Is it time to cut up your credit card?

Many people still believe that the way to get out of debt is to avoid credit. In fact, some advised that credit cards are debt traps to millions of consumers today, who are enticed by the ease of access to their own personal piggy-bank called American Express, Master Card or Visa.

The problem of credit card debt that many cardholders face lies more in the use or abuse, misuse, of their credit card. This can be traced directly to their lack of financial control and financial education of these card users. So when today’s financial expert tells you to ‘get out of debt’, ‘cut up your credit card’, ‘put your credit card in the freezer’, scoff at this advice, because the financially intelligent individuals love the power that their credit card afford them. REMEMBER: BAD FINANCIAL EDUCATION IS THE CAUSE OF POOR FINANCIAL MANAGEMENT – Robert Kiyosaki.

So is debt always bad? Certainly not. It’s interesting to note, however, that bad debt decreases your net income but at the same time good debt brings you profit. In other words, good debt makes you rich while bad debt makes you poor. Robert Kiyosaki in his book, the ABC’s of getting out of debt, stated, “debt and credit are powerful financial tools that have allowed many in the world to enjoy the highest standard of living in history”.

If you want to live a more enriched life; a life by design, then a very important life’s lesson to learn is how to minimize your stock of bad debt and responsibly use your good debt advantageously. Always aim to be like the financially intelligent who are using debt to enriched themselves, not like the financial uneducated or irresponsible who are using debt to destroy their lives.

JENNIFER HUDSON’S HOME IS A BUNDLE OF JOY

American Idol superstar singer Oscar-winner Jennifer Hudson and her fiancé David Otunga are proud parents of a son. The 27 year old “Dreamgirl” star gave birth on Monday to a 7 pounds, 14 ounces healthy baby boy, according to publicist’s Lisa kasteler. 

This means that for the near future home is where this multitalented celebrity will be doing business. Check this out to see other celebs:

The Best Home-Business: MLM versus Direct Sales

When trying to decide on which home business to start working with to generate additional income, many times it comes down to making a decision between a standard MLM program and a program designed with more of a Direct Sales model. It is important to know the differences, because you need to match the program you choose with the goals you have set for your home business.
Many of us who make our living online, still debate what is the difference between network marketing and direct sales. Even so, the vast majority of experienced network marketers would define these terms as follows:

• Direct sales are a method of selling a consumer product or a service, person-to-person and away from a fixed retail location. These consumer products are sold through in-home product demonstrations, “home parties” and one-on-one selling by salespeople. Such products or services are usually marketed to customers by independent salespeople or teams of salespeople. Depending on the sales company structure, the salespeople may be called consultants, distributors, representatives, or a number of other different titles. Direct selling can be a part time job or a full time business, depending on the needs and wants of the salesperson. Direct sales are one of the oldest sales methods still going strong today.

• MLM, sometimes referred to as Network Marketing, is a business model where a person is allowed to not only be a customer, but also have the opportunity to resell the products. In addition to being able to resell the products and earn commission on those sales, a person is able to sign up other reps and earn an override on their sales. Now this is where the “multi-level” comes in to play because it doesn’t stop there. The original associate can also earn commissions on the reps that his reps bring on the team and eventually build a group of reps that he/she overrides. Multilevel marketing, also known as “network marketing,” is a legitimate way of selling goods or services through independent distributors. Generally, independent sales people do not receive a salary. Instead, they are compensated through commissions based on the sale of products, both for their own sales as well as on the sales of those they recruit and support. Legitimate MLM’s base compensation primarily on the amount of products sold – not on the mere act of recruiting.

HOW DO THEY COMPARE
• MLM is a lower barrier to entry and many see that as a plus, it also requires a lot more reps on your team to earn a significant income, sometimes up to 200 just to make $1,000. It will also take you time to build a team this size so the upfront income is minimal.

• Direct Sales companies require more startup expenses, but the ongoing cost can be lower after a period of time.

• A Direct Sales program puts most of the payout on the front-end of the compensation plan when a new customer purchases the program package. By doing so, a large commission is earned immediately.

• Direct Sales and MLM companies typically operate in what is called the home based business industry.

• Direct Sales compensation plans are easy to explain as they mimic what happens in typical retail transactions whereas MLM plans are generally complicated for the average person to grasp if they haven’t been exposed to them.

