Getting credit is like getting a job. In many cases, you need experience to get a job. But you can’t get a job without experience. Similarly, you need credit to help you make major purchases. But you can’t get credit until you establish credit. It’s a vicious circle.
One of George’s students, Leah, just graduated from college. She has applied for several credit cards and been turned down because she doesn’t have any credit history. She says she’s never borrowed before or even had a credit card. What can she do?
One of their examples is not sending in rebate offers. We must confess to missing out on this opportunity before. But how long does it really take to fill out the form and send it in?
Manufacturers know that a lot of us will figure that rebate into the price when we buy the item. However, we’ll never actually get around to sending in the form.
It’s a promotion without a deal!
One behavior may look like another
Have you ever noticed that people who are shy often get labeled “stuck up”? The two can look very similar on the surface.
The author of the article blames this on laziness. We wonder if it could be something else. Using the rebate example, what really caused you to miss out on that rebate? Was it laziness or disorganization? Maybe you got home, set down the rebate form and then it got buried underneath a pile of papers. It wasn’t laziness that caused you to miss out, it was lack of organization. Was it laziness or different priorities? Maybe there were fifteen other things on your to-do list. The next thing you knew, the rebate period had expired. It wasn’t laziness; it was that other things were more important. Was it laziness or inertia? Perhaps you have a routine and filing this rebate in a timely manner doesn’t fit it. Or you’re not good at following up on things in general. The ebb and flow of your daily activities doesn’t allow time for these intermittent events. Was it laziness or a lack of understanding? Could it be that you haven’t translated that $50 rebate into dinner out? You don’t see the benefit of filling out the form. If we were talking about something more complex, maybe you just don’t understand the task at hand. Was it laziness or too much ambition? It’s interesting that the reason you didn’t fill out the rebate form and mail it in could be the opposite of laziness. You may be so busy pursuing your goals that you really don’t have time for anything else.
You have to diagnose properly to find the right prescription.
Seek to discover the real underlying reason why you aren’t accomplishing something. Be careful with labels. When you come up with a label, ask yourself if it could be something else in disguise.
Price isn’t the only factor
“Getting the best rate on your savings account” was first on their list. To get the best rate, they advise you to check with online banks because they often pay better rates than local banks.
It’s reasonable advice, except it strikes us that this article was written for entrepreneurs. It makes price (or in this case, return) the only issue.
What about that local bank that supports your local community which supports you?
Doesn’t that count for anything?
Our advice is to build a relationship with a banker so, when you need money to grow your business, you’ll have a place to go.
We understand this mindset of maximizing returns. But you have to be careful not to see the world too simplistically. There are more factors at play.
This doesn’t just apply to local banks. How about local stores and local restaurants? We have nothing against chains, many of which are franchises with local owners.
Local business supports local communities. Shouldn’t that be part of your buying decision?
We’re coming out of a period of time where we put profit above people. Isn’t it time that we all think about our community along with commerce?
If you’re a local business person or just an engaged member of your community, that’s a part of bigg success!
Thanks so much for reading our post today. Please join us next time when we’ll discuss charging more for your services. Until then, here’s to your bigg success!
Bigg success is life on your own terms. The five elements of bigg success are money, time, growth, work and play. Today we want to focus on money.
Here’s a bigg challenge faced by a lot of people – you’re trying to save money. You’ve done everything you know to do. You may even have your spouse on board, but what about the kids?
My mom was a dedicated saver. She taught me about saving when I was young. I had this fun little coin machine where you could watch the money going down into the appropriate slot. I just loved to watch the coins pile up!
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My mom took my sister and me to the bank so we could open our own savings accounts. I just loved watching the money accumulate in that account! And to earn interest – I thought that was the greatest thing in the world!
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Play money
If you have kids in grades K – 8, check out the money section of kids.gov. They have some fun games, virtual tours and all kinds of other ways to help your kids understand money better. We wish they would have had it when we were kids!
When I was a teenager, I had my own job so I had my own money. The popular jeans at that time were Guess jeans. All the cool kids had them and I wanted a pair. My mom wasn’t too thrilled that I was buying designer jeans. They cost a lot more than the regular old jeans. I did buy one pair but Mom’s reaction made me think twice the next time.
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I can remember the day when I learned the difference between real money and play money. I was in the fourth grade. My teacher was one of the best teachers I ever had. He was always talking about the Guinness Book of World Records. I was with my Mom … shopping. She told me that, if I was good, I could pick out a toy. I found this air-powered toy gun. When we got up to the check-out counter, I noticed they had the Guinness Book of World Records on sale. I wanted it too! Mom said I couldn’t have both; I had to choose. It was a hard decision, but I finally chose the book. I never regretted it!
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We both benefited from our parents forcing us into making spending choices early in life. With the right coaching, kids can learn to be clever consumers and smart savers. It’s one of the best gifts any child could ever receive.
What did your parents do to teach you about money? Or what have you done with your kids to teach them? Share that with us by leaving a comment below, calling us at 877.988.BIGG(2444) or e-mailing us at bigginfo@biggsuccess.com.
Thanks for reading our post today.
Please join us next time when we’ll look at quirks that cost us time. Until then, here’s to your bigg success!
You’re probably familiar with the term “battle scarred,” which refers to the scars from wounds received in combat. Most of us are fortunate to not have to engage in real warfare where the scars are visible (i.e. physical) and invisible (i.e. mental). Our battles are more esoteric so our “scars” tend to be only the second kind – mental.
Today we want to talk about a different word – battle scared. It’s amazing what a difference that one “r” can make.
By our definition, “battle scared” means that the damage done in combat is so severe that the injured party doesn’t push on.
It’s possible to be battle scarred without becoming battle scared.
People who are battle scarred start with an open wound that leaves only a scar over time. For people who are battle scared, it’s as if the wound never closes.
Mentally, the battle is still fresh in their mind. So they’re unable to fight again today. Two people can engage in the same battle and experience the same thing. One pushes on to fight another day (the battle scarred) while the other can’t live with the memories of the battle (the battle scared).
An example: the recent financial crisis
We have an example of a battle recently – the financial troubles rolling through the economies of the developed world. We all may feel a little battle scared at this point because it is still so fresh in all of our minds. It’s important to pause and reflect so we’re only left with the scars of the battle.
Learn the proper lessons “Stocks are too risky.” “Playing the stock market is no different than gambling at a casino.” “It’s the government’s fault.” “It’s the banks’ fault.”
These are the wrong lessons to takeaway from this battle. They are the reactions of the battle scared.
“I took on too much debt.” “I spent more than I took in.” “I didn’t create a safety net for myself.” “I focused too much on what I wanted now and not enough on my future.” “I should have seen that stocks were risky.”
These are the right lessons to learn from this calamity. The battle scarred will come away with these things in mind.
Make the proper adjustments. “I’m going to close out my 401(k).” “I’m never going to invest in stocks again; they’re too risky.” “I won’t take any risk ever again.” “You can’t trust anyone.”
These knee jerk reactions are common among the battle scared.
“I’m going to have an emergency stash.” “I’m going to get out of debt.” “I’m going to learn to allocate my portfolio so I get decent returns for the risk I’m taking.”
The battle scarred will make adjustments, but they won’t go from one extreme to another. Giving up gets you nowhere We have to keep fighting. We have to learn the right things from every battle so we can make the correct adjustments. We should gain wisdom from the battles we fight. That wisdom will help us win the war faster with more certainty.
If we become battle scared, we fail. We fail to take advantage of the opportunities that will present themselves in the coming days. We fail to reach our full potential. We must resolve to learn from our battles and make the adjustments necessary to win the next one.
We’re so glad you stopped by today! Come back next time to learn how to get on the radio as an expert in your field. Until then, here’s to your bigg success!
We usually talk about money on Mondays. As we discussed possible topics for today’s post, we realized there was no bigger issue than what’s going on in Washington and Wall Street. Our apologies to our international listeners, but we’re going to be domestic today. But as we’ve seen, it obviously affects everyone worldwide.
We usually don’t talk about politics. We won’t be partisan; there’s plenty of blame to go around. We know that we may upset everybody today; that’s not our intention.
We think it’s time to look at the facts so we can make the right decisions here in a few weeks … who are we going to hire?
Not just for President, but for government at all levels. It’s time that we, the people, take back our country, our states, and our cities.
We’re sick and tired of the blame game and passing the buck on personal responsibility. Leadership is about taking responsibility. The leaders of our biggest companies aren’t taking responsibility, but even more sad, our elected officials aren’t bearing it, or requiring it, either.
We, the taxpayers, invested $85 billion in AIG. What was AIG’s response? They threw a $440,000 “party”. Sure they called it a “planning meeting” or an “executive session”. But how can you justify spending that kind of money for a retreat when you’re using our money and you’ve been on the brink of financial collapse?
It was a complete slap in the face and our leaders should have seen it as such. But what did they do? Turn around and give AIG another $38 billion two weeks later!
How many of us could walk into a bank two weeks after we borrowed a bunch of money in desperation and get more?
How successful would we be at getting more money if we so grossly underestimated how much it would take the first time around?
“Oh, and by the way, Mr. Banker, we know you’ve heard that we wasted some of it on a spa getaway, but we need about half as much again as we borrowed the first time. Will you lend it to us?”
Can you imagine the response?
Fortunately, AIG scrapped plans for another “party” after news got out about the first one. Of course, we’ve also learned that they tinkered with the idea of spending some of our money running an advertising campaign to apologize for the first “party”.
Congress set up the Office of Federal Housing Enterprise Oversight (OFHEO) back in 1992. The sole job of this agency was to evaluate the soundness, accounting practices, and the like of Fannie Mae and Freddie Mac.
Two companies … that’s all OFHEO had to oversee. Buffet, of course, notes that he does more than that all by himself.
It took 200 OFHEO employees and a $65 million dollar a year budget to do that.
Year after year, OFHEO reported to Congress. They stated that the accounting was sound. The directors were great. Everything was just fine. There was nothing to worry about.
Well, we all know what happened – two of the greatest accounting misstatements in the history of the stock exchange caused by management misconduct. What was OFHEO’s response?
A report to Congress blaming the management, the directors, the audit committee. Everybody but themselves.
200 people with a budget of $65 million overseeing just two companies. Yet they assumed no responsibility for this huge blunder.
The problem we have is that everybody blames anybody else every time there is a problem. It needs to end now.
How to put an end to it
The solution may surprise you. It starts and ends with us. We need to take personal responsibility. We made mistakes too. We bought in.
We saw government borrowing and living beyond its means, so many of us borrowed and lived beyond ours. From this day forward, that ends. We won’t forget this lesson. We will bailout ourselves. We will get back on our feet. We will prosper.
We also delegated too much. We voted, but we didn’t pay close enough attention to what our elected officials were doing. Well, Mr. or Ms. Politician, you have our attention now. And we’re going to keep paying attention.
What we can’t control
Here’s what paying closer attention has shown us – we see a complete vacuum of leadership. You’re not a leader if you don’t take responsibility for your mistakes. You’re not a leader if you don’t solve problems; you only assign blame to others. You’re not a leader if you can’t tell us where we’re at, why we got here, and what we’re going to do about it to make tomorrow better than today.
We can’t personally do much to change the leadership on Wall Street. We can’t do much to change who reports our news, because the media missed the boat on this one as well. We can’t choose the bureaucrats, like the ones at OFHEO, who oversee key agencies and put policy into action.
What we can control
We do get to choose who we hire to represent us. We have important decisions to make in a few weeks. Not just for President. Not just for the Senate or the House in Washington, D.C. We get to choose who will represent us at all levels of government.
So here’s how we put an end to it now. Quit thinking like a Democrat or a Republican. That’s another trap they’ve led us into and we bought in.
No, we will hire the best person for the job. We need to do our homework: What’s their record? What have they accomplished? How have they handled their fiduciary duties in the past?
The past is the best predictor we have of the future when it comes to human behavior. That’s how we would hire anybody else. Why would we hire our elected officials any differently?
We have access to the records of our current elected officials. We can know what they’ve done. We need to start paying closer attention.
We’re looking for public servants, not party servants or power servants. We the people are taking our country back.
Go ahead, Mr. or Ms. Politician … take that special interest money. But you better be clear about who you serve. We the people.
Mr. or Ms. Elected Official, go ahead and listen to your party leaders. Just know that, on Election Day, we won’t vote for the person who serves the powers that be. We will vote for the person who serves us. We the people.
Combined, we’re more powerful than Washington can ever be when we are educated and informed. We will take personal responsibility to learn who best serves our interest, and the interests of our children and grandchildren.
We the people are taking back our country.
What do you think?
https://biggsuccess.com/wp-content/uploads/2020/07/bigg-success_stacked-1080.png10801080George Krueger & Mary-Lynn Fosterhttps://biggsuccess.com/wp-content/uploads/2015/07/BIGG-Success-Nurturing-Your-Inner-Entreprener.jpgGeorge Krueger & Mary-Lynn Foster2008-10-13 00:30:292008-10-12 23:32:52We the People are Taking Back Our Country
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Forbes recently published an article on 
Bigg success is 
My mom was a dedicated saver. She taught me about saving when I was young. I had this fun little coin machine where you could watch the money going down into the appropriate slot. I just loved to watch the coins pile up! 
My mom took my sister and me to the bank so we could open our own savings accounts. I just loved watching the money accumulate in that account! And to earn interest – I thought that was the greatest thing in the world! 
You’re probably familiar with the term “battle scarred,” which refers to the scars from wounds received in combat. Most of us are fortunate to not have to engage in real warfare where the scars are visible (i.e. physical) and invisible (i.e. mental). Our battles are more esoteric so our “scars” tend to be only the second kind – mental. 
We usually talk about money on Mondays. As we discussed possible topics for today’s post, we realized there was no bigger issue than what’s going on in Washington and Wall Street. Our apologies to our international listeners, but we’re going to be domestic today. But as we’ve seen, it obviously affects everyone worldwide.