I wanna be Happy, not Rich

You hear this all the time. All people are saying this, to overstate. We were born and raised hearing this line over and over again - like a broken record. First, I am not blaming anyone. Yet on a second thought, I found a slight glitch that makes the difference. Second, I am not convincing someone to advocate my opinion. Would be happy if you share some insights though.


You see, the statement says happiness is mutually exclusive with being rich. Which means to say, one can never be happy if he is rich and vice versa. The law of duality applies though flawed.

Of course not! I strongly disagree. And their STRONGEST defense is this - "Yeah they're rich, but they have family, personal problems at the very least. I don't want that." Very. Least. Superly extreme lol. If you are rich, you must have a serious problem! I don't want that too. Who does?

But after all, that is a LAME EXCUSE. Here is why.

To say that happiness does not come along with wealth is not true. Better forget that. Zilch. That's a crippling lie. Yes, I agree that there are some people who got rich and died like a rat.

They're caught up with drugs, suicide and serious problems. But that doesn't apply to ALL. Don't generalize the issue. It's like saying "All men are liars."

Woah! Then what am I? Kidding :) Of course that's not true. Just because you've been swindled by a strange man or abused with your partner doesn't generally mean all men are bad! Right or correct? :p

"I wanna be LAZY...not rich.." - to correct the famous scratched record. Being happy is an excuse. But to become lazy is the REAL reason why someone doesn't want to be rich.

Life isn't easy. Who says it is? That is why majority end up living the "easy way" saying, "I wanna be toot..not rich.."

Calling up a prospect?

I am a sales man.

Whenever I call my prospects (who has been already warmed up) or customers, I introduce myself, greet them and ask whether is it a good time to speak with them?

I picked this trait up while interning and have observed my colleagues picking this up from me.

So this is how my prospects and customers perceive me:

And therefore it is hard for them to say no :)

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I am also a customer.

Whenever someone calls me to sell, the following happens:

1) The caller introduces her name and company (which is fine) but does not ask whether I am free to speak to her (which is rude).

2) Almost all callers address me as Mr Srinivas (which, incidentally, is my father's name). I hate this as companies today spend millions of dollars into customer insights ( a fancy term to understand more about the customer), but cannot state my name properly. They could just address me as Sham. But I believe they will waste some more share holder money and take another half a decade to get this right.

3) They immediately begin to parrot the not so well rehearsed sales pitch which can even put Karan Pandava off! (I am referring to Karan from Mahabharat who would always give whatever anyone would ask from him after his daily morning prayers to the Sun God. So the pun is that if it can annoy a great giver like Karan it can certainly annoy a Mr McScrooge such as myself! :P )

4) Unlike several others I listen patiently, thank the person for calling and state that I am not interested. They take my word and immediately disconnect. They don't even wish me a good day! :(

I perceive the caller like this:

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Companies could offer training on the following aspects:

1) Good Manners: Ask the receiver whether it is a good time to speak.

2) Ask Questions: Ask whether the receiver requires a product. If not, then whether the receiver is happy with the incumbent product. 

3) Generate a Bait/USP/Any other pioneering term your marketing man can come up with!:  Use some of the insights churned out by their market research team to generate an attractive number. This would be a number backed by facts. Let us consider the concept of term insurance. Term insurance is cheaper and offers substantially higher coverage than traditional money back plans. If you invest the rest of the money that you ended up saving, because you bought a term insurance plan, in a recurring deposit (not even fancy mutual funds) you might end up generating wealth worth Rs 10 lakhs in 7 years. I figured this using Excel and therefore bought a term plan. I am sure  MNC behemoths that are employed with brainy suited up corporate types even know the accurate figure. For some reason they don't share this with the agent who makes calls.

4) Some more good manners!: Thank the receiver for her time and wish her a nice day.

If they manage to do that, they might be perceived by the prospects as the pretty blonde lady in the picture below is perceived by men.



