HAPPY PEOPLE!
Happiness can come in several ways depending on the issue or occasion involved, but to the family of the Chilean Miners, It was that of a mixed feeling as tears of joy flowed freely! ... What a Divine Reunion!
Tuesday, December 14, 2010
No Jobs? Young Graduates Make Their Own ...Very Inspiring!
FIVE years ago, after graduating from New York University with a film degree and thousands of dollars in student loans, Scott Gerber moved back in with his parents on Staten Island. He then took out more loans to start a new-media and technology company, but he didn’t have a clear market in mind; the company went belly up in 2006.
“It made me feel demoralized and humiliated,” he says. “I wondered if this was really what post-collegiate life was supposed to be like. Did I do something wrong? The answers weren’t apparent to me.”
Still in debt, Mr. Gerber considered his career options. His mother kept encouraging him to get a “real” job, the kind that comes with an office and a boss. But, using the last $700 in his bank account, he decided to start another company instead.
With the new company, called Sizzle It, Mr. Gerber vowed to find a niche, reduce overhead and generally be more frugal. The company, which specializes in short promotional videos, was profitable the first year, he says.
Mr. Gerber, now 27, isn’t a millionaire, but he’s paid off his loans and doesn’t have to live with his parents (he rents an apartment in Hoboken, N.J.). And he thinks his experience can help other young people who face a daunting unemployment rate.
In October, Mr. Gerber started the Young Entrepreneur Council “to create a shift from a résumé-driven society to one where people create their own jobs,” he says. “The jobs are going to come from the entrepreneurial level.”
The council consists of 80-plus business owners across the country, ages 17 to 33. Members include Scott Becker, 23, co-founder of Invite Media, an advertising technology firm recently acquired by a Google unit; Lauren Berger, 26, founder of the Intern Queen, a site that connects college students with internships; Aaron Patzer, the 30-year-old who sold Mint.com to Intuit for $170 million; and Josh Weinstein, 24, who started CollegeOnly.com, a social networking site that is backed by a PayPal founder.
The council, which has applied for nonprofit status, serves as a help desk and mentoring hotline for individual entrepreneurs. People can also submit questions on subjects like marketing, publicity and technology, and each month a group of council members will answer 30 to 40 of them in business publications like The Wall Street Journal and American Express Open Forum, and on dozens of small business Web sites.
Council members assert that young people can start businesses even if they have little or no money or experience. But whether those start-ups last is another matter. Roughly half of all new businesses fail within the first five years, according to federal data. And the entrepreneurial life is notoriously filled with risks, stresses and sacrifices.
But then again, unemployment is 9.8 percent; Mr. Gerber’s in-box is flooded with e-mails from young people who have sent out hundreds of résumés for corporate jobs and come up empty. According to the National Association of Colleges and Employers, only 24.4 percent of 2010 graduates who applied for a job had one waiting for them after graduation (up from 19.7 percent in 2009). What do some people have to lose?
THE lesson may be that entrepreneurship can be a viable career path, not a renegade choice — especially since the promise of “Go to college, get good grades and then get a job,” isn’t working the way it once did. The new reality has forced a whole generation to redefine what a stable job is.
“I’ve seen all these people go to Wall Street, and those were supposed to be the good jobs. Now they are out of work,” says Windsor Hanger, 22, who turned down a marketing position at Bloomingdale’s to work on HerCampus.com, an online magazine. “It’s not a pure dichotomy anymore that entrepreneurship is risky and other jobs are safe, so why not do what I love?”
Mr. Gerber argues that the tools to become an entrepreneur are more accessible than they’ve ever been. Thanks to the Internet, there are fewer upfront costs. A business owner can build a Web site, host conference calls, create slide presentations online through a browser, and host live meetings and Web seminars — all on a shoestring.
Can’t afford a Madison Avenue address? Try borrowing one instead. That is what Mr. Gerber did, for $300 a year, from ManhattanVirtualOffice.com, which forwards mail from a recognizable address. He says it saved him $100,000 in rent and gave Sizzle It the credibility it needed to start attracting clients that now include Procter & Gamble and the Gap. He does most of his actual work at home and in coffee shops and shared work spaces.
“If this were the 1980s, I’d need a corner office,” says Shama Kabani, 25, a Y.E.C. member and founder of Marketing Zen, a digital marketing firm in Dallas, with yearly revenue in the seven figures. “All you need today is a laptop, patience and willingness,” she says. Ms. Kabani hired all of her 24 employees virtually; 15 are in the Philippines. “I’ve never met any of them,” she says.
