Category: Personal Finance

Business Structure

When someone starts a business they often choose a business structure to complement it. Now there are many types of business structures, partnerships, sole proprietorships, corporations the whole nine yards. But if I were to start a business, I would settle with a partnership.

This is mostly due to the fact that you can spread the workload if it’s a heavy one and get jobs done quicker. But, you need to trust your partner so that you can be sure neither of you are up to something. Now, a partnership doesn’t need to be just two people, you could be working with a third and it still be a partnership. For example, if one of the three proprietors calls in sick, then the two remaining ones can function as a two person business. Have you ever heard the saying two heads are better than one, well this is a demonstration of this saying.

So in conclusion, if you start a business there are many thing you need to take into consideration. Each one is very important but to me, the kind of structure you want your business to be organized in should be the most important thing on your list.

Financial Help

There are many ways to manage your money online. But, the best financial solution for me, and I’m not saying this because I was to lazy to find other ways, is the Ron Paul curriculum personal finance course. It has truly helped my financial situation dramatically. I have avoided many small expenses, though I do occasionally give in. It has provided me with the information on how to create my own budget, which I have and use fairly often. It has also given me friendly advice on how I should go about spending on clothes and technology. The teacher that I’ve been learning from is Mr. Timothy Terrell. He’s very descriptive and uses many helpful scenarios to demonstrate his points. But, he suggests that I take notes so that what he says doesn’t just go over my head. I suggest everyone else do the same. He also gives me the occasional writing assignment to also help solidify what I’ve learned. In fact, this is one of those writing assignments. The course is not free but I would suggest paying for it. It’s worth it, trust me. If anyone were to ever consider purchasing a financial helper, this course is perfect.

A Simple Budget

Recently I created a budget on a spreadsheet program to help me manage my money. But, when I finished, I learned more than just how to make a budget. When you create a budget, you really see how much income you collect, and how few or many expenses you have. Which is why you budget in the first place. Also, it’s not easy, because adding costs and subtracting costs can take quite a while. But if you stick to it, it’ll pay off. So that’s what I learned when I created a budget.

What is to happen

What is to happen

This week my income, or the amount of money I gained, was $25.00. This was due to there being much work to be done around the house. Since last October my income was $60.00. I believe this will not be the case next year, because my father said he wanted to continue my allowance he discontinued last year. This will provide with a steady income of $10.00 a week the following year.

Wealth Morality

     Usually, if a man or woman has a fair amount of cash, or money, it normally goes unnoticed. But, when people see men & women who are rich and have a lot of money, they see it as unfair.  They think that it’s unjust and immoral to have that much wealth.  This is simply a flawed statement.  Though many people have arguments and reasons for this topic, most have been proven wrong or have been set straight.

     One of these arguments state that the rich should pay for things that the general public doesn’t.  I truly don’t understand this argument.  What right do you have to other people’s money? Just because they have more, doesn’t mean they have to give more.  There are rich people who donate to people so not all rich people hoard money.

     This next statement might be the most popular of all of these supposed monetary problems: “money is the root of all evil”.  This is one argument that was taken from the Bible but later debunked.  The Bible does contain these exact words but also has three extra words that people left out on purpose: “THE LOVE OF money is the root of all evil”.  It states that if you love money that much, then you may do sinful things to get more.  But remember, money isn’t evil, it’s how it is used.

     Finally, the statement that money itself is immoral.  This is by far the worst argument I’ve heard in a while.  If people want to use money to feed & clothe the poor, then how can they say money is immoral.  You need money to buy food and clothes for people, ever think of that.  Again, money can be used for good & bad, it isn’t wrong itself.

     Money was originally created to be used as a tool of barter.  It has no value, but people are willing to accept it as currency.  So if I work hard and make a large amount of money, it belongs to me because I worked for it.

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Andrew Carnegie

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     This essay will be about Andrew Carnegie, one of the most successful entrepreneurs in history.  He was born on November 25th, 1835 and grew up in the country of Scotland.  In 1848, he immigrated to Pennsylvania when starvation became a worrying problem in Scotland.  When he was 13 he began working at a cotton mill, changing the spools of thread for the workers and earning 20 cents in doing so. This was equivalent to 2 dollars in today’s money. After a couple of job changes, at 18 he became superintendent of the Pennsylvania Railroad Company.  Carnegie had made many investments over the years and he would invest in oil in 1864.  But after the War Between the States, he focused more on iron and steel mills, and would go on to make his own business in 1892, Carnegie Steel.  It started out making rails but would soon go on to make steel for large buildings.  As his business continued, many soon found out that Carnegie was an aggressive competitor in the business world. One of his biggest competitors at this time was Burton Folsom and his steel company.  Over the years, Carnegie made good profits but eventually he sold Carnegie Steel to J.P. Morgan.  With his new company, Morgan formed U.S. Steel and made Carnegie’s protege, Charles Schwab, president.  But Charles didn’t agree to use Carnegie’s methods, nor did he have his self-discipline.  The reason Carnegie succeeded was because he managed his money well and was smart with investments.  As Carnegie once said, “watch the costs and the profits with take care of themselves”.  When Carnegie died on August 11th, 1919, he had given to others, almost 5 billion dollars in today’s money.  This was a smart and generous entrepreneur who has surely left his mark in today’s American history.

Calendar Types

     Calendars are a great way to budget your time.  I downloaded a business calendar today and I also have Google calendar. I prefer the business calendar because it seems a lot more organized and it’s not that hard to use.  The Google calendar is useful, but for schooling I’d prefer the business calendar.