most people start a business they are full of hopes and dreams of watching it grow. They may have taken the time to create a business plan devoid of all faults except one. Few people think far enough ahead to plan an exit strategy. That is the point I am at right now. It was never my intention to work in my business forever yet I, like so many others have failed to plan a proper exit strategy.

My choices are simple really, I can contact a business broker and place my business up for sale which isn't even an option in my eyes. It would be too much like having a child, teaching it to walk, talk, run, ride a bike, and then just when it learned how to coast down the big hill...giving it up for adoption.

My next choice and the most likely to occur is to hire someone to manage my business while I accept the fact that it has grown large enough to try on big boy pants. This is equivalent to hiring a baby sitter. Just as you wouldn't trust just anyone to watch your child, taking a step back and allowing someone else control over your business can be just as big a challenge.

Still, I know that the time has come. Faster than I had hoped, but it is here. In a way it is sad yet in another it is a tremendous feeling of pride in what I have built. Three years ago I had $500 and a dream, now that dream is a reality capable of financing future dreams and yes there are future dreams.

I have so many other projects I want to do that I know I will never get a chance to do them all, at least not in the way this business was built, with me at the helm and overseeing everything from start to finish. I started knowing absolutely nothing about building or running a business and yet I am still here and my business is still thriving. I took a lot of hits along the way, each teaching me something new and I will use this knowledge in future endeavors.

I am proof that you can do anything you set your mind to, the only limits are those you place upon yourself!

Happy 4th of July

noreply@blogger.com (Entrepreneur Life) — Sun, 05 Jul 2009 08:29:00 +0000

To Everyone that subscribes to my blog, I have to apologize for the lack of recent posts. June is actually a very busy month for my business and I have been too swamped making sure things got done to post. It is now July, hope everyone had a great July 4th holiday and I can assure you all that new posts are coming soon.

I CAN!

noreply@blogger.com (Entrepreneur Life) — Sun, 07 Jun 2009 21:25:00 +0000

I was watching this kid on T.V today that has no legs and yet here he is winning medals for swimming. He also runs daily on his prosthetic legs and that got me thinking. How many of us fail to achieve our true potential by simply uttering the words "I Can't"?

What I want each of my readers to do is to remove the words "I Can't" from their vocabulary and instead substitute the question "How can I...?"

This works for most anything. How can I lose weight? How can I become debt free? How can I learn another language? You get the point.

By asking that one simple question, your mind will be forced to think of your goal as an actual possibility and will begin to provide you with the answers or at the very least a general idea as to where to find the answers that will lead you to your goal.

The next thing I want my readers to do is this. Once you have your answer, take out a piece of paper and clearly trace out all the steps that will take you from where you are now to where you want to be. What do you need to do to achieve your goal?

Next, and this is the hard part, take a step in the direction of your goal. It can be a small step but all journeys start with a first step. Your journey to fulfilling your goal is the same. This is not the time for excuses, you can no longer say "I Can't". Your path is clearly marked by you, all you have to do is start.

Tweet This Contest

noreply@blogger.com (Entrepreneur Life) — Tue, 26 May 2009 22:40:00 +0000

I know June isn't here yet but I wanted to create a contest to help me spend all these Entrecard Credits so here is what I have come up with. I am going to be giving away 1000 EC credits on June 30th to one lucky reader.

The only thing you have to do is send out a Tweet announcing this contest to other Twitter members. Simple enough, right? After you Tweet this contest please leave a comment in this post so that I may go view the Tweet and enter you for your chance to win.

I will randomly draw a name from all entrants on June 30th and that winner will receive his or her EC credits on the same day.

Good Luck to All Entrants!

7 Common Marketing Mistakes

noreply@blogger.com (Entrepreneur Life) — Wed, 20 May 2009 11:32:00 +0000

Mistakes - anyone that has ever started their own business has made them and it does not matter how much education you have or what you think you know some things that sound great in theory just do not work when you try to implement them.

I want to discuss a few common mistakes that a new business owner can make when marketing their business.

1. Marketing to the wrong people - this one is very easy to do and often results in not only lost time but lost money as well so before you spend one dime on marketing be sure you know who your customers will be.

2. Not believing in your product or service - If you aren't convinced what you have to provide a customer is needed then you will never be able to convince anyone else to purchase it.

3. Cold Calling - Many people will swear by this practice, I myself am against it as I view it as nothing more than telemarketing and you can actually find yourself being fined if the persons you decide to cold call are listed on the do not call registry.

4. Failure to do your homework - This pertains to many things really, everything from knowing who your target customers are to knowing how to effectively price your service or product at a competitive rate and still turn a profit.