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End of Telegram

How does a society evolve? Either by killing its redundant aspects or changing them. However in India the former seems easier than the latter. We like to kill those who revolt against barriers of caste, rebel  to affirm their choices or decides to be a woman even before taking birth. So what chance does a money losing entity have? Especially in Mumbai!

For 163 years the telegram remained a source of tremendous joy as well as a fore bearer of deep despair. Promotions, birth of a baby, death of a relative and forceful self invitations were communicated through telegrams. It was also the only medium of communication that could be admitted in court as evidence.

Although the BSNL claimed that this service was a loss making entity as digital channels of communications have become popular, the critics of this decision point out to numbers.Almost 300 million Indians still lack cell phones as per government data. Compare this number to the entire population of the US which is 313 million! In non urban areas, telegrams also work as an effective payment recovery mechanism.

I decided to send a couple of telegrams on 14th July 2013 as the government had decided to discontinue sending telegrams from the next day onwards. Here are some images:

 (You might think this isn't much of a crowd, but if you get to speak with any of the employees they would say it was the most they had seen in their entire career at the Telegraph Office!)

 (Some of the employees who were protesting the closure of the telegram service)

(A board that opposed the decision taken to close down the telegram service and also a couple of posters about what action the employee union intends to take to oppose this decision. Sources claim this decision might be reviewed after six months) 

Countries like Italy and the UK are offering online telegram services. I wonder why did this not happen in India as they seem to be selling everything else (from lingerie to counselling) online. Or they could have increased the rates as they did in 2011.

Sources:

The Internet didn't get the message, the telegram is not dead: http://motherboard.vice.com/blog/the-internet-didnt-get-the-message-the-telegrams-not-dead

Telegram flies to sunset: Taar brings bad news as usual http://www.dnaindia.com/mumbai/1847743/report-telegram-flies-into-sunset-taar-brings-bad-news-as-usual

Hunted lovers mourn end of telegraph http://blogs.wsj.com/indiarealtime/2013/07/15/lovers-mourn-end-of-the-telegraph/

Forget Dodo, its dead as a telegram http://www.dnaindia.com/mumbai/1861187/report-forget-dodo-it-s-dead-as-a-telegram

Accounting for Real Estate Agents

As a Realtor  your paychecks completely depend on your abilities to sell a house. Unlike others types of employees who receive steady paychecks, Realtor paychecks fluctuate wildly from each sale. For this reason, managing your finances is a paramount importance. 

The major question you may ask is what financial software should you use? This should be your second question, your first question to ask is if you are a independent contractor or employee. 

If you are an employee for your brokerage, then you can use any time of personal finance software to manage your money. I would suggest YNAB for its budgeting capabilities read more here, however, if you need to track expenses for tax purposes then using Quicken Premier/Deluxe would be best. 

Independent contractors should aim use QuickBooks Pro or QuickBooks Online Essentials. These programs help make tax season a breeze and will reduce the number of times your accountant rolls their eyes when you come in to have your taxes done. While Quicken does handle businesses, QuickBooks will place your taxes in a format that your account would be familiar with, namely using P/L statements, Balance sheets, and other business reports that accountants use for tax filing. 

QuickBooks has a robust tax line mapping compared to Quicken, and it is solely a business accounting program unlike Quicken home and business. If cost is something you are worried about and you also need a mobile solution. QuickBooks Online Essentials will give your the tax reports, mobility, and excellent money management for less than $30 dollars per month.

If you have any questions about setting up your QuickBooks company file or deciding which program to use, leave a comment!

Home Equity Lines of Credit

Have you ever looked around your home and felt it could use a little update? Perhaps the kitchen could needs new granite counter tops or maybe the bathroom is too small or even worse, the den is still sporting that shag carpeting from the 1970’s. If this sounds familiar to you but you are wondering how you might pay for the remodeling, a home equity line of credit might be what you are looking for.

What Are Home Equity Lines of Credit?

