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  #11  
Old 11-07-2009, 04:55 PM
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My suggestion is you have $100,000 cash, 1/3 towards debt, 1/3 savings and 1/3 expansion, this way everything wins and you have 30 grand for a rainy day.
I think that is great advice.

I also think people in general tend to be comfortable with a certain amount of spending. Usually it's the point where they live hand to mouth. If they have $100 bucks in their pocket it will be spent and there will be nothing left over.

That's why I like the idea of just trying to keep the money in the bank for a certain period of time to teach you that you don't have to spend. You can save. It's very hard mentally to do.

A lot of times, I will see people come into money and they will blow it in amazing ways.

One friend had sold his house and was going to buy another one but first he wanted to take the money he made from selling his house and pay off his car loans and credit card debt.

He did and bought another house shortly afterwards. He had spent almost half the money he had made from the house sale and now put a lot less into the new house and now house a higher mortgage. He also quickly rang up his credit card debt.

See I think he just can't function without having a certain amount of credit card debt that he is comfortable with having. He needs to be $10,000 + in credit card debt or he doesn't feel like he is spending enough.

If he would have just taken that money from the house sale and put it into the new house, he wouldn't have been able to do anything else with it and blow it, but he just couldn't help himself.

Having a certain amount of credit card debt gives him some level of panic that he seems to need, then he needs to focus on saying ok I gotta watch this and keep paying it off. He is kind of like a debt addict. He would say he isn't but he is. He needs that constant reminder from the credit card company to say you owe $X of dollars otherwise he will be out spending more.

So my point of all this is, get used to saving first. Get comfortable with it. Realize you can save. Then once you can get comfortable with it, consider paying off your debt with the money, until then, try and save.
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  #12  
Old 11-07-2009, 05:59 PM
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That is a very interesting thought there Steve. I suppose you are correct about that. I think our society as a whole is addicted to debt.
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Old 11-07-2009, 07:37 PM
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That is a very interesting thought there Steve. I suppose you are correct about that. I think our society as a whole is addicted to debt.
It's because it's so easy for people to get credit, although much harder in Canada, the debit on credit cards for example is way beyond reason.

What bothers me is a lot of the capital being used is coming from Countries that are putting a lot of North American workers out of work as their jobs are being moved to countries with, well, what we might call sweat shops then the capital is being re-introduced back into the market.

Mike Moore made some pretty amazing facts on just how much of the capital on wall street is actually held by companies and other countries, his target was the NYSE but it explained a lot.

Saving requires decipline and that simply isn't there, people see something they want or think they need and they simply get it.

There is not an easy answer to this issue but I do not something has to be done and it's not being addressed, I watch the world markets, not near as close as I used to but I keep up to date, we are far from out of the woods yet.

The industry that you and I are in, Entrepueners are the foundation to any economy, always has been and always will be from where I set, problem is it's being lost as many are desperate and everything is getting squeezed.

Anyhow I won't ramble on, I do however find it troubling and have since I wrote my Economics Thesis in 1985, I hit at the auto market and if the North American makers didn't get their act together, imports would take control, laughed at by many at the time, look at Toyota for example, not totally sure about the USA but they overtool every major car manufacturer in Canada for the first time last year, Now Toyota when I was grown up was just getting into the game here so to speak but look at them now and are they looking for help??? Not a chance.
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Old 11-08-2009, 10:51 AM
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Maybe after a few more years of this recession we will get more comfortable with saving again and see the importance of it. Maybe we will get away from this drive of immediate gratification where we feel we see it and we need it now.

But then maybe that's something too difficult to control and credit card companies need to limit the amount of credit they extend or risk going out of business themselves.
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Old 11-08-2009, 04:17 PM
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Maybe after a few more years of this recession we will get more comfortable with saving again and see the importance of it. Maybe we will get away from this drive of immediate gratification where we feel we see it and we need it now.

But then maybe that's something too difficult to control and credit card companies need to limit the amount of credit they extend or risk going out of business themselves.
At the present rate of our society mentality I don't believe that the mentality toward saving/debt will change at all or at least not quickly. The mentality did not get here over night and it will not go away over night. The addiction to debt is similar to an addiction to anything else.... Alcohol, drugs, tobacco products, P*rn. You name it. Its an addiction. Its the same......
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Old 11-08-2009, 05:23 PM
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At the present rate of our society mentality I don't believe that the mentality toward saving/debt will change at all or at least not quickly. The mentality did not get here over night and it will not go away over night. The addiction to debt is similar to an addiction to anything else.... Alcohol, drugs, tobacco products, P*rn. You name it. Its an addiction. Its the same......
I agree and there is no easy fix, we as humans when things get better seem to forget just how bad things were, There was an interesting article this morning in our National newspaper online how we don't seem to learn that well from the past.......how would that work in our business, we would fail and not have the ability to bail ourselves out.
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Old 11-09-2009, 09:33 AM
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Entrepreneurs need to have the finger on the pulse of their business at all times. They need to know how much & where the money is coming in and where it is going out & how much.

The general public doesnt concern themselves, by and large with such issues. They are handed a check and they know they need to ration it as much as possible to get them through to the next check.

Now when you throw in credit cards into the equation that have no fear of going out of business because they know they will be bailed out by the government, then the flood gates open and the credit pours in.

Credit ratings be damned.

The goal now it seems is to make everyone an indentured servant. Get them used to debt and paying things off over time. Then you got them. You can increase their interest rate. Give them less and make them pay more.

It seems every freakin store I walk into wants me to sign up for their credit card. I was in an auto parts store the other day and even they hit me up with a credit card which I declined!

I guess all we can do is just be aware of all these traps and try to steer clear of them.
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Old 11-13-2009, 09:59 PM
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Interesting thread and great input from all posters.

Y'all hit the nail on the head with the "instant gratification" and "lack of discipline and self-control".
As previous stated, the problem didn't get here overnight and it won't be fixed overnight, but I do feel like we, as entrepreneurs, can be a part of the solution by keeping our businesses solid and being the rock that our employees and customers can count on when they can't count on anything else.

It works on both ends, I tell potential customers all that time when giving them an estimate that the cheapest estimate isn't always the best value. Some understand and appreciate me being honest, others only see the bottom line and how much they will be spending and how much money they won't have to buy that new Playstation 3 game that comes out in 2 weeks. Tsk.

I am honest with people, sometimes too honest I feel. I try to use my good communication skills to convey a sense of security in me doing a good job. This works against me at times because some people take advantage of my earnest way of doing business. Like the kind of people that are never satisfied and always want more for the money they are paying. These people don't want to hear that "want more = pay more".

Its a struggle man. I'm living hand to mouth right now. I can't get new customers for the life of me.

I know the grass isn't growing but I can't even get work for leaves. I'm focused on doing what I can to prepare for next season, but I can't do much buying of new/used equipment with no money coming in.
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