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How boomer women business owners do well and do good

How Boomer Women Business Owners Do Well And Do Good

Baby Boomer women have a lifetime of experience, skills, self-knowledge, and wisdom that make them well qualified to start and grow a business of their own. Now in their 50s and 60s, this generation is ready to take charge of their lives in new ways.

Free of the time demands associated with raising children and confident enough to find work that inspires them, these women are turning their hobbies, passions, or professional expertise into businesses of their own.

But this will not be “business as usual.” In a fast-changing and turbulent world, Baby Boomer women are ready to create greater meaning in their own lives and in the lives of others through their entrepreneurial initiatives. Many are committed to doing “well” by building a successful business, while doing “good” in the world at the same time. Success to many Baby Boomer women involves working in a business they are passionate about, not just one that can pay the bills or provide luxury items.

While the majority of entrepreneurs may start their businesses with big financial goals, there are more important aspects involved in a Baby Boomer business plan. Here are Five Cs that can be used to clearly define the priorities of many Baby Boomers in how they will build and operate their own businesses:

* They have Concern for the world in which we live, and their business will reflect that concern.
* They make Connections with others, and have a need for socializing and networking.
* They build Community.
* They express themselves Creatively, and are not afraid to think outside the box or take actions that are a bit outside the ordinary.
* They value Character in making decisions.

Although serious about earning a living and generating a profit, Baby Boomer women see transitioning into self-employment while still maintaining their current career, or after their retirement, as a way to give back to society and to make a difference. At this stage of life, they strive to live their values and use their strengths to create a business that reflects their authentic selves.

No longer is it contradictory for businesses to do well and do good. Watch for a growing number of Baby Boomer women-owned businesses that change the nature of our business community by leading the way with businesses that:

* Strengthen our economy
* Enrich our communities with meaning
* Address society’s social problems and work to provide solutions
* Model a new way to live life after 50 that doesn’t necessarily include long hours in the rocking chair on the front porch

For companies that want to serve the ever increasing market of women baby boomer business owners, it’s important that their motivations at this mid-life stage of their lives are understood. Although this is a diverse group, be mindful of the general tendency at mid-life to have a strong desire to give something back, participate in activities and events that are meaningful and to create a legacy. Speak the language of this market to gain their attention and understand their passions.

Learn about asset & liability basics

Learn about Asset & liability basics

Knowledge of accounts can make life much easy. If you are to invest in a new business or joining your forefather is business, planning to take some loan, looking for job in any marketing company, desire to be the manager of a multinational company or have the onus to manage your own assets and liabilities, knowing some basics of accounts becomes mandatory.

Broadly, accounting is bifurcated into two categories

Cash Bases Accounting

Accrual Accounting

The Cash Based accounting pertains to the management of an individual is personal monetary transactions. In this case, he keeps a track of the money he withdrew, deposited, gave or received from someone etc. This accounting comes to life when actual cash transactions take place.

The Accrual Accounting requires an accountant who notes the transactions even if no money has been actually exchanged. This method works on the principle of comparing or seeing the ratio of the expenses to expenditure. If the expenditure is more, you need to cut down your luxuries, if not then it is always good to have some savings for future. This type of accounting tells you the amount that you owed. this might not match with the figure of your bank balance.

In the language of accounting there are several key terms that one needs to be familiar with. Some of the crucial ones are discussed below

The Assets the assets are generally those possessions of an individual that have a good market value or are quite valuable. Assets are mainly classified into three types
Current Asset the cash is the most basic asset of any individual. The money that is being held in accounts like the checking and savings accounts is also included in the cash. Also inclusive are the marketable securities in the form of bonds, stocks, shares etc. The money lent or payments due from client is even form a part of it.

Fixed Asset comprises of all the tangible valuable things like property, machines, equipment, land and the like that are not meant to be sold.

Intangible Asset incorporates all the untouchable things like copyrights, patents, trademarks etc. that have tremendous monetary significance.

The law of opposites governs the nature. where there are assets, there will be liabilities. These are the debts that you have to pay back to your creditors. This can be done through giving cash or any other asset like jewelry, some other goods etc. Liabilities again are of two kinds

1. The Current Liabilities the liabilities that are to be paid back within a certain time limit and most often through your current assets. These include the accounts payable i.e. type of bill that you have to monthly, the Notes Payable loans taken from banks meant to be repaid within 30 days and the Accrued Expenses the compulsory expenses like taxes, wages, interests etc. where the bills are not received but the balances of each must be repaid.

2. Long Term Liabilities those debts that can be repaid at ease for the tenure is more then a month.

The Financial Capital is the economic capital. It is any liquid medium or merchandise that stands for wealth or other styles or capital. There are four ways to manage and display the financial capital. First, this capital is needed when a contract is made with any sort of capital asset. The financial instruments work in the form of currency in case of sale, purchase or trade of goods i.e. the medium exchanges. Second, it works as a settled medium or mode like gold for the
Standard of Deferred Payment. Third, The Unit of Account has a market value attached to it which in turn varies with the economy of the country. Fourth, The Source of Value is concerned with financial capital that needs to be saved and recovered. It is a collection of things like gold, real estate, collectibles etc.

Petty Cash is an important factor in business. It is the smallest account within a business setting or the cash in bills and coinage required to pay little expenses.

Types of Business there are several kinds of business one should be aware of like

Sole proprietorship where a single individual who starts the business owns it too.

Partnerships the companies or businesses started by two or more persons where they conjointly own it.

Corporations involve lot many shareholders or investors who are responsible in taking decisions for the company.

Limited Liability Companies can be said to be sisters of corporations. Here the business members are not under a legal obligation to pay the debts if the business fails.

Payrolls the term payroll designates the manner in which you will be paying the employees of your company and even yourself. Many multinational companies cater to payroll service provider companies that do the work quite efficiently.

These are some of the broad guidelines that will help you grasp the basics of accounting. It is essential to have some such wisdom for accounts, as it is fruitful in all walks of life.

How to get away from credit card debt

How to Get Away From Credit Card Debt

Credit card debt is a common theme that most people would confront in their daily life. It is something that always constraints our mind no matter how much we have. As a result, getting out of credit card debt to enjoy free life is highly demanded for most people. Now take the following tips in mind and enjoy debt free life.

It is vital that you are always aware of your debt. Know the time when you have to pay off your debt, and try to pay off it as long as you can. Also, it is imperative that you do not waste the money to buy the goods you wish if you do not have enough financial capabilities to pay for your credit debts.

It is also suggested that you should not use all your credit cards together if you are not disciplined enough since it would get you more debts. Using cash or a debit card is highly recommended in case of going bankruptcy.

In terms of paying down your cards, it is adviced that you should get out of those cards with the highest rates first so as to minimize the sum of money adding to your current bill.

If you want to get out of your credit card debt, you definitely have to be more disciplined. Do not waste extra money on luxury things since they would not get yourself anywhere. Have a clear idea of your financial conditions, get rid of your debt life and enjoy your life.