Business & Finance

1 Minute Business Tips – Collecting Debts

Updated 1 year ago

It’s likely that at this very moment – someone owes you money! I’m hearing from many business owners that one of their greatest challenges in today’s economy Is collecting receivables. Here are some tips to help you reduce your receivables and collect more of the money that is owed to you.One – Start by reviewing how much credit your business has extended to customers and how that’s impacting your cash flow. You may want to renegotiate some of your terms with existing customers and limit the credit you extend to new ones.Two – When offering discounts to customers who pay early write on the invoice the actual dollar amount they would save rather than a percentage. For example if you pay by September first you owe one hundred dollars – by September thirtieth one hundred and twenty dollars. Seeing actual dollar amounts greatly improves the chances your customers will pay you sooner rather than later.Three – Be willing to negotiate a payment arrangement with slow paying customers who are good customers. Collecting something is better than nothing and it creates goodwill with good customers who may be experiencing temporary cash flow set backs.Four – Bill often. Rather than billing once a month – establish a payment schedule with the customer from the beginning that’s based on certain milestones or deliverables and bill accordingly. Staggering your billing among many customers will help to improve your cash flow.And finally if you’re slow paying your bills because others are slow paying you contact the people you owe money to and discuss a way to resolve the situation. They’ll likely be more willing to work something out with you if reach out to them first.I’m Deb Neuman for WABI TV 5 News

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Secrets of Millionaire Women

Updated 1 year ago

I recently reread The Millionaire Women Next Door, by Ph. D. Thomas Stanley. Subtitled ‘The Many Journeys of Successful American Business Women’, the book compiles research on these women and their spending habits, as well as their views on work and family. It’s an interesting book. Here are the priorities that these women have developed. Perseverance – These women are intelligent but do not test at genius level. They ascribe their success to never giving up. They believe in persevering through every difficulty. Forgetfulness- By this I mean that millionaire women choose to let go of mistakes and wrongs done to them or by them. They purposely live in the present and discipline themselves to stay there. Family- Family is most important to millionaire women. They spend smaller amounts on themselves and often – not necessarily wisely- overspend on their children. They buy used cars for themselves, stay in their neighborhoods even while growing financially rich, but frequently support adult children. Charitable- These women average an annual donation amount, as a class, of about 7%, with many of them giving at least 10% of their earnings to charity. Millionaire women exceed millionaire men in the percentage of income that they donate to charity. These are traits that I think many of us may identify with easily and they show us how we may set financial priorities. Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out or website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008 by Market Surveys of America In compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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1 Minute Business Tips – Summer Business for Kids

Updated 1 year ago

Tis the season for lemonade stands! If you have kids at home this summer – it’s a great time to encourage them to start a business. It gives them an opportunity to learn about running a business, managing money, leadership and to accomplish something they can be proud of. Lemonade stands are a popular business for kids to start and here are a few other ideas.Let your kids have their own yard sale. They can sell the toys and clothes they’ve outgrown. Allow them to organize, market and manage the sale. Then let them decide how they will spend the money they make.Give your kids a section in your garden to grow their own veggies or flowers and let them sell the produce or donate it to a local food pantry.Older kids can make money pet sitting, baby sitting, washing cars, offering lawn care services or running errands for busy parents.Creative kids might be interested in putting on puppet shows or plays or offering face painting services at events where kids gather. They can also make products or crafts to sell.These are some great ideas – but let your kids decide what business they want to start offer appropriate support and supervision and then let them go for it! They’ll learn so much from the experience and they’ll have fun too. ~Deb Neuman for WABI TV 5 News

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One Minute Business Tips: Taking Summer Vacations

Updated 1 year ago

Ahh the summer season is finally here! Funny how it seems to take forever to get here and then it goes by so fast! This is especially true for business owners who often find the summer months are their busiest.But – it’s good for you and for your business to take some time off to catch your breath, re-group, get some well deserved rest and enjoy yourself. What better time to do that than in the summer time! That being said we all know it can be hard to get away…Here are some tips to help you get away!One – Schedule time off in advance and get it on the calendar now. Because if you wait until you have the time – to take time off – you’ll never have the time – you need to schedule it.Two – Book travel reservations in advance. Once you book and pay for that hotel, flight, or tickets to an event it becomes harder to not go! Three – Prepare others to cover for you in your absence. Train your employees, friends or family members to be ready to fill in for you when you’re gone so you can get away and relax knowing your business is in good hands.And finally -when you do get away – try not to think about your business constantly – if you planned well it will be fine without you and you will come back relaxed, refreshed and ready to get back to business.I’m Deb Neuman for WABI TV 5 News

