Archive for May 2009

Small Business Class – June 3, 2009

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!


Credit Card Law Changes

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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Orlando, FL and Graham, NC

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

RANT: Get Back Up!

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.


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


I would do this stuff if my spouse would participate.


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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Idea For Using Old Credit Cards

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!