The home business industry is exploding now during this economic downturn as more and more people look for alternative sources of income. With more people looking and the sheer number of opportunities there are two clear cut types of home business opportunities and it can get very confusing if you are trying to compare companies. You need to be fully educated on each type of company to make sure it’s a good fit for you personally.
If your goals are more geared toward spending 2-5 years building a residual type of income, then a standard MLM program would be the way to go. You must be prepared to be spending 5-15 hours per week retailing products and recruiting new distributors to join your team. It has been proven time and again that this 2-5 year plan, worked consistently week in and week out, can ultimately lead to a nice residual monthly income.
However, if you’d like to see larger profits more quickly, then a Direct Sales program with higher front-end payout might be a better choice for you.

GOT MENTOR: Finding a mentor of quality.

“If I have seen farther than others, it is because I was standing on the shoulders of giants.” Scientist Sir Isaac Newton, in a letter to his colleague Robert Hooke, February 1676.
Have you ever pictured yourself as being an entrepreneur? Have you ever wanted to be your own boss and determine your own annual income and worth? Have you ever wanted to get away from the office more and spend additional time with your family or close friends? The fact is you can become an entrepreneur. You can even flourish as one much more easily than you might think. Find a mentor. A mentor is someone with more experience than you who serves as a trusted confidante over an extended period of time. In business the mentor is someone who has more entrepreneurial business experience than you and is also a trusted confidante over an extended period of time, usually free of charge. In other words, a mentor is not just an advisor, a mentor is someone who has been there and done that and is best suited to guide you along the path of profitability in your business.

Types of Mentoring
Mentoring is often divided into two types (Buell, 2004):
• Informal mentoring relationships develop on their own as when a person approaches a possible mentor and that person agrees to form a mentoring relationship.
• Formal mentoring relationships refer to assigned relationships, in which the organization oversees and guides the mentoring program in order to promote employee development.
Note that this does not mean it is black and white; rather it is more of a continuum with formal on one end and informal on the other end. For example an organization may guide and oversee a mentoring program, in addition to providing learning opportunities to both the mentors and protégés, but may not assign the relationships.

These two types of mentoring can further be divided into two forms:
• Traditional Mentoring in which there is a long-term relationship where a mentor guides the protégé’s career.
• Special Project Mentoring in which a mentor helps to guide a protégé’s short-term project (a few weeks to a few months).

Benefits of good mentorship
Why is mentoring important in business and life generally?
• In this economy, you need to take advantage of every available resource to propel your career. Finding a mentor-and preferably a network of mentors-is a critical and smart way to get started. And, it won’t set you back financially the way hiring a career coach would.

• Mentoring is a way of giving back to the community and to society at large. It’s a way to develop various skills as a teacher, manager, strategist, or consultant. And a true mentoring relationship also works in both directions-they learn about new ideas from you just as you learn timeless wisdom from them. Jack Welch, one of my mentors, of General Electrics is famous for his belief that you must be either number one or number two in your industry or you must get out and concentrate your resources where becoming number or two is possible. If you don’t the critical tool of competitive advantage, don’t compete.

• A good mentor can provide you with the necessary competitive advantages you will need to be at the top of your field and lead your business into the realm of profitability.

• Your mentor, being an experienced businessperson, is likely to have an extensive network, and can offer you access to far more senior decision-makers than you currently have. And they will be far more willing to open that network up to you than some casual acquaintance from a networking meeting.

• A good mentoring relationship allows both mentor and mentee to develop new talents and build self-awareness. In business settings, the mentee can become more in-tune with a corporate culture and the mentor can hone leadership skills.

Finding a good mentor can often be difficult, if not almost impossible as good mentors are normally very good at their work, thus they already have high demands for their skills and time, thus they might be reluctant to take on a new protégé. To increase your chances, it sometimes helps to be specific about what you want from a mentor. The more certain you are about your needs, the more likely you will find a mentor to meet those needs.

When beginning your search, consider these tips:
Know yourself:
Consider your strengths and weaknesses, and define how a mentor might guide you through your growth.

Be proactive:
Develop a deliberate course of action to find a mentor.

Ask for referrals:
Networks to expand your reach. When requesting referrals, be clear about what you’re looking for and why.

Keep an open mind regarding who this person might be:
A mentor is someone who will help you grow in the area(s) most important to you, so look for someone who exemplifies the traits and skills that you want to adopt.

Identify where you may find a suitable mentor:
Good sources of mentors include your management team, industry associations, online communities, your clergy and/or congregation, and professors. Also consider people in your non-workplace communities, such as retirees, local business owners, and people associated with your hobbies. (Note: Some personal coaches advise against choosing your supervisor as a mentor because of a possible conflict of interest.)

