Is this the year you start a business?
Deb Neuman has some tops:
Eastern Maine Development Corporation (EMDC)
Small Business Development Centers (SBDC)
State of Maine – Business Answers
Several times a year I try to do a segment on terms that are used in investing. Even if you’ve invested for years, if no one has explained these terms, you might not know them. So today’s term mutual fund and key points to remember.
MaineStream Finance offers Business 101 on the Web or Live in Bangor, Dover-Foxcroft or Lincoln
Business 101 – Thinking Of Starting A Business? (1 hour free workshop) This workshop provides an overview of the pros and cons of operating a microenterprise. What a business plan is? Why it is needed and resources for business development assistance. Topics Covered: Being An Entrepreneur, Business Success, Professionalism, Business Plan, Networking, Resources, Budgeting & Planning, Credit and a Review of Upcoming Classes and Workshops. Business Plan, Marketing, Credit, Record Keeping, Financials and Cash Flow, as well as, many other topics.
In this Finance is Fun, Marion Syversen joined Caitlin Burchill on TV5 News at Noon to talk about practicing charity.
Why – Why practice charity? Why give? From compassion. Imagining the difficulty that others feel and wanting to alleviate their suffering if only temporarily. At times of festivities, family gatherings, abundance and sharing we look at the meagerness of another’s cupboard. Why practice compassion? Because at this time of religious celebration we remember that true love sacrifices for others.
Russ Van Arsdale was in for this week’s Consumer Contact with a couple of topics to talk about.
The first topic Russ talked about is the Ratewatcher Telecom Guide. This guide helps consumers find the best services and latest prices for Internet, telephone, and cell phone service in our state. If you are not one of their subscribers, you can got online to maine.gov/meopa to download and print this years guide for free.
You can help support the local economy while holiday shopping. It’s as simple as shopping at local businesses. Deb Neuman joined Jim Morris on TV5 News at 5 with suggestions in “Mind Your Own Business.”
We’re coming up on Thanksgiving, a time for gratitude. Some of us are not happy. We think that ‘if only’ we had this or that, we could really enjoy life. Studies indicate that though your natural happiness ‘set point’ has genetic components, happiness is also a choice. Here are seven happy tips.
Review your mix – Have you looked at your investments at all since you initially chose them? I know you may feel confused about the holdings, but there will be fund information available that may tell you the mix of stocks and bonds in the account, if the fund is international or domestic, etc. use that and your risk and goals to help plan.
By- Marion Syversen
How can you improve your credit score? The exact formula used in a FICO score (Fair Isaac Company,
the company that computes credit scores) is a proprietary secret, just like the Colonel’s secret recipe for
In this edition of “Mind Your Own Business,” Deb Neuman joined Carolyn Callahan on TV5 News at 5 to tell us about some upcoming events for business.
MaineBiz Momentum Convention
Russ Van Arsdale was in for this week’s Consumer Contact talking about extended vehicle warranty protection.
Russ told us about a website that helps when comparing warranties and what are reliable warranty protection programs and which ones you should stay away from. The website that Russ suggested consumers to us is edmunds.com. He says search warranties on the website to get a list of manufacture warranties that are available. You can compare the costs and coverage of these warranties also through this website.
There are a lot of rules and regulations governing commerce, but there is help out there for small businesses. Deb Neuman joined Jim Morris on TV5 News at 5 to in explain in this edition of “Mind Your Own Business.”
September is Disaster Preparedness Month. Deb Neuman joined Carolyn Callahan on TV5 News at 5 to talk about it in “Mind Your Own Business.”
Review insurance policies
Update as biz grows
Business interruption insurance?
Develop a contingency plan
Things happen because life is full of surprises.
And some of them are hard.
No one can protect you from sudden loss, but here are some ideas to provide some guidance.
Russ Van Arsdale was in for this weeks Consumer Contact to tell us about how to avoid being a victim of one of these door to door repair scams.
If you have been a victim of one of these scams make sure you first contact your local law enforcement agency and then notify the Maine Attorney General’s office at 626-8800.
Practical ways to teach folks about money are the best. Back-to-school shopping is the perfect opportunity. Many of us are doing a good job on this, but let’s look at some great ideas to help tweak things.
