financial empowerment

2023

running a vending machine business

5/1/2023 - running a vending machine business

EVERY OTHER MONTH WE WILL SUPPLY A FINANCIAL EMPOWERMENT FEATURE.  NEXT EMPOWERMENT ENTRY WILL BE IN july.

Meet Marcus Gram, Marcus runs his own vending machine business, here are some highlights from the video. He has snack vending machines that make $800 to $1,000 a month. He has drink vending machines that make $1,000 to $1,300 a month.
His startup costs for his first two vending machines, and two credit card readers was $4,500. The price range for a vending machine is $1,000 to $10,000. A refurbished drink machine costs $1,500 and a new one costs $3,500. A refurbished snack machine costs $1,500 to $2,000 and a new one costs $5,000. A refurbished combo machine costs $3,500 and a new one costs $7,000. The wholesale cost and the customer purchase price for some of his most popular items, a bottle of Coke cost $0.55 and sells for $1.75, a bag of Doritos costs $0.60 and sells for $1.50, a Red Bull costs $1.42 and sells for $2.85, a bag of Peanut M&M’s costs $0.75 and sells for $1.60. Does running a vending machine company look like something that you may consider for financial empowerment?

get $30 a month for internet access

3/1/2023 - get $30 a month for internet access

EVERY OTHER MONTH WE WILL SUPPLY A FINANCIAL EMPOWERMENT FEATURE.  NEXT EMPOWERMENT ENTRY WILL BE IN May.

Go to 4:00 mark in video above to hear the audio for this article. The United States Government will give you a discount of $30 a month for internet access. This is how it works, The Affordable Connectivity Program (ACP) is a Federal Communications Commission (FCC) benefit program that helps ensure that households can afford the broadband they need for work, school, healthcare and more.

The benefit provides a discount of up to $30 per month toward internet service, for eligible households and up to $75 per month for households on qualifying Tribal lands. Eligible households can also receive a one-time discount of up to $100 to purchase a laptop, desktop computer, or tablet from participating providers if they contribute more than $10 and less than $50 toward the purchase price.

The Affordable Connectivity Program is limited to one monthly service discount, and one device discount per household., click here to see if you qualify.

100 Envelope challenge - $5000 in three months

1/1/2023 - 100 Envelope challenge - $5000 in three months

EVERY OTHER MONTH WE WILL SUPPLY A FINANCIAL EMPOWERMENT FEATURE.  NEXT EMPOWERMENT ENTRY WILL BE IN March.

2022

9 Benefits of Getting an EIN (Even If You Don’t Have To)

9 Benefits of Getting an EIN (Even If You Don’t Have To)

11/1/2022 - 9 benefits of getting an ein (even if you don’t have to)

EVERY OTHER MONTH WE WILL SUPPLY A FINANCIAL EMPOWERMENT FEATURE.  NEXT EMPOWERMENT ENTRY WILL BE IN January.

The following article contains excerpts from Nerdwallet.com:

For some businesses, an EIN is a tax requirement, but there are benefits to having one regardless.

An employer identification number — also known as an EIN or business tax ID — is a unique nine-digit number that you use when filing taxes for your business. An EIN also helps you register a business entity, obtain a business loan, open a business bank account and much more. An EIN is as important for your company as a Social Security number is in your personal life.

Here are 9 benefits of getting an EIN:

1. File business taxes and avoid tax penalties

2. Prevent identity theft

3. Add credibility as a freelancer or independent contractor

4. Speed up business loan applications

5. Open a business bank account

6. Build trust with vendors

7. Establish business credit

8. Easily hire employees

9. Get more options as an overseas entrepreneur

Click here for detailed explanations of the EIN benefits, and how to apply for an EIN.

is the traditional education / higher learning path, the right path for you?

9/1/2022 - is the traditional education / higher learning path, the right path for you?

EVERY OTHER MONTH WE WILL SUPPLY A FINANCIAL EMPOWERMENT FEATURE.  NEXT EMPOWERMENT ENTRY WILL BE IN november.

Some base this decision solely on how much money they can make, believing that a college or university degree will guarantee that they will make more money. According to a report on the CNBC website, more education does not always mean more money, on average you will make more money, but this is not always true.

According to a new report by the Georgetown University Center on Education and the Workforce. Roughly 16% of high school grads earn more than half of workers with a bachelor’s degree.

Likewise, 28% of workers with an associate’s degree earn more than half of workers with a bachelor’s degree, and 36% of workers with a bachelor’s degree earn more than half of workers with a master’s degree.