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Gender and Shopping

Updated 1 year ago

In the last few weeks we’ve talked about the different perspectives men and women have concerning investing. Today I want to talk about the differences that men and women have about spending money. You may have already observed some of these traits in a man or woman that you know, but there is science to back up the observations. This information is general, as people are who they are and don’t always ‘fit in a box.’ In a study by Wharton Business School titled, “Men Buy, Women Shop,” men rate their shopping experiences – in general – by how quickly they can get checked out and leave the store. Women want personalized service, with help from sales associates and ideas for purchases. Men, according to a comedian quoted in Psychology Today, buy a shirt and wear until it dies, then go out and kill another shirt. Women begin shopping for birthday and Christmas gifts well in advance of any need. Studies hypothesize that men are hunters, women gatherers. It’s not that men don’t spend money, because they do. They spend money faster and with fewer returns than women. Women are more likely to shop for things they don’t need and to use shopping to feel better. Men rationalize that their wants ARE needs, so it may be harder to evaluate the wants versus needs aspect. So, what have we learned in the past few weeks? Men and women are different in their communication, view of, and handling of money. Communicate with each other regularly for the best relationship results. And don’t be surprised by the other person’s perspective! Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out or website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008 by Market Surveys of America In compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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Business Tips: Being “Green”

Updated 1 year ago

Every where we turn these days businesses are claiming to be green as more consumers want to do businesses with companies who are more environmentally responsible. This had resulted in an over saturation of green businesses and confused consumers who aren’t really certain they know what green means anymore… there’s actually a term for this – it’s called green washing.If you own a small business and you are claiming to be a green business you have to really talk the talk and walk the walk. Here are 5 simple things you can do to really green your business – One – Cut down on your paper usage. Use recycled paper, print on both sides and recycle scrap pieces into notepads. Two – Set up recycling bins at every desk for paper and have one in your kitchen for recyclable items such as soup cans and take out containers.Three – Replace plastic cups and utensils in your kitchen with mugs and silver ware.Four – Use environmentally friendly cleaning products and if you use a cleaning service – ask that they do so.Five – Make sure your business vehicle is environmentally friendly and encourage employees to car pool, use public transportation or ride their bikes to work.With just a little effort you can really be a green business and these days that’s good for business!I’m Deb Neuman for WABI TV 5 News

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Men and Investing

Updated 1 year ago

Men and women are different – even though you probably already knew that, we’ve got a lot of science to back it up. Here is Part 2 of our series on gender differences and money. Men and Investing According to research, 74% of men think investing is FUN! The section of the male brain that “lights up” when discussing investing and risk is the same section that is active when viewing pictures of a beautiful woman. Men, compared to women, are much more willing to take risk when investing. Men describe themselves as good investors, though not necessarily with good reason as they chase tips, hold losing investments for too long a time and repeat their mistakes instead of learning from them. The most common emotions men experience while investing, by their own admission, are greed, impatience, and overconfidence. If men use financial advisors, male investors report a higher level of satisfaction and success. However these men also say that when investments go up it was their own decisions, and if investments do poorly it was because of their advisors’. Advisors report that about 2/3 of men are not adequately planning for “their spouses’ future well-being after their deaths.” What can we do? Talk to each other. Gently, but firmly, push each other to do what needs to be done and to understand finances. Next week: Men buy, women shop.Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out or website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008 by Market Surveys of America In compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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Women and Investing

