4 Lessons We Can Learn from Tai Lopez’s Financial Success

Millions of people on the internet follow the life and advice of investor, entrepreneur, and multi-millionaire Tai Lopez. To many people, he is a go-to source for financial advice and general motivation. His history alone has provided many people with inspiration, as he built himself up from practically nothing to become one of the most influential businessmen of this millennium.

But, to customize a common saying, greater lessons come from studying a person’s actions than from listening to their words. So let’s take a look at what we can really learn from this successful speaker’s life, history, and actions, and how those have translated to a financial success.

You Can’t Underestimate the Value of Books

While Tai spends plenty of time talking about how important books are, the proof of his words can be found in his actions. Tai himself reads an entire book every day, and he credits much of his success to his avid reading habit. It was a habit that he began when he asked his grandfather the answers to some of life’s most difficult questions. His grandfather responded by sending him a package of 11 books and a note that read, “Start by reading these.” It’s a habit that has persisted throughout his life, and it seems to have paid off.

Social Media Matters

Take a look around the internet, and you’ll notice that Tai Lopez is pretty much everywhere. He’s on every social media platform out there, and he’s accrued millions of followers and almost every single one of them. While you could argue that his reputation has been the cause, and the followers are the effect, evidence seems to indicate that his social media activity has a direct impact on his successes.

Looking through his profiles and podcasts, you’ll notice that he posts every single day on almost every platform. This level of engagement keeps people interested and earns you more followers. And followers become customers, if you know what you’re doing—and it seems like Tai knows what he’s doing.

Sharing Knowledge Is Good for You

It seems that a lot of business owners think that keeping knowledge to themselves is the way to go. And, in some cases, this might be true. After all, you don’t want to go around sharing your business’s greatest secrets with everyone in the industry. But when it comes to life lessons and general knowledge that you’ve accrued, paying it forward can really pay off.

Tai Lopez offers a complete course that is dedicated to sharing his knowledge and helping others achieve what he’s done. This course, known as The 67 Steps, has become one of his most successful endeavors.

Everyone Should Have a Brand

Most people think that a “brand” is something that only businesses have. But if you want to establish yourself as anyone with significant influence, then you need to build a brand around yourself. Tai has modeled this idea in his life by building a personal brand that people recognize around the globe.

When asked about his personal brand, Tai had this to say: “I built a personal brand around who I already am, instead of who I wanted people to see me as, and I think that’s where a lot of people go wrong. It has to be authentic, otherwise no one is going to get on board.”

This life habit has paid off for him, and can be applied to anyone who wants to have a strong presence on the internet—either as an individual or as a business. By branding yourself and making yourself easily recognizable, you’ll draw people in, and that can translate to income very quickly.

Studying the habits of successful individual can provide you with a blueprint for your own future success. What other successful individuals do you model your habits after?

Ed Rempel Org

What is The Cash Flow Dam?

What Is The Cash Dam and How Does It Work?

 The Cash Dam (sometimes referred to as a “cash flow dam”) is a simple but powerful concept, and it’s an especially attractive option for those who are familiar with the Smith Manoeuvre or other tax minimization strategies. Cash Dam can help you with tax optimization if you have a mortgage and own either a small business or a rental property.

What is cash damming?

 The Cash Dam allows the owner of a small business or rental property to more quickly pay down their non-deductible mortgage on their home. It’s a variation on the Smith Manoeuvre, but without additional investing. The Cash Dam is essentially an expedient way to change bad debt into good debt.

For someone who’s using the Cash Dam, what it involves is using a line of credit to pay for business expenses. Then, while using the increased business cash flow, you pay down a non-deductible mortgage or loan. This, in turn, produces an increasing tax-deductible business loan, while paying down a non-deductible mortgage or loan. Be advised that the Cash Dam as described above will only work for those who own a non-incorporated personal or partnership-based small business or a rental property.

