I am PUMPED about teaching the next installment of our small business class at the Anderson Area Chamber of Commerce. It will be held at the chamber on June 3 from 8:30AM – 10:30AM.

Topic of this session?

Understanding the Financial Impact of Business Decisions

- Using income statements and pro forma income statements to make business decisions

I have utilized income statements to evaluate the current state of my business as well as to investigate the potential impact of future business decisions.

The goal of this class is to explain what income statements are and then review PRACTICAL examples of how income statements have been used to make business decisions using pro forma income statements.

If you have ever asked yourself one or more of the below questions, you should attend this class:

• Is my business profitable?
• How much money did we make last month (quarter, year, etc)?
• If I purchase this new equipment, will it be worth the investment?
• If I change location, what is the potential impact on my business?
• If I acquire this business, what will my financials look like?
• If I sell this line of business, what will the impact be on the remaining business?
• If I open an additional store, what are the "must have" costs?  And can we afford it?

I LOVE talking business, and I hope to see you there!

President Obama recently signed into law several new changes to credit card lending.

Here are some things that stand out to me:

• 80% of American households have a credit card – Half of those carry a balance
• "Some get in over their heads by not using their heads." – President Obama
• People under 21 won't be able to obtain a credit card without a job or a co-signer
• Customer must be over 60 days late before rates can be increased on existing balances
• Consumers must receive a 45 day notice and explanation before interest rates can be increased
• There are more than 700 million credit cards in circulation in the United States – more than two cards for every man, woman, and child

You can read about it HERE. (Thanks to Robin for the link)

Your thoughts?

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What do these two cities have in common?

They share the same time zone AND the Financial Learning Experience will also be taught in both of these cities this weekend!

Saturday   May 30, 2009   9:30AM – 12:00PM

Orlando, FL – Greater Orlando Church – Learn more and register HERE (It's FREE!)

Sunday  May 31, 2009   11:30PM – 2:00PM

Graham, NC – Pine Ridge Church – Learn more and register HERE (It's FREE!)

Additionally, the Financial Counseling Experience (where YOU can be trained to become a financial counselor/coach) will take place in Graham, NC.  You can learn more and register HERE.

Let the life change begin!  I can not believe I get to do this stuff for a living!

Learn about other upcoming events

As I have traveled the nation speaking and teaching on personal finances, I have heard countless stories about people who have started on the path to get their finances in order, but have fallen off the wagon again.

The stories go like this …

We put together a budget, but it was not realistic so we stopped using it.

or 

We stuck to our plan for five or six months, but then life happened and we got busy.

or

I would do this stuff if my spouse would participate.

or

I wish I would have known this stuff sooner.  I wouldn't have to have a budget.

These types of stories drive me NUTS!  Why?  Because they are told with such despondency – like living in a financial mess is to be expected and inevitable.

Look, let's just admit that this stuff is hard, difficult, and challenging.  Let's acknowledge the fact that it is frustrating, perturbing, and annoying to face our own financial mishaps and failures.

But then … GET BACK UP!  Seriously!  I refuse to buy the lie that "I'll always have a car payment" or that "my plans, hopes, and dreams will not be funded."

Neither should you.

Or your children.

Or your parents.

Or your friends.

Or your co-workers.

Or your neighbors.

As Zig Ziglar says, today is the first day of the rest of your life.  It's time to get crackin'!

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Another reader of this wildly popular website (Debbie from Garland, TX) sent in a great article she found.

It shows a great idea for using old credit cards.  It might be the best use of a credit card anyone has come up with – it is pretty tough to charge up a bunch of debt with your credit card glued to a wooden frame!

Check out the article HERE. Thanks to Kayte for writing the article.

NOTE:  If you have the number of credit cards shown in the article, it might be extremely beneficial to chop them all up!

I was asked by a reader of this wildly popular blog (his name is Jeff from Cheyenne, WY) to prepare a Savings Spectacular for Disney.

So my team got on it – and it is HERE!

There is NOTHING like going to Disney and paying cash for the entire trip!

Saving up for something?  See if we have a Savings Spectacular for it HERE.  If we don't have it, send us an e-mail and ask for it!

If you have been wanting to be trained as a financial counselor, your next opportunities are:

Graham, NC – Pine Ridge Church is the host

Conway, SC – The Rock Church is the host

Find out more and register HERE.

I have been teaching a multi-part small business class through the Anderson Area Chamber of Commerce.  My next class is on June 3, 2009 from 8:30AM – 10:30AM.

The title of this session is:

Understanding The Financial Impact Of Business Decisions

Using Income Statements and Pro Forma Income Statements To Make Business Decisions

I have found pro forma income statements to be one of the most valuable tools I have used when making business decisions.  Whether I was considering the purchase of new equipment, relocating, adding staff, or eliminating a product line, pro forma income statements helped me make the wisest possible decision.

I am looking forward to teaching this session!

For more information and to register, click HERE.

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I read several personal finance websites/blogs every day, but CNNMoney is my favorite when it comes to future planning.

If you plan on being completely broke the rest of your life and will not be leaving an inheritance for your children's children, then you do not need to read this article.

If you DO plan on leaving an inheritance for your children's children, then you should definitely read THIS ARTICLE.

My thoughts on the article:

• Plans must be flexible and reviewed regularly
• I can't believe that there is a 45% tax rate on inheritance money.  It seems that there is definitely a push to prevent people from practicing financial frugality.
• I love giving to charities, and I have included charities in my will.  Have you?  Or do you even have a will?
• I like the practical steps WITH EXAMPLES that Carolyn offers.  I am a practical learner which means I need more than theory.

Thanks, Carolyn Bigdo, for a great article!

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The response to the HIGH SCHOOL MONEY BOOK series was unbelievable.  I know I have not been able to respond to every single one of you who contributed, but I want to say how incredible it is to have a community of people who are passionate enough about reaching the next generation with strong personal finance teaching that you took the time out of your schedule to write.

Thank you.  I am humbled by your kindness.

I can not WAIT to see how this project turns out!

Haven't read the HIGH SCHOOL MONEY BOOK series?  It's not too late to contribute!  Check the series out HERE.