Cathy Stucker - The Idea Lady

Attract Customers and Make Yourself Famous

Finding Money

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You know that cool feeling of reaching into the pocket of your jacket and finding a $20 bill you forgot about? We all like to find money we forgot we had. Whenever you need some “extra” money for something—whether that might be paying an unexpected bill, buying something for your business, or just splurging to reward yourself—here are some ways you can find the cash you need.

These won’t all work for you, but chances are at least a few can put some extra cash in your pocket when you need it most. Maybe $20 or so, but more likely hundreds or even thousands of dollars. Give this a try and see how much money you can find!

Clean off your desk. Every professional organizer has stories of clients finding valuables as they get organized. Often, they find uncashed checks in the clutter, or even cash. Go through the piles of stuff on your desk and see what turns up. (Even if you don’t find money, you will have the satisfaction of getting your desk cleared off. That can make you more productive and save you time. Remember that time is money!)

Collect what you are owed. Some freelancers and small businesses are lax about billing clients. Make sure you have billed for the work you have done, and if you are owed money, follow up to collect it.

Check for unclaimed funds. You might be surprised to discover that your state (or one where you used to live) is holding money that belongs to you. If a company has money that belongs to you, and they can’t find you, they eventually turn the money over to the state escheat fund. The money may be from a forgotten bank account, insurance policy, utility deposit, etc. Learn more about how to find money online.

Gather up those unused gift cards and store credits. A check of your wallet may turn up gift cards from stores and restaurants, or even Visa or American Express cards that can be used almost anywhere. Spend them instead of cash the next time you make a purchase.

Cash in your credit card rewards. I checked my accounts recently and discovered that I have more than $500 available that can be converted to gift cards or cash, or used to pay my credit card bills. See how much you have coming to you, and put the value to work.

Call your utility company and ask for a refund of your deposit. If you had to pay a deposit to your electricity, gas or telephone provider, many will refund it after you have paid your bills on time for several months. But you will probably have to ask.

Use your change. Lots of people pull change from their pockets or purses every day and dump it into a jar. Over time, that change can add up. Take it to your bank and deposit it or exchange it for paper money. Your bank will probably be able to count it for you, so you won’t have to put it in rolls. And be careful about those machines in the grocery store that will give you paper money for change—they usually charge a fee.

Sell something. Chances are you have stuff around that you don’t need or use. Sell it on eBay or Craigslist and pocket the cash.

Return an unnecessary purchase. Did you start regretting the purchase of that jacket with the pink feather collar before you even got it home? Many people have stuff in their closets, unworn with price tags still attached. If you are within the store’s return period, take it back and get a refund or store credit.

Skip going to the grocery store this week. I’m not suggesting that you give up food, but most people already have lots in their freezers and pantries. Instead of buying more, shop in your kitchen, use up some of the food you have on hand, and pocket the cash you would have spent. You may need to buy a few perishables (e.g., milk, bread, produce), but stick to those items and stay out of the center of the store. “Finding” food in your own kitchen is just as good as finding that $20 bill in your pocket.

What are your favorite ways to find money?

Using Business Credit Cards

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business-credit-cardsMost of us take using credit cards for granted. We use them to pay for gas, lunch, travel, office supplies and other routine expenses. What many people forget is that a business credit card can also be a financial management tool. Having a business credit card, which you use only for business expenses, helps differentiate between personal and business expenses.

Many cards provide year end reports that group types of expenses together, making it easy to see where your money went over the course of the year. Those little expenses add up–it can be a shock to discover that you spent $1000 on ink and toner, for example. But that kind of knowledge is helpful when you are looking for ways to cut expenses and use your money more effectively.

A business credit card can also make sure you track every expense. Cash receipts can get lost or forgotten, so that your expenses are not fully accounted for. The card tracks the expenses and provides a paper trail.

If you travel on business, you will find it difficult to deal with hotels and rental car agencies unless you have a credit card. Many require credit cards in order to hold a reservation.

Although it is best to pay your balance in full each month, a credit card can give you the flexibility to spread payments over time when absolutely necessary. Everyone has the occasional emergency situations or unforeseen expense. When there are large expenses that you pay once a year, you can use the credit card to break the payments into more easily managed payments. Of course, that comes at a steep price, but when an expense is necessary and you do not have the cash, it may be your best—or only—option.

When you must invest in services or supplies to meet sales demands, but you won’t be paid for several weeks, a credit card can help you obtain the things you need without depleting yourcash.