Example:

 If you own a small non-incorporated business that has $2,000 in expenses each month and you also have a readvanceable mortgage, then the $2,000 per month expense would be paid by the home equity line of credit (HELOC). You then use the additional $2,000 you have in your business expense account to make a payment on your non-deductible mortgage. Interest paid on money that’s borrowed for business expenses is tax-deductible; by using the Cash Dam, you’ll be left with a tax-deductible business loan and a non-deductible mortgage that’s been quickly paid down.

One of the keys to the Cash Dam, however, is capitalizing the interest on the business line of credit. That way, you avoid using any of your own cash flow and you keep the business line of credit tax-deductible.

How does the Cash Dam differ from the Smith Manoeuvre?

The Cash Dam relies on using a tax-deductible business loan to allow you to pay down a non-deductible debt, while the Smith Manoeuvre allows you to buy investments. Investing from your credit line is why the Smith Manoeuvre has much higher risk and return than the Cash Dam.

Potential applications

 Say that you’re a rental investor, instead of using your own cash flow to pay for rental-related expenses, you can use the Cash Dam and a line of credit. In this instance, using the Cash Dam would help you pay for your personal mortgage and help you satisfy your tax obligations as well.

And if you are a small business owner, the Cash Dam can be extremely advantageous. The strategy gives you a way to quickly pay down your non-deductible mortgage and convert that debt into a tax-deductible business loan.

Reasons to stay updated with the latest in the business world

There are many things happening on a regular basis in the business world and if you’re not updated with the latest in the business news that can be a number of problems you’ll face while running your business. In this post, we will give you reasons to keep yourself updated with the latest happenings in the business world, and we hope you’ll agree with us.

1. It helps you know about the latest inventions

Having enough knowledge about the latest inventions, you’ll be in a position to check whether there is a need for you to upgrade yourself or not. This is important, and it matters because if you’re not making the most of the opportunities that are available for you and your competitors, you’ll be lagging behind.

2. It is an opportunity to learn about your competitors and their strategies

Staying updated with the latest happenings in the business world will help you know who your competitors, including the new entrants, are and what are their strategies.

Without having adequate knowledge about your competitors and their strategies, you’ll not be in a position to keep yourself a step ahead of them. So, make sure that you get the related news and modify your plan accordingly.

3. It helps you improve your knowledge as far as rules and regulations are concerned

There are websites like ICO News that helps us know about a number of things is that happen on a regular basis with regards to the latest changes happening with regards to rules and regulations. Similarly, there are many other websites that can help you in this case, and we hope you keep an eye on them. This will not only help you in getting relief but also make sure that you avoid creating legal problems for your business.

4. Learning about investors and their requirements

If you’re looking for funding from the right source for your business, it is important to know who can be your potential investors and what the requirements are. This will be possible only if you have regular updates from them and you’re constantly learning about every possible detail. This is not difficult because there are many websites where you’ll find interviews and details shared by potential investors, and you just need to hit the right note at the right time.

When we talked about investors, one should remember that websites are not an ideal platform to get in touch with the investors. So, one should avoid making such attempts using the website as a medium.

This should not be difficult for you, and we hope you’ll make the most of these four points and improve your business Strategies and possibilities.

4 Bookkeeping apps small business owners should keep on their Android smartphones

If you are someone who runs your own business, you will definitely have more on your plate and it is safe to assume at the same time that most of the times, you’re on-the-go. You need not wait until you’re back to your computer to check the balances of your account, tackle cash flow and send invoices to clients. You’re fortunate enough to note that you don’t have to since there is an increasing list of small business accounting apps for Android which is changing the way in which the small business owners operate a business.

If you can install the following business bookkeeping apps on your Android smartphone, you can streamline your finance tasks so as to make sure your business succeeds. Check out the few small business apps.

 

#1: Wave

Since it was launched in 2010, Wave is an app which was used by more than 2 million small business consultants, owners and freelancers to manage payroll, accounting and invoice needs. Wave has a receipt scanner which is handy enough and which is available totally free of cost. In case you run into serious business issues, Wave can connect you to some local accountant through a feature called ‘Find an Account’. With the iOS Wave app, you can send innumerable invoices while you’re on-the-go. The Wave app even allows scanning receipts and uploading to cloud to ease off the record-keeping of businesses.

