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10 Things You Will Like About A Home Based Business
Here's a few things I've discovered along the way that you will like about owning your own home based business.
1.You Are The Boss
How many people endure a Boss that undervalues your contribution to the organization? Or one who takes...
"Bridging the Gap": Don't Forget Your Core Customers!
The big news in the business sector last month was the resignation of Millard Drexler as CEO of The Gap. The once highflying retail chain has hit hard times, losing money in the last four quarters and slipping disastrously close to bankruptcy. ...
Business Planning Myopia
With few exceptions, business plans tend to change very little from year to year. In most cases it's a matter taking last year's plan, making a few modifications, changing the dates and the title page and attaching new financials. After all, we're...
Offshore investing - Leveraging overseas trading
In today’s climate of a falling dollar and emerging economies all over the world, offshore investing can be an attractive option. Before looking at investing overseas, however, you should understand your financial goals, the potential pitfalls of...
"Triple The Response Of Your $ales Letters By Harnessing The Mysterious Power Of Mind-Reading"
Want to know a clever way to instantly supercharge your sales letters? One that most of your competition doesn't even have a clue about or are just to lazy to implement.
What would that mean to you? Perhaps a small fortune, or even a big one!...
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Ben Franklin Didn't Quite Get it Right
When Ben Franklin said "a penny saved is a penny earned", he didn't quite get it right. Actually, a penny saved is worth more than a penny earned. Do you find this statement shocking? I am about to prove to you that what I'm saying is true.
Most people erroneously believe the best way to strengthen their financial health is to increase their income. On the contrary, saving money by cutting costs will get you there quicker. You see, it's very simple. When your income increases (with some exceptions like the part of it you put into your 401k), that extra money is taxed. On the other hand, any amount you save by cutting costs is not taxed. Therefore, $20 saved by cutting costs is worth more than a $20 increase in income.
The following (although over-simplified) example will illustrate this principle. Let's suppose that Jack and Cindy have identical jobs and incomes. Let's also suppose they shop at the same grocery store and pay about the same amount for groceries each week. Now, Jack gets a $20 per week pay increase and Cindy does not. However, at about that same time, Cindy finds a new grocery store where she is
able to save $20 per week on her grocery bill. Assuming nothing else has changed, Cindy is now better off financially than Jack, even though she did not get a raise and he did. How can this be? It's because Jack has to pay taxes on his $20 raise but Cindy does not have to pay taxes on her $20 grocery discount. Assuming Jack is in the 25% federal tax bracket (and disregarding any possible increase in his state or local taxes), he will be able to put only $15 into his piggy bank each week whereas Cindy will be able to put the whole $20 a week into hers!
Bottom Line: It is more blessed to receive a discount than to receive an equal amount in a pay increase!
About the Author
Terry Mitchell is a software engineer, freelance writer, and trivia buff from Hopewell, VA. He also serves as a political columnist for American Daily and operates his own website - http://www.commenterry.com - on which he posts commentaries on various subjects such as politics, technology, religion, health and well-being, personal finance, and sports. His commentaries offer a unique point of view that is not often found in mainstream media.
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