A Lesson In Money Management

Written by John Colanzi


It disturbs me when I read about marketers who've lost a ton of money promoting their ventures.

I've seen messages by marketers who've spent as much as $9,000 without making a cent. What's even more disturbing isrepparttar fact that many of them have spent that money and haven't learned a thing.

They've not only spent all their savings, they thinkrepparttar 112776 problem will be solved by spending more money. They're chasing their losses.

They aren't building a business, they are gambling. The more they lose,repparttar 112777 more they spend.

There's only one question to ask yourself before parting with your hard earned money.

"Will spending this money make me more money?"

I learned that lesson inrepparttar 112778 brick and mortar world real fast. I had just hocked my soul to buy a small business.

Before I even made a profit, I asked a friend about knocking down a wall.

SMART NEW FINANCING TOOL FOR THE SMALL BUSINESS OWNER

Written by Daniel Lamaute


Pressed for cash, many people will take money out of their individual retirement account (IRA) as a means to get quick access to capital. They do this even though they have to pay taxes and generally if they are younger than 59 ½, also pay a 10% penalty onrepparttar money they withdraw.

Only as a last resort should one touch their retirement savings for anything other than retirement expenses. But, in those cases when you need to tap into your retirement savings, a way to get money out of your retirement account without payingrepparttar 112775 penalty and deferringrepparttar 112776 tax was just made available beginning in 2002, as a result of a tax law change.

Underrepparttar 112777 new law, those with a small business and no employees or only a spouse as an employee can establish Solo-Owner 401(k) plans and take a loan from those plans. The loan fromrepparttar 112778 Solo-Owner 401(k) is not treated as a withdrawal. As such it is not subject to tax andrepparttar 112779 10% penalty for early withdrawal as long as you repayrepparttar 112780 loan on time.

You can roll over or transferrepparttar 112781 funds you have in your IRAs, 401(k), 403(b), or other qualified retirement funds into your Solo-Owner 401(k) and then borrow fromrepparttar 112782 balance in your Solo-Owner 401(k) plan.

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