Todd Simcox

Updated 1 year ago

In the next couple of weeks, we’re going to look at the differences between men and women when it comes to money, in terms of investing and even spending. There are a good number of studies that prove what many of us may have already noticed: gender differences are real and many. This week: Women and Investing. Women generally want to talk about investing in the global understanding of life: saving for retirement, helping kids with college, donating to charity rather than in terms of ‘how much will this investment return?’ Women generally do not know a lot about investing, but we are anxious to learn. Life-changing episodes, such as the birth of a child, marriage, death, or divorce are opportunities that make us really want to learn. But we spend more time planning vacations than taking care of our long-term finances and that’s bad because it is estimated that 80-90% of women will manage their finances alone at some point in their lives. So, stop paying so much attention to the kids and grandkids until you get something done for YOU! Talk about the finances with the family advisor or your spouse. Get details about what’s going on. You may be the one whose life and future depends upon this! Next week: Men and InvestingMarion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out or website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008 by Market Surveys of America In compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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Tips For Maximizing Time

Updated 1 year ago

Let me start with a quote from Thomas Edison: “Time is really the only capital that any human being has, and the only thing we can’t afford to lose.”But we often say – I don’t have enough time. For most of us it’s not having the time that’s the issue its learning how to manage our time better that’s the challenge…Here are 5 ways you can begin to make better use of the 24 hours we’re all given in a day…1) You have to really want to manage your time better. This requires changing behaviors and changing behaviors will only happen if you’re really committed to making a change.2) You need to re-think your priorities. Where should you be spending your time? What is truly most important to you? What really needs to get done and what is less important?3) Keep track of how you’re spending your time – for one week – keep a log of where your time is going – so you can get a clear picture of where your time wasters are.4) Then look for ways you can reduce your time wasters to free up time to focus on your priorities.5) Change your bad habits slowly. Pick one time waster to improve upon before tackling the next. For example – if you waste too much time checking email every few minutes. For one week only check it 3 times a day. I’ll end with a quote from Franklin Field: “The great dividing line between success and failure can be expressed in five words: ‘I did not have time.’ “I’m Deb Neuman for WABI TV 5News

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Your Risk Profile

Updated 1 year ago

The point of determining your risk profile is using it to determine a mix of assets that suits you. There are various helpful methods that are available. Age – A well-known rule of thumb used by some is that your age equals the percentage of your total holdings that should be in bonds. So if you are 40 then you have 40% in bonds and 60% of your portfolio in stocks. Questionnaires – These ask questions such as: when do you need the money? How would feel if the investments fluctuated by 20%? Would you be able to sleep at night? Are you willing to accept risk for the potential of higher returns? Or do you prefer steady growth? Then these questionnaires help narrow down a mix of stocks and bonds for you. I think questionnaires are superior and there are many available, especially online. Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out or website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008 by Market Surveys of America In compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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Effective meetings

Updated 1 year ago

It will likely come as no surprise to you that when workers were asked what is their biggest time waster at work – many said — meetings!You can’t avoid having meetings in your business – as they’re necessary for communication and team building – but you can avoid meetings that are viewed as a waste of time.Here’s how…One – Avoid a meeting if the information can be exchanged some other way such as through an email, memo or brief report.Two – Before planning the meeting – set an objective for the meeting – so you and you’re your participants know what you want to accomplish.Three – Provide an agenda to participants beforehand that includes the topics to be discussed, by whom and for how long. Be sure to stick to the agenda.Four – Set a time limit for the meeting and stick to it! If the meeting is scheduled from 8 -10 – then it needs to end at 10. Your participants will appreciate that you’re respecting their time.Five – Don’t finish any discussion without deciding how you will act on it, who will do it and when.And finally… provide snacks… snacks are always good!

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Paying Down Debt

Updated 1 year ago

Make a list – Do you know who you owe? Make a list of your unsecured debt, including the name of the card, the total amount due, the interest rate, and the minimum balance. An accountant told me that paying the minimum payment is not a crime. That’s the contract. But it makes money for the credit card company because you are paying a lot to borrow that money. Develop your strategy – Pick which card’s faster repayment will benefit you most quickly. Pick either the card with the lowest balance for a quick bit of satisfaction or the card with the highest interest rate. Figure out how much more per month you can pay because of cutting back on spending elsewhere in your budget. Attack – Now pay more than the minimum on the card that you have focused on. Pay the minimum on the other debt. Focus your strategy! That will make the impact more obvious and satisfying. Keep on keeping on – As that card is paid off (SWEET!), focus your efforts on the next card and use all the money from the first card’s minimum and additional payment to target and attack the second card. When you have paid THAT one off, move all the money from the first AND second cards’ minimums and additional payments into the third card’s payment. And then the next one and the next. Have a party! Good job! Life is a journey. You may not be partying right now, but have a good goal and someday soon, you will get to the finish line! Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out or website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008 by Market Surveys of America In compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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NextGen Maine’s College Savings Plan