 

#2: FreshBooks

Being one small business organization, we usually watch out for products or services which offer value in accordance to cost. FreshBooks was designed for the small business owners who don’t require using complicated accounting software. You can create invoices and send them to keep the accurate estimates of the office of the client. The invoice status feature of the app can be used to know whether or not the clients have checked the invoices. Android has all the required features for small business owners and you may check out Android Headlines to know more about Android news.

 

#3: YouNeedABudget

YouNeedABudget was the winner of the best Personal Finance Software awarded by about.com. This won the award because it was efficient in informing its users about the best spending decisions. With this app, you can check the overflow of the budget, the paychecks and scheduled bills and also split transactions. The best thing about this app is that it supports the majority of the currencies like Euros, Dollars, Rupees, Pounds, Rands, Reals and much more. You will get this app both on Android and iOS.

#4: Expensify

Since you’re the owner of a business, it is taken for granted that there will be several employee costs which come across your budget. Expensify is that software which alleviates the way in which expenses are approved and reported. With this app, you can capture billable costs, add cash expenses, automate expenses, scan receipts and do many other things with ease.

Therefore, if you’re in need of the best small business bookkeeping and accounting apps that you should install on your smartphone, you can take into account the above mentioned Android apps. 

7 Online Business Ideas to Try in 2018

Since the year is already nearing the end, we spend time reflecting on the previous months and evaluate our experiences as we plan to continue making the most of the new one.  

Transitional times like this naturally give us the motivation to turn over a new leaf.

Are you the type of person who always had the desire to pursue your passion yet never had the chance?

Have you been spending your years in jobs that you don’t like for the sake of paying the bills?

If you’ve been thinking about starting an online business or making money out of your passion, 2018 will surely be a fruitful year for you.

After all, the internet has allowed customers to access brands in a click of a button.

This is proven by the fact that millions of individuals worldwide see success in starting a venture through profitable internet business opportunities.

Without further ado, below are 7 great ideas that are worth pursuing for your online startup business.  

 

  • SEO (Search Engine Optimization) consultant

 

If you have a deep understanding of how search engines rank websites and are comfortable in doing independent research on the latest algorithm updates, you may want to consider becoming a Search Engine Optimization or SEO consultant.

Due to the increasing power that search engines have over the success of different businesses, SEO has emerged as an important industry in the recent years.

Online brands want nothing more than to rank higher on SERPs. Because they don’t have the time to learn optimization techniques, they turn to SEO specialists or consultants to boost their website visibility.

 

  • Content writing service

 

We often hear that when it comes to website success, “Content is King.” Web content is the primary reason why people look up the internet. Content that’s high in quality is a game-changer.

As a content writer, make sure to cater to the needs of your target readers. Google discourages certain practices like generating content automatically and inserting irrelevant keywords.

If you have a strong grasp of the English grammar, language style, and have the ability to use succinct and meaningful phrases then content writing could be a means for you to make cool cash.

 

  • Affiliate marketing

 

If you want a home business that doesn’t require much money to get started, affiliate marketing is a possible venture.

With this, there’s no need for you to create a product or service or stock and ship items. You just refer new clients and customers to other businesses and get paid for it.

To become successful in this home income venture, you must start right by learning about affiliate marketing. Choose to promote only quality affiliate products and services to guarantee your site’s reliability.

Researching about the program is equally essential as well so you could understand the flow of payment.

Know that earning from affiliate marketing doesn’t happen overnight. Like all home businesses, you need to plan and have daily involvement in order to generate income.

 

  • Online fashion boutique

 

In the modern world we live in, a number of people prefer to shop for clothes online because of the convenience and variety it offers. If you have a passion for fashion, it’s likely that you’ll see success in running an online fashion boutique.

Before you start, among the things you’re going to carefully plan are the style or type of clothing you’re going to promote.