Know what you want to achieve from the relationship:
A clear understanding of your purpose and desired result will ensure that you find a suitable mentor, and that you and your mentor find value in the relationship. This clarity also eliminates any future confusion regarding roles and expectations.

Think about people who have been your mentors in the past:
Whether deliberately or not, each of us has had mentors in our lives. Think about the people who have mentored you and the qualities that you appreciated most about them. Use these traits as barometers to finding a new mentor.

GOT VIRTUAL MENTORS?
Imagine having management guru Peter Drucker as your business mentor. As it turns out, many CEOs do and you can. By reading books, listening to tapes and attending seminars these leaders in various fields of business, entertainment etc., can become your mentor too and guide you to personal and business growth. Below is my list of ten most favorite virtual mentors:

Bill Gates-
Microsoft Corp. co-founder Bill Gates is perhaps the most famous entrepreneur of this era. He had the vision to predict the evolving importance of the personal computer. This allowed him to top Forbes magazine’s list of the world’s wealthiest individuals, with a 2006 estimated net worth of $50 billion.

Mary Kay Ash – Most Outstanding Woman in Business in the 20th Century
The founder of Mary Kay Cosmetics created a business that has helped some half a million women fulfill their dreams of business ownership. A best-selling author and powerful motivational speaker, Lifetime Television named her the Most Outstanding Woman in Business in the 20th Century.

Oprah Winfrey -Most Admired Entrepreneur
The unmistakable queen of daytime talk and voted the most admired entrepreneur among her peers.  Oprah Winfrey stood out head and shoulders above the rest.

Madame C. J. Walker – First Female African-American Millionaire
The daughter of former slaves, orphaned at the age of seven, Walker built a thriving beauty products business in the early 20th century, eventually employing over 3,000 people. Her hard work, honest business dealings and quality products led her to become the first self-made female African-American millionaire.

Richard Branson – The Rebel Billionaire and the Ultimate Multipreneur
A Most Admired Entrepreneur. While perhaps less well known outside of his homeland of England, Richard Branson wins the Editor’s Choice for Most Admired Entrepreneur. Learn and the ultimate multipreneur  who has succeeded perhaps most of all at “engineering a breathtaking life for himself.

Donald Trump – Billionaire Real Estate Tycoon and Host of The Apprentice
With a long list of accomplishments and assets in real estate development, hospitality and entertainment, the outspoken star and producer of “The Apprentice” is one of the world’s most famous entrepreneurs. With his rollercoaster track record, he demonstrates one of the most important entrepreneurial traits: the ability to stand back up when you fall down.

Henry Ford -Founder of Ford Motor Company and Manufacturing Assembly Line Innovator
Henry Ford was not the inventor of the automobile, but his innovations in assembly-line techniques and the introduction of standardized interchangeable parts contributed to making the United States a nation of motorists and produced the first mass-production vehicle manufacturing plant.

Michael Dell: Innovator of the Personal Computer Industry
Michael Dell, born February 1965, started the road to success out of his University of Texas dorm room in with just $1000 and an idea in 1984. Michael Dell is both Chairman and CEO of his company with a net worth of over $30 billion. Dell sells directly to the customer so to avoid middleman mark-ups.

Walt Disney – The Man behind the Mouse
Disney is one of the most recognized brands in the world, but few know as much about the man behind the Magic Kingdom, not to mention the hundreds of animated cartoons, countless feature films and endless toys that bear his name. An influential innovator and entrepreneur in the mid 20th century, Disney went from sketching a rabbit (yes, a rabbit) to running a multi-billion dollar empire.

Evan Carmichael
Evan is an entrepreneur and international speaker. At the age of 19, he became an owner and Chief Operating Officer in Redasoft, a biotechnology software company. The company quickly grew to over 300 organizations as clients, including NASA and Johnson & Johnson, in 30 countries. He started Evan Carmichael Communications Group and created EvanCarmichael website with the goal to give entrepreneurs the motivation to follow their passion and the strategies they need to succeed. Evan has also delivered over 100 keynote presentations to entrepreneurs in North America, Europe, and Asia.

