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Disasters Can Happen

Prepare for the Unthinkable

by MN Gordon

Economic Prism

Red Ink

Growth and profits mask a variety of problems.  They hide business inefficiencies and the money suck of corporate administrivia.  They also conceal unproductive staff.

But most of all growth and profits obscure the extreme value subtracting forces of bloated management teams.  During good times it is unclear what these smug fellows do.  During bad times it is lucidly clear that most of them ain’t worth a darn.

When the profits inevitably recede, the senior executives, with their silly 24 point project reviews and cumbersome project execution requirements, appear lost.  They’re left exposed, with their pants down, and without a clue in the world as to what business it is they’re actually in.  What the heck have they been doing all this time?

Where does the money come from?  How is it spent?  Over (Read More....)

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The Fastest Way to Escape a Debt Trap

How To Avoid Debt, Pixabay Graphicby MN Gordon

Economic Prism

Borrowing money and spending it can be fun. Certainly more fun than saving and paying down debt. Not only that, borrowing money’s much easier too.

Saving takes prudence, discipline, and hard work. Running up the credit card takes none of these things. But that doesn’t mean there aren’t consequences.

Just like an individual, when an entire economy racks up a bill it can’t pay back, future economic growth becomes stunted. It becomes even more difficult to save and invest when more and more earnings must go to service debt. Asian economies are discovering this phenomenon. They are also discovering the relentless hold of a debt trap. What went wrong?

In short, when the financial crisis and Great Recession hit in 2008 nearly all governments ran up their federal debt. The U.S. government, for instance, ran fiscal deficits over $1 trillion dollars from 2009 thru 2012. Since then, they’ve cut budget deficits back to about half of that.

While many Asian governments also increased (Read More....)

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Do You Have the Conviction to Get Rich?

By MN Gordon Economic Prism

The May edition of National Geographic magazine has the cover story headline, “This Baby Will Live to Be 120*.” Pictured below the headline is an adorable baby. The asterisk’s footnote to the right reads, “It’s not just hype. New science could lead to very long lives.”

We don’t doubt the possibility. Less than 100-years ago, before sanitary sewer separation and Alexander Fleming’s discovery of penicillin, lifespans were much shorter. Bacteria and infections would commonly wipe people out before they turned 50.

According to National Geographic, the next (Read More....)

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What is Your Financial Backup Plan?

In this capricious economy, it’s vital that everyone have a detailed financial backup plan, a safety net to  catch you in case of financial fall. Follow Murphy’s Law: “Anything that can go wrong, will go wrong.” Whether it’s unexpected illness, a sudden layoff or other catastrophes, everyone needs a financial nest egg. Compiling an extensive savings account and pursuing additional revenue streams are the first proactive steps in securing your financial future.

Savings

Your financial safety net should include a savings account with eight months of living expenses, sufficient insurance and, ideally, a secondary income stream, recommends Jennifer Streaks, a (Read More....)

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5 Ways to Simplify Your Life and Reduce Your Debt

Home economics may be the most important aspect of one’s life, whether you are married with children or single. Regardless of your age, simplifying your life and your home will help you reduce debt and build wealth.

1. De-clutter Your Home, De-clutter Your Life

Do you have anything you can sell? Do you have anything that is in the way? If the answer is yes, then you should sell or donate your unused things that do not hold any sentimental value. If there is anything that is trash or old junk, you should just throw it away. A storage unit, like Fairfield NJ storage, can also be used to store extra but necessary things. Remember that a cluttered home reflects a cluttered life.

2. Write it All Down

The next thing (Read More....)

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Looking for a Debt Counselor? Check That Rep!

It’s that time of year—we want to eat healthier, clean our homes, and get our debt in order. Sometimes this may be a bit too looming and we need some help meeting our goals.

If you’re trying to get your debt paid off, you may want to utilize a debt counselor. But before you commit to one, check their reputation!

First, What Does a Debt Counselor Do?

A debt counselor can be instrumental in getting your finances in order. He or she will sit down with you and take a look at your current finances, including income, expenses, bills, and current debt. After all this is considered, a plan is created, which can range from bill consolidation and payment schedules to declaring bankruptcy.

Why Check Their (Read More....)

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Resolutions for a Debt-Free 2013

If you started the new year with no debts, then you’re on the right track. Keep it that way. But if you have pending debts carried over from the last year, it’s okay. The start of the year is the perfect time to make resolutions that will help you accomplish your financial goals–one of which is zero debt.

No More additional IOUs

When we have existing debts, we have this tendency to borrow more to pay off some of them. You might think you’re actually making progress on becoming debt-free but that could be farther from the truth. High interest rates from more loans mean that instead of lessening debts, you’re adding to them. As much as possible, don’t take out new loans. Try instead (Read More....)

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