Archive for March, 2011

How to be a Happy Employee

By: MD | Date posted: March 31, 2011 (6:00 am)

Being a Happy EmployeeAs we near the end of our discussion on entrepreneurship, it’s only natural that we look at the other side of the equation, which involves remaining an employee within your company. With the lack of objective definition it’s easy to become unhappy in the workplace. Everywhere you turn you see pieces on quitting your job and becoming self-employed. Today I wanted to look at some ways that you can become a happy employee and not worry about leaving your work any time soon.

Set an objective definition.

It could be the lack of goals or objective definition that’s holding you back from being happy as an employee. Do you have an end goal? Have you set short to medium term goals? Do you have a long term plan? I find with being an employee that you need to set goals for yourself because at the end of the day you work for ME Inc. Nobody will ever care about your financial situation as much as you do. The only way to secure a strong future financial situation is to set specific goals for yourself. Do you want to move into management in the future? Do you want to use your current employer has a reference for a dream job when you’re older? If you set some clear cut objectives you’ll find yourself more happy and motivated as an employee.

Try to work your way up the ranks.

Entrepreneurship is popular, but why isn’t intrapreneurship common? Rarely do we see pieces on moving up within a company and leading a team. You can easily become a leader in your company by undertaking challenging projects and motivating others. You’ll become much more happier as an employee once you see your peers are looking up to you and taking direction from you. If there’s a lack of growth opportunities in your current place of employment, it’s time that you switch to a new job so that you can experience what it feels like to be a happy employee once again.

Learn from others.

Whenever I start a new job or anything new in life my goal is to try to learn from others. At one point we will be a beginner at something and someone else out there will be at the advanced level. I find it to be exciting trying to go from beginner to advanced, in any area of life. This is the same as investing for beginners and getting started with your new life. When you start with your company you might just be the intern or hold some mundane job. The thrill comes in moving up the ranks and learning from others. Some will just complain and moan about their position. Those that are truly ambitious will do whatever they can to learn from others and improve their position.

Once you do everything you can to improve your experience at work you can try out some other ideas at home to ensure that you’ll remain a happy employee.

Work on side projects.

I suggest that you try to keep yourself busy with projects that inspire you. Your 9-5 job can be your source of income. Then when you get home you can work on your side business or projects around the house that you really want to get done. When you have money coming in, it becomes much easier to invest money in yourself and side hobbies. You can also become a much happier employee when you realize that your full-time job is allowing you to enjoy other areas of yourself.

Take care of yourself.

Finally you need to start taking proper care of yourself. Working out and eating well will make you feel happier overall. The reason that you hate your current job could be caused by something as simple as your poor eating habits or lack of proper rest. Don’t let these hold you back from enjoying your job.

At the end of the day I want to stress that being a happy employee is possible and realistic. Too many people are jumping on the self-employed bandwagon and bashing 9-5 jobs.

Where do you guys stand? Are you a happy employee or do you want to try out the world of self-employment?

If you enjoyed this piece then I strongly urge you to check out the other articles in this series:

Being a Freelancer Pros and Cons
Being An Employee Pros and Cons
How You Can Moonlight Your Way to Success
How-to Start Your First Business

(photo credit: working word)

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Baby Expenses: Is It Time to Move?

By: Green Panda | Date posted: March 30, 2011 (5:00 am)

As we’re preparing for the arrival of our baby girl summer, we’re preparing our house to accommodate the upcoming addition. We’ve been besieged with advice by some friends, family, and random people.

Something that has came up already is whether we plan on moving in the future now that we’re having a kid. While we plenty of space and wouldn’t look at it until a few years down the road, it does bring up a good question. When is it time to move for a family?

Making the Decision to Move

This is a big decision, so it takes some time to reflect on the reason behind the potential move.

Why Do You Want to Move?

Are you moving because you’re cramped for space? Are you moving to be in a better school district? Are you moving because you want to be closer to your support group of friends and family?

Where Do You Want to Move?