“More education doesn’t always get you more money,” said Anthony Carnevale, the center’s director and lead author of the report.

“You can get less education and make more, it’s true,” he said. “You can get more education and make less; it all depends on your field of study.”

Computer and mathematical positions, health practice and engineering are the highest-earning occupations at every education level, the report found.

7/1/2022 - Constructing a business plan

EVERY OTHER MONTH WE WILL SUPPLY A FINANCIAL EMPOWERMENT FEATURE.  NEXT EMPOWERMENT ENTRY WILL BE IN september.

Entrepreneur Magic Johnson said in an interview, 70% - 80% of people that came to him for a business investment were shut down and disqualified when he asked them to present a business plan. The founders of Ben and Jerry’s Ice Cream stated in an interview, that the numbers on their business plan were not showing a profit, so they just changed them, to show a profit, investors were so intrigued that they had a business plan, their figures were not checked, and they received the investments that they were seeking. These two examples show the importance of having a business plan.

There are two types of business plans:
Traditional Business Plan: This type of plan is very detailed, takes more time to write, and is comprehensive. Lenders and investors commonly request this plan.
Lean Startup Plan: This type of plan is high-level focus, fast to write, and contains key elements only. Some lenders and investors may ask for more information.

This link to the U.S. Small Business Administration website, gives you a detailed description of what should be included, and examples of what each business plan should look like.

is a big box store membership the right choice for you?

5/1/2022 - is a big box store membership the right choice for you?

Every other month we will supply a financial empowerment feature.  Next empowerment entry will be in july.

To be successful at financial empowerment, you need to know what to do, and what not do. Some people suggest, buy in bulk at the big box stores. Here are 12 reasons this may not be a good choice for you:

1. You only feed one or two people

2. You live far away from a store

3. You buy lots of perishable goods

4. You have coupons for another store

5. You live in a small space

6. You don’t have a car

7. You have a busy lifestyle

8. You eat out for most meals

9. You are an impulse shopper

10. You joined a food delivery service

11. You travel frequently

12. You need specialty products

Click here for a detailed explanation for each reason on the list.

Do you need life insurance?

3/1/2022 - Do you need life insurance?

Every other month we will supply a financial empowerment feature.  Next empowerment entry will be in May.

Reasons you may need life insurance:

1. You’re going to have a baby, or already have children

2. You’re planning to get married

3. You support aging parents financially

4. You have private student loan debt, that has co-signers

5. You work for yourself or have a family-owned business

6. Your job is high-risk

7. You have extreme hobbies

Types of life insurance:

Term Life Insurance: Is the most basic, and usually the most affordable. Policies can be purchased for a specified period of time.
Permanent Life Insurance: You pay a premium for as long as you live, typically comes with a “cash value” savings element.
There are three main types of permanent life insurance: whole, universal, and variable.

Factors that contribute to your life insurance rate:

• Your age

• Your gender

• Your smoking status

• Your health

• Your family medical history (some policies do not require a medical exam)

• Your driving record

• Your occupation and lifestyle

These annual life insurance rates are based on a $500,000, 20 -year term life insurance policy for super preferred applicants, provided by nerdwallet.com:

Life insurance is for the people that you provide, and care for. The more accurate question is do you provide for people that you care for, and if you weren’t here, would it cause financial hardship for these people? If your answer is yes, this may be the answer that you need to cause you to look into, research, and purchase life insurance coverage.

savings project

1/1/2022 - $300 Savings Project

Every other month we will supply a financial empowerment feature.  Next empowerment entry will be in March.

This is for the person that says they can’t save money. Put aside one dollar a day for the next ten months, on November 31st you will have $300 saved, you can keep going, you can use for holiday gifts, or a gift for yourself. The purpose is to start with an amount you can manage, and develop, savings, budgeting skills. Ways to accomplish this task, skip Starbucks, and make coffee at home, skip eating out and make a meal at home, skip an entertainment outing and play a game or entertain at home. Make it a challenge, keep track of your progress. Good luck, we believe in you.

2021

A Deep Dive into NFTs

11/1/2021 - a deep dive into nfts

Every other month we will supply a financial empowerment feature.  Next empowerment entry will be in january.