5. Failure to create opportunities - this is another very general statement. Creating opportunities can be anything from attending local business networking functions to targeting other businesses in a similar field and going out of your way to meet someone from these other companies. I have found that even when I was unable to achieve a sale I often was given another contacts name of who might be interested. I also have clients that said "no" only to later say "yes" as their own situations changed. Remember a "no" does not mean no, it means "not at this time" or "not under those terms".

6. Failure to follow up with a contact - people get busy, that's a fact of life so you can not expect Mr. X from such and such company to remember to call you about the product or service you spoke of. Get off your butt and call him.

7. Failure to have a business card handy - I can not count the times when I have been introduced to a potential new customer and the one question they always ask is "do you have a business card?" You can not expect to be taken seriously in the business world if you have to ask them to write your number down and you can expect that if you do, your number will be trashed before you are out of sight as will any hope you had of doing business with that individual.

Snakes In The Grass

noreply@blogger.com (Entrepreneur Life) — Thu, 30 Apr 2009 05:12:00 +0000

Watching my business grow these last three years has been amazing, it has had it's ups and downs but somewhere along the way I have managed to overcome every obstacle that has entered my path. I am reminded of this fact almost daily by both well wishers and haters alike. The haters still wishing I would fall while the well wishers are betting I won't even when I doubt myself.

I have tried to help out others along the way but some people can't understand that biting the hand that feeds you often results in you losing your next meal. This happened recently when I discovered one of my employees trying to go behind my back and steal my customers. In situations like this I choose to treat the offender like a snake in the grass and cut their head off. I have in the past and will continue to defend what I have worked so hard to build.

When Should You Hire?

noreply@blogger.com (Entrepreneur Life) — Tue, 28 Apr 2009 05:18:00 +0000

How do you know when it's time to hire people to help your business grow? That can be a very important question you need to know the answer to when growing a business. If you hire too early your profit suffers and if you hire too late your reputation does. For me, I have tried to involve myself in every aspect of my business including getting my hands dirty doing manual labor. I have tried to always operate with the minimal amount of employees to perform the work load and stay on schedule and under budget.

This last month has shown me an increase in the work load to the point that once again I have to hire more help or my companies reputation suffers and I do not forsee a slowdown in business happening anytime soon.

What does this all mean? It means several things, first and foremost it means that I am obviously doing something right. It also means that while other companies are struggling to stay afloat, I am struggling to stay caught up. Between being on the job sites insuring the work is done to company standards and handling the majority of the administration work such as payroll and billing of clients, I am wearing myself down. This is a very good indicator of the need to hire more people.

As business owners we have to be prepared to recognize fluctuations in business for what they are, some are seasonal and will go away almost as fast as they appear based upon the business service or product while others are more stable and apt to hang around longer. Only time and experience will help you learn the difference but once you do, you will know when it is time to hire and when it is not.

Looking Into Expanding My Business

noreply@blogger.com (Entrepreneur Life) — Thu, 16 Apr 2009 03:12:00 +0000

Driving through Norfolk the other day I came to a realization that three years ago I couldn't seem to get my foot in the door at any of the offices I wanted to provide services for; Now just three years later, not much is done in this city that I don't have my business name attached to. I knocked on a lot of doors and got turned down every way possible before I ever got my first client but I never gave up, that just wasn't an option. Today I can be proud of what I have built...Still it isn't enough.

I live in an area known as the 7 cities due to the close proximity of 7 fairly large cities and my company currently provides service to 6 of the cities. The last city has been all but impossible to touch so I had just given up on it, that time has now passed and starting on Monday I will begin targeting that city hard with marketing knowing my business now has a solid reputation to lead my attack.

The time to expand is now!

Naming Your Business

noreply@blogger.com (Entrepreneur Life) — Sat, 04 Apr 2009 01:43:00 +0000

Whats in a name?If you were to believe Shakespeare, a name has very little to do with anything but he did not live in modern times where a business name must not only tell your customer what it is you offer but also has to be memorable.

The right name can help open doors for a new company that ordinarily would be closed. It can be a major factor when it comes time to brand your business. The easier it is to identify your business name, business logo and business slogan with what it is your company offers, the greater your chance of survival and in today's recession, survival is not an option for many people embarking on their entrepreneur journey that they hope will lead to financial stability.

With business booming at my first company I am now heading the launch of another and to be quite honest, the right name just has not come to me yet. I have the finances, the research and a solid plan of action as well as the connections to almost guarantee success however until the right name presents itself, I will not move forward.