Qualities of Excellent Leaders: Becoming a successful Entrepreneur

A critical factor of any organization competing for market share is the quality of its leadership. The rate of growth of the organization is tied to the ability of its leadership team. Likewise for any individual to become a successful entrepreneur the qualities of an excellent leader must be a central tool in his entrepreneurial skill-set. Leadership qualities rarely are genetic. As the saying goes, leaders are not born, they are made. Becoming an excellent leader has a great deal to do with having the right desires, skills and behavior. Many books have been written on the subject of leadership, and a number of these are excellent. For example, Robert J. Thomas and Warren Benis have written a series of books on leadership that enable people to understand the basics of becoming a leader. Leadership is more than simply having a vision and mission and communicating them to the team. It also involves a number of major and minor factors such as good hiring, proper training, and compensation plans that motivate employees and a host of other factors.

To become excellent leaders, all entrepreneurs would be well-served to read at least one book or attend a seminar on leadership yearly. Concentrate on books that enable you to acquire additional skills and enhance motivation entrepreneurship. Leadership is not something that can be done once. It’s not a procedure that is performed and then you are all set. It is a way of thinking and acting—an hourly, daily and annual activity based on desire, skills, training and specific behaviors. Whether in fact a person is born a leader or develops skills and abilities to become a leader there are some clear characteristics that are found in every good leader.

I have found that there are at least three (3) essential qualities of a successful entrepreneur and seven personal characteristic that are fundamental to good leadership. These qualities can be developed or may be naturally part of their personality. A good leader whether they naturally possess these qualities or not, will be diligent to consistently develop and strengthen them in their leadership role

THREE ESSENTIAL QUALITIES OF A SUCCESSFUL ENTREPRENEUR

1)   MINDSET
There has to be a complete paradigm shift in thinking if you want to become a successful entrepreneur. You have to change the settings on your financial thermostat, because you will never earn more than you think you are worth. You must take your financial education seriously and start developing an entrepreneurial mindset, which is totally different from an employee mindset. Another aspect of having the right mindset is association. You must start associating yourself with people who inspire you.

2) BECOME A MASTER MARKETER
REMEMBER:
EXCELLENT PRODUCT + POOR MARKETING = UNSUCCESSFUL BUSINESS
Marketing is that one variable you must solve as an entrepreneur if you wish to become successful in business. So it’s important that you know your market, choose the correct business to leverage your marketing and you are on your way to success.

3) KNOW YOUR PURPOSE
The last essential thing is knowing your purpose. If you don’t know your purpose you’ll never be fulfilled and live a life by your design. Your purpose is your mission and it should be large enough to inspire others to follow you. Be passionate about your mission and experience success. I am passionate about my mission and that’s why I’m eager to share ideas with you. What is your mission?

SEVEN QUALITIES OF AN EXCELLENT LEADER

1. An excellent leader has an exemplary character.

Leaders are role models for their team. They set the standard by who they are, as well as what they do. It is therefore of utmost importance that a leaders demonstrate that they are trustworthy to lead others. Leader need to be trusted and are known to live their life with honesty and integrity. A good leader “walks the talk” and in doing so earns the right to have responsibility for others. True authority is born from respect for the good character and trustworthiness of the person who leads.

2. An Excellent Leader is Enthusiastic

Outstanding leaders are enthusiastic about their work or cause and also about their role as leader. People will respond more openly to a person of passion and dedication. Leaders need to be able to be a source of inspiration, and be a motivator towards the required action or cause. Although the responsibilities and roles of a leader may be different, the leader needs to be seen to be part of the team working towards the goal. This kind of leader will not be afraid to roll up their sleeves and get dirty.

3. An excellent leader is confident.

Excellent leaders are confident .In order to lead and set direction a leader needs to appear confident as a person and in the leadership role. Such a person inspires confidence in others and draws out the trust and best efforts of the team to complete the task well. A leader who conveys confidence towards the proposed objective inspires the best effort from team members.

4. Excellent Leaders instill confidence in their followers

A leader also needs to function in an orderly and purposeful manner in situations of uncertainty. People look to the leader during times of uncertainty and unfamiliarity and find reassurance and security when the leader portrays confidence and a positive demeanor.

5. Excellent leaders calmly set direction
Excellent leaders are tolerant of ambiguity and remain calm, composed and steadfast to the main purpose. Storms, emotions, and crises come and go and a good leader takes these as part of the journey and keeps a cool head.

6. Excellent leaders set goals and measure progress

Excellent leaders as well as keeping the main goal in focus are able to think analytically. Not only does a good leader view a situation as a whole, but is able to break it down into sub parts for closer inspection. Not only is the goal in view but a good leader can break it down into manageable steps and make progress towards it.

