James Stabile Informational Newsletter

 January 2005

Technology and Business...

According to an article in the Sun-Sentinel, about 78 percent of Americans are in debt. They owe an average of $8,400 on their credit cards. They pay a typical interest rate of 14.5 percent. Special occasions such as Christmas usually contribute to that debt. Wouldn't it be nice to take control of your finances.

According to "Take Control of Credit Now", Sun-Sentinel, December 6, 2004.here are a few pointers for managing your finances:

• Don't put it off. Immediately sit down and make a list of all your bills. 

• Track your expenses. For one month record every expenditure. Determine exactly where your money is going.

• Cut spending. Stop using credit cards. Destroy all your credit cards except for one or two, ones with the lowest interest rate and hopefully, no yearly fee. Transfer all your debt to those two credit cards. Contact your creditors for reduced rates and lower fees.

• Slice your debt. Start increasing your monthly payment. Never pay the minimal monthly payment. Even $10 or $20 more than the monthly fee will drastically decrease the length of time required to pay off those credit cards.

• Mark your calendars for recurring expenses such as auto tags and insurance, phone, Internet access, birthdays and anniversaries. Pay cash for these items.

• Don't borrow any more money. Debt consolidation hustlers tempt you with home equity loans, etc. don't fall for it. You do not need more debt to pay.

• Do not "borrow" from any retirement or 401 (k) accounts. Penalties may result and will cost you your future security.

• Be patient. You can't get out of debt over night. It may take years to do it. 

Once you are out of debt, don't get in that situation again. Live within your means. 

Another Sun-Sentinel article warns about identity theft of your children. All children have social security numbers. This is required for income tax purposes. Your child's social security number is just as sacred as your own. That number will be with your child for the rest of his or her life. Be careful with it. If you would not surrender your own social security number, then do not surrender your child's. 

I really believe that most identity theft as well as misuse of credit cards is done by an "insider". Most Internet theft is not caused by outside security breaches. I think it is caused by people working in the business or firm or corporation you are doing business. These unscrupulous  individuals are trying to get something for nothing. Some one who handles other people's money, often times huge sums of money, must be tempted periodically to "take a little for themselves". Some people use their positions for selfish desires. 

Do you have what it takes to be a successful entrepreneur? Many people get fed up with their bosses and decide to start their own businesses. Do you have what it takes to be a successful entrepreneur? Here's a list of qualities needed to be a successful entrepreneur from Susan Murray, a Deerfield Beach, Florida business consultant and Adele Bulger, a Delray Beach, Florida life coach.

• Be passionate.
• Have self-discipline. Even if you have your own business, you still have to wake up each day and go to work.
• Have a dream and believe in it - and yourself.
• Be goal-oriented.
• Have fortitude. Success does not happen over night. 
• Be a risk taker.
• Be willing to sacrifice. If you have employees, you must be willing to pay them before you pay yourself at the end of the week.
• Feel an inordinate amount of responsibility. Inevitably, you will become a slave to your business, at least in the beginning and maybe for a long time.
• Know yourself. Are you the kind of person who should start your own business?
• Be courageous.

Many times in this newsletter I have referred to my brother Tommy in regards to starting his own business. I believe Tommy is a successful entrepreneur. He has mastered the steps above. He continues to be very successful because he is aware and practicing the characteristics necessary to be a successful entrepreneur. Congratulations Tom and many years of success. Keep healthy. A self-employed person doesn't have sick days, when they are ill and can't work, the business suffers. Great success and good luck.

January 2005 Newsletter 
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