Updated 1 year ago

If the beneficiary does NOT go to school: you can change the beneficiary’ to another college-bound child, or remove the money and pay a penalty, taxes, and forfeit the grants. First Step Grant – For Maine accounts for babies less than 1 year-old, a $50 gift, regardless of family income Harold Alfond College Challenge- For Maine babies with accounts opened prior to their 1st birthdays, $500 gift regardless of family income NextGen Initial Matching Grant- For Maine babies OR for Maine account owners with the owner’s federally adjusted gross income less than $75,000, eligible for $200 grant upon opening the account regardless of child’s age Annual Matching Grant- Account owner for baby/child must be a Maine resident and must make less than $75,000 on federally adjusted income: a 50% match is available for contributions of at least $50 with a maximum match of $200 See more information at FAMEMaine.com Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out or website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008 by Market Surveys of America In compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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Kids and Money

Updated 1 year ago

A recent article in the Wall Street Journal had some ideas for teaching kids about money and I’m always interested in what’s available. 1.) The Millionaire Kids Club – This series of three books is about four friends with different money ‘personalities.” Sandy saves, Dennis donates, Stephanie spends and Isaiah invests. The series is for kids 3-12 years old. Garage Sale Riches, Putting the ‘Do’ in Donate and Home Sweet Home are available for $12.95 from Amazon, msgen.com and other sites. Home Sweet Home is about a family that losses their home in foreclosure, so I would probably not start off with that volume unless you are looking to help kids understand current events. 2.) Big Pay Day – This board game by Winning Moves, simulates ‘real world’ finances with bills in the mail, investments and getting paid. I am not a game person but this sounds like an easy way to give some financial instruction without pain! At just $14.98 it’s a good deal cheaper than Rich Dad, Poor Dad’s expensive game that I reviewed last year. You can see the game in action on YouTube, 3.) My Smart Budget Kit – At $49.95 (with a 17% discount) this is a more expensive investment in teaching kids about money and it looks complicated, but the organizer has gotten great reviews from parents who were a bit skeptical before handing it over to their kids. Meant for older kids, tweens and teens, the My Smart Budget program helps kids fine tune their allowance to save for clothes, games, candy, as well as charity and savings. One parent wrote that she is thrilled with the outcome as her son immediately ‘got it’ and is already budgeting for a large item, which he had not done before. Available from Glamma Toys at www.glammatoys.com or from www.mysmartbudget.com . Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out or website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008 by Market Surveys of America In compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc. are separate entities, independently owned and operated.

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Looking at Your Home Budget

Updated 1 year ago

There is a show produced out of Canada that I really like. Gail Vaz-Oxlade has a balanced, common-sense approach to budgeting and life, and on her show, “Til Debt Do Us Part,” she helps couples get their debt and savings under control. The website has shows that you can watch online as well as some of her articles and materials that will be on the WABI.TV site. Here is Gail’s suggested budget: 25% – Life – entertainment, food, medical expenses, bank fees, kids’ allowances15% – Max debt repayment – except for brief (less than 2 years) of paying off debt15%- Transportation – car payments, repairs, tolls, gas10% – Savings – retirement and emergencies35% – Housing – and this includes mortgage and taxes, electricity and other utilities such as water, insurance, and house maintenance. If you watch her videos you’ll see that when she meets folks for the first time she reconnoiters the budget around to make debt repayment a very high priority even though she still makes savings part of every couples’ budget. Work this around so you can see generally where things might fit and strive for the goal. The journey might not be completed for years. Just keep on keeping on! Helpful web site:Gail Vaz-Oxlade’s “Til Debt Do Us Part:” Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out or website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008 by Market Surveys of America In compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclaimer:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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Social Networking

