Financial Literacy - The EssentialsFour Corners Alliance Group 1

With the cost of living quickly surpassing the wages we make,necessary to maintain an “average” lifestyle, more and moreemployees are beginning to seriously consider the option of workingfrom home.

As you're the boss, setting and keeping your hours, keeping all (ormost of the proceeds for yourself), saving on travel time and gas,allowing for as much vacation time as “necessary,” it all has its perks. Itcertainly seems that way, especially for many woman who may notwant to stop working or can’t afford to, but also want to stay home withthe kids or be home when they get back from school.But, this growing trend, even with all its apparent benefits has manyexperts cautioning stay-at-home workers and warning them about thepotential perils of home-based businesses due to common humanerror.Some of the most common (and most damaging) include:• Going In Blind: Sure you need confidence, guts and faith to start yourown business, but you also need to know what you're getting into.That means diving FIRST into doing the necessary research aboutthe type of business you are interested in starting. Experts suggestfinding out as much as you can about your potential venture and itspotential for success in your area. Find out about your competition,note how much they are charging and pinpoint your target market.Rely on books, trade shows, conferences and the net to gather yourmaterials and information.

• Becoming A Lone Venturer: Keep in mind that starting ANY businessis difficult, especially in its initial stages. Starting your own business isthe most crucial time for you and your venture, and you’ll need all thelove and support you can get. One of the biggest mistakes, sayexperts that new entrepreneurs make is not getting the necessarysupport from spouse of family. Besides maybe helping with thehousework or kids, he or she may also want to lend a hand in your

business or at least lend support and encouragement as to work toget things going.

• Leaping Without A (Financial) Safety Net: Most of us are used tobringing home a specific amount of income (give or take) each week.

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Creating a “comfort” zone that new business owners need to give up,say experts. According to professionals, most new business ownerswon’t see a profit for several months. In fact, they suggest having atleast six months (monetary) reserves on hand.

• Spreading Yourself Too Thin: While you certainly want to please theconsumer and build your client base, it’s important to remember thatyou won’t be able to please all of the people all of the time. Theysuggest not spreading yourself too thin by creating a missionstatement for your business defining your purpose and your goals.Include what your business involves, what makes it stand out, andwhere you see yourself a few months to a year down the line. And,they add that you should make it a point to check your statementperiodically and make all the necessary adjustments.

• Getting Too Comfortable: It’s easy to take advantage of being athome, especially when you don’t have to punch or Watch the clock.But, according to experts, sticking to a regular work schedule isimperative. Keep your schedule flexible (that’s what working fromhome is all about) but set limits and boundaries that will allow you tofocus without any interruptions, and be productive.

• Not Having A Space Of Your Own: For some a private office may notbe feasible, especially if you’re a stay-at-home parent. But, accordingto experts, it’s imperative that you designate a specific space toconduct business. It is also important that you have all the necessaryoffice essential to efficiently conduct your business. Sharing thespace, and sometimes supplies are necessary, but you should haveyour own for maximum efficiency.

• Selling Yourself Short: Want to beat your competition (price-wise) is asmart move, but seriously underbidding yourself, and your worth may

not be. Know what the competition is charging and make reasonableadjustments remaining firm and confident in what your product andability…and always leave a little room for “play”.

• Putting Off The Paperwork: While most of us don’t enjoy the papertrail that often goes along with owning a business, it’s an essentialpart of operations, especially when it comes to keeping track ofinventory and finances. Make sure to do all you shipping andreceiving and related filing promptly, as well as sending out timelyinvoices. Keep in mind that most consumers take up to 90 days topay, so you’ll need to bill them as soon as possible. And also, don’tforget to keep track of your expenses to know what is coming in andwhat is going out.

Four Corners Alliance Group 3Financial Literacy - The Essentials• All Work And No Play: Just because you work from home doesn’tmean you never leave the house again. In fact, a very important partof any business is networking. So, think about maintaining yourprofessional appearance and joining some professional organizationsthat can put you in touch with all the right people….and even thoughchat boards and blogs can offer you the same, making a personalappearance is ALWAYS a nice touch.

• Expecting Too Much: Considering working from home as anything but“work”. While you may have the freedom to make lots of yourdecisions, you’ll also have a lot more responsibility, and that meanslearning how to manage your time (between work and career) likenever before. Tips And Strategies On How To Maximize Your Personal FinancesDealing with one's personal finances is one of the hardest aspects oflife. However, with some helpful advice, learning how to deal with yourfinances can be simple. The following article is going to provide youwith this advice, and when used properly, you will find your wholefinancial situation improved.