Open-source software can reduce or eliminate the need for consultants and tech support. When Annie Wang, 21, co-founder of HerCampus.com, wanted the articles on the site to rotate in a slide show, she didn’t hire a Web designer. She found a free online resource and spent a day teaching herself how to create the slide show.
Being a young entrepreneur means coming up with creative ways to fill your knowledge gaps, says Eric Bahn, 29, a council member and founder of BeatTheGMAT.com, an M.B.A. applicant community that generates close to seven figures in revenue. Mr. Bahn, who does not have a technical background, found a free resource on the Web and taught himself HTML to build his site.
Most of the business owners who belong to the council did not need much physical space to start their companies. For the person who wants to start a restaurant, a bakery, an exercise studio — or any other business that requires renting or owning property — the barriers and expenses are still high. Mr. Gerber warns that anyone starting a brick-and-mortar business still faces the same cost barriers they always have — including high rent. He advises young people to start a business that does not require expensive space.
BUT start-ups do need some financing. So Mr. Gerber is also starting the Gen Y Fund, from which young entrepreneurs can seek funding. Council members will have the option of investing in the fund starting next year.
Could it be that the council and separate fund are mainly a way for Mr. Gerber to identify new investing opportunities? He emphatically says no, adding that helping young people succeed as entrepreneurs through the council is his passion.
As far as the fund is concerned, “We are looking to spearhead a major shift in how resources are allocated to our generation, because no one from above is going to do it,” he says.
The goal of the fund is not to find the next Facebook or sexy Web start-up, Mr. Gerber says; instead, it will look for practicable and marketable business ideas. In fact, a favorite phrase of his is “boring is better.” He’ll be looking for businesses that are incubated outside of Silicon Valley.
The council and fund do add visibility to Mr. Gerber’s entrepreneurial empire. In addition to running Sizzle It, Mr. Gerber writes a widely syndicated column for young entrepreneurs, and he recently published a book called “Never Get a ‘Real’ Job: How to Dump Your Boss, Build a Business, and Not Go Broke.” He also runs Gerber Enterprises, his personal investing fund, and is an investor in a restaurant group.
Mr. Gerber has never taken a business or economics class; he says he took a lot of people out to lunch to learn about the nuts and bolts of the business world. “I didn’t go to my third-tier upper-management boss,” he says. “I e-mailed people in my circle and figured who knew what I needed to know.”
Lack of experience can actually be an asset to young business owners. When Ms. Kabani first started Marketing Zen, she tried to hide her age through a combination of wardrobe choices and trying to sound “older.” “I thought I was fooling all these people, but then one of my clients told me he hired me because I was 23. He wanted someone who spoke digital as a first language, not a second. It was a mind-blowing moment for me.”
Ms. Hanger, co-founder of HerCampus.com along with Ms. Wang and Stephanie Kaplan, 22, says being young helps attract advertisers like New Balance and Juicy Couture to the site. “They like that I am my readership. I was in college six months ago,” she says. The site recently started turning a profit.
MANY of the council members aren’t bankrolled by their parents. Only a third of them received outside funding to start their businesses. In fact, Mr. Gerber’s message to young entrepreneurs is “No one will give you money” and “Start on a shoestring budget,” something many of them did.
For many of these entrepreneurs, success didn’t happen overnight. Mr. Bahn started BeatTheGMAT.com in 2005 as a blog that developed a following over the course of a few years. It was three years before he quit his day job in a general management program at Intuit to work on the site full time.
Even if these 20-somethings pulled it off, the reality is a vast majority of entrepreneurs, of any age, don’t succeed. “The first business is probably going to fail,” says Arel Moodie, 27, a Y.E.C. member and co-owner of the Extreme Entrepreneurship Tour, which educates college students on starting a business. Mr. Moodie’s first two businesses — a calendar company and a protein drink company — flopped and put him $30,000 in debt. (He has paid it off.)
Ben Brinckerhoff, 28, who is not a member of the council, started Devver.net, an online tool to test computer software in 2008. The company folded last spring.
Mr. Brinckerhoff was formerly a software developer at Microsoft. “There are very real cons to starting a company. It can hurt your ego, and financially it’s a big hit. If I had stayed at my old job at Microsoft, I would have been better off financially,” he says.
The silver lining, however, was that Mr. Brinckerhoff got inquiries from 10 companies about working for them after they read on the Web or heard through word of mouth that his company had failed.