Updated 1 year ago

Depending on the source of business leads, social networking may be a helpful part of your business.What is Social Media or Social Networking? It is interaction with people that, instead of being face to face or speaking by phone, generally means the networking done online, through the computer.It is done through web sites – called social networking sites – that allow you to type and send photos to people. This could be helpful for you and your business because this style of networking is similar to, but not exactly like, when you visit with people at a business event.Some of the sites are:LinkedIn – This is a business and professional networking site where you can make ‘connections.’ These connections are friends or coworkers who also have connections. You can see their connections and can ask to be introduced to others. There are professional groups and associations that you can also join on LinkedIn.Facebook – This is popular, though less professional site. The largest growing population of new users are those aged 35- 60. Relatives and friends ‘friend’ you– that is, they add you to their lists of friends. For communication, you need to confirm the friendship. You don’t have to: you can ignore the request. I recently attended a Social Media conference and heard some good advice by one of the presenters, Elizabeth Sutherland of Sutherland Weston Marketing Communication. Elizabeth uses Facebook for her close friends and when asked by a professional acquaintance to become friends, she declines but invites them to connect with her on her professional Social networking site, LinkedIn. That has worked very well for her.Twitter – Twitter is different than the other sites because it only allows 140 characters to be typed in or broadcast per time you ‘speak.’ There are many businesses that ‘tweet,” or communicate through Twitter. WABI-TV5 tweets.These sites are free but cost you time. There are many other sites, these are just a few. If you’d like to learn more about these sites simply do a search for any of the sites, such as ‘what is Twitter?’ And you can learn step by step how to start using these sites by doing a similar search, “How do I use Facebook?” These sites may be a very good compliment to your marketing plan – but really only work well if you have a marketing plan, so get one!LinkedIn http://press.linkedin.com/aboutFacebook http://www.facebook.com/facebookTwitter http://twitter.comDisclaimer:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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Help for Businesses

Updated 1 year ago

Business owners work hard to grow revenues, promote their visions, and bring jobs and prosperity to themselves and their community. Wow, that takes a lot of strength. If you, or someone you know, own a business, here are some groups and organizations that can provide various kinds of support.  State of Maine – The state web site has info ranging from forms and licensing to free guides from federal, state, and regional resources. EMDC -Eastern Maine Development Corporation is a non-profit founded by area business people to help fellow businesses succeed. Under the auspices of EMDC there are other entities to assist your business with procurement, financing, and marketing, as well as business planning and training. These services are provided at no cost.  KVCOG- Kennebec Valley Council of Governments works with small and medium sized manufacturing firms to assist them in becoming globally competitive. Coastal Enterprises Institute (CEI) and the Women’s Business Center -  CEI is a private, non-profit Community Development Corporation, while the Women’s Business Center is a joint venture of CEI and the SBA (Small Business Administration). The Women’s Center holds special events for women business owners and has an online directory. NAWBO – This non-profit, dues-based organization, with chapters all over the U.S., has only one chapter in Maine, Vermont, and New Hampshire, and that chapter is in Bangor. Putting emphasis on business support, networking, and encouragement, this group offers programs and opportunities only for business owners, aiding them in getting involved nationally and internationally. Chamber of Commerce- Every region has a Chamber of Commerce whose goal is to advance the interest of businesses in the community. Non-profit as well as for- profit businesses may join and benefit from the networking. In addition, educational and legislative opportunities exist.  NFIB- The NFIB is the National Federation of Independent Business, a group that represents small businesses. While it has the role of managing both small and large, for- profit and non-profit interests, NFIB works for business owners and offers discounts to members on products and services.  Next week we’ll share social networking ideas for your business. For WABI-TV5 web site    State of Maine web site [ http://www.maine.gov/portal/business/ ]http://www.maine.gov/portal/business/    KVCOG [ http://www.kvcog.org/otherbusiness.htm ]http://www.kvcog.org/otherbusiness.htm    EMDC web site  [ http://www.emdc.org/ ]http://www.emdc.org/    Coastal Enterprises Institute [ http://www.ceimaine.org/ ]http://www.ceimaine.org/