This is where you’ll need to research your ideal consumer – especially if you’re targeting a specific location.

There are a lot of advantages to opening an online fashion store.Perhaps the greatest of which is that it allows you to expand to reach more people who would prefer shopping from home using their mobile device.

 

  • Social media manager

 

If you’re very much more than just acquainted with social media and know how to use multimedia content as a means of marketing, then start a career as a social media manager.

Generally, a social media manager directs an organization’s social media strategy in order to increase visibility and customer engagement.

In order for any social media campaign to be effective, you need to identify what your clients’ business goals are. Creating a list of competitors and knowing the social media networks that do well for them will help you in the process.

 

  • Create online courses

 

It’s no secret that the internet has become the largest library ever created.

If you are an expert at something, you could grab this opportunity to impart your knowledge to the cyber surfers through creating online courses. In other words, sell your expertise.

Udemy is a great platform where you can sell your course. If not, go ahead and promote your course to your new site visitors or email subscribers.

 

  • Graphic design services

 

If you have a variety of artistic skills and ability, showcase them online.

There are plenty of companies who need graphic designers to create their logo, ads, or make art for their web page.

One way to earn money through this online business is by promoting your designs in websites where you can show off your talents and get matched to clients who are just right for you.

Conclusion

Even if you don’t plan to work at home full time, what’s good about having an online business is that you’ll be able to generate more income as you combine this with your 9-5 job.

Plus, if you are a wanderer, it is much more than convenient for you because you can take this wherever you go.

You will not only be able to make more money, you can also have the chance to pursue what you’ve always been wanting to do at your own convenience.

MONEY News

MONEY News: Mergers and Acquisitions- AT&T and Time Warner Inc.

AT&T’s Stock Could Be a Great Bargain for Investors

AT&T Inc. (NYSE:T) reached a new 52-week low on Tuesday as the company released its third-quarter earnings which failed to impress investors. AT&T’s revenue of $39.67 billion fell short of the $40.10 billion that was expected. Year-over-year, sales were down 3% as the company saw a decline in its legacy wireline services as well as its consumer mobility segment. Earnings per share of $0.74 also fell short of estimates, just narrowly missing the $0.75 that was expected by analysts.

AT&T also add less wireless customers than was expected, although their postpaid churn rate of 0.84% was well below the 1.08% estimated by analysts.

Despite a soft quarter, AT&T did not adjust down its guidance for 2017.

The stock was only down 1% on the disappointing results, but this is because earlier in the month AT&T’s stock declined 6% when the company sent out a warning stating that it was going to show a net loss of 90,000 video subscribers in the coming quarter.

Had the company not sent out that warning, we likely would have seen more of a decline in the share price. However, there is reason for optimism with the company still working on closing its acquisition of Time Warner Inc (NYSE:TWX), which will further expand its offerings and solidify a stronger grip on the market.

With a dividend of 5.6% and a price to earnings multiple of just 16, AT&T might be a great buy coming off a poorer than expected earnings result. Over the long term the future should present plenty of opportunities for growth that will more than offset any short-term struggles.

How GPS Service Can Be Useful for Business Needs

Ever since the GPS system was introduced for the sake of commercial use, it has been a saving grace for the people as well as for organizations. GPS stands for Global Positioning System, which essentially means that you as an individual can locate where you are in present time, map the coordinates of where you want to go, and check how long it would take to reach from one place to another through a particular route.

The best GPS for geocaching is one that offers the following benefits to businesses that plan on integrating GPS into their systems.

Planning Routes

 

Suppose a business deals with deliveries of equipment and these days business is booming; it becomes a necessity to use GPS in order to know which route to take and estimate the time of traveling along with the time taken to unload and talk with the client. For a business, saving time on these miscellaneous fronts can be really useful because it can go on to complete more deliveries and productively use its manpower.

Keep Track of Business Vehicles

Despite of how the drivers and managers of the heavy vehicles used by businesses are made to sign a contract that they will make sure no harm befalls the vehicle, there is always this inherent fear in the mind of the managerial faction of every business. It is important to know when a truck will return, if it is on route, and why exactly it is on a detour in the event that the reading is off the mapping.

