By JACK FALVEY July 15. 2018 9:26PM Pulling yourself up by your own bootstraps is the business expression that indicates that you have little or no outside help or investors. You rely on the revenue generated by sales to fund your product or service. Sales must also fund the finding of additional customers. It is an arduous, but successful, business model which many have ridden to riches. Those who have will tell you it is one long ride.Bootstrap businesses often can boast of 20 percent annual growth. That’s a great rate, but on an almost invisible base number, the total increase is almost equally invisible.The biggest bargain in bootstrapping is buying time. If you can beat break-even long enough, good things can happen. If you don’t have a debt clock running and have not over-expanded, you can afford a learning curve that will give you the opportunity to figure out what you are doing and begin to do it better than most.When putting together your investment plans, the idea … [Read more...] about Jack Falvey’s Investor Education Briefs: Bootstrapping takes a long time for growth
By JACK FALVEY July 08. 2018 10:12PM If you don’t have money, investing time and effort works. Most small businesses start that way. The goal is to get a return on your investment. “Don’t quit your day job” is a show business expression, and a euphemism indicating that you might be better off concentrating your efforts on your everyday job. Building either a business or a career requires the same materials. Where you put your effort and when you make your moves are far more instinctual than most would like to believe. Those hanging in will advise you to be as smart as they are and do the same. Those making the break will advise you to be as smart as they are and do the same. You can be right either way.Investing in yourself with hard work can be the base of a financial plan. Be careful of investing in things that cost money. Franchises and dealerships or agencies or extended credentials are not for everyone. You can make millions in fast food, automobile … [Read more...] about Jack Falvey’s Investor Education Briefs: Sweat equity invests time — in yourself
By JACK FALVEY July 01. 2018 8:04PM We are taught for many years in formal learning environments. They carry big price tags in both time and treasure. Once free of the system at commencement, we must establish a freeform approach to our information economy.The best source of information will always be others in the know. Letting others do the hard work of learning and then sharing what they have learned is a most cost-efficient strategy. It has worked through the ages as the master/apprentice method. Fortunately, you no longer have to sell body and soul in today’s application. All you have to do is collect as many masters as you can. You might skip or postpone a master’s degree if you happen to know enough people who already have one and have become a good friend that will give you good answers to good questions.The best way to overcome information overload is to have someone filter it for you. Asking the right questions is the skill you must master. It is easy to question … [Read more...] about Jack Falvey’s Investor Education Briefs: Who do you know who knows what you need to know?
By JACK FALVEY June 24. 2018 10:46PM Student loans are a reality of life for many, and must be a part of financial planning. They are obligations that can’t be taken lightly. As soon as you are no longer a student, you must accept the fact that your loans are just that; and if you value your reputation, which indeed has great value, you will make a great effort to clear your personal books of these liabilities. The best time to deal with student loans is before you incur them. Many extend their college stays to the nine-year plan merely to avoid unmanageable debt. It is still possible to work your way through college, but it now takes far longer than the traditional four years. Parents have always been good to have, but nothing beats a final financial push if it is in the cards. They are the wild card in the process. They give new meaning to “the luck of the draw” at this stage of life.The traditional plan is usually to sell your newly minted college credential for a … [Read more...] about Jack Falvey’s Investor Education Briefs: Student loans need a payback strategy
By JACK FALVEY June 17. 2018 9:35PM Online is the place to be, but nothing beats a real live person who knows you by name. That may seem like an unrealistic goal in our electronic age, but stop and think about it for a moment.Banks spend a lot of money on branch locations, and even more money training their people to staff these offices just so they can learn your first name. They do this so they can build their businesses.Why not help them along by doing what they would like you to do?The benefits on both ends are that you will give them whatever business you can and, in return, you will get a person who won’t give you the business when you need help, information, or financial advice.Having a live banker on your team comes at little or no cost, and could well provide you a voice of reason when putting your financial plans together. A home-equity second mortgage, a car loan, or just someone to assure you that your ATM card is not in unauthorized use, are all best done live. … [Read more...] about Jack Falvey’s Investor Education Briefs: A real live banker is best