Category: Cash Management Tools

Reclusive Millionaire Warns: “Get Out of Cash Now”

Something strange is going on in the financial system. And according to The Financial Times, it’s about to send a massive flood of cash into the pockets of the most prepared Americans. What exactly is going on and what does it mean for your money? I recently met up with former hedge fund manager, Dr. Steve Sjuggerud — one of the most widely-followed financial analysts in the world. Today, he shuns the spotlight and lives on a remote island off the Florida coast. And he’s built a new life… and a substantial fortune… by sharing a series of eerie predictions. Many of which have proven correct…….

Source: Investing Outlook

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5 Ways To Go From Being A Good Boss To A Great Boss – Karlyn Borysenko

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There are a lot of bad bosses out there – that’s no surprise. In fact, 65% of Americans would choose to fire their boss over getting a pay raise. But what gets lost in the midst of trying to stop an awful lot of bad behaviors is the fact that there are a fair number of good bosses out there as well. These are bosses who genuinely care for their team members and want to do the right thing by them. Bosses in the “good” category are already doing a lot of things right, but still have room to move from “good” to “great,” and drive engagement and team productivity on a whole new level……

Read more: https://www.forbes.com/sites/karlynborysenko/2018/10/15/5-ways-to-go-from-being-a-good-boss-to-a-great-boss/#4ee9bf81488a

 

 

 

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Avoid These 10 Public Service Loan Forgiveness Mistakes – Zack Friedman

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It’s no secret that student loan forgiveness is a hot topic. When it comes to Public Service Loan Forgiveness, in particular, the requirements can be tricky.

That’s why it’s critical to ensure you know the details and are not headed down the wrong path.

Here are the 10 most common public service loan forgiveness mistakes to avoid at all costs.

1. Thinking Public Service Loan Forgiveness is automatic

Nope. Thinking that you work in “public service” and are performing a “public service” job won’t cut it.

The Public Service Loan Forgiveness Program is a federal program that forgives federal student loans for borrowers who are employed full-time (more than 30 hours per week) in an eligible federal, state or local public service job or 501(c)(3) non-profit job who make 120 eligible on-time payments.

Those “eligibility” requirements bring us to our second common mistake.

2. Not completing the Employment Certification Form

 The number one thing you can do to ensure you’re on track for public service loan forgiveness is to complete the Employment Certification Form.

The next question is: how often should I submit the employment certification form for public service loan forgiveness?

You should submit this form:

  • when you begin a job in public service
  • when you switch employers
  • annually

It’s important to submit this form annually to keep the U.S. Department of Education aware of your employment to ensure you’re on the right track.

3. Submitting an Employment Certification Form with errors

This sounds like a no-brainer, but your employment certification form could be rejected if there are errors.

Here are a few common mistakes:

  • information on one form that does not match previous forms
  • missing information such as an employer address
  • not completing all the required fields
  • correcting errors on the form, and then failing to place your initials next to the corrected errors

This all may sound bureaucratic, but better safe than sorry.

4. Not having your employment certification form signed by your employer

Your employment certification form must be signed by an authorized official at your employer.

Make sure it is that person who signs the form, not the person who sits next to you at work.

5. Not enrolling in an income-driven federal student loan repayment plan

To be eligible for public service loan forgiveness, you must be enrolled in an income-driven federal student loan repayment plan.

Remember, only federal student loans (not private student loans) are eligible for public service loan forgiveness). You also must make a majority of the 120 required payments while enrolled in a federal student loan repayment plan.

While the 10 Year Standard Repayment Plan qualifies for public service loan forgiveness, your federal student loans would be paid off after 10 years so there would be no more student loans to forgive.

How do you know which income-driven student loan repayment plan is best for you? Well, it depends on your specific financial situation.

This public service loan forgiveness calculator shows you which income-driven student loan repayment plan will maximize your student loan forgiveness.

6. Forgetting to consolidate your student loans, if necessary

Remember, only Direct student loans qualify for public service loan forgiveness.

So, if you have Perkins Loans, FFEL Loans or you borrowed student loans before 2011, you may need to consolidate these federal student loans into a Direct Consolidation Loan.

How do you know if you have Direct student loans?

You can check at Federal Student Aid. If you don’t see the word “Direct” next to your student loans, then you may need to consolidate those student loans.

How do you consolidate those student loans?

If you decide to consolidate those student loans, you can do so through StudentLoans.gov.

7. Not taking advantage of Temporary Expanded Public Service Loan Forgiveness

Were you denied public service loan forgiveness because you were enrolled in the wrong student loan repayment plan?

Congress has set aside an extra $350 million of public service loan forgiveness for this exact situation.

8. Failing to re-certify your income each year

As the name suggests, your income-driven student loan repayment plan is based on your income.

As your income may change each year, the federal government wants to ensure that you are still eligible for that income-driven student loan repayment plan.