This does not only help in the overall governance of the transport faction, but also acts as a contribution to excellent customer service because they can be informed of the reasons for the delivery being withheld without having to put them on hold so that the driver and managers of the delivery can be contacted.

Customer’s Ease

Many businesses in the E-commerce sector of the industry today are introducing live tracking of delivery options into their websites and as extra service for a charge, and that is made possible only through the smart use of GPS systems.

If we tabulate the advantages of providing such real time services to customers, we will find that there are many because not only does the customer base become happy in relying on you, but the service is not expensive to deploy because the GPS satellites are already in place and all you need is a provider to outsource your service to.

Increase Long Term Efficiency

 

When the delivery managers of an organization become accustomed to taking the routes presented by the GPS, they become very experienced and are then able to redirect the deliveries even at times when the GPS signals may be down. In the long run, these efficient managers are great for the reputation of a business.

These people can in turn act as training ground for the new ones hired in learning how to utilize GPS properly.

Food Truck Profitability Numbers to Know

Some restauranteurs enter the food truck business because it’s less expensive than running a brick-and-motor eatery. There’s more to food truck profitability than just the truck, though. Monthly expenses will vary based on the cuisine you offer. Top food trucks in Canada offer fare that ranges from cupcakes to burgers and grilled cheese. Below are the numbers you’ll need to research to forecast your costs of operation and return on investment accurately.

Buying a Food Truck

Buying a new, customized food truck can save on prep time. You’ll be able to set up the service area precisely as you want. Calculate interest fees if you’re financing the vehicle. If your budget is tight, you can cut costs by researching used food trucks for sale.

Stocking Your Food Truck

Ordering just the right amount of food will take some practice. Order too much, and you’ll end up with waste and lost profits. Prepare less than you need for the day’s crowd, and you’ll lose out on potential sales.

Getting Your Permits and Licenses

You’ll need to follow all city laws and health codes to launch a food truck business. Business licenses, health permits, and food handling certifications are usually on this list. 

Renting Commissary Space

Local laws may require that you rent space in a commercial kitchen called a commissary. You’ll cook and store food, clean dishes, and get rid of your trash in one of these facilities. Some commissaries also offer a place to park and charge your truck.

Paying Rent or Event Fees

 

Image via Flickr by quinn.anna

Most likely, you’ll pay rent for a parking spot, too. Earning income at local events and fairs is an option that can increase sales and profitability. These venues usually charge a participation fee, plus a percentage of your sales. 

Insuring Your Business

You’ll need to insure the truck against accidents, damage, and liability. Protect yourself with liability insurance, too. If you hire staff, add workers compensation costs to your insurance tally. 

Maintaining the Food Truck

Add food truck maintenance costs to your profitability review. Account for normal wear and tear and unexpected major repairs. Expenses like oil changes, brakes, and new tires can add up quickly.

Staffing the Food Truck

 

Image via Flickr by SierraTierra

Friends and family may help out, however budget for hiring additional staff. Be sure to add employee hourly rates to your profitability checklist. 

Marketing Your Business

Marketing needs will depend on the foot traffic around your food truck. Profitable food trucks have loyal fans who will need to know where to find your truck. Experiment with free marketing like social media platforms to save money. 

Projecting Food Truck Income

Feel free to use this image just link to www.rentvine.com

Image via Flickr by Dave Dugdale

Finally, estimate the income you can earn with the truck each month. Calculate whether your revenue will cover costs and if there will be any profit remaining.

These are the critical numbers to review to determine the profitability of your food truck. Run the numbers to make sure you can get a return on your investment before you launch a food truck business.

How to Start a Forex trading business

Forex trading can be very profitable if you know the rules of the game. Many Forex traders lose money in the beginning but it can prove to be highly lucrative once you get familiar with the arena. It can be a challenging task but putting in your efforts will surely pay you off.

