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Reading and wRiting and aRithmetic

Back-to-School on chalkboardIt’s Back-to-School season so we’re doing a ten-part series on lifelong learning. We’ve kicked it off with two shows on reading and writing. Now we want to talk about arithmetic.

We’re going to take a little different tack today than we have with the last two shows. We’re going to talk about two specific things we need to know when it comes to arithmetic.

These two things both involve our personal finances. That’s why they’re so important.
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6 Paths to Financial Freedom

freedomToday is the fourth installment in our freedom series. We’ll focus on financial freedom.

Financial freedom … can you imagine it? To use the lingo from our last couple of posts, it means freedom from money worries or, even better, freedom to choose how we spend and live.

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Don’t Show Me the Money

wallet The List Universe recently published their list of ten lost rules of etiquette. The one that really got our attention was their #1 reason – talking about money and possessions.

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When it comes to money, the author says that a gentleman would never:

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Success in Your Own Business Requires a Good Pit Crew

By Bigg Success Staff
05-22-08

Bigg Success in Business

pit_crew 

Every driver in the Indy 500 realizes the importance of a great pit crew. A pit crew can mean the difference between victory and defeat. As the owner of your own business, you also need a good pit crew. You’re the driver, but your crew gives you the edge you need.

Your professional advisors are:

Your accountant
Your accountant will help you determine the best entity for your business, along with your attorney, for tax purposes. They will also help you set up your books so you know how you’re performing. They can help you determine your best tax strategies. They can refer you to other advisors and capital providers.

Your attorney
Your attorney will recommend the best entity in which to hold your business to minimize your liability and accomplish your goals. They will also help you understand the formalities that need to be maintained to protect your personal liabilities. They will advise you on your business dealings and help you when the unexpected situation arises. They can also refer you to other advisors and capital providers.

Your insurance broker

Your insurance broker will help you maintain adequate coverage for your assets and will also help you manage your risk. They will recommend the types of coverage you need as well as the level of coverage you should maintain. They will help you understand where your unexpected losses might occur and help you develop programs to reduce the risk of loss.

Your financial planner

Your financial planner will help you plan for your retirement. They will help you determine which plan is right for you, your company, and your employees. They will help you set up and maintain this plan. They can also help you determine the best allocation for the assets in your portfolio so you achieve the greatest return given the risk you’re willing to accept.

Your coaches

Your coaches will prod you on when you’re up and lend support when you’re down. They will give you someone to be accountable to so you accomplish what you set out to do. They will give you an outsider’s perspective – an objective look – at this business to which you’re so close. They will help you get to the next level of success.   

Hear today's lesson and laugh on The Bigg Success Show. 

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The Man Who Turned a Part-Time Job into a Blooming Business

By Bigg Success Staff
04-22-08

Success Stories

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Jim McCann started out as a social worker, which didn’t pay so well. So in the early 1970s, he got a part-time job in a floral shop to earn a little extra money. In 1976, he took the plunge and started his own flower business.

He did well in the business, but his one little shop didn’t make that much money. So he opened another one. Then another one. By 1983, he was running a small chain of fourteen stores.

And he was ready for an even bigger challenge!

He had an epiphany one day while getting ready for work. He was listening to the radio as he shaved when the thought struck – he would build a nationwide flower service!

To support that vision, he thought he needed a memorable toll-free number. He found a company for sale that owned 1-800-FLOWERS. What a great phone number! So he decided to buy them.

It was a terrible mistake!

The company had filed for bankruptcy. It was no longer an operating company. In fact, its only asset was the phone number he wanted. But Jim agreed to assume all the liabilities as well. He figured that they couldn’t have any significant debt since they were no longer an operating company.

That’s how he got burned!

Once he owned the business, he starting uncovering the extent of the debt. It was over $7 million! He nearly lost everything he had worked so hard for the previous ten years. His friends told him he should just give up and file for bankruptcy.

But he made up his mind that he would persevere!

He realized that he would have to scale up bigger and faster than he had planned. So he used his original company’s assets and good reputation to borrow even more.

It took about five years to get back on his feet, but he did it!

His next move was to establish an early internet presence. That increased sales even more!

He took his flower company public in 1999. He still continues as the CEO. Last year, 1-800-FLOWERS recorded sales of nearly $750 million!

Jim McCann turned a part-time job into a blooming success!

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Hear today's lesson and laugh on The Bigg Success Show. 

Sources

Stop and Sell the Roses, by Jim McCann

1-800-FLOWERS

Jim McCann: My Biggest Mistake, August 1998, Inc.  

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