Therefore, make sure to re-certify your income each year at studentloans.gov. At the same time, you can submit your annual Employer Certification Form.

9. Skipping student loan payments

While your 120 student loan payments under public service loan forgiveness do not have to be consecutive, you need to submit each payment within 15 days of the due date for that payment to count.

10. Thinking your job is what qualifies you for public service loan forgiveness, when it’s your employer that matters

Remember, it’s your employer that matters, not your role.

If you work with a non-profit, but are employed by a private company, this would not qualify for public service loan forgiveness.

Now that you’re in the know, hopefully the path toward public service loan forgiveness will be smoother.

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3 Mistakes to Avoid When Running a Crowdfunding Campaign – Roy Morejon

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When Retro Computers turned to Indiegogo for crowdfunding, it promised $100-level funders a handheld gaming device called the Vega+. With promises from the company that the device would come equipped with more than 1,000 games, the console quickly gained a following, and more than 3,600 people pledged $100 each to receive one.

The successful campaign gained U.K.-based Retro Computers more than half a million dollars.

But when the time came for those backers to receive the handheld devices, Retro Computers wasn’t able to deliver. Legal battles and production issues caused hiccups. The promised September 2016 delivery came and went. Users began getting upset — more and more publicly.

Finally, after unwanted media attention and, just this month, a lawsuit, Indiegogo intervened. The crowdfunding platform announced on June 6 that it was siccing debt collectors on Retro Computers in an effort to reimburse its donors.

Despite that tale of woe, entrepreneurs can’t ignore the potential of crowdfunding. Kickstarter has hosted nearly 150,000 successful projects, raising $3.7 billion since 2009, and Indiegogo has raised more than $1.5 billion since 2008. Done correctly, crowdfunding could provide the perfect building block for your next venture.

The ups and downs of crowdfunding

Crowdfunding’s popularity is not all hype. It can yield benefits beyond financial backing, helping your company build a loyal customer base and establish credibility before you’ve even launched. But you can’t just set up a Kickstarter page and watch the money roll in. The right strategy is essential to reap the rewards.

Pebble shows how it can and should be done. One of Kickstarter’s most successful campaigns of all time, the company raised more than $20 million from 78,000 backers — exceeding its goal by 4,068 percent. Pebble turned that consumer confidence into more than 2 million sales of its smartwatch and was ultimately bought out by Fitbit.

But when it comes to crowdfunding, there’s more to consider than whether your project will meet its fundraising goals. Even a successful campaign without serious forethought and planning can encounter challenges that will sink a business before it gets off the ground.

Coolest Cooler, on the other hand, might be one of the most disastrous campaigns in Kickstarter history. The company raised $13 million, but it wasn’t prepared to operate in the wake of such success. Coolest Cooler couldn’t fulfill rewards for its 62,642 backers.

Remember: It’s not just about hitting the goal. Even in successfully funded projects, 9 percent fail to deliver on promises to backers. That’s a hard hurdle to overcome in the beginning stages of any new business.

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Campaign mistakes to avoid

It’s easy to think of crowdfunding as easy money, but campaigns should be hard work if you’re doing them correctly. If you want to start your project on the right foot, avoid these common mistakes:

1. Kicking off without leads in place. Crowdfunding campaigns have short time lines. What’s more, campaigns rely on a momentum of interest. You’re going to have difficulty hitting your goal if you don’t have leads in place ready to back your campaign on day one. Not gathering enough leads before launching is the problem partially to blame for nearly every failed project.

Set up a landing page ahead of time describing your product and promoting your upcoming project. Include a contest in which people can enter their email address for a chance to win your product. This will give you a list of already interested folks to reach out to the day you launch your campaign.

2. Ignoring Facebook for potential conversions. Platforms such as Kickstarter and Indiegogo have large audiences, but if you rely solely on the backers already there, you probably won’t hit your goal.

So, look elsewhere. Facebook advertising is one of the most cost-effective ways to reach a highly targeted group of people that is likely to convert.

Consider the PEEjamas Kickstarter campaign, which my company mounted. That project hit its $14,000 goal early on, but my company wanted to see how far we could go. Funding increased from around $26,000 when we started the ads, to $227,469 by the time the campaign closed. I highly recommend working with a team of Facebook Ads specialists who can make the most of your ad budget.

3. Failing to consider scale. You might have a goal in mind, but what happens if you exceed it? Is your business model scalable? Are you going to be able to fulfill rewards? Don’t be Retro Computer or Coolest Cooler.

Make sure the price of each of your rewards is sufficient, whether you hit your goal exactly or raise more than you anticipate. Have a plan in place for shipping and fulfillment. Examine your profit margins closely as you set your funding goal, and determine product pricing. Consider factors such as minimum order quantities, manufacturing costs, marketing costs, platform fees, shipping costs and more.