There is no need to reinvent the wheel. The video above is from YouTube channel Max Maher. Below are timestamps, and highlighted areas in the video that may help you decide if NFTs are something that you may want to add to your financial empowerment wheelhouse.
0:00 Intro
0:58 What is an NFT?
2:23 Why do people buy NFTs?
4:02 How to buy and sell an NFT
4:23 How to Set up Metamask
6:31 How to Buy an NFT Step by Step
8:49 How to create an NFT for sale
9:43 How to sell an NFT for profit

9/1/2021 - How to self publish a book on amazon

Every other month we will supply a financial empowerment feature.  Next empowerment entry will be in november.

You have a great idea for a book, or you have already completed your book and you want to publish it. This can be an additional revenue stream for you. You can publish your book for free, you set the price for your book, and you can earn up to 70% royalties for your book. Here is a video summary of how Kindle Direct Publishing works.

If you only want to sell your book on Amazon, a free ISBN (International Standard Book Number) will be provided to you. If you want to be able to sell your book in other outlets, and be available to be placed in libraries, you can purchase an ISBN from Bowker. The going rate for a single ISBN costs $125, while 10 ISBNs cost $295, 100 ISBNs cost $575, and 1000 ISBNs cost $1500.

We will see you at the top of the bestsellers list. Click this link to the Kindle Direct Publishing page with all the information you need to publish your book. Create a Book (amazon.com)

7/1/2021 - Pros and cons of a LLC

Every other month we will supply a financial empowerment feature.  Next empowerment entry will be in September.

What is a LLC? A LLC is a Limited Liability Company. A LLC is a type of legal entity that can be formed to own and operate a business. LLCs are popular because they provide the same limited liability as a corporation, but are easier and less expensive to form and run.

Pros of a LLC

1. Personal asset protection, a LLC provides its owner or owners with limited liability, meaning, the LLC owner, is generally not personally liable for any debts or business-related lawsuits that the business may incur.

2. Pass-Through Taxation, the profits or losses pass through the business to the owner’s personal tax return. Such profits are taxed at the owner’s personal tax rates.

3. Simplicity, simplest business entity to form and operate.

4. Credibility, reassures customers that you have a real business, you will also have an official business name to use.

Cons of a LLC

1. Cost, generally costs more to form and operate a LLC than to be a sole proprietor or have a partnership.

2. Investment disadvantages, business owners who seek outside investors, particularly investments from venture capitalists, venture capitalists ordinarily will only fund corporations.

Starting a LLC is an easy process, you file articles of organization or a similar document with your secretary of state’s office and then take some additional steps to get your LLC up and running. Each state has its own unique LLC formation requirements.

Any person starting or currently running a business as a sole proprietor, should consider forming a LLC. Especially if you are concerned with limiting your personal legal liability as much as possible.

5/1/2021 - Small-Business Grants

Every other month we will supply a financial empowerment feature.  Next empowerment entry will be in July.

Small-business grants are small amounts of seed money that further the goals of federal, state, or nonprofit organizations. They can be awarded by government entities or private businesses. Unlike a loan, you don't have to repay a grant.

A small-business grant is money that's given to a business for a specific purpose. Whereas a lender wants you to demonstrate your ability to repay the loan, an agency that offers grants wants to see that your business aligns with its mission or a specific initiative.

Businesses can qualify for grants for many reasons, whether it's because the business supports a specific government initiative or its ownership meets certain qualifications (women and minorities, for example). There are a variety of government, nonprofit, and private entities that fund grants for a wide array of projects and programs. Click here. Digital.Com has a list of 32 small-business grants you can apply for in 2021.

3/1/2021 - 10 Ways to generate cash to Pay Yourself First

Every other month we will supply a financial empowerment feature.  Next empowerment entry will be in May.

You are an individual some of these items may apply to you, some may not. If you are seeking financial independence, the first thing you have to address is getting rid of high interest credit card debt. The goal of this entry is to take someone that is not paying their self first, to the point of generating a capital stream where your hard earned money is working for you. From here you can invest in stocks, cryptocurrency, bonds, real estate, or an entrepreneurial enterprise.

10 ways to save money to deposit into your pay yourself cash pot

1. Use cash only, if you are already attempting to get rid of credit card debt, switch to using cash only as frequently as possible.

2. Implement an envelope system, when you are paid, put allotted money into each envelope for the monthly expense, example, one for groceries, one for children’s activities, etc. when the envelope is empty, the budget for that expense is empty, until the next pay day.

3. Remove credit cards from online accounts that you only use for wants. Make impulse buying more difficult.

4. Implement a 24 hour wait before making a purchase, most important you may consider the item is not worth it, this will also give you time to see if you may be able to locate a better deal for the purchase.