“Employers like the entrepreneurial skill set,” he says. “They want to hire people who are risk-takers and can make quick decisions.” He is now working as a freelance Web and technology consultant in Boulder, Colo., and hopes to start another company.
When deciding whether to start a business, “You have to really want to do it,” says Maia Josebachvili, 27, a council member and founder of Urban Escapes, which organizes outdoor trips. She quit her job as a derivatives trader on Wall Street to start her company, which grew to 45 employees and was recently acquired by LivingSocial, a consumer site.
“It takes a lot of discipline. I didn’t eat out for the first six months, and I lived on my friend’s couch,” Ms. Josebachvili says. “Unless you are independently wealthy, it’s a lifestyle adjustment.”
Credit:The New York Times - HANNAH SELIGSON
Tuesday, November 23, 2010
Numerous Ways to Make Extra Money in Retirement
Retirees need to budget carefully to stay within their fixed income. If the value of their investments sinks after retirement, seniors often have little choice but to spend less or return to the workforce. But there are plenty of ways to make a little of extra cash without having to deal with an alarm clock and a commute. Here are a few creative ways to boost your retirement income.
Sell your stuff. Retirees have a lifetime's worth of accumulated clothes, books, and furniture. Make some quick cash by holding a garage sale or selling your stuff on eBay or Craigslist. Take clothes to a consignment shop and a box of books to your nearest used book store. Downsizing from two cars to one can also give your monthly budget a significant one-time boost. Savvy sellers can purchase underpriced used goods and resell them at a higher rate.
Market your skills. Whether you know how to hem and alter clothing, research family genealogy, or troubleshoot computers, someone in your neighborhood is likely to pay for your skills. Put an ad in your local newspaper, hang a flier on a community bulletin board, or offer your services online.
Get a higher interest rate. As you age, you'll want to keep a significant amount of your savings outside of the stock market. Shop around for the best interest rate on certificates of deposit, bonds, and savings accounts. Consider an online saving account, which will likely offer a higher interest rate than the brick-and-mortar variety.
Prune your investments. Review your investment portfolio and get rid of funds that consistently perform poorly. Also, "identify investments that have high expenses and transfer that money into a comparable investment that has lower management fees and expenses," says Eric Tyson, a financial planner and coauthor of Personal Finance For Seniors For Dummies.
Maximize Social Security. The age you sign up for Social Security can make a big difference in the size of your checks. For Americans born in 1943 or later, Social Security payments increase by 8 percent for each year you delay claiming between ages 62 and 70. "If you have good health, you will generally be better not taking the benefits early," says Tyson. "If you have a health problem or have some reason to believe you won't have a long life expectancy, that might be a reason to take Social Security a little bit earlier." Retirees who have already claimed their benefits still have an opportunity to boost their checks. Seniors who pay back the entire amount received without interest can then reclaim at the higher rate.
Utilize Medicare benefits. Sign up for Medicare Part B at age 65 to avoid a 10 percent premium increase for each year of delayed enrollment. Shop around annually for the most economical Medicare Part D prescription drug plan that meets your medication needs. And take advantage of the new services Medicare will soon begin covering. Beneficiaries will no longer have to pay any out-of-pocket costs for most preventive care, including an annual wellness visit beginning in January 2011.
Get a rewards credit card. You're going to continue to spend on food, clothing, and gas. You might as well get a credit card that pays you 1 to 2 percent cash back on your everyday purchases. "If you look around, you can find a no fee card that gives you some benefit," says Tyson. But he cautions: "A lot of the rewards card sock you with annual fees and get you some other way." Of course, if you carry a credit card balance, the extra cash will be lost.
Consult. Put your lifetime of accumulated experience to work by taking on consulting work. "By the time you are in your 50s, you probably know people from a variety of companies based on where you've been," says Mark Miller, publisher of RetirementRevised.com and author of The Hard Times Guide to Retirement Security: Practical Strategies for Money, Work, and Living. "You can go out and do project-based stuff. It is a way to gain flexibility and set you own schedule and work from a home office."
Tutor. Consider offering to help teach children algebra, a foreign language, test preparation, or even drilling younger students on their multiplication tables. "People continue to spend on their kids," says Tyson. "If there is a service you can provide to parents to help them with their kids, such as tutoring kids, your skills will be in demand." Sports fans may be able to land a gig coaching or refereeing youth games or giving golf lessons. And those with teaching credentials may substitute teach or instruct a class at a local community college.