In order to be a successful Forex trader, you need to continuously learn about it. Even if you become a pro, revisit the basics as one of the biggest secrets in your Forex success lies in the fundamentals.

In forex trading, some people make millions while some lose millions, but one thing is for sure, you will learn a lot. The key to success in forex trading is that treat it as a business. Do not rely on luck and get rid of impulsive approaches. You will need the proper knowledge of how things are done. Hone your skills continuously by learning new things in the field. Devise your own forex trading techniques and slowly you will beat the market. Nevertheless, here are some tips to get started in forex trading business:

  • Gain experience

 

The Internet is full of ideas to teach you on how to get better in forex trading but the experience is the best teacher. Understand the basic forex terminology. Get knowledge on the type of currency you will spend. Get aware of terms like quote currency, long position, short position, ask price and the spread. Make predictions about the economy and be political in your approach. Go through economic reports to make well-informed decisions.

  • Initiate

 

You can even start your forex trading business venture from your computer but make sure that there is a proper Internet connection set up because you don’t want to lose on great trading opportunities.

Whatever trading ways you begin with, make sure you are partnering with quality ones. You don’t want to be part of scams and lose a great deal of money. Nobody guarantees anything in this field so you are responsible for yourself. Stick to popular online trading platforms that have good proven track records and has a wide-spread company network.

  • Hone your skills

 

Forex trading is a combination of different skills. Make sure you polish them constantly as you progress in your business. Learn how to calculate profits and analyze the market. Analyze the market technically, fundamentally and sentimentally to get different perspectives of how the field operates. Keep a track of your profits and losses.

Forex trading is all about control. Keep yourself grounded and trust the basics. It is like other businesses. Do not get excited when you get an opportunity before you. Make relevant evaluations and assessments before taking any step further. Losing money is very common in forex but it is part of the game. Hone your self-control and risk management skills to excel the game of forex.

Be patient and persistence if you are interested in forex trading. The most important thing you must do is to learn from your mistakes and progress forwards. Keep in mind that only progressive mindsets reach the pinnacles of success in forex.

3 Mistakes New Business Owners Make Trying to Save Money

Business owners, especially new ones, often try to save money. Bootstrapping is almost enchanting, and the ability to keep more capital in your bank account can become addicting. The issue is that most startups try saving money in the wrong places.

Common mistakes businesses make that actually cost them more money are:

1. Improper Registration / Licensing / Permit Filing

Local business laws can differ. You’ll need to obtain licenses for certain types of businesses, and other businesses may also need permits to operate. Even company registration can go wrong. A lot of businesses fail to:

  • Search for businesses with the same name
  • Search for businesses with similar names

And what happens is that your business might infringe on another business’s name. If the other business is in the same industry and was formed prior to your formation, you can face stiff legal troubles. A lawyer will allow you to avoid these costly registrations, license and permit filings.

If you start your business off improperly to save a few dollars, it might have substantial monetary consequences in the future.

2. Starting Without a Business or Marketing Plan

You should have a business plan. Before you even start your business, a business and marketing plan can help a lot. You can pay someone to come up with your plan, or you can write it yourself. The monetary loss doesn’t come from the creation process.

But if you don’t have a plan, you can lose:

  • Funding money
  • Loan opportunities
  • Sales

A business plan can be used to get loans and funding. If you don’t have a viable business plan, you’ll find that no one will invest in your company. Investors want people who are savvy, but they don’t want to lose their money.

Marketing and business plans are a must-have for all businesses.

3. Overspending and Underpricing

Two money-related mistakes that new businesses make is that they underprice and overspend. These mistakes lead to wasted opportunities and money issues. New business owners don’t understand their business operations perfectly, so they’ll:

  • Lose control of their costs
  • Overspend too often
  • Sign personal loan agreements

And then the business owner, possibly scrambling to get their spending under control, will underprice themselves and lose money to garner more business. You need to do your homework on pricing to ensure that your business is charging enough.

You can’t expect your profits to rise quickly if you’re underpricing yourself too much. Your pricing needs to cover your overhead at a bare minimum.