Steve Sorensen embezzlement. More than half of the American population spend more than they earn. As a result, they pay through credit to link the gap. With that kind of lifestyle, it’s easy to see how some struggle to pay off their debt even as their salaries increase.
Paying off debt quickly doesn’t mean it’s also easy. Many people who have successfully paid their debts credit their success to aggressive saving and a radical decrease in spending. The first step to paying off debt is acknowledging the existence of debt. Coming to terms with it will enable one to plan steps toward being debt-free. Following the initial step, one must pay more than the minimum. Doing this could mean fewer nights out and movie nights at the cinema. Steve Sorensen embezzlement.
Get a side gig. Spending less and earning more is a killer combo. A side hustle ensures more money coming in. However, remember to protect the goose that lays the golden egg: the main hustle. Live meagerly. Tighten the budget, make ends meet, and save aggressively. The greatest reward in doing all this is paying off debt much faster. Steve Sorensen embezzlement.
Sell stuff that don’t spark joy anymore. Much like a side hustle, selling useable, yet unwanted and unnecessary things around the house can bring in added money. Being wise with money doesn’t only mean spending less and earning more; it also means finding other ways to make more. Paying off debt isn’t rocket science, but requires much thought, time, and effort. Steve Sorensen embezzlement.
When entrepreneurs see, read, or talk about business coaches, a lot of them see an added expense to their company. And since business coaches generally demand high compensation, many smaller companies ignore them. But is that the right move? Or is there truly some wisdom in hiring a business coach? Steve Sorensen.
While the price of hiring a business coach ranges from hundreds to thousands to dollars, depending on the schedule and size of a company, it may prove to be a valuable investment. Many successful business leaders who’ve been mentored by coaches have gone on record to say that the pros heavily outweigh the cons. Steve Sorensen.
The philosophy that one should never stop learning is emphasized when one owns a business. With all the things that have to be done and all the things that are happening all at the same time, knowledge can be a great tool, and guidance even more so.
Steve Sorensen. That’s what a business coach brings to the table. Not only does a business coach teach business people the fundamentals of a business, but there are also specific and incredibly important points he touches on, points such as how and who to hire at the different stages of a business’s life, how to maintain the best employees, and who to let go.
A business coach also imparts wisdom he’s gained from years of mentoring other successful entrepreneurs, because after all, they, too, are continuously learning. And business owners can greatly benefit from their knowledge if they’re willing to pay for it. Steve Sorensen.
It’s always a challenge to begin a new business, especially since each one will come with a slew of legal implications. But business owners have to ensure that they are ticking all entries on all legal aspect checklist if they are to prevent potential lawsuits, fines, and even prison time. Steve Sorensen embezzlement.
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First off, seek the aid of a legal expert. A business owner should have a lawyer help them out if only to ensure that everything’s in order from the get-go. At the same time, they have to familiarize themselves with applicable local employment laws. Even if they plan to simply go it alone at the beginning, the success of their small business will likely depend on having a staff helping them out down the line. And when that happens, they must comply with specific laws for it in their industry and area. Steve Sorensen embezzlement.
At the same time, business owners will need certain permits and licenses. The same goes for permission to use certain patents and even images. It’s not as easy as simply lifting logos from other companies to bolster, say, a business’s presence on Facebook or Instagram. All these have legal ramifications, so secure the appropriate permits. Steve Sorensen embezzlement.
It is also crucial to sort expected tax. Keep in mind that any business in the U.S. requires compliance with state, federal, and local tax laws. A business owner has to make sure that they have registered and that they are fully aware of the amount of tax they’d need to pay so that they can save up and schedule on-time payments. Steve Sorensen embezzlement.
Most importantly, remember that among the most basic requirements for starting a small business is a legally permissible company name. In other words, secure a copyright for it. Come up with a list of options just in case it turns out that the name thought of is already taken. Steve Sorensen embezzlement.
Many first-time entrepreneurs dream of opening their own restaurant. And why not? Restaurants have the potential to be extremely lucrative. Plus, people will always need food.
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However, many restaurants and other dining establishments close before their first year. Financial and business experts attribute this to a combination of factors, including the poor understanding of the restaurant business as a whole. Steve Sorensen embezzlement.
On that note, here are some important things entrepreneurs need to remember when opening and running their own restaurant.
Spend on the best kitchen and cooking equipment.
Financial experts who have consulted on restaurants have noted that while it may be expensive to buy the best quality cookware, it will end up saving a ton of money in the long run. The best equipment allows cooks to use fewer ingredients and may even keep resto owners from hiring more people. Steve Sorensen Embezzlement.