Many business credit cards, like personal cards, offer rewards. Using your business credit card to pay for as many things as possible can mean acquiring rewards, such as airline miles, that can reduce your business expenses in future months. When you have the option of paying a large bill by credit card or check, pay with a rewards credit card unless you can get a discount for paying by check.
If you pay off your credit card every month, consider getting a card that offers rewards. However if you know you’re going to carry a balance at any time, a low interest rate is more important than rewards. Click Here to see which credit cards have rewards and a low interest rate.

It is likely, especially if you are a sole proprietor or your business is new, that your business credit card application will be judged by your personal credit. You may receive a small limit initially. Be sure to make payments on time, not exceed your limit and maintain a good credit history with other businesses, and your credit limit—and overall access to credit in your business—will increase over time. Click on Loans Now to know how much personal loan you can borrow based on your credit score.

Identity Theft Protection—Don’t Become a Victim

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In identity theft, personal information is fraudulently obtained and used to steal the assets of the victim or to defraud others. Bank accounts can be drained. Credit cards maxed out and new credit accounts established. And yes, it can happen to you.

According to the Federal Trade Commission, the total number of identity theft and fraud complaints in 2008 was more than 1.2 million, the highest level ever. Identity theft was the number one category for complaints, accounting for more than 26 percent of those filed. People who reported identity theft or identity fraud to the FTC reported costs of more than $1.8 billion in 2008 alone.

It can start with stolen mail, a computer virus that gives the bad guys access to information on your hard drive, a lost wallet, phishing, or even someone digging through trash to find your personal information.

How does identity theft happen? Here is one way: The bad guy goes through trash looking for bank statements, credit card statements, and records from financial institutions. If they find a bank statement they request a change of address for your bank account. Then he orders new checks for your account and has them sent to his address. The thief can then write checkswith your money. It’s even worse if you have overdraft protection that covers bad checks. You may not even know about the theft until you review your monthly statement. 

If you throw away something that has personal information (e.g., bank account numbers, credit card numbers, Social Security number, birthdate, etc.) identity thieves can use that data to open new accounts in your name.

How can you protect yourself from identity theft?

Shred anything that has personal data on it. Don’t just throw it away or tear it in half. For more security, use a crosscut shredder, rather than one that only cuts papers into strips.

Review your credit reports. You may request one from each of the three major credit reporting agencies once per year at no charge. Request one from one agency now, another in four months, and the third four months after that. Then start over again a year from now.

Remove mail from your mailbox promptly so that thieves can not take incoming credit card statements or other important mail. Or receive mail at a post office box or private mailbox.

Do not put outgoing mail (such as envelopes containing checks) in your home mailbox. Drop them in a postal box.

Carry only one or two credit cards with youin case you lose your wallet. Keep card numbers and information on reporting a stolen card in a safe place, just in case cards or lost or stolen.

Know when you should receive statements for bank accounts and credit cards. If you do not receive a statement when expected, it could be that a thief has changed the address on your account.

Never enter personal information after clicking a link in an email. It could be a phishing scam. If you receive an email about an account needing attention, open your web browser, type in the URL of the bank or other organization (not the one in the email you received) and only then should you log in.

Don’t let yourself become the next identity theft victim. One good way to protect yourself is to subscribe to a service that will automatically request credit reports and set up fraud alerts for you. One of the best is LifeLock. For a small annual fee, they will take steps to help you prevent identity theft. And if your identity is stolen, they will spend up to $1 million dollars to hire the professionals needed to repair the damage.

How to Achieve Financial Security

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golden-eggFinancial security cannot be achieved merely through owning money. As we have seen, the type of “security” represented by money and goods is a false one.

You must learn how to use wealth wisely before you can know true financial security. To achieve greater prosperity learn how to use the gifts you now have; turn your talents into money; utilize the time you now waste to create something useful for the world. Instead of wishing for more and more, use the things you now have intelligently.

If you can turn your abilities into cash you will always be able to generate income. That is true financial security.

Your time, talents, and money are all interchangeable commodities. If you have a creative talent and do not use it, that talent will die. If you have money and do not circulate it or use it constructively, it will also stagnate and do no one any good.

Perhaps the assets you now have can be used to greater advantage than the large amount possessed by a more wealthy person. Money is valuable only when it is used creatively.

Here are the steps to achieving greater prosperity: [Read more…]

Prospering in a Tough Economy

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eggs.jpgAre you feeling the economic crunch? You do not have to. Many of the small business owners I know are doing very well, even in this economy. The people who are most affected by the downturn are the ones who do not adapt and keep working toward success.

If you want to stay successful, no matter what is happening elsewhere in the economy, you need to look for opportunities and act on them. This is no time to accept defeat. See this article for ideas on how your business can do well, even in a bad economy.

Here are some things you can do right now to help your business not only survive, but thrive. [Read more…]