To improve your personal finance habits, pay off your debt as soon asit is possible. The amount of interest on loans is very high, and thelonger you take to pay them off, the more you pay in interest.

Additionally, you should always pay more than the minimum that is dueon your loan or credit card.

You should buy items that you use a lot in bulk. Often it's cheaper tobuy things like toilet paper, paper towels, plates, mustard, cannedgood, etc. in bulk. Eventually, you'll use everything, and in the long runyou'll save yourself some money.

Do not use the ATM. It is too easy to forget how much money you arespending, when you are withdrawing and paying with cash. Instead,make yourself a budget and use your credit or debit card, so that you

Four Corners Alliance Group 4Financial Literacy - The EssentialsCan track your expenditures. You will find that you spend much lessthis way.

If you need to compare prices for a mortgage or a loan, do it within thesame week. If you live in the United States of America, credit inquirieswill cause your score to drop, but if the inquiries happen within a fewdays, they will be considered as one single inquiry. Plan ahead of timeso you can visit as many agencies as possible in a week. Make sureyou discover how your country reports your credit worthiness andmake smart choices accordingly.

You can save money by tweaking your air travel schedule in a little bitas well as by shifting trips by days or off peak seasons. Flights in theearly morning or the late night are often significantly cheaper than midday trips. As long as you can arrange your other travel requirements tofit off-hour flying you can save a pretty penny.

An example of a home based business model could be creatinghomemade custom built knives. Handcrafted knives can yield into thethousands of dollars per knife, once a person has established theirname and the quality of their knives. People who are already interestedin knives often fall into this line of work through following what they liketo do. Financial success can is achievable through a variety of ways.Whether it is producing knives or a myriad of other plausible productsand services, success is waiting for those that dedicate themselves.

To best manage your finances, prioritize your debt. Pay off your creditcards first. Credit cards have a higher interest than almost any othertype of debt, which means they build up high balances faster. Payingthem down reduces your debt now, frees up credit for emergencies,and means that there will be less of a balance to collect interest overtime.As stated at the beginning of this chapter, it can be hard to deal withwith your personal finances. But, now if you use the tips provided toyou above, you will see your finances will be more secure. In turn, youmay find your whole life improving.

Four Corners Alliance Group 5Financial Literacy - The Essentials Debt Restructuring – Helping You Gain Control Of FinancesRestructuring your debt will help you gain control of your finances onceagain. You can consolidate payments into more manageable amountsat a lower rate. Or you can also turn to third parties to help you dealwith your creditors. Taking Advantage Of Debt ConsolidationUsing a debt consolidation loan will help you take charge of yourmonthly payments once more. Disposing of your high-interest creditcards for a low-interest home equity or personal loan can easily cutyour rates in half.

By restructuring your debt with a new loan, you can also rearrange thepayment structure. So you might decide to retire your debt with asmall, easy to manage monthly payment over several years. Or youcan opt for a short loan period with larger payments to quickly improveyour debt ratio.

Once you have consolidated your bills with a new loan and retired oldaccounts, your credit score will have a minimal impact. And withregular payments, it will quickly improve. Outsourcing Your Financial RestructuringIn some cases, you might want to turn to a company to help you regaincontrol of your debt. A debt consolidation company can manage yourshort term accounts and lower your rates on credit card accounts,helping you to stay out of bankruptcy.

Four Corners Alliance Group 6Financial Literacy - The EssentialsBy turning over control to a third party, you save peace of mind andmoney. But your credit score will have a temporary decline as creditorsplace holds on new credit applications. For at least a year, they want tosee that you will indeed be making regular payments.If you just need some advice, a credit counselor can help you developa budget with short and long term goals. They may also refer you to adebt consolidation company or other financial services. With theirtraining, they can help you see your finances more clearly. Check Before

You Sign

Before you sign any contract, make sure you check out severalcompanies before settling on one. Ask for the cost and compare it toothers. Fortunately, the internet saves time when shopping forservices. In less than an hour, you can be on your way to betterfinances with a reliable company. The Importance Of Planning Your Retirement And The Consequences Of Not Doing So!