Women Roles In Entrepreneurship

noreply@blogger.com (Entrepreneur Life) — Sat, 28 Mar 2009 09:12:00 +0000

Remember when being a nurse was primarily a females job? Now male nurses are in every hospital in the U.S.A. and just as gender roles have changed in that as well as many other occupations, being an entrepreneur was bound to follow suit.

Many of the most respected and successful entrepreneurs in today's society are women which goes to prove that a persons limitations are only defined by that persons drive to succeed. I personally know a female that is owner of no less than five very successful businesses.

I believe that as this economy worsens we will begin to see many more women owned businesses popping up as the need to create income from nothing continues to become a major factor in many American homes. There may soon come a day when you find yourself working for a business that is female owned just as the U.S.A is now for the first time in history run by a mulatto president. Not all will succeed but those that do will usher in a new era where women are no longer considered to be the weaker gender.

As women once entered the workforce and now dominate it, male run companies had better step their game up and learn to compete in a world where women will no longer belong in the kitchen and no longer accept that as their role in life.

Welcome to the 21st century, America.

Re-Value The Dollar

noreply@blogger.com (Entrepreneur Life) — Mon, 23 Mar 2009 03:04:00 +0000

Recently, President Obama has decided to cut federal spending in two ways that I just find so asinine I am in utter disbelief.

Guantanamo Navel Base will be closing and I can not for the life of me understand how this will help, The U.S.A. had it under lease for 99 years at the very large price tag of $1 per year. I myself would have gladly paid that. Russia and China are both bidding for the lease.Cuba is 90 miles from the U.S. , President Kennedy once took us to the brink of war to not allow them to place missiles that close to our borders which in turn would enable them a first strike capability we just can not allow.

Next, President Obama has proposed cutting prolonged health insurance coverage for wounded veterans from Iraq and Afghanistan. In short he hopes to save money by allowing these brave men and women to suffer not only their physical wounds but also a financial burden. This is unacceptable in my eyes and any politician that votes yes on this should be immediatly impeached.

Now I would like to mention a few key areas where I see funding should be cut in order to strengthen the economy and decrease the U.S. deficit.

1. End the war in Iraq - It has already cost the U.S. 607 Billion Dollars. About 80% of the soldiers deployed there are single, the act of bringing them home alone would mean mass flow of new money into the U.S. economy every 2 weeks while much of that is currently being banked or spent overseas. As a former Marine I can tell you there is a big boom in car sales each and every time the troops come home which in turn helps out the auto industry as well as the banks who finance the cars. Both of those institutions just recently requested and got approved for bail outs at taxpayers expense.

2. Welfare - Set a 6 month limitation on all government allocated welfare programs. There are families that have lived on the welfare system for years already and will continue to do so until forced to do otherwise. 6 months is sufficient time for anyone that is trying to get back on their feet. In colonial times if you didn't work you didn't eat, they built a great nation by not coddling those too lazy to work.

3. Disability - restructure the criteria for eligibility. There are some very deserving people that are really diabled to the point that they can not work but there are also hundreds of thousands of families recieving checks monthly because their children are diagnosed with ADHD. Years ago ADHD was nothing more than saying the child was a brat and needed discipline at home, parents of unruly children did not get awarded free money for it. ADHD checks should be cut completely.

4. Oil Dependence - The U.S.A. is the largest importer and user of all the worlds oil. As recently as last year OPEC consistently raised the price of a barrel of oil and we all saw gas prices soar. The worst part is that we own the Alaska pipeline and have never used any of the oil it produced. It has been stockpiled in for federal emergencies (W.W. III) Right before President Bush left office he passed a bill to allow the United States to start selling that oil to Japan. Any of President Obamas accountants should be able to sit down with him and explain supply and demand. OPEC raised the prices because we were at war in both Iraq and Afghanistan and war machines demand oil to run. If we simply used the oil we already own and have stockpiled since 1977, we can remove the demand and since we are the largest importer, OPEC would drop prices to whatever we wanted to pay versus what they feel they can get. Any Wal Mart executive could have done a better job on that one.

5.Katrina - So many years and New Orleans is still not rebuilt, focus government spending there. It will not only bring back one of our most historic cities, rebuilding it will means jobs for so many construction workers which in turn lowers the unemployment rate but also strengthens the economy as these workers start spending their paychecks. Its not just the construction workers that benefit either, lumber mills would have to increase production to meet the supply of materials, the same with door shops, window plants, concrete suppliers...the list goes on. Any item purchased with money earned from these new jobs also has to be made someplace and shipped. Everything is like a set of dominoes where the first effects the next.