Simply put, a home equity line of credit is a line of credit secured by your home. Most homes have equity – meaning they are worth more than what you owe on them. A portion of the difference between the value of your home and the outstanding mortgage amount is the equity available to you. As opposed to receiving one lump sum of cash as you would in a home equity loan, you will have access to a line of credit, similar to a credit card.

First, your mortgage company will establish a total available loan balance from which you can draw. You can draw the amount you need or want up to the total available. For example, if you receive a home equity line of credit of $50,000.00, you can take as little as the minimum withdrawal amount and all the way up to the entire $50,000.00 or make several withdrawals as needed.

Home equity lines of credit use a variable interest rate which is often based on the current prime interest rates.

What Are Home Equity Lines of Credit Used For?

There are several uses for a home equity line of credit. Many people use them to update or renovate their homes. From a new backyard and swimming pool to updated wiring, this type of line of credit is a good option for covering the costs. In addition, some individuals use home equity lines of credit to pay off or consolidate debt from credit cards and other sources.

Another use you can use a home equity line of credit for is college tuition. This is a good option as the money will be available when tuition comes due twice a year as opposed to receiving a lump sum.

How Do Home Equity Lines of Credit Benefit You?

One benefit of home equity lines of credit is that the interest may be tax deductible. Your tax advisor can provide insight into your personal circumstances. In general, IRS guidelines allow  interest as a tax deduction as long as your line of credit is less than $50,000.00 for an individual and $100,000.00 for a couple filing jointly. If you use a home equity line of credit for any other purpose than home improvements, the interest is not tax deductible.

A second benefit of home equity lines of credit are the repayment options it affords you. You may pay a small amount of principal plus interest, which may help your monthly finances if you find yourself in a rough spot.

What Is the Easiest Way to Obtain Home Equity Lines Of Credit?

Having a good payment history is a necessity when it comes to obtaining a home equity line of credit. Like any home equity loan, certain criteria must be met before a bank or mortgage leader will grant you a line of credit.

If possible, review your credit score and clean up any inaccuracies. Be sure all of your payments are on time and above the minimum payment to improve your overall credit standings.  Your debt does not need to be entirely erased, however, all of your credit accounts should be current and in good standing. Secondly, ensure you have a solid employment history. Typically, lenders like to see at least two years of employment at your present company.

Once you feel you have your financial house in order, contact your current mortgage holder or the bank from which you obtained your original loan. Having a personal relationship with your banker or mortgage lender can aid in obtaining the home equity line of credit you are looking for. A local bank has a personal stake in the community, and that might make it easier for you when going through the loan process.

Home equity lines of credit can be a ready source of money for home improvement projects, both large and small. Whether you need a new roof, or plan to finish your basement, a home equity line of credit can help you increase the current value of your property. With a little planning and research, you should be able to find the right home equity line of credit for you.

This post was written by Holly Wolf of Conestoga Bank, a community bank servicing Philadelphia and its surrounding regions for over 120 years. This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material.

Once Tasted,..always WANTED?

The life of a teenager seems to be the most exhilarating stage of a person. It is when the inquisitive mind is fed with all the possibilities and wonders a guy could ever think of. Discoveries, yes!

And with that we often hear the old adage saying, "Once tasted, always wanted!"  Well, not for all. While this is a general statement indicating the vast majority, this doesn't apply to everybody. Not me! :)

About Illegal Stimulants and PMS

Yeah, you probably know that these are the taboos brought to us by our ancestors' customs and traditions. But while they say don't, I say why not!? Stimulants could pose a great risk, but the name itself says otherwise.

Let's get back to the basic. According to Uncle Oxford, "A stimulant is a medicine or other substance which has a marked physiological effect when taken into the body."

Conclusively, narcotics are beneficial to mankind. Imagine an ailing cancer patient with no medicinal intervention. Marijuana and methamphetamine hydrochloride (shabu) are not bad after all.

Although this is prohibited by law, anyone can try at their own risk. Or you might end up behind the bars.

The only problem with these stimulants is addiction. Users tend to be dependent - like water, that they can't live without it. Worst is the after-effects of addiction. That includes crimes. And that's another story.

Stimulants and addiction are two mutually-exclusive subjects. One never automatically gets addicted after taking these narcotics.

That is dependent on the person - how strong he is to tolerate and temper control. Thus, it follows that once you've taken these, rest assured you won't get addicted. That depends on two variables a person has - temper and tolerance.

You can always get out what you entered if you have these two strong variables. Like when I tried smoking in high school, I felt it didn't make any difference in me except the "cool effect" in the mouth when I puffed one stick of Marlboro cigarette.

PMS is having intercourse before wedlock. Ask anyone and you will hear the same answer, "No!"

Personally speaking, I am in favor of PMS. No don't put the emphasis on me but the subject. I am a Catholic. I attend masses every Sunday - no kidding. But this doesn't necessarily mean I tried that stuff already, just my opinion. Now that's clear.

The reason, I believe, people are anti-PMS is because of religion distortion. They decide based on what their religion says. It is not in the commandment, not in accordance with the writings and all.

But come to think of it, several couple had done PMS just before they get married. Nothing happened thereafter. It all seemed natural and customary. The path most taken by couples. (I don't know either if I'll be like this lol)

Sex is addictive, 90%+ of people would say that. I think I'm one of them. Not that sure though since that is based on my first judgment.

Seriously speaking, this doesn't follow either. My friend just tried once but she never had it again. Yes she has a boyfriend. Yet she doesn't easily give in temptations. Wanting is controllable. Mind-control.

So the maxim, "Once tasted always wanted" is not true. It is but dependent on two variables - temper and tolerance. The former is simply the strength to control the wanting of something, not easily giving in to what the body wants r what the mind suggests.

The latter is freeing off the mind-pressure in terms of diverting the subject into other matter. It's like letting go of the unhealthy thoughts.

How To Track Equipment Rentals In Quickbooks

Some companies expand their revenue streams by renting out equipment to others. As some business owners may have found out, tracking of rentals and properly accounting for the money they generate is a tedious task. The goal is to show you two ways to track rentals using QuickBooks and QuickBooks Point of Sale.

QuickBooks Only Method

QuickBooks does not have a specific area or tool that allows you to track rentals; however, do not let this stop you.

1. Identify all the equipment you will rent out.
2. Enter the equipment as non-inventory items in QuickBooks
3. Setup the individual equipment names as Other Names
4. Use timesheets to track the rental/reservations
5. Mark the time entries as billable and then create an invoice for billable expenses.

QuickBooks Point of Sale Method

Using QuickBooks POS to track rentals is a lot easier than using QuickBooks. QuickBooks Point of Sale is able to use deposits and set up specific items and fees that can be adjusted on the fly instead of QuickBooks.

1. Identify the equipment you will rent out.
2. Create an inventory item for the equipment.
3. Set the cost to zero, the price to zero, and the quantity to the number of units you have to rent out.
4. Create a non-inventory item named Deposit on Equipment make the price zero
5. Repeat the process above but name the item Rental Fee.
6. When a customer rents the item, create a receipt with the inventory item on the first line of the sales receipt.
7. On the same receipt, Deposit on Equipment item will be the next item you add. The inventory item (the rental) will be 0 dollars, while the Deposit on Equipment will have the amount you are charging for the deposit.
8. Record the receipt, take the payment using standard payment methods.
9. Track the equipment using either a spreadsheet or another process.
10. When the item is returned, locate the receipt and reverse it. This will create a refund for the customer. If the deposit was done using a credit card, the card will be automatically refunded. This process places the rented item back into inventory.
11. Create a new receipt using the non-inventory item Rental Fee and enter the amount for the rental charge.

It may be wise to track rental equipment as a fixed asset in QuickBooks so you can depreciate it for tax purposes. Please speak with your accountant about this.