You also have to ask if you want to stay in the area if you move or if you want to go ahead and try a new city or town (or state). Depending on where you move, some of your expenses may change drastically. When we moved from Virginia to North Carolina, our housing costs were reduced, but gas prices in this state is a bit higher than before. We had to adjust our budget accordingly.

Ask friends and/or family in the area you’re thinking about to share their thoughts. Once you have an idea, you can go ahead and figure out how much it would cost to move.

How Much Does It Costs to Move?

If you have some  time, bring out the calculator and spreadsheet. It will be wise for you to go ahead and analyze the costs if you do decide to take the plunge.

Do It Yourself (with Friends) or Use Movers

When we moved from our old apartment to our current place, we hired movers to handle the transfer. The moving company was charging $100/hr so we knew our goal was to minimize the time needed to move.

We went ahead the night before  and we boxed and disassembled everything we could before they came. We were also grateful that the new place was less than 10 miles away, so the commute between places was going to eat up a lot of time.

I’m happy to say that the movers came and worked quickly to load, transport, and unload our stuff. It took them 2 1/2 to get everything in place, which was much less than what it would’ve taken us based on our previous move.

Switching Utilities

If you decide to move out of the area and get new utility providers, then you may have to factor in the costs of having to put down deposits.

Changing Your Address

If you want to make sure all your bills are sen to to the correct place, double check that you fill out a change of address form. The easiest option if you live in the United States I found is going online and using the US Postal Service’s Change of Address Form.

Thoughts on the Moving Process

Are you thinking of moving because of your baby? How much did the moving process cost you and your family? What tips can you share on keeping it reasonable?

If you’re looking at cutting your baby expenses, please check out some of my other posts on the topic:

How to Prevent Identity Theft

By: Kristina | Date posted: March 29, 2011 (9:00 am)

It’s Tuesday morning and today is the last post in our Credit Card Management Series. During our Credit Card Management Series we have discussed The Myths About The Amex Black Card, Good Credit Cards for College Students, Paying 0% Interest on Your Credit Cards. We have reviewed the Citi Thank You Preferred Card, and the TD Bank Payment Plus Card.  We have learned about Prepaid Credit Cards, The Best Solutions to Credit Card Debt, and if Credit Cards are Good or Bad.          

Today we are going to discuss an unfortunate side effect of having credit cards.  Unfortunately every single time we apply for a new credit card, or we swipe our existing credit card, we take the risk of becoming a victim of identity fraud.  If we lose our wallet there is a risk that someone will find our wallet and gain access to our credit cards along with all of our personal information.

 HSBC is currently featuring an article on their website YourMoneyCounts.com that discusses ways to prevent Identity Theft and what to do if our identity is ever stolen.

How Can We Prevent Identity Theft?

Safeguard Your Personal Information.  It is important to keep a close eye on all of our personal information to prevent identity theft.  Ways to safeguard our personal information include having our monthly bills delivered online instead of having a paper statement delivered by the mail.  Accessing our account information online ensures that our information remains confidential, and the risk of anyone else finding our information is minimized.

Review and Shred unnecessary Documents.  We should shred all unwanted personal information including bills, statements, and other confidential information.  We should never throw out personal information in the garbage.

Be Safe While Online.  We should never use a shared computer to access our personal information such as our PayPal account, our Online Banking, and our Credit Card information.  Whenever we access our personal account information online we should not have other websites open such as Face Book and Twitter.  There is always a risk that our information can be transmitted.

Keep Organized.  If you do keep paper copies of personal information, statements, and receipts it is best to keep them safely organized in a filing cabinet or binder.  If we keep our information neatly organized we have less of a chance to lose it.

What Should We Do If We Become a Victim of Identity Theft?

Contact all of our Financial Institutions.  The first thing we should do if we become a victim of identity theft is to contact all of our financial institutions and credit card companies.  We should cancel all of our debit and credit cards immediately, as well as put a freeze on our accounts until the cards are replaced.

Contact our Credit Bureaus.  The second thing we should do if we become a victim of identity theft is contact all of the credit bureau companies to flag our accounts in case someone (other than us) tries to apply for credit or open an account in our name.  The three national credit bureaus are Trans Union, Equifax, and Experian.  If we flag our credit bureau the companies will alert us any time that someone applies for credit in our name.