Take note of the stock.
Don’t overstock. The rule of thumb is that food should last a week, and drinks should last at most four weeks. If the restaurant still has stock after those periods, it’s overstocking. Steve Sorensen embezzlement.
Growth and expansion is a priority.
Just like any business, the end goal is to expand and grow. Many entrepreneurs make the mistake of sacrificing this goal in order to cut costs. Restauranteurs should be prepared to spend if it means opening a new wing to accommodate more people or even another branch. Steve Sorensen embezzlement.
If someone tells you that a business proposition is a Ponzi scheme or scam, you automatically assume that no good can come off it. There are many ways to describe scams, but calling it a Ponzi scam is quite popular. This is because the originator of this idea, Charles Ponzi, became a notorious figure when it comes to embezzlement. Here is Charles Ponzi’s claim to fame. Steve Sorensen.
Charles Ponzi was almost flat broke when he came to America from Italy. After trying several honest jobs, Ponzi landed in prison after forging a bad check, and again for smuggling Italian immigrants to the US.
After moving to Boston and getting married at 1918, Ponzi started buying international reply coupons (IRC) used for replying to overseas mail, and exchanging them for more expensive stamps in other countries. He would hire people overseas to buy IRCs and send it to him in the US where he would exchange them with local stamps which he would then sell. Steve Sorensen
Wanting to earn more, Ponzi looked for potential investors who were looking for a quick buck. He promised 50% in returns in just 45 days, or 100% in 90 days. Ponzi paid past investors with the money he got from newer investors rather than using the profit as payment. At the height of his career, it was told that he made $250,000 a day. Steve Sorensen.
It was only in 1920 that people began suspecting Ponzi of illegal activities. The Boston Post began an inquiry to investigate his returns. The results led to his arrest and was charged with 86 counts of mail fraud, with a debt of over $7 million. For his crimes, he was sent to prison for 14 years. Steve Sorensen
For some, financial freedom equates to early retirement. For others, it can mean having a debt-free life, not having to work a 9-5 job anymore, or having money set aside for the kids’ college tuition. But no matter how one defines the term, the sad fact is many think that reaching financial freedom is a pipe dream. But provided one follow the tips below, they should find that it isn’t impossible at all.
Firstly, get a grip on your budget. While this sounds obvious, many folks still go about managing finances with no clear direction. Remember that the budget is the map from one point to another; carefully plot what money comes and goes out per month. Steve Sorensen.
The second advice is to make a clear distinction between needs and wants. This may be quite difficult and challenging, but must be done, nonetheless. A person must just keep in mind that they should have most of what they truly need: food, shelter, clothing, access to education and healthcare. So, develop the mindset that most of the basic needs are covered; the rest are but wants. Steve Sorensen.
Lastly, create an emergency fund. It can be incredibly daunting to face debt, especially when those credit-card and high-interests loans get out of hand. If one doesn’t have money put aside, debt essentially becomes an endless, vicious cycle as you’ll never know when the next big emergency spending will occur. It’s all about making headway. A good analogy is to look at one’s emergency savings as a bucket they can use to bail them out when the tide rushes in. Steve Sorensen.
The Internet of Things (IoT) essentially works by giving devices an ability to network and communicate with other devices. It combines the physical world with the digital; everyday objects are infused with technology for an exclusive online identity, to be able to interact with the external environment, and to deliver more value, explains business professional Steve Sorensen.
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Today, IoT is already disrupting various industries, offering an array of sensors that detect all kinds of dangers and risks in businesses, rewarding customers who’ve fully committed to such devices, and penalizing culprits like hackers. It should continue to further automize and increase efficiency and cost savings, even as it improves companies’ bottom lines.
The central feature of embedded technology in IoT devices will lead to great reductions in waste, especially of perishable goods and materials lost due to manufacturing issues. Also, by allowing increased and even real-time access to data, IoT will lead to better and timely business decisions. The economy is already benefiting from IoT’s ushering of more-connected mobile devices, allowing both individuals and companies to rely on apps for fast transactions.
But more importantly, the Internet of Things is greatly increasing the variety of available jobs, particularly those related to data gathering, the development of analytics software, sales and maintenance of hardware, and data analysis. Soon, IoT’s effect on IT and modern customer support will become full-blown, even as the accompanying need for monitoring services increases, Steve Sorensen adds.
Steve Sorensen is a Certified Public Accountant and business writer from Colorado. He regularly monitors current economic conditions and the changing market, as well as consults on issues involving employee embezzlement. More on Steve and his work here.