6. N.A.F.T.A - This was a stupid idea from the start, in the old days a company that imported a product to the U.S.A. was taxed heavily on the product before it could be sold on U.S. soil. N.A.F.T.A. allowes these companies to import these products for free so in turn U.S. companies started moving their factories and plants overseas and into Mexico as a way of obtaining cheaper labor. When the products are brought back into the U.S. the prices are still the same as what they were had the products been made here. In theory the companies figured a cheaper cost to produce yet can still be sold for normal prices = winning. Wrong Answer! More and more companies fell for this way of thinking and more and more Americans lost their jobs that were now being outsourced, hence less people able to afford the products when they arrive back in the U.S.A. The simple act of withdrawing from the N.A.F.T.A. treaty will force these companies to return jobs to U.S. soil or face strict taxes for failure to do so and let's face it, If we can decrease unemployment the economy gets stronger as this new money is spent.

There are 6 simple solutions that would help strengthen our economy. If given a few days to write this post I could have named 60 more. It is time to take our heads out our asses and look at the big picture Mr. President. Every action will influence our economy and saving $1 a year for 99 years is not the solution.

I Want My Bail Out Mr. President

noreply@blogger.com (Entrepreneur Life) — Wed, 18 Mar 2009 09:11:00 +0000

Freddie and Fannie, Banks, Auto Dealerships, and now AIG? Can anyone explain to me just wtf is going on when our leaders that are supposed to be looking after the interest of our nation so readily fund billions of dollars for people that have already proven they have no idea how to handle money?

As a small business owner I find it an insane practice. If I go screw up my money I would be forced to close my business and either get a real job or simply do without yet if a company is making and throwing away billions through bad money management they can now simply request a do-over from congress. I understand that President Obama and congress as a whole are struggling with finding a way to balance our budget. I understand that if many of these businesses closed it could be a devastating blow to America as a whole with jobs being lost by the tens of thousands. That much I get.

What I dont get is why we so readily hand over billions in taxpayers money to these same people that have already shown either a lack of common sense when it comes to spending or a general inability to control their habits. God forbid they not be allowed to take their private jets everyplace they go or have to cancel their monthly visit to the Virgin Islands. I say before another bail out is allowed to take place our leaders must institute some kind of check and balance system to account for where and how the money will be spent. Any company that requests a bail out should immediately be placed under financial control of the government, all of their company officers and board of directors removed from any decision making power and their personal salaries adjusted accordingly.

Just as I will not give my hard earned money to the alcoholic standing next to the outside of a convenience store (I will buy him food if he asks), America should not expect taxpayers to fund unregulated bail outs of the super rich and their out of control spending habits. Save the companies? Yes, Their collapse affects too many american jobs. Support the habit? Hell No!

It's time we as Americans inform congress that continued misuse and misappropriations of taxpayers funds will not be tolerated. I urge you all to write your congressman and if necessary next election vote someone new into office.

Oh and Mr. President, in case you somehow stumble upon this blog, I am serious about a bail out. As a small business owner, I think a few million will suffice. I will even give to your re-election fund if you can grant that.

Tune in next post as I explain to the powers that be my own plan to balance the budget.

My Views On Todays Economy

noreply@blogger.com (Entrepreneur Life) — Sun, 15 Mar 2009 20:49:00 +0000

As more and more people are finding themselves laid off as America's economy continues to slide, we see more and more of the entrepreneur spirit coming out of people. Necessity being the mother of invention, people are now finding that when they can no longer find employment, they must invent ways to earn cash. Some do this through odd jobs while others have embraced the internet as a way to make and sell everything from their own thoughts in ebooks to home made jewelry.

It does not appear that President Obama is the savior he has been perceived as and things will get worse before they ever get better. While I do not blame the President for this, I do recognize that he was hyped up way beyond what any single man can accomplish and has a hard row to hoe to bring America through this crisis. He will make some mistakes, hopefully not too many. We as a people must learn what is within each of us to invent our own hustle just to survive and not be dependent upon our government to bail us out as if we were Freddie and Fannie.

When all is said and done I personally believe that a shift of economic power will happen mainly because the rich do not know how to "do poor" making the poor and middle class better able to handle the current crisis through our own survival methods of inventing the hustle. Just like the collapse of the stock market in 1929, the rich are more inclined to commit suicide than to face life where they may actually have to work.

Respect The Hustle!

