Relishio

By Joel Booker

 Everywhere you turn,, Americans are bombarded by the media’s coverage of the latest technological breakthroughs. From high definition panels built into refrigerators to key chain fobs that will chirp their location on demand. Don’t get me wrong, technology is fantastic. Anything to make life easier is welcome and embraced. The problem arises when your personal addiction to the latest gadgets starts to cloud your judgment on business purchasing decisions.

I have seen this time after time. When presented with two alternatives to solve a company’s need, all too often a decision maker will opt for a more expensive, high tech product over a time proven solution. Akin to adding seat warmers to your Florida commuter vehicle, these choices may make you feel good at the time of purchase but do little to enhance the company’s bottom line.

Even armed with comprehensive ROI statistics reflecting the contrary, some executives still choose to spend more and get less just to have the latest technology.

To make matters worse, some even jump into the “bleeding edge” technology. So named because the science is so new and untested that the buyer becomes the guinea pig and suffers all the associated expense of troubleshooting the new concepts. Not to be confused with the “leading edge” where products and concepts have at least been tried and proven but still retain the price gap over “old tech”. These super high-tech purchases are almost always based on emotions and hype not the hard facts, or at least not all the facts. Otherwise the newest, exorbitantly priced products would find very few homes with steadfast, bottom-line conscientious managers.

A very good example of this can be found in the industrial fabricating market. Any shop experiencing growth is faced with the choice of buying new machinery or locating quality used or rebuilt equipment. Considering equivalent machines, it is amazing how often the nod goes to a new machine. Even with a price tag of potentially hundreds of thousands higher, and long lead times, new machinery is moving at a steady clip. Although tax consequences play a role in these purchases, it is a tough task to re-coup a 100% price increase by tax write-offs.

The mechanical make-up of a typical machine tool further adds to the argument of buying rebuilt equipment. In it’s simplest form, a machine tool consists of a frame, drives, servos and a computerized control. A good frame is essentially timeless and like a good wine, can become better with age. Add to this frame some new drives, servos and a PC based controller and you have essentially a new machine. Sometimes with better performance than a fresh one rolling out of the factory. Now I ask again, why pay a 100% premium for a new machine.

If service and warranty play a major role in the decision making process, look to reputable reseller and you will probably find technicians that are former employees of and trained by the OEMs. A good reseller will have complete confidence in their rebuilds and provide a comprehensive warranty that may exceed the OEM warranty in duration and response time.

We all know of the savings to be enjoyed by purchasing a used automobile yet we still buy new cars for reasons of pride. Capital expenditures should not be an emotional decision. Gather as much information as possible to compare both new used equipment that will accomplish your goals now and into the future. And make sure your supplier will provide the warranty and service you would expect from new equipment. Then sit back, relax, enjoy your enhanced bottom line and revel in the fact that you made the right decision.

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When Everything Changes Overnight

By Joel Booker

 What would you do if today after all the hard work on your job and contribution to the companies bottom-line your services were no longer needed? Your only source of income stopped dead in its tracks. Would everything be ok for you and your family? Would life go uninterrupted or maybe even get better? Or would time almost seem to stand still for a moment before it started to come crashing in?

Well sadly, this week Ford Motor Company rewarded hard working Americans with pink slips due the company’s new campaign called, “The Way Forward.” Can you believe it? The way forward for Ford is to sacrifice the lives of the very people that helped to build the company.

“We will be making painful sacrifices to protect Ford’s heritage and secure our future,” Chairman and Chief Executive Bill Ford said in a statement. “Going forward, we will be able to deliver more innovative products, better returns for our shareholders and stability in the communities where we operate.”

Is this guy for real? He has the nerve to talk about protecting the heritage of Ford while thousands of people aren’t sure where their mortgage is going to come from.

It was hard for me to watch the news and read the stories about men and women who simply had no idea of how they were going to support their family.

While talking to a friend who lives in Indianapolis he shared how the plant closed that day. Thirty six hundred jobs were gone in a blink of an eye. He said it was devastating to his community. People were crying as they left the premises. Some people even left their cars in the company parking lot with signs on them simply saying,” Please take over payments.”

And I keep hearing the economy is getting better…for who?

As I reflected throughout the day I was reminded once again that as Americans we owe it to our families to take our lives back and build wealth from home.

Will you?

There are five famous quotes which were shared with me early in my life and have a great impact. Each one also came with a lesson. I hope they give you something to think about.

1.”There is no future in any job. The future lies in the man who holds the job.” By George Crane.

Lesson: Unless you own the business you have nothing. The power is in the ownership.

Question: How much power do you currently have? What might happen if your only source of income stopped?

2.”Lessons From Corporate America: By the time you make ends meet, they move the ends.” Author Unknown

Lesson: There is no loyalty in Corporate America. At all times you must remember to look at what is in the best interest of you and your family. Remember to mind your business not theirs.

