Interesting Story about Richard Branson

I wanted to share an excerpt from a book I just finished reading titled "Linchpin: Are You Indispensable?" written by Seth Godin.

Forty years ago, Richard Branson, who ultimately founded Virgin Air, found himself in a similar situation in an airport in the Caribbean. The had just canceled his flight, the only flight that day. Instead of freaking out about how essential the flight was, how badly his day was ruined, how his entire career was now in jeopardy, the young Branson walked across the airport to the charter desk and inquired about the cost of chartering a flight out of Puerto Rico.

Then he borrowed a portable blackboard and wrote, "Seats to Virgin Islands, $39." He went back to his gate, sold enough seats to his fellow passengers to completely cover his costs, and made it home on time. Not to mention planting the seeds for the airline he'd start decades later. Sounds like the kind of person you'd like to hire.

If you enjoyed this story, please consider purchasing Seth Godin's book. It is an excellent read with many good stories like this.

Three Ways To Raise Your Credit Score

Everyone always ask me what they can do to raise their credit score. Here are three ways to raise your credit score and keep it high.

First, keep credit card and other revolving balances low compared to your limits. So, the two ways to make this happen is to pay off debt and raise your limits. This can be accomplished by calling your credit card companies and ask them to raise you limits. Also, if you have a lot of balances on a lot of cards, you can do a debt consolidation that will transfer your debt to installment and in most cases instantly raise you score.

Second, do not close credit cards. As you pay off your credit cards, leave them open. This is because the older the cards you have, the higher the credit score.

Lastly, pay your loans and credit cards on time. I cannot stress how important this is to keeping a high credit score. This is the key to building good credit over the long run.

Are You a Slave or Freeman?

If you have any debts, you are a slave to that company. Think about it. You are working to earn money to pay your bills. For each bill you have, you are basically working for them. You cable bill $100, you are a slave for Comcast. Your car loan is $300 per month, you are a slave to your bank. The way you break the chains is to pay off all your debts and start paying yourself. Pay your self by saving your money, investing your money, and wisely spending money you have. Slave or free man...your choice...

You know you are spending too much when...

You know you are spending too much when you have to borrow to pay other debts...
You know you are spending too much when you cannot even make all the minumum payments on your credit cards...
You know you are spending too much when you eat out more than you eat in...
You know you are spending too much when your car payment is greater than your rent or mortgage...
You know you are spending too much when your bar tab exceeds the amount you saved from your last paycheck...

Remember, there is no shame in having debt if you are paying it back with the intention of paying it off as quickly as possible. Americans are saving less now that ever before. It is important that we as a nation put more emphasis on sound financial planning. The more of our fellow citizens that our financially fit, the better off the country will be as a whole.

Free vs Paid Advice

Which would you prefer, free advice or paid advice? Granted, one costs less than the other, or does it? What is the cost for free BAD advice? I am not advocating only seeking paid advice, but you have to ask yourself if the person is credible in the subject area.

For example, you love your parents. Most of us love our parents. You need advice on buying your first home. Your parents have never owned their own home and in fact, they are adamantly against you buying a home. Even though their advice is free, is it good advice? What if you listen to them and rent your whole life. How much did that cost you over all those years?

Remember, when seeking advice, make sure that the person giving you the advice is knowledgeable on the subject or it may end up costing you more than you think.

Pop up Bank Branches?

I was reading this month's Inc Magazine issue and read this interesting article about a chain of New York City beauty stores called Ricky's that open 30 temporary stores for two months to sell Halloween supplies.

They use these pop-ups to test a market. You see, when they open the pop-ups, they analyze the sales. Stores that have strong sales of women's Halloween costumes, then it may make a great permanent location for their beauty store.

I was thinking, many different types of businesses can use this same technique. Maybe not with Halloween costumes, but maybe banks or credit unions can set up a temporary mobile branch in an area they are thinking about expanding into. Who knows, it may be a great way to see what kind of market you will have there before spending a ton of money building a branch from the ground up.

One of My Favorite Websites: www.Woot.com

For years now, I have been a fan of a website called Woot. Every day, they offer 1 item usually at a deep discounted price. You never know what the item will be until they post it at midnight. Not only do they offer great deals on these products, they have clever marketing, item descriptions, and a unique feel. Click on the picture below to check them out.