7. Great leaders are committed to Excellence.

An excellent leader is committed to excellence, and does not compromise values or standards. Second best does not lead to success. The good leader not only maintains high standards, but also is proactive in raising the bar in order to achieve excellence in all areas.
These seven personal characteristics are fundamental to excellent leadership. Some characteristics may be more naturally present in the personality of a leader. However, each of these characteristics can also be developed and strengthened. A great leader whether they naturally possess these qualities or not, will be diligent to consistently develop and strengthen them in their leadership role.

Live a life by design: start a home-based business.

There are many talking about green-shoots as it relates to the economy and many are hopeful that these are true signs of an economic recovery. Nevertheless, hundreds of thousands of Americans are still losing their jobs and when you include the world economy there are millions of people who are feeling the shock wave of this economic tsunami. However, most enterprising entrepreneurial individuals are seeking to employ their gifts and talents in creating the best business model that would facilitate them living a life by their own design. A life by design allow them to gain control of their path to financial freedom, use the power of leverage, and create quality family moments at home.

So if you are one of the millions who are searching for financial freedom without sacrificing those precious family moments then considering a home based business may be just for you.

The list below are not for those who are seeking to find a get-rich scheme, or those business opportunity who promised you will make money in your sleep. Based on current and future trends these businesses have the greatest potential right now with the possibility for even greater demand for these products and services in the coming years.

1) Home Renovation Services
Even though the housing market is still flat home renovation services are lucrative investment choice by the home based business investors – and there seems to be no sign of this trend slowing down. In an aged population, more and more people are going to want to make their homes more livable by investing in the home renovations they need to stay where there are. One key home renovation focus for the long-term is bathroom renovation.

2) Pet-Based Products
Is there anything that indulgent pet owners won’t buy for their pets? If you can come up with a product for dogs or cats that you can produce in your home, you’ll have a real winner of a home business opportunity on your hands. From designer collars to “organic” pet foods, the sky’s the limit.

3) Catering Services
Think dinner for eight. Not just delivered, but served. Catering services aren’t just for big parties any more. Career couples are having almost every social occasion catered, and busy families who are tired of living on take-out are spending more on having food brought in. If you have a knack for planning and preparing nourishing, appealing food and can deliver it hot, this is the home business opportunity for you.

4) Cleaning Services
Along the same lines, there’s currently a heavy demand for cleaning services, and the demand for domestic cleaning services will only increase. If you’re good at organizing and comfortable with the thought of running a crew, this home business opportunity has the potential of turning into something big.

5)Resell Rights

Creating your own product is time consuming and expensive resell rights is best alternative to having your own product.

6) Wedding Consultant/Planner Services
More people are opting to get married which means growing opportunities for wedding consultant services. Unless the laws change in the United States, there will also continue to be a growing demand for weddings from gay couples seeking to tie the knot. Are you good at planning? Do you have a mind for details? Becoming a wedding consultant could be the home-based business opportunity you’ve been looking for.

7) Dietary Consultant Services
Another growing trend that’s only going to get larger is the perceived need for dietary advice. People are increasingly concerned about the food they put in their mouths and increasingly aware of the connection between dietary habits and their general health – and they’re increasingly prepared to pay for personalized dietary planning and advice.

In-Home Beauty Services
This home-based business opportunity combines two trends; the insatiable demand for services that make people look and feel younger and better and the growing desire to have those services delivered. And why not? Having someone come to your home and cleanse and tone your skin and do your makeup is the height of luxury.

9) Sewing and Alteration Services
Sewing is on the way to becoming a lost art as more and more people find they have less and less time. But as not everyone is the regulation size, the demand for other people to provide these services will only increase. If you’re really skilled, tailoring is another good home-based business opportunity.

10) Life/Business Coaching Services
Coaching has been hot for a while now, but I think this new industry will continue to grow. Remember when everyone had or wanted a personal fitness trainer? Now everyone has or wants a personal coach. If you have the skills and training necessary, this is a great home-based business opportunity because it can be done remotely as well as in person.

A last tip – Some home-based business opportunities requires specialized training or skills. If you don’t have the specialized training or skills needed for a particular home-based business opportunity, you can still reach your goal of living a life by design. Do your due diligence and find an established system and invest in that you can copy.

JENNIFER HUDSON ENDORSES HOME BUSINESS

“Dreamgirls” star singer-actress Jennifer Hudson will be the new spokeswoman of cosmetics giant Avon new IMARI SEDUCTION line of fragrance set to be release this august. Avon started has a home business during depression years by a courageous female entrepreneur.

This new line is of a fruity oriental type with flavors of plum and purple orchid, musk, vanilla, and amber. If you want to learn more check this out: