Archive for the ‘Financial Management’ Category

Saving Thousands By Reading A Manual

Sunday, August 17th, 2014 by

This was kind of funny as I was told of a situation where a company had to setup this photo booth of sorts for an event where none of the employees had first-hand experience with it. Therefore, they were given an option to hire a person from another area to go down and set it up for them for about $1500. Not surprisingly, for that price tag they wanted to try it themselves.

For the most part, all of the instructions and manuals were there on how to set the thing up. The only thing it required was someone to take the time to actually read it. Ultimately, they did get someone where everything was up and running in about two hours. To think, just reading a manual saved that business over a thousand dollars. This can be so true for many other things too such as hiring people to hook up a computer or home theatre system when overall it’s not actually that complicated.

Even I feel a little too lazy to read through a manual, nowadays I usually try to at least find a tutorial video about it online which often works just as well. Saves time and money.

Financial Insecurity To Help Others

Wednesday, August 13th, 2014 by

I was reading a story today of a person who really wanted to start their own business as ultimately they want to help others. However, financially this would cause the person potential hardship as whenever you create your own business you are in that not knowing when your next pay cheque will be scenario when you start out. A comment was then thrown out that if you helped one person in the world then it would be all worth it. That’s where it seems the conversation got a little messy.

I think financially speaking the reality in these cases are that as good as you may feel your cause is you have to have a plan to take care of yourself financially as opposed to assuming that the universe will equally reward you to keep you afloat. It’s one of those things where you can dream big but still need a realistic action plan I guess you can say.

I have one project for example that has pretty much cost me time and money where I made it to help people. However, I did that knowing that I have other things in place to enable me to do so. It would have been crazy for me I think to say drop everything with no form of income stream believing that my good deed will automatically mean people will support me financially so I can keep doing it. I probably would have had to close it a long time ago in that case. Instead, this way I can still do that without putting myself in a financial pickle. Need to make sure you are okay yourself first before you can help others.

Spending Too Much Buying Instead of Making

Monday, August 11th, 2014 by

I was watching this restaurant show today about struggling business owners and there was one part that was interesting. Essentially, the owner constantly bought ice for the restaurant because their own machine was broken. Their cost was over $4000 a year for ice. When you think about it, they could have repaired the machine for less or even lease one for the year for the less than that.

It’s one of those things where it’s better to make the bigger investment initially to save more in the long run. At the same time, even in a business you sure spend a lot of money buying items from others instead of making things yourself huh? Almost the equivalent of dining out all the time versus making your own stuff at home. This makes me want to find ways to have like a large garden for fruits and vegetables to save money.

Having Those Residual Income Sources Due To Time

Sunday, August 10th, 2014 by

Time just flew by today as I found myself spending hours non-stop working on a project where since it was for a volunteer event I don’t exactly make an income out of it. That then made me think how fortunately I do have residual income sources and that this is something that everyone should try to establish in their lifetime I think.

It’s definitely harder where the gain may not seem as much initially, but at times like these it sure is a sensible way to give yourself the flexibility to do other things as well. There is so much variety you can choose from nowadays too in terms of partnering up with businesses to sell their products or services in such a way where you can get repeat commissions for your effort. I think the harder part is simply deciding what it is you want to do in regards to say a home business.

If anything, even writing an E-book can constitute as making something that can generate residual income for you. You just need to get started.

Grudgingly Buying A Bundle For One Item Because of Value

Friday, August 8th, 2014 by

This purchase I am contemplating is a little annoying as I was thinking of buying a piece of music for a project which costs about $40 for the track. However, the album itself is almost $100 which has like 10 tracks. So value wise, you feel silly if you were to only buy the single track. These kinds of pricing schemes are such a trap in many ways huh?

In this case I will probably go for the bundle if I end up getting the item as the value just seems too silly to go with the single item route. My only justification is that I may potentially use the other tracks in the future. It’s times like this where whenever you feel a bad for using things such as a lot of where it feels like the business is making no money don’t forget they still get you at times like these.