Bob is a 65-year-old graphic designer that is very financially secure.His colleagues, friends and family define him as a prosperous “fly bythe pants” kind of guy. From as far back as he can remember, Bob hasalways hated planning and believes that his “spontaneity” and ability tothink creatively while implementing new ideas has made himsuccessful.For the past 30 years or so, Bob believes that his non-planningmethodology has worked well for him. Well, Bob is now tired of theworking rat race and decides that it is now time to retire and havesome fun. He doesn’t know what he’ll do exactly when he retires in 6months other than have a good time. However, he knows that he won’tplan his days and will do whatever pleases him.

Four Corners Alliance Group 7Financial Literacy - The EssentialsLet’s take Sam, a 60 year old attorney who is also financially secure.He is a “plan it to the bones” type of guy that loves planning and

believes that his impeccable organizational skills have enabled him toaccomplish all of his goals. Some might say that Sam is a bit particularbut he disagrees and believes that his planning methodology hasserved him very well the past 35 years or so. His motto is “greatplanning makes a great man.”

Like Bob, Sam is ready to retire. He’s had enough of the hustle andbustle of being a senior partner in a big law firm. Sam is ready to retireso that he can pursue one of his lifelong dreams of becoming avolunteer for several organizations. Unlike Bob, Sam has alreadystarted planning out his goals, activities and has designed a“downsizing plan” that will enable him to retire in less than six monthsto pursue his dreams.

Now, let’s flash to the future. It is six months later. Bob is retired and isdownright bored. Although he initially enjoyed not planning hisretirement and found much pleasure in doing things on the spur of themoment, he is getting a bit bored with bar hopping, going on weekendfishing trips, and hanging out at the health club. He is also gettingbored with himself and is starting to wonder if there is more toretirement than simply having fun. He is even considering going backto work or perhaps taking on some work projects to give himsomething to do.

On the other hand, Sam is having the time of his life. He’s right onschedule. The first few months, he rested and relaxed and enjoyedhimself immensely. Now, however, he has transitioned to his non-paidvolunteer activities and has become a valuable resource to twoprominent nonprofit organizations. Sam is truly enjoying his retirementand looks forward to a busy, scheduled day of providing volunteeredactivities.So, what has this taught us? It has taught us that planning for yourretirement is more than simply deciding that you have enough moneyto retire on a certain date. It is about planning how you’ll spend yourtime while accomplishing your goals. In fact, according to ChristinaWright, a Retirement Specialist, “Many professionals don’t plan for theirretirement. Although they evaluate their finances and are sure that theycan support their lifestyles, they don’t plan how they’ll actually spend

their time day in and day out. This “lack of planning” often leads tointense boredom and dissatisfaction with their newfound freedom. As a

Four Corners Alliance Group 8Financial Literacy - The Essentialsresult, many of these professionals go back to work part or full time,not for the money, but to obtain some mental stimulation andexcitement in their lives. Boredom and dissatisfaction could have beenavoided by simply planning out their goals and working hard toaccomplish them.

We have talked to hundreds of successful retirees and found that likethem; you can accomplish your retirement goals through theimplementation of these five easy steps:

1. Have a positive mental attitude. You should have a positive mentalattitude about this new phase in your life. You must know whatretirement means to you and be willing to do whatever it takes tomake you happy.

2. Be committed to your goals. You should make sure that you are100% committed to living your life the way that you visualize itevery single day.

3. Transition slowly and visualize success. You should be willing totransition yourself from a working professional to a retired person.You should visualize how great your life will be in a lifestyle that willgive you the satisfaction you desire once you retire. For example, ifyou see yourself as lounging around all day, you have to askyourself some hard questions like; will this truly make me happy?Can I see myself doing this for the next 25 or so years? If I find thisisn’t fun, are there any activities that might make my days morefun? If so, what are they?

4. Plan your days. Regardless of whether or not you intend to loungeall day or engage in many activities, it is always a great idea to planout your days. Planning doesn’t have to be a mind-boggling task,and you don’t have to use a fancy planner to be successful.Instead, you simply have to think about your activities a day orweek in advance, and plan how you’ll spend your time.

5. Find pleasure in accomplishing your goals. Find satisfaction inaccomplishing your new life’s goals in retirement whether you arevolunteering at your favorite organization or going fishing with afriend.

6. Four Corners Alliance Group 9 financial Literacy - The EssentialsIn conclusion, taking and maintaining control over your retirement is up to you. By having a positive mental attitude, being committed,transitioning yourself, planning your days and finding pleasure in youraccomplishments, you can make your retirement dreams come true!