One last thing to consider: Kickstarter and Indiegogo both have a 5 percent use fee and a 3 percent to 5 percent processing fee. Factor this into the goal you initially set.

Platforms such as Kickstarter and Indiegogo have broadened the horizons of startups and consumers alike, but getting the most value out of crowdfunding requires forethought and planning. There are plenty of Cinderella stories out there but also just as many cautionary tales. Avoid their mistakes to make the most of your fundraising endeavor.

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5 Wise Cash Windfall Hacks for Small Business Owners

Cash Windfall Tips: Saving Money When the Ship Comes In

Ah, there’s nothing quite like receiving a windfall of money. It may come by way of an unexpected inheritance, a work bonus or a job promotion. And depending on how you spend it, that sweet bit of extra cash may leave you feeling either relaxed or stressed out.

While it’s tempting to spend it immediately, you know it’s in your best interest to sock most of it away for the future.

Cash Windfall Tips

Here are a handful of tips on how to save when you get a windfall of cash:

Hold Off on Lifestyle Upgrades

As tempted as you may be, don’t fall prey to lifestyle inflation. While you may want to move into larger digs or buy that sleek new ride you’ve had your eye on, hold off for now. This doesn’t mean that you won’t ever upgrade your lifestyle. It’s just a better idea to make sure you have  your financial bases covered before you begin to indulge.

Instead, pay yourself first and this way you’ll be putting your money toward what’s most important to you. From here, divvy up your extra cash into specific accounts, or transfer it into a single money goal for an impactful punch.

Stick with your Saving Habits

If you’re committed to saving a certain amount each month for your money goals, don’t let this fall by the wayside. While it’s easy to be lured into splurging on non-essentials, such as a new wardrobe or shiny Airstream trailer, use your windfall of cash to propel your existing goals.If you really want a new toy, set up a specific savings account and commit to putting money into this bucket each month.

Splurge Wisely

Now that you’ve got some extra cash in the bank, it’s time to do a happy dance. Why not enjoy some of this newfound money?

But here’s the thing: if you’re going to indulge, do it within reason. Save a specific amount for fun or spend whatever is leftover after you save for your goals. Rent that sports car for a day, go on a safari wine cruise, or dine at the restaurant featured on Chef’s Table. Just don’t spend it all.

When I have a great month as a freelancer, I allocate anywhere from five to 10 percent of “extra money” toward a spending account for pure indulgences. I save the rest in my emergency fund, as well as my savings accounts for a new car, investing, gifts, and retirement. What’s great about planning out your splurges is that can still save prudently. Plus, you’ll have a better idea of how much you can afford to spend. This will go much further than blowing your entire windfall of cash all at once.

Pretend you Never Got It

While you may be tempted to spend that extra cash on something frivolous, it’s a much better idea to pretend it doesn’t exist and keep saving for your goals.When I was fresh out of college, I received a small windfall of cash from my mom. She had just bought my brother a new car, and be fair to me, she cut me a check for a sizable down payment on new wheels.

I was living in a squat apartment at the time, and barely bought anything beyond the bare essentials. In fact, I only afforded myself one long weekend trip a year. Trust me, I was tempted to burn through that money. Instead, I squirreled it away, put myself through an amnesia machine, and tried to forget I ever received it. Even when I landed a job promotion and made more headway on my savings, that money never left my account.

Grow your Money Beyond your Windfall

By practicing delayed gratification and employing the other tried-and-true tricks listed here, you’ll stay motivated to save long after you receive that windfall of cash. And, by developing healthy money habits, you will hopefully see your overall financial sitch improve.

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Here’s What You Should Know About Your Paycheck — TIME

What is one of the first things you do when you start a job? You take out the calculator, work out what you think you can spend each month on rent, food, and internet, plan accordingly—and then you get your first paycheck. The number it shows most likely isn’t the same number you expected. In…

via Here’s What You Should Know About Your Paycheck — TIME

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The Master Plan Academy (Cash Management Course)

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That’s why I’ve invested over $1,000 to have my programmers create a totally fool-proof tech dashboard. This thing is amazingly simple to use!

It’s going to let you launch your product and your sales funnel to the world with just a few exciting clicks! Plus, it makes it an absolute cinch to sign up for guru affiliate programs and then insert those cash-creating links into your new product.

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Multiple times, I’ve been paid $4,000 lump sum for traffic mentoring…but you get this 100% inclusive when you enroll in Master Plan Academy today.

Inside the Master Plan private mastermind you’ll get help and support when you need it. You’ll meet like-minded, focused, driven people… so you’ll never be alone in your quest to make money online again!

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You might expect to pay at least an extra $300 at the least for that kind of concierge-level service. But I’m absolutely committed to helping you change your life… so I demand you let me serve you at the very highest levels of attention and detail.

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