Babysit. Help harried working parents by offering babysitting services. Or better yet, work out an arrangement to get paid to spend time with your own grandchildren. "When I was working and had young children, I paid my mother to babysit," says Jan Cullinane, coauthor of The New Retirement: The Ultimate Guide to the Rest of Your Life. "The kids couldn't have had a better caregiver and she did the laundry for me as well."
Eldercare. At the other end of the aging spectrum, you can provide nonmedical eldercare services for an older retiree. "You go to someone's house and you help them out with lunch, light housekeeping, and take them to appointments," says Cullinane. "Basically you help keep someone's elderly parent company."
Hobbies and crafts. Turn your hobby or craft into a stream of income. Offer to frame pictures, make scrapbooks, or sell your hand-crocheted doilies online. "If you love making jewelry and can sell it to little boutiques, you can make a little business out of it," says Cullinane.
Rent out your space. Retirees who live in big cities or vacation destinations can rent out rooms to travelers. When you leave town, you can lease out the entire house. If you don't want to share your space, consider renting out your garage or basement as storage space.
Blog. Pick a topic that interests you and start researching and writing posts online. The more hits you generate, the more money you will make if you have advertising on the site. Strive to make enough to pay for your Internet connection.
Temp. Employers reluctant to hire new full-time workers with benefits may increasingly rely on short-term help. Temporary jobs and project assignments can be ideal for seniors who want to bring in some income but also enjoy a significant amount of leisure time. Contact a temp agency about short-term projects, seasonal work, or a job filling in for employees who are on vacation or maternity leave.
Garden. Avid gardeners can sell their excess fruits, vegetables, and flowers to farmer's markets, local garden centers, or even neighbors. Alternatively, you could help others learn to prune their rose bushes or select the ideal plants for a sunny spot. Outdoor lovers who don't mind mowing lawns and weeding are sure to find eager customers.
Errands. Retirees who are handy around the house will never be without extra cash. Other easy errands you could provide include grocery shopping, rides to the airport, and picking up dry cleaning.
Cook. Bake sales aren't just for children's fund raisers. Try selling freshly bakes pies, bread, or cookies at local events. If you're more of a cook than a baker, jams, sauces, and even prepared meals could be easy to sell to busy workers.
Pet sit. Animal lovers should have no problem making a few extra dollars dog walking or grooming. Also consider pet sitting when owners go on vacation or travel for work.
Tour guide. History buffs should look into a post-retirement job as a guide at a local museum or historical monument. A part-time tour guide position will allow you to share your knowledge with others and interact with tourists from throughout the world.
Ask for discounts. Some senior discounts are well publicized, but others are only available to those who ask. One of the best perks of getting older is getting a discount simply because you're willing to admit your age.
Source: Internet.
5 Ways to Retire Before Age 40
Voluntary early retirement before the age of forty is not typical. Leaving work behind as early as possible to focus on other aspects of life is a popular goal, but most people will not achieve it.
In order to retire in your forties and still have the funds you need to finance all that you'd like to do, you need to create the right environment to foster extraordinary results with your money. Don't count on winning the lottery or selling the company you built in your basement to Google.
Those who leave the workforce before age forty compose a small percentage of the working population, just as Olympic-level swimmers are a small percentage of everyone who competes in the sport. To achieve in the Olympic Games you need to take several extreme actions. To retire early, you will have to do the same. These tips may help you generate enough money to retire before age forty.
Ignore what other people think. You'll need the right mindset. As you make choices that could lead you to extreme early retirement, you may face resistance from family and friends. The decisions you will need to make are often directly opposed with others' expectations. Find like-minded individuals whose advice and encouragement will help move you in the right direction.
Save as much as possible as soon as possible. This is the first of your unpopular decisions. You will need to sacrifice your spending at the beginning of your career in order to have a better chance of living the way you want when you want, with financial freedom, for a longer amount of time. To you, frugality should be elevated to an art form. Your friends may call you cheap, but you won't care because you are focused on your goal without distraction.
Earn as much as possible as quickly as possible. With more income, you can keep more money in high-yield savings accounts and investments. Those funds will be ready for your early retirement. While it's the amount you save that matters, you can significantly extend those savings by earning more. Work more hours or take an additional job or two. Olympic athletes train and practice constantly and this is the same intensity you need to achieve an early retirement.
Avoid fees while investing. While this concept is one part of saving as much as possible, it deserves its own mention. Most investments underperform index funds and you'll pay higher fees for those lackluster results. While some investments do beat the market, you won't know which investments will skyrocket until it's too late. Invest in index funds and make sure you have a sensible mix of asset classes that present a good chance of protecting you from down markets when you need the money you've invested.