Question: Are you minding your business? Or are you so busy working, you’re putting yourself at risk? Stop and think. What plans should you be making before they change the game? Now is the time to start thinking about home based business ideas.

3.”Assume that whatever situation you are facing at the moment is exactly the right situation you need to ultimately be successful. The situation has been sent to help you become better, to help you expand and grow,” by Brian Tracy

Lesson: Even when you are betrayed by your employer look for the lesson. Your skills and talents have made money for your company those talents can do the same for you. Don’t get blinded by the situation. Look for the lesson. And once you find it take it make a profit for yourself.

Question: What are you facing in the moment? Do you see the glass half empty or full? What skills and talents do you have that are transferable in starting your own business?

4.”The more you seek security, the less of it you have. But the more you seek opportunity, the more likely it is that you will achieve the security that you desire,” by Brian Tracy

Lesson: Most people stay in a job for the security of a guaranteed paycheck, benefits and retirement. However, when you do you give up time you can never get back. And at the end you may never get what you were promised. Be willing to take a risk on yourself and you can have all the things you want in life and more.

Question: Are you playing it safe and as a result risking everything?

5.”I had to make my own living and my own opportunity! But I made it! Don’t sit down and wait for the opportunities to come. Get up and make them!”

- Madam C.J. Walker, creator of a popular line of African-American hair care products and America’s first black female millionaire in 1919

Lesson: She was a woman who came from the cotton fields of the South. From there she was promoted the wash tub. However, in her defining moment she promoted herself into the business of manufacturing hair goods and preparations. She didn’t wait for an opportunity she created one.

Question: Are you creating your opportunity or are you simply hoping it will come?

5.”You can’t make someone else’s choices. You shouldn’t let someone else make yours, “by Gen. Colin Powell

Lesson: If you fail to make choices for your life someone else will and you may not like it. You have more control over your life when you take charge of it. Have a plan for yourself at all times.

Question: Ask yourself, are you letting others make choices for you?

6.”Entrepreneurs are the forgotten heroes of America,” by Ronald Reagan

Lesson: For some reason people have forgotten that this country was not built on the backs of Fortune 1000 companies. It was built on Entrepreneurship. Even today, people are willing to swim over shark infested waters to come to America…the land of opportunity. Those born here or those who come and build a legacy for their family and give other opportunities to develop are the forgotten heroes.

Question: What is the legacy you want to leave for yourself and your family?

What a difference it would have made if each of these employees had a Plan B in place.

Another source of income is one the best insurance policies you could have.

What happened to the employees of Ford Motor Company could happen to anyone. Are you prepared?

One of the most important things you can do is explore how you can create your own Plan B and work from home.

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Are You Considering Bankruptcy?

By Raul Levine

 Personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and far-reaching. A bankruptcy stays on your credit report for 10 years, and can make it difficult to obtain credit, buy a home, get life insurance, or sometimes get a job. Still, it is a legal procedure that offers a fresh start for people who can’t satisfy their debts. People who follow the bankruptcy rules receive a discharge which is a court order that says they don’t have to repay certain debts.

The consequences of bankruptcy are significant and require careful consideration. Other factors to think about: Effective October 2005, Congress made sweeping changes to the bankruptcy laws. The net effect of these changes is to give consumers more incentive to seek bankruptcy relief under Chapter 13 rather than Chapter 7. Chapter 13 allows you, if you have a steady income, to keep property, such as a mortgaged house or car, which you might otherwise lose. In Chapter 13, the court approves a repayment plan that allows you to use your future income to pay off your debts during a three-to-five-year period, rather than surrender any property. After you have made all the payments under the plan, you receive a discharge of your debts.

Chapter 7, known as straight bankruptcy, involves the sale of all assets that are not exempt. Exempt property may include cars, work-related tools, and basic household furnishings. Some of your property may be sold by a court-appointed official, a trustee, or turned over to your creditors. The new bankruptcy laws have changed the time period during which you can receive a discharge through Chapter 7. You now must wait eight years after receiving a discharge in Chapter 7 before you can file again under that chapter. The Chapter 13 waiting period is much shorter and can be as little as two years between filings.

Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments and utility shut-offs, and debt collection activities. Both also provide exemptions that allow you to keep certain assets, although exemption amounts vary by state. Personal bankruptcy usually does not erase child support, alimony, fines, taxes, and some student loan obligations. Also, unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy usually does not allow you to keep property when your creditor has an unpaid mortgage or security lien on it.

Another major change to the bankruptcy laws involves certain hurdles that you must clear before even filing for bankruptcy, no matter what the chapter. You must get credit counseling from a government-approved organization within six months before you file for any bankruptcy relief. You can find a state-by-state list of government-approved organizations at the U.S. Trustee Program, the organization within the U.S. Department of Justice that supervises bankruptcy cases and trustees. Also, before you file a Chapter 7 bankruptcy case, you must satisfy a “means test.” This test requires you to confirm that your income does not exceed a certain amount. The amount varies by state and is publicized by the U.S. Trustee Program.

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