We should file a police report.  When we call our credit card companies or financial institutions to report our credit cards lost and stolen they will ask us if we have filed a police report and they will ask for the police report number.

We should also file a complaint with the FTC (Federal Trade Commission).  The FTC maintains a database which is used to keep track of identity theft cases and prosecute identity thieves.

Photo by CarbonNYC

Get Your Credit Card Approved!

By: Kristina | Date posted: March 28, 2011 (9:00 am)

Good Morning Green Panda. During our Credit Card Management Series we have discussed several different aspects of Credit Cards such as The Myths About The Amex Black Card, Good Credit Cards for College Students, and Paying 0% Interest on Your Credit Cards. We have learned about Prepaid Credit Cards, The Best Solutions to Credit Card Debt, and if Credit Cards are Good or Bad.  We have also reviewed the Citi Thank You Preferred Card, and the TD Bank Payment Plus Card.  However, none of this information matters if our credit card is not approved.

How to Get Your Credit Card Approved

Today we are going to discuss how to get your credit card approved when applying for your first credit card.  If we have never had a credit card, our financial institution will still perform a credit check to get our credit card approved.  Any other bills that we pay on a monthly basis such as our cell phone bill, our cable bill, or our monthly hydro bill are regularly reported to the credit bureau.  It is very important that we pay all of our monthly bills on time, because this will determine if our credit card is approved.

If we have never been granted credit in the form of a credit card, a student loan, or a cell phone we may be required to make a deposit to have our credit card approved.  This is also true for a new cell phone contract, or if we are registering with a cable company for the first time for cable or internet services.  Our deposit is for security purposes in case we don’t have the money to pay our bill.  Our security deposit is returned to us once our account is closed or our contract is terminated.

Pre Approved Credit Cards

If we have established a good credit history we may receive offers in the mail for Pre Approved Credit Cards. A credit card Pre Approval simply means that we have met some preliminary criteria as established by our financial institution.  Pre approval criteria can include our age, our annual income, and the current amount of deposits that we currently hold with that financial institution.

A Credit Card Pre Approval is not based on our credit history and therefore a Pre Approval is not a guarantee that our Credit Card will be approved.  If you have ever received a Credit Card Pre Approval offer letter in the mail I suggest that you read the fine print.  If you do, you will notice that it states something similar to “this offer is conditional based upon on a successful credit check verification.” 

If we sign the Pre Approval offer and return it to our financial institution they will perform a credit check.  When we sign the Pre Approval offer we are actually giving our consent for our financial institution to run a credit check. 

Once our Credit Card is approved, we will have to sign again to accept the terms and conditions of our Credit Card.

Photo by Striatic

Yakezie Challenge

By: MD | Date posted: March 25, 2011 (6:00 am)

We discussed the idea of starting your first business the other day. This is a scary process at first, but after conducting some research you can easily start your own first business. Have you ever started your own business? If not, what’s holding you back?

Time for the Yakezie challenge links:

1. How To Deal With A Bully @ Financial Samurai.

2. Best Stocks For Dividend Investing @ Buy Like Buffet.

3. Blogging Full Time – The Target Number @ BITFS.

4. Credit Card – Debt Down But Not Out @ Yes, I Am Cheap.

5. Love Drop Strikes Again @ Saving Money Today.

6. The virtue of discomfort @ ERE.

7. How To Protect Yourself From Credit Card Related Cyber Crimes @ Canadian Finance Blog.

8. SAHM versus Daycare @ Money Reasons.

9. How to Save Hundreds of Thousand of Dollars with Your Mortgage @ Couple Money.

10. How To Financially Prepare For A Disaster @ Smart On Money.

11. 5 Wise Things To Do With Your Tax Refund @ Not Made of Money.

12. Why Maxing Out Your 401K is the Best Thing You Can Do With Your Paycheck @ Squirrelers.

13. The 7 Steps to Starting a Business @ Investor Junkie.

14. Too Good To Be True @ The Wealth Artisan.

15. Leasing vs. Buying a Car @ Credit Card Chaser.

How to Start Your First Business

By: MD | Date posted: March 24, 2011 (6:00 am)

How To Start Your First BusinessThere are many written and unwritten working laws at your current job that are affecting you. You might be at the point where you’re sick of following working laws and are ready to branch off on your own. Instead of worrying about registering as self-employed for taxes and health coverage, you need to focus on making some money with your business idea. This is why we are here to help you get started.

If you’re looking for how to start your first business then this post is a rough guideline for what you can do starting right now!

Think of a business plan.

What will your business be? Will it be a service business or will you sell goods? You need to think of a business plan and get something in writing. Now don’t let this scare you away. I’ve put together business plans for school that were about 100 pages long. You don’t need to do this for your first small business. You just need to consider some of the following ideas in your business plan:

  • Definition of business.
  • Where will money come from?
  • Short term business goals.
  • Long term business goals.
  • Risks involved.
  • Competition.

Every business needs to have goals and to be aware of the competition. If you blindly walk into a business venture, you might walk out broke. I don’t want any of you guys going broke on me.

Brand your business.

Branding is more than just registering as self-employed for tax purposes. Branding is difficult to define these days. It involves everything that you and your business does. From responding to comments to having an amazing blog logo. Branding is everything that you do and how you do it.

According to Escape From Cubicle Nation, branding your business/yourself involves the following:

  1. Take a stand.
  2. Make people feel.
  3. Invoke trust.
  4. Solve a problem.

If you can manage to do all four of the above, then you’ll build a strong brand around your business. Don’t stress because by default you should be doing all four in your every day life. You should take a stand by having a clear business philosophy. You should make people feel by conveying how passionate you are. In turn your customers will trust you if you over deliver always. In the end you’re bound to help others solve a problem.

Create a website.

You’re going to want to have a home base. If you plan on starting a pure blog then you’re clearly going to need a website (hosting, design, theme). I don’t have much to say on this part because I hate the behind the scenes website work. In the past I have outsourced this work so that I can focus on what I enjoy doing (writing articles and helping others). You might have to spend a few bucks here but it’s usually a one time upfront cost.

Find paying clients.

This should be step number one. For the sake of not throwing you off with your first business idea, I want you to get comfortable with everything before you start looking for clients. Once you have your business idea up and running you need to decide on how you will earn money and how you will find paying clients. Who will pay you for your services? Finding paying clients is the strongest litmus test for deciding if your business has any legs to stand on. As they say, “if you’re going to fail, then fail fast.” If you can find paying clients relatively quickly then you may be on to something with your business. If you can’t then it means you might have to tweak something or switch gears.

Think about funding.

How will you fund this new business venture? These days you can start any small business online for less than a $1,000 so the funding should be coming from your savings account. If you’re going to want to start a business with a physical location then you need to look into funding. I have personally not gone through this process myself so I can’t offer much assistance. I can recommend that you start off by trying out one of the common options for small business funding: bank loan, angel investor, or venture capitalist.

Work your butt off.

Sorry but this step is mandatory. Everything else is just a minor detail. I find that in life you get what you put in. If you’re lazy with your business, then your business will show. Customers and readers can tell when you’re lazy. No matter how many books are written on the being able to work a few hours weekly and generate passive income, you’re still going to have to hustle hard with your new business. It’s just the reality of life. If you’re not willing to work your butt off then you need to close this post right now and consider other options. The amazing part is that for the first time in your life you will enjoy working hard because you’ll be working on projects that you’re passionate about.

The post that inspired me originally was 7 steps to starting a business over at Investor Junkie. If you enjoyed this piece then I strongly urge you to check out the other articles in this series:

Being a Freelancer Pros and Cons
Being An Employee Pros and Cons
How You Can Moonlight Your Way to Success

I want to know what you think: what worries you about starting your first business?

(photo credit: certs)

Planning My First Baby’s College Savings

By: Green Panda | Date posted: March 23, 2011 (8:00 am)

Being a parent can be fulfilling as you help your child(ren) and from what I’ve seen with friends, it starts with thinking ahead and preparing as best you can.

A concern of many parents is their child(ren)’s post high school education.

Going into heavy debt for college can be financially devastating, but parents can help direct their children to start saving. One way they can do that is by example and having some college savings set aside.

What are My Options for College Savings?

The two big options for parents looking to fund their children’s education are Education Savings Accounts (ESAs) and 529 plans. What are they and what benefits do they have?

  • 529 plans- These plans are named after the IRS code that created them. There are basically two types of 529 plans, one is prepaid plan and the other is an investment type plan.
  • Educational Savings Accounts – These accounts work a lot like IRAs, but they are created for college savings. You decide what you want to invest your savings in.

Which one is right for you? It depends on on a few factors. It’s best to not rush into it and weigh your options.

Factors to Consider with Educational Savings Accounts

If you’re looking for the best deal for your family, here are some things that you need to think about.

  • Family Income - If you your family makes over $200,000 a year, you may want to contribute to a 529 plan.
  • Contribution Limits - With an ESA, you can contribute up to $2,000 each year. If you want to set aside more money, you make want to look at 529 state plans.
  • Account Control - When your child is of age, do you want to remain in charge or do you want your child to be in control?

If you have a small child, investing for their college education can pay off wonderfully. Consider looking at growth funds to maximize your returns over time. As the date approaches, you’ll want to choose more conservative investments.

Thoughts on College Savings

If you’re a parent, have you started saving for your kid’s college tuition? Why or why not? What college savings plan did you sign up for?

The Myths About American Express

By: Kristina | Date posted: March 22, 2011 (2:33 am)

Good Morning Green Panda Friends. For today’s post in our Credit Card Management series I wanted to review the famous American Express Black Credit Card.  However, I couldn’t find any information on the American Express website about this infamous card, which is better known for its famous card carriers and limitless spending ability. 

Since I couldn’t find any information about the American Express Black Card, I decided to discuss the myths that I have heard about this mysterious Credit Card from television shows, music videos, and other general myths that I have heard while working in the financial services industry.  As there is no way for me to confirm the information I have heard, read, and seen, the information will remain as myths instead of facts.

What have you heard about the American Express Black Card?

Myth # 1 – Kim Zolciak, the reality star of The Real Housewives of Atlanta, said that cardholders are required to spend a minimum of $100,000 per year on the American Express Black Card.

Myth # 2 – After a Google search I read on Love to Know Credit Cards that the American Express Black Card is also known as the American Express Centurion Credit Card.

Myth # 3 – Wikipedia says that the American Express Black card was created in 1999 and the benefits to cardholders depend on the country of origin.

Myth # 4 – A general bank myth is that cardholders are offered the American Express Black Card by invitation only.

Myth # 5 – The rapper Fabolous refers to the American Express Black Card as the “throw it in the bag” card which implies it doesn’t have a spending limit.

Myth # 6 – Another general bank myth is that the American Express Black card offers cardholders a private concierge service to run errands and make purchases for them, as long as they are paying with their American Express card.

As I was hopelessly browsing through the American Express Website and searching for information on the American Express Black Card I found several interesting facts about American Express and their Credit Cards. 

What Do You Know About American Express?

Fact # 1 – The American Express website is very user friendly.  American Express is socially active on YouTube, Face Book, and Twitter. They also post links to their latest advertisements.  There is an American Express application for the iPhone called the Social Currency app.

Fact # 2 – American Express is the world’s largest card issuer by purchase volume.  There are 87.9 million cards currently in force, and they have $620 billion in annual purchase volume.

Fact # 3 – American Express cardholders spend four times more than MasterCard users and three and a half times more than Visa cardholders.

Fact # 4 – American Express offers PASS from American Express which is a Prepaid Credit Card.

Fact # 5 – American Express has several different partners with whom they offer rewards programs. American Express partners include Jet Blue Airlines, Delta Airlines, Hilton Hotels, and The Starwood Hotel Family.

Fact # 6 – American Express does not offer Student Credit Cards for College Students. However, they do recommend the Blue from American Express Card or the Zync from American Express Card if you are a student.

Photo by Clemson

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