5. Implement no spend days, examples, brown bag lunch days, coffee from home in a travel mug. The money you save goes into the pot.

6. Gamify saving, example, every $5 bill you receive in change goes into the pot.

7. Use discount codes and coupons.

8. Avoid grocery shopping when hungry and always shop with a list.

9. Cancel subscriptions that you are not using.

10. Reward yourself for reaching goals, examples, for every $250 that you put in the pot, reward yourself with $25 to spend however you want, or for every $500 that you put in the pot, reward yourself with $50 to spend however you want.

If you fall off the horse, or your train gets off track, it’s okay, no one is perfect, just get back on track, and keep striving for reaching your goal of financial independence.

1/1/2021 - Pay Yourself First

Every other month we will supply a financial empowerment feature.  Next empowerment entry will be in March.

If you are not already paying yourself first. The first thing we have to do is for the month of February, keep a detailed journal of what you are bringing in and what you are spending it on. At the end of the month we will see what unnecessary expenses you can eliminate. March Financial Empowerment entry will go over different ways you can implement paying yourself first.

2020

11/1/2020 - 10 Ways to Make $1 Million Dollars a year

Every other month we will supply a financial empowerment feature.  Next empowerment entry will be in January.

The chart above is from Grant Cardone’s The Millionaire Booklet. Now all you have to do is apply a plan and execute. No this is not an easy task, if it was everyone would be doing it. Do you want to make a million dollars in a year? Do you have the discipline? Do you have a plan? We believe in you, we support you. We’ll see you at the top.

9/1/2020 - Stock Market Investing Terms 101

Every other month we will supply a financial empowerment feature.  Next empowerment entry will be in November.

Let’s talk about stock market investing. Rule number one, do not invest what you can not afford to lose.
Here are some terms that may help you with your stock market investing journey:

Stock: The capital raised by a business or corporation through the issuing of shares.
Share: The piece of paper that signifies ownership of the company.
Position: Another term for owning stock.
Bid: Current highest price someone’s willing to pay for a stock.
Ask: Current lowest price someone’s willing to sell the stock at.

The more you know, the more your income can grow.

7/1/2020 - Passive Income

Every other month we will supply a financial empowerment feature.  Next empowerment entry will be in September.

Dad Joke: What’s the worst part about eating a clock? It’s Time consuming

Passive income is income that requires little to no effort to earn and maintain. Money that you make, while you sleep, how does that sound? Here are three examples, of passive income using one ad.

With this one ad above there are three forms of passive income. One, advertiser pays to place an ad on your website or blog. Two, when someone clicks on the ad and visits the site, I make revenue. Three, I could give you a code to use when you make a purchase at the site above, when you make a purchase using my code, I make revenue. 24 hours a day when I’m awake or sleep, this ad generates revenue.

This site provides 10 ways to generate $1,000 per month passive income: https://www.forbes.com/sites/jrose/2019/02/07/passive-income-ideas-2019/#1687074414d3

5/1/2020 - Financial Empowerment - Paying off credit Card debt

Every other month we will supply a financial empowerment feature.  Next empowerment entry will be in July.

You have credit card debt on multiple credit cards. Here are two approaches that may help you get rid of the debt.
Method #1 the avalanche approach. Pay the minimum on each card, with what you have left, pay on the card with the highest interest rate. Pro: You will get out of debt sooner Con: It may take a while before you start seeing any improvement with the multiple credit card debt situation.
Method #2 the snowball approach. Pay the minimum on each card, with what you have left, pay on the card with the lowest balance. Pro: You will see improvement on the number of cards that have a balance sooner, hopefully encouraging you to stick with the plan. Con: Since you are disregarding interest rates, you will most likely end up paying more for the debt, then you would with the avalanche approach.

3/1/2020 - Financial Empowerment - How I Built this Podcast

Every other month we will supply a financial empowerment feature.  Next empowerment entry will be in May.

Yes, we are in challenging times, great things are accomplished during challenging times.  This months Financial Empowerment entry is The How I Built This Podcast.  Hopefully, one of these podcasts will inspire you to accomplish that great idea that you have.  We Believe In You! 

Guy Raz dives into the stories behind some of the world's best known companies. How I Built This weaves a narrative journey about innovators, entrepreneurs and idealists—and the movements they built. How I Built This With Guy Raz

1/1/2020 - New Feature - Financial Empowerment

Every other month we will supply a financial empowerment feature. Next empowerment feature will be March 2020.

New Year Tip! When dating checks or signing documents, write out 2020 to help prevent scams.