Can you keep being frugal and saving money top-of-mind without spending too much time? If you put a few things in place you can make it easy. Do one thing a day, or a WEEK, and maybe you can save a bit of money.Sign up for online credit sites – We’ve talked before about sites that will give you an idea, within a range, of your credit score, though they are not credit reporting sites. CreditKarma and others provide an idea of how you’re doing on your road to financial victory. Do also make a few minutes to call on your actual credit reports annually. They are free. And you can get them all at AnnualCreditReport.comSave cheap sites – If you buy your airline tickets online organize your frugal shopping sites to not only save money but your valuable time. Include consumer review sites like the BBB, so you can check complaints that may be available. You may want to use a separate email for the daily posts from coupon sites, so take a few minutes to activate an email. Helps with clutter.Use comparison sites to find better rates – Web sites such as Billshrink.com compare cell phone costs, satellite or cable providers, even gas stations to give you some idea of where you may save money. They are now TruAxis, but you can find Billshrink at billshrink.comConsider increasing your saving today – Have you refinanced your house? How’s the interest rate? It only takes a few minutes to make a call and get an inquiry started. What about your 401(k) or IRA? Call HR and get the paperwork sent to you to up your savings rate today. Are you satisfied with what you are saving in your emergency fund? Get online with your financial institution and up the amount you save per pay period. There! You are taking control and saving money. Great job, you.Citation:http://www.familycircle.com/family-fun/money/fast-money-saving-fixes/Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.comCheck out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc. and Norumbega Financial are separate entities, independently owned and operated.
Walk through these questions with your kids, or the kids you influence, and you will cover so much about finance, money, printing, work that these are good for any age group because of the depth in which these topics can be covered. What is money? – Money doesn’t ‘grow on trees.’ But is used for trade. It’s printed at the Bureau of Engraving and Printing in Washington, DC. Coins are produced by the US Mint. Other things to talk about could be before there were dollar bills and coins what used to be used for trade? What the advantages of using money?How do we receive it? – Gifts, allowance even a job are all ways we get money. Sometimes we find it in the couch. If you want more money what might you do? What do grownups do when they want more money?How do we spend it?- We spend money on needs and wants, on goods and services. But every time you spend it on one thing, your forgo money’s use on another thing. This is opportunity cost. That is quite a discussion.Money options- One can spend, save or invest. What do all those things mean? When you save money at a financial institution they then lend money to folks starting businesses in the community, or folks buying houses or cars. When you save money at a financial institution how can you get it back out? There are checks and debit cards. You can see your account online. How does someone apply for a loan? Making a budget – If have all these things that I want to do with a limited amount of money. How do I do that? You can wait and save. You could be frugal and get more for less. You could make more money.So many things to talk about! And all from one kids coloring book. You can make this as easy to grasp, or as detailed and nuanced, as your imagination takes you. You can have field trips, ask friends who work in different fields chat with the kids. Just make sure you talk about it.Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.comCheck out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc. and Norumbega Financial are separate entities, independently owned and operated.
Read some interesting number recently and wanted to share with our viewers.10%- say there is no point in saving for retirement t because it’s too far away. And besides. They can’t figure out how much they will need anyway. (2/3 are over 45 years old.)9%- encounter regular financial setbacks that sabotages their savings plans.20%- hope to retire early, though they haven’t started saving yet. Those who have started saving have less than $10,000. 40% are over age 45 or older.21% – Many ages 35-44 have started saving and feel they are doing a good job, though only about half are confident they will be able to afford retirement.23% – Believe that if you make provision you can have a good retirement. These folks are risk tolerant and some expect to be able to retire at 60.17%- Have saved and continue to save. Only about half of them are confident in their abilities to do a good job with their money. They prefer simple saving to investing.What category are you? Where would you LIKE to be? It is never too late to do something to change the future. Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.comCheck out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc. and Norumbega Financial are separate entities, independently owned and operated.
You are a knowledgeable business owner and an expert in your field. But what about your retirement future? What will you tap for the income streams that all together comprise your nest egg?Big picture- I own a business. So I understand the day-to-day intensity of being so involved with the details that it can be easy to lose the vision of the big picture. What is your goal with the business? Where are you based on your 5 year plan? How close are you to selling or are you expanding, adding workers or additional locations? And what about your personal goals? Have they gotten sidelined as you advance the business or are you staying focused?Biz and personal – Take a step back and get more detailed in your personal and business planning. Take a day or a weekend and go away and really relax and think about the things you hope to achieve. As a small business owner I know that the Syversens and Norumbega Financial are hard to separate. But pull the two entities apart and examine where you are and where you want to be. And set up your goals and plans to achieve them.Investment plan – Besides a savings cushion what are you investing in for your future? Work with an advisor who can guide you in finding the right investments with the amount of diversification that is right for you and your risk and goals. Consider investing in a personalized mix of stocks, bonds, and alternatives to avoid the all eggs in one basket scenario..Taxes- Involve your tax expert in pre-tax benefits like SIMPLE IRAs for the firm or other tax-advantaged options for you as an individual. And work with advisors who keep you current on changes in regulations.\Succession- What happens with the business when you want to retire or you can’t work? Do you have a written succession plan? Do you have insurance products to fund the transition if necessary? Have you updated this information regularly? Does it need updating? Your sudden loss could rip their lives of your loved ones apart. And though in retirement you may have more time to transition, having a clear and well-considered plan is the best policy.Take time to get your personal and business under control and then you will be more ready for every situation with all your bases covered.Citations:http://www.fpanet.org/docs/assets/2-15-07smallbusiness.pdf Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.comCheck out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc. and Norumbega Financial are separate entities, independently owned and operated.