Why Education In America Sucks!

noreply@blogger.com (Entrepreneur Life) — Sun, 15 Mar 2009 08:21:00 +0000

If I had to speak on education in America I would call it mediocre at best. Sure, school taught me to read and write, add and subtract. It also taught me how to follow a structured societies rules and regulations to the point of changing classes when a bell rang. In this sense school in America prepares us all for corporate America and working a 9-5 job.

Continued education is not much better, it teaches college kids to do well and be competitive so that they can take their degrees and move into better paying jobs with fortune 500 companies but still how to become a slave to the system.

School does not foster free thinking that is a necessity in the entrepreneur world, it merely teaches our students to all think alike and the person with the most correct answers in the test of life will get the better paying jobs.

As an entrepreneur, I find that I think outside the box and this works for me as I am happier creating my own goals and dreams than in following those set before me by society as being what I can achieve given my high school diploma and average grades I attained during high school (I partied a lot, sue me).

When I first tasted success as a business man I used to wonder when business would top out, according to society and school standards I am not supposed to be doing this well or earning this much money. I have since learned the answer to that, contrary to what I learned in school, I control what I can achieve, I set my own limits and I do not see an end to what I can accomplish.

A Social Networking Site for Entrepreneurs

noreply@blogger.com (Entrepreneur Life) — Wed, 04 Mar 2009 06:12:00 +0000

Any budding entrepreneurs should go check out Venture Biz Kid and watch the videos about how some millionaire teens made their money. It is very interesting to say the least.

The Crisis of Credit

noreply@blogger.com (Entrepreneur Life) — Tue, 03 Mar 2009 18:17:00 +0000

The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

Budgeting for an Emergency

noreply@blogger.com (Entrepreneur Life) — Sun, 01 Mar 2009 20:59:00 +0000

Whether you are a small business owner or just the average housewife in Ks. trying to budget a household, this post may help get you motivated towards living a more frugal lifestyle. In either situation, you will face unexpected expenses from time to time and the better you prepare yourself for these things from a financial point, the faster you will be able to recover from them.

This starts with your emergency fund or as I like to call it the cushion of comfort as it is what you will rely on to catch you when life tries to knock you down. The emergency fund is often the hardest thing to set up when budgeting as many questions often accompany the very act of starting it. I am going to answer some of these questions to the best of my ability right now.

How much should you set aside?

It doesn't matter if you set aside $10 a week or $100 a week as long as you continue doing so until you have at least 3 months salary.

When is your emergency fund large enough?

As mentioned above, you will want at least 3 months salary, more is better, it all depends on how large a cushion of comfort you want.

What constitutes an emergency?

An emergency is a situation in which you or your family would suffer. It can be a health issue, vehicle problems, natural disaster, anything that is both unplanned and at the same time something you just can not live without. It should not be confused with everyday wants and desires.

What do I do if I have a genuine emergency and simply must go into my emergency fund?

As soon as is feasible, you should treat the emergency as you would any other bill, turn it into a loan that has to be paid back. Make your payments both realistic as well as timely while continuing to contribute however much you normally would have. I would never suggest robbing Peter to pay Paul so do not let other bills slide to do this. Instead I suggest looking for things around you that you can eliminate that are not needed. If you rent movies every Friday, cut back to every other Friday. If you have Starbucks every morning, buy a coffee pot and make your own coffee. Who needs to spend $8 on a coffee anyway?

The Debt Free Life

noreply@blogger.com (Entrepreneur Life) — Sun, 01 Mar 2009 06:33:00 +0000

I have a very good friend that has just entered debt free status after 6 long years of working on it.

First, congrats go out to her, I knew she could do it. For others still struggling to reach that point, I want to send out encouragement, it isn't always easy to do and for some people it is harder since we don't all have the same bills however with the right amount of time and discipline, Anything Is Possible.

To anyone just starting on the journey towards being debt free, know it can be done, even in today's recession. You just have to set your goal and stay focused.There will be set backs along the way, that's just life happening. Don't allow a set back to make you give up. In need of more encouragement? There are a ton of blogs dedicated to this very niche, just remember the best ones are the ones you don't have to buy information from (usually in the form of an over-priced E-book).

If you are on your way to being debt free or have already reached your goal, please feel free to drop a comment sharing your story or a link to it.

...And the Winner Is

noreply@blogger.com (Entrepreneur Life) — Sat, 28 Feb 2009 12:15:00 +0000

I would like to extend special Congratulations and Thanks, not to mention 1000 EC credits to Dallas Marketing Services for winning my contest for most drops to this blog for February. The 1000 EC credits have been sent . Special Recognition also goes out to Raging Rev and Moshi and Kibo's Dog Blog who also did not miss a drop all month.