My short thoughts on business and passion

Okay, remember I’m a big House fan? I am. To the point where it might get a little… creepy. I’ve watched so many episodes that I actually notice weird little details. Somewhere along Season 5, I had paused my GOM player to get some grapes to snack on. As I came back to the frozen frame, I had a lightbulb moment. “Hey, look at all the stuff in that frame! There’s a cane, a desk, a computer, and Cameron’s making a regular unisex scrub look sexy!,” I thought while shamelessly stuffing my mouth with grapes. “Somebody made all that stuff. There’s a business behind each of those items!” ...
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Starting a business

The rich buy assets, the poor buy liabilities

The phrase “The rich buy assets, the poor buy liabilities” became famous with the book “Rich Dad, Poor Dad,” as it was one of the lessons Rich Dad allegedly taught to author Robert Kiyosaki. The book is a worldwide bestseller, but it’s been criticized on many of the points it advocates.
I’ve been thinking about that phrase a lot (especially since our newlywed money and finance is not in a great shape). Is the secret key to getting rich that simple - just buy assets instead of liabilities? It makes perfect sense to put your money into stuff that pays you back - like a rental property or a stock portfolio; investing is all about putting money into stuff that will help you make more money later. But us humans are so gullible! We have a hard time saying “no” to that seductive, shiny, brand new flat screen that is way cooler than the flat screen Peter bought last month (and made rounds at the office bragging to everyone about it). So we buy it and do a little Tarzan-style victory dance in front of Peter’s desk. Take that, Peter! According to Kiyosaki,...
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Starting a business

Takes money to make money: The Formula for getting rich (the one that works)

The Formula for getting rich is NOT about compound interest, internet business, multi-level marketing, FOREX trading, stock options, real estate, mutual funds or starting a business. Getting rich through saving and “the magic of compound interest” would take ages. Internet business is not for everyone. MLM (multi-level marketing) is a scam. FOREX trading is more about chance than about skill. Real estate requires a huge up-fron investment. And starting a business has less than 5% success rate. Yet there are rich people in all those fields. There are real estate millionaires and guys who made fortunes off FOREX. But you can’t wrap your head around how they made it, exactly. Did someone help them? Or was it just the plain old “hard work and a little luck?” ...
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Starting a business

5 Things Nobody Tells You About Being Poor

Think you're too smart to ever use one of those shady "payday loan" places? Well, you should know that nobody thinks they're a good deal. Say the gas bill is a month past due, and they're threatening to turn it off (if so, it's $150 to get it reconnected). That is when you find yourself swallowing your pride and heading to the payday loan place. The poor just have no choice....
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Starting a business

Should I quit my job and start a business? (No)

dark early morningYou shouldn’t “should” anything. After I googled “should I start a business,” it felt like the whole internet was trying to persuade me that indeed I should; that whatever job I had couldn’t possibly be better than running my own business, and that if I wasn’t working on a start-up already then obviously I had to “stop making excuses.”...
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Starting a business

Budgeting for bingo: Knowing when to stop whether you’re winning or losing

The game is even starting to shed its “game for little old ladies” (giggle!) image. With that tortured analogy aside, there’s another limit you should consider setting: a “win” limit. Maybe you’re thinking - “What? A win limit? Nonono - I’d better make the most of my bingo night while I’m on a lucky roll!” ...
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Starting a business

Racism and business? Restaurant owner saved business by keeping blacks away

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This is a story I found on reddit.com . It's so fascinating that I just had to share it with you guys. Original link: http://www.reddit.com/r/IAmA/comments/du0rw/iama_restaurant_owner_who_saved_his_business_by/
I'll get it out of the way and admit that what I am doing is racist, I myself am (reluctantly!) a racist, and I'm not about to argue that. I'm not proud of this, but I did what I had to to stay afloat for the sake of my family and my employees and I would do it again. I own a family restaurant that competes with large chains like Applebee's, Chili's, and other similarly awful places. I started this restaurant over 20 years ago, my wife is our manager, both of my kids work here when they're not in college. Our whole life is tied up in this place, and while it's a ton of hard work, we love it. Well the whole racist thing started after my wife was being verbally abused by a black family. I came over to see what the problem was, and a teenage boy in their group actually said "This dumb bitch brought me the wrong...
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Starting a business

My husband and I want to start our own business… here’s why we can’t

My husband and I want to start a business some day. Right now, I work a nine-to-five. He works in shifts. Our time off doesn’t overlap a lot. We get a fairly decent pay and we make it work for now. But to be honest? At that rate, we’ll never be able to get ahead. We’ll be enslaved to our jobs for life. We don’t have a problem with hard work. We know that startups take a lot of work – we each have had a failed try at starting a business – so we don’t mind working long hours. We’re doing it already at our jobs. But we think that having our own thing will let us work those long hours together and also pay more than a dayjob. Is starting a business the only way to our goal of being together more? Let’s see....
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