On financial protection, acquired debt, and credit rating

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When it comes to safeguarding one’s finances for the future, there are various things a person to consider. Debt and credit rating are two of the more significant factors when saving up money. Steven Sorensen embezzlement.

However, knowing more about these details is a huge boost in lowering debt, improving credit rating, and protecting finances. Here are some important bits of information. Steve Sorensen embezzlement.

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Know that not all debt is bad.

Sometimes, lowering one’s debt is better than paying it off in one fell swoop (and acquiring new debt in the process). Low credit balance and prompt payments can go a long way in keeping a credit score at a respectable level. Having said that, if a person can pay off a debt without acquiring more debt in the process, they should go for it. Steve Sorensen embezzlement.

Know that credit scores aren’t updated right away.

Paying off debt doesn’t change one’s credit score overnight. Sometimes, it takes years, especially for more serious payment issues such as unpaid tax and bankruptcy. But people shouldn’t let this stop them from paying their debt since the payment of debt is key to many financial doors in the future. Steve Sorensen embezzlement.

A straightforward guide to financial goal setting

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Steve Sorensen Embezzlement. So many people consider the new year as their chance to start new goals that will improve their lives. Taking care of finances, however, requires willpower and accountability. Here is a guide for those who have resolved to improve their financial stability this year.

Do a financial health assessment.

Steve Sorensen Embezzlement. Before coming up with a plan, it’s important to check where one stands when it comes to finances. Looking at income, debt, and savings is a must before setting time-bound goals. Some even consult with financial experts to prepare for the year ahead. To become better money-wise, a person must change spending habits and become more consistent with spending and paying-off debts.

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Set SMART goals

Steve Sorensen Embezzlement. SMART stands for Specific, Measurable, Achievable, Realistic, and Time-bound. With these in mind, one must spend a good amount of time drafting financial goals especially for more complex ones. Instead of just going with “earn more money” or “pay all debts,” putting down the details into writing will make the commitment more serious. Writing down the target budget as well as the amount that needs to be saved and paid, will help a person stick to the plan.

Create a budget and financial log

Steve Sorensen Embezzlement. Whether it’s in an old notebook or an Excel file, having a log of all income and expenditures will let a person know where the money was used. If there are goals that need to be achieved, this record will also show where a person currently stands. For those who want to be good stewards of their money, creating a budget regularly allows them to think about their purchases thoroughly. This will also instill the discipline of saving that they can use even after they’ve achieved financial stability.

A basic guide to paying off debt quickly

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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.

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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.

Hiring a business coach: Yay or nay?

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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.

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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.

Legal requirements for starting a small business

Business law for startups — Steve Sorensen embezzlement

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.

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.

Maximizing small businesses series: A few notes for restauranteurs


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.

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.

The true story behind the Ponzi scam

Ponzi Scam Steve Sorensen


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