Consider a new definition of retirement. You may still want to work in retirement to earn additional money, particularly if you can do work you enjoy. Consider a part-time job or even a full-time job with a non-profit organization aligned with your interests and values. Leaving the corporate world to work for an organization you care about can be exhilarating and you will enjoy the work. Extreme early retirement is an achievement most people will not accomplish, even if you put forth a good effort. Leaving the workforce behind before the age of forty is an extraordinary accomplishment and it requires dedication, intensity, and a willingness to live differently.
Luke Landes writes for Consumerism Commentary, where he encourages discussions about money and consumer issues. Consumerism Commentary regularly tracks and reviews the best online savings accounts and other financial products and other financial products.
Prudent Ways to Save at Least $100 a Month
Everyone looks for simple ways to save, especially in today's tumultuous economy. Bankrate asked two frugal bloggers to share their thoughts on some nearly effortless ways to hang on to your hard-earned green. If you take their advice to heart, you'll likely save at least $100 a month around the house.
Rethink Your Phone Service
Fed up with expensive telephone bills? Jonni McCoy, author of the Miserly Moms website, recommends switching to an alternative phone service like magicJack or Skype.
Such services allow you to make local and long-distance calls for a fraction of the price of traditional phone service. For instance, magicJack customers can get phone service for as little as $19.95 a year, while Skype calls are free to other Skype users.
"These are good alternatives to (traditional) phone service, and they include long distance, so no extra card is needed," McCoy says.
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Customers nervous about dropping their traditional phone carrier have other options for saving money.
For example, consider canceling long-distance service from your phone carrier and using calling cards instead, says Susan Palmquist, creator of money blog The Budget Smart Girl's Guide to the Universe.
Need a second phone line? In this case, a service like magicJack works well, because it's "much cheaper than adding a second line to your existing phone account," Palmquist says.
When it comes to your monthly cell phone bill, save money by cutting down on your minutes and switching to a more basic plan. Palmquist recommends switching to a pay-as-you-go cell phone.
Cut Down on Electricity
Each month, utility bills silently drain a little more cash from your wallet, preventing you from building a sizable emergency fund or retirement nest egg.
There are several ways to trim these bills. Three quick and painless ways to save include: switching to compact fluorescent light bulbs (which are more energy-efficient than standard light bulbs) lowering the temperature on your hot water heater (130 degrees Fahrenheit is enough to kill germs) and drying your clothing on a clothesline or rack whenever possible.
McCoy and Palmquist also recommend signing up for any incentive or rebate programs offered by the local utility company.
With these programs, you typically agree to allow the power company to briefly shut off certain appliances when energy demand is particularly high. In return, you get a credit on your monthly bill.
For example, customers who participate in Florida Power & Light's On Call Savings Program allow FPL to install a small device on their water heater and air conditioner compressor. This allows the utility company to periodically borrow electricity for 15 minutes or so.
Palmquist -- who lives in Minneapolis and gets her power from Xcel Energy -- does this and gets a 15 percent discount on her bills.
Conserve Water
Are you drowning in monthly water bills? Palmquist and McCoy recommend money-saving options such as washing all clothing in cold water.
"I use cold water to wash clothes, and recently read that using the delicate cycle also saves water, too," Palmquist says.
In some cases, saving cash actually goes hand in hand with superior performance, Palmquist says.
"We installed a low-flow shower head in the main bathroom and find it not only saves water, but the flow is better than the old one," she says.
Of course, another "no-brainer" way to save is simply to use appliances less frequently. Wait until you have a full load before running the washing machine, dryer or dishwasher.
Don't overlook water-saving tips for outside the home. Palmquist plans to invest in a rain barrel for outside watering next year. Meanwhile, McCoy recommends making changes to landscaping "so there is less lawn to water."
Bundle or Drop Cable and Internet
McCoy suggests saving money by bundling cable and Internet services. Palmquist agrees, and recently switched to an "economy package" for her TV service.
However, Palmquist says it's important to look before you leap into bundling.
"Sometimes it's more expensive and they can lock you into a two-year contract, so check out everything first," she says.
If you're really gung-ho about saving, simply drop cable altogether. Perhaps you can watch your favorite TV shows for free on an Internet site such as Hulu.com.
Or, maybe it's time to simply give up those expensive TV habits and think about the priorities that really matter to you.
"My main advice is to think about wants and needs," Palmquist says. "Many of us think something's a necessity when really it's just a want."
Melissa Neiman
Source: Internet.
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