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Compounding

Updated 1 year ago

Initially, compound interest pays you interest on the principal amount of money. Then when it’s time to pay interest again, you are paid on the principal AND on the previously earned interest. The interest you earn adds to – and becomes part of – the principal that accrues interest in the next period. (Here’s an example: a $100 deposit earning 5%, compounded annually. In the first year you will earn $5, $5.25 in year 2, $5.51 in year 3, $5.79 in year 4, $6.08 in year 5, and so on. Simple interest would only accrue on the principal and is usually used for periods of less than one year.) Compounding is what makes seemingly small amounts of money grow to millions over time.APY and APRThese are also interest rates: APR (Annual Percentage Rate)- This is the annual rate of interest without taking into account the compounding of the interest. APR is often quoted for loans and credit cards: it appears LOWER because it does NOT take compounding into account. APY (Annual Percentage Yield)- This takes into account the effects of compounding. When you deposit money this is the rate typically quoted, as it appears higher. These rates attempt to highlight high figures to investors and low figures to borrowers. A credit card company might quote an APR of 12% (for interest compounded monthly of 1% per month) which is APY of 12.68% Here’s an example:A credit card company charges 2% interest. Since this interest is charged each month the APR would be 24% (1% x 12 months = 24%). The APY rate includes compound interest and a 2% rate of interest compounded monthly would equal [(1 + 0.01)^12 - 1= 26.82%] 26.82% annually. If instead of paying off your bill each month you are among the many who carry a balance on your credit card for only one month you will be charged the APR rate of 24%. But if you carry a balance for the entire year, you will pay 26.82 because of interest compounding every month. Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out or website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008 by Market Surveys of America In compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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Tax Changes for 2009

Updated 1 year ago

I’m not an accountant but here are some of the changes in tax regulations for 2009: Mileage- For business purposes, up to 55 cents per mile, which is different from the 2008 rates (50.5 cents to 58.5 cents) First-time Homebuyer tax credit – As part of the Stimulus plan, up to $7500 for first time homebuyers or people who haven’t owned a home for three years. This credit is for homes bought from April 2008 to June 30th 2009. Income increases for IRA contributions- A slight increase in how much you may earn and still contribute to an IRA for individuals and couples. Please see the worksheet for filing your 1040 or speak with your attorney or tax preparer for details. The dollar amount that you may contribute to an IRA is unchanged for 2009. Generally, to save money on taxes, take advantage of pre-tax savings vehicles. If you haven’t filed yet, you may still have time to maximize your contributions. If you didn’t take advantage of tax savings for last year, commit to more pre-tax saving for next year by saving now. Keep good records and you may be better able to capture all the deductions that you are entitled to take. Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out or website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008 by Market Surveys of America In compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. DisclosureOnly securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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Starting a Business- Part 2

Updated 1 year ago

Recessionary times frequently birth exciting new start-up firms. According to the SBA (Small Business Administration) there are more than 600k business start-ups each year. Each year, just as many businesses fail or go bankrupt. Failure happens because someone took a risk and there’s nothing to be ashamed of in the trying. But mistakes can be costly, so here are some questions to ask yourself before venturing out in your own business. (The first 5 questions were covered in last week’s segment. If you missed it and would like the list, email me.) Do you follow through? Can you implement your vision? Have you done what you wanted to do in the past? Have you led other efforts: were you class president or did you lead a project for work or church? Or do you dream on the couch as you munch chips? Are you well-spoken? Can you communicate well enough to sell you dream to others: employees and clients, and possibly bankers? If you can’t cold call, find other ways to get your name out there. Are you passionate? If you are starting this to make money, people will realize it and you may not have the success that you dream. It doesn’t matter what you do, just do it well and with integrity. Are you a self-starter? Do you have the energy to get things done? You’ve got to have the “gumption” to get work done even without punching a clock. It also helps if you believe that you are good at what you do and get back up when you are knocked down. Do you need a partner? If you lack some of these characteristics, you may want to partner with someone or to develop relationships with mentors or fellow business owners with whom you can confer. Many partnerships do not succeed, so think that through carefully. One study by the Harvard Business School found that the most successful businesses were partnerships where people had worked together previously and already knew what role each fit into best. The firm benefited from multiple talents and the relationships from earlier ventures made the partnership more stable. Good luck! Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out or website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008 by Market Surveys of America In compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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