May 17, 2016

In this moment, my entrepreneurial mind is alive and flourishing. Moving, thinking and sparring, just like the fighters. Fighting is not a single-person sport, although it may appear to be to onlookers. And neither is being an entrepreneur. Fighters have coaches and teams they train with. Fighters go to gyms operated by gym owners. Fighters have family and friends’ support. There are judges, opponents, gamblers and crowds. The author argues that there are six components that make Muay Thai kickboxing similar to the soul of an entrepreneur: training, the crowd, a team, a coach, the fight, and the fighter.
Every waking moment is an opportunity to get better at what you do. Crowds can motivate and push fighters further. Crowds are similar to an entrepreneur’s audience, users or customers. Positive messages, comments, emails and calls can provide the same motivation from happy and inspired audiences and customers. An entrepreneur is only as good as the weakest person on his or her team. Recruit accordingly. Having the right mix of mentors can help an entrepreneur navigate pit falls and teach them how to improve their respective art. In my mind, the fight represents the daily struggle we face as entrepreneurs: the uncertainty and the volatility. Both successful fighters and entrepreneurs have huge visions, overcome extreme obstacles on the relentless pursuit to victory and risk it all on the gamble to chase their dreams. Neither would trade anything for it. Each of the author’s observations integrate pieces that make up an entrepreneur’s psyche. I look at it in this way: Don’t say can’t, ask how can I? When you get stuck on the how, then ask yourself why? Why are you doing this task? At Church of the Highlands, the church’s backbone is small groups, and the core idea of small groups is we’re better together. In order for an entrepreneur to truly get better, he or she must not be an island, but rather surround himself with people who will help him reach higher heights.

Rachel Fox was doing pretty well financially for an 8-year-old. She’d been making good money with a recurring role on Desperate Housewives as Kayla Huntington. She thought she was set for life and wouldn’t ever have to worry about money again. Then reality hit.

“As the years went by, I saw how as an actor work can fluctuate quite a bit. Some years you work a ton, some years you don’t work at all. I quickly realized this sense of security I had may not have been as secure as I thought,” she said.

Now at the age of 19, she’s been a successful day trader since 15 and has launched a blog that advocates financial literacy to teens: “Fox on Stocks.”

“There is a basic set of skills that everyone needs to understand as they become financially independent, like budgeting and understanding credit scores. They’re two topics that are very deeply connected, but unless you had basic financial knowledge, you wouldn’t know that,” she says. “The only thing that can give people real security is actually having a financial know-how, and an ability to be in control of your money.”

Her top tips for saving/budgeting for teens are: Build a budget and live within it, Savings is key, Get killer credit right out of high school, Contribute to a 401K or some kind of investment account in your early 20s. One of the financial mistakes she regretted was letting a credit card balance get too high, and having to pay down the balance on her own. If you’re an adult reading this post, then you can relate to how much interest and credit cards can eat into your normal standard of living. The rich rules over the poor, and the borrower is servant to the lender. Proverbs 22:7 NKJV This verse is an important truth to remember. Why be slave to a bank, or credit card company when you can charge yourself interest? Go to the contact me page if you’re interested in learning more. Rachel Fox closes the interview to the author saying: I don’t think people look at financial education as boring anymore, it’s becoming a necessity and we know that.

A swap is an agreement between two parties to exchange sequences of cash flows for a set period of time. Usually, at the time the contract is initiated, at least one of these series of cash flows is determined by a random or uncertain variable, such as an interest rate, foreign exchange rate, equity price or commodity price. Conceptually, one may view a swap as either a portfolio of forward contracts, or as a long position in one bond coupled with a short position in another bond. This article will discuss the two most common and most basic types of swaps: the plain vanilla interest rate and currency swaps.

I was first introduced to swaps while conducting a financial analysis on a larger corporation. Being familiar with different types of tools that companies use to increase their cash flow will help you have more options to improve your business, but it will also increase your financial knowledge. If your financial advisor or the person who runs the finances of your business uses a word you don’t understand, ask them to explain it in a way you can understand and if you still don’t understand then use the internet, library, or other sources. The plain vanilla interest rate swap involves two companies that agree to pay a set rate of interest on a notional principal on specific dates for a period of time. The notional principal amount, in an interest rate swap, is the predetermined dollar amounts on which the exchanged interest payments are based. The notional principal never changes hands in the transaction, which is why it is considered notional, or theoretical. Neither party pays or receives the notional principal amount at any time; only interest rate payments change hands. In interest rate swaps companies will often use LIBOR (London Interbank Offer Rate). For the sake of keeping this section short, please refer to the article to see the example of a plain vanilla interest rate swap. In a plain vanilla foreign currency swap, two different currencies are used in place of interest rates allowing the companies to take advantage of the changes in currency value. The motivations for using swap contracts fall into two basic categories: commercial needs and comparative advantage. The four basic ways to exit a swap agreement are: buy out the counterparty, enter an offsetting swap, sell the swap to someone else, use a swaption. This tool is a way for a company to receive a level of financing that may not normally be possible, it helps create a comparative advantage, and it is a tool that needs deep research before being used.

Nearly 8 in 10 U.S. credit card holders who have asked for a higher credit limit have been approved, the latest Bankrate Money Pulse survey found. But few people take advantage of this potentially easy way to raise their credit score.

Just 28% of cardholders have ever asked.

Believe it or not, you can actually increase your credit score by simply picking up your phone or going online and asking to increase your credit limit.
It might seem counterintuitive, but asking your credit card company to allow you to borrow more could actually make your future borrowing less expensive. If you increase the amount of available credit you have, but don’t add to any balance you carry, you’ll lower your credit utilization rate — how much debt you carry versus how much credit has been extended to you. This rate accounts for 30% of the popular FICO score. When you ask to increase your limit you may be required to provide updated annual income and expenses, and based off of your answer your limit will be increased. However, if you’re asked why you need the increase, be honest and say you’re hitting your credit limit and considering other credit companies as an option. Another helpful way to increase your limit is to simply continue to pay off your balance. The credit card company is monitoring your usage and if the company sees that you are responsible in your usage and paying off the balance then it could increase your limit to entice more spending and card usage. Here’s some key points:

  • Cardholders 30 and older were much more likely to be granted a higher limit (81%) than the youngest survey respondents age 18 to 29 (46%).
  • 84% of cardholders with an annual household income of at least $30,000 were approved for the higher limit versus 60% with an income below $30,000.
  • An increased limit can also hurt your credit, especially if you start using that extra credit and carry larger balances. But you could also suffer a temporary credit ding just by asking for an increased credit line if the card issuer checks your credit report

There are two questions that ultimately a credit card company will seek to answer: Can the person repay? Will the person repay? Credit scores are ways to monitor human behavior. For you as an individual I recommend a budget. A budget will help you monitor your day in and day out life. A credit card should be used as a means to bridge a time gap between when you get paid and when you pay your bills. A simple increase in limit and score is possible by asking. You have not, because you do not ask.

If you agreement in prayer, or if you’re in need of a financial checkup you can reach me in the contact me section.

“But those who want the best for me, Let them have the last word—a glad shout!— and say, over and over and over, ” GOD is great—everything works together for good for his servant.” I’ll tell the world how great and good you are, I’ll shout Hallelujah all day, every day.”